The virtuous circle awaits Level 3, if they can only stop tripping over their own feet and get there. A virtuous circle is a pattern that reinforces itself in a feedback loop. If Level 3 can generate positive cashflow, then their stock will go above the strike price of some of their convertible debt and they can force or induce an early conversion. The interest saved then increases their cashflow, raises the stock further, and more converts can be eliminated, and so on up the ladder. So where are the rungs on this ladder? They are spaced out over the next 27 months. [Read more →]
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LVLT growth model
May 7th, 2008
As my inaugural post, I am providing my detailed model of LVLT revenues, costs, earnings, and cashflow. It is a multi-page spreadsheet, and is more comprehensive than anything I find in analyst reports etc. I don’t claim perfection, if you find an error or have a suggestion for improvement please let me know.
My model allows the study of each business unit independently, calculating the total gross margin from the individual components. For historical data, I work backwards from the actual results using various assumptions in order to give a consistent context to the same numbers going forward. [Read more →]
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