75% of PWT's liabilities is derived from its long term debt which has been steadily increasing since '97 - this is a tough competitive environment for the smaller end of town. I think PWT has placed itself in a difficult position that woud allow it to effectively compete.. The leaders will shine through that have manintained strong balance sheets through the downturn and are now positioned and highly leveraged on any economic upturn - when the bellwhethers top out then look to the smaller end.. my tips in the telco arena -- TLS SGT NOK & QCOM, the latter has a high PE, but are leveraged in China with their CDMA subscriber products and system software - my speccy telco is AMM.
I don't think junior telcos are ready yet - but watching close all the same.
