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What follows is a list of companies that have a high amount of debt-load as measured by LT debt-to-equity. They cover a variety of industries: Industrials, automobiles, banks, and natural gas. The Street is currently most bearish about KeyCorp (NYSE:KEY) due to investor weariness over financials, sovereign debt issues, and onerous regulatory reform.

Caterpillar (NYSE:CAT)

Caterpillar is rated a "buy" and trades at a respective 15.4x and 10.3x past and forward earnings. It has a long-term debt/equity ratio of 193.6%.

Consensus estimates for Caterpillar's EPS forecast that it will grow by 26.8% to $9.38 in 2012 and then by 19.1% and 17.3% in the following two years. Assuming a multiple of 12x and a conservative 2013 EPS of $11.11, the rough intrinsic value of the stock is $133.32, implying 17% upside. With the Architectural Billings Index up and a dramatic rise in ROIC, Caterpillar is well-positioned for value creation.

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Ford Motor (NYSE:F)

Ford is rated a "buy" and trades at a respective 7.7x and 7x past and forward earnings with a dividend yield of 1.6%. It has a long-term debt/equity ratio of 1,590.3%.

Consensus estimates for Ford's EPS forecast that it will decline by 3.3% to $1.46 in 2012 and then grow by 16.4% and 13.5% in the following two years. Assuming a multiple of 10x and a conservative 2013 EPS of $1.65, the rough intrinsic value of the stock is $16.50, implying 29% upside. The company has been able to remarkably increase market share despite challenging competition and macro headwinds. Note also that the balance sheet is being meaningfully improved.

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KeyCorp

KeyCorp is rated a "hold" and trades at a respective 9.1x and 10.2x past and forward earnings with a dividend yield of 1.5%. It has a long-term debt/equity ratio of 96.1%.

Consensus estimates for KeyCorp's EPS forecast that it will decline by 12.6% to $0.76 in 2012 and then grow by 5.3% and 26.3% in the following two years. Assuming a multiple of 9x and a conservative 2013 EPS of $0.76, the rough intrinsic value of the stock is $6.84, implying 17% downside. While credit quality is improving, the company has struggled to penetrate the Denver, Seattle, and Portland markets.

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El Paso (EP)

El Paso is rated a "buy" and trades at 22.2x forward earnings. It has a LT debt/equity ratio of 286.4%.

Consensus estimates for El Paso's EPS forecast that it will grow by 5.1% to $1.03 in 2011 and then by 18.4% and 23% in the following two years. Assuming a multiple of 23x an a conservative 2012 EPS of $1.18, the firm is roughly trading at intrinsic value. It has been sold to Kinder Morgan (NYSE:KMI).

Source: 4 Companies With Frightening Debt Load