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Adam Muller

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  • Jamba Could Become Something Big [View article]
    Rising food prices is a concern for the greater economy without a doubt. In the short term further easing from the Federal Reserve could cause commodity prices to rise. Longer term the general trend in developing countries towards a more protein rich diet is driving up the cost of corn, soybean, etc leading to global food price inflation. To the extent consumer spending in the U.S. is hurt by all of this Jamba could be impacted. However, a rebounding economy, with growth and job creation would be a huge positive for all U.S. companies including Jamba and I believe this benefit would more than make up for increases in Jamba's costs. The real risk to Jamba is a prolonged economic slowdown with consumer spending retrenchment.
    Sep 2 09:23 AM | Likes Like |Link to Comment
  • Jamba Could Become Something Big [View article]
    That's a great question and I wish I had an answer. Small cap companies are volatile, but over the long term if there is value there the stock will increase over time.

    Importantly, note that a director of the company purchased 20,000 shares on August 31, 2011. This is a bullish sign for the company. He almost doubled his share holders with this purchase.
    Sep 1 09:02 AM | Likes Like |Link to Comment
  • Darling International: Strong Earnings, Recent Acquisition, Great Value Play [View article]
    Best way for WM to get in would be to buy DAR
    Aug 15 01:54 PM | Likes Like |Link to Comment
  • Boise Inc.: An Oversold Opportunity [View article]
    Sure thing. By trailing I simply mean the last 12 months (or 4 quarters) so it's backwards looking at sales/EBITDA/earnings that have occurred rather than forward looking at projections. Hope that helps.
    Aug 15 11:29 AM | Likes Like |Link to Comment
  • Darling International: Strong Earnings, Recent Acquisition, Great Value Play [View article]
    I don' think WM is really in the rendering business. The risk to DAR is more related to the commodity prices of their end products. Their largest competition is food producers who do their own rendering.
    Aug 14 03:15 PM | Likes Like |Link to Comment
  • Carmike Cinemas: An Oversold Opportunity [View article]
    Looks like you own the B shares and not the A shares? Any reason?
    Aug 12 11:04 AM | Likes Like |Link to Comment
  • Carmike Cinemas: An Oversold Opportunity [View article]
    No question that capital leases are real obligations and movie exhibitors like Carmike have fixed costs that certainly hurt financial performance when attendance goes down. I agree with your RDI thesis but would offer that it is more difficult for investors to assess their non-U.S.assets and valuing real estate that has not yet been developed is also complex.
    Aug 12 08:23 AM | Likes Like |Link to Comment
  • Carmike Cinemas: An Oversold Opportunity [View article]
    The $349 is misleading. Look at the footnotes to the filings and you will see that they have capital leases included in the number you quoted. Their term debt is currently at approx $220mm and they have stated they will pay it down to $200mm. The capital leases are approx $115mm and will remain given they are the financing for the theatres. Debt covenants apply onto to term debt and the term debt has a libor floor + spread but you can think of it as 5.5% money. They also have an unfunded revolver of $30mm and they are paying a 75bp commitment fee annually could go down to 50bps as leverage comes down. They were profitable in the June quarter and should continue to be on a go forward basis.
    Aug 11 11:33 AM | Likes Like |Link to Comment
  • Yahoo's 2Q Earnings: What Am I Missing? [View article]
    Thanks for the comment. Just to clarify, you are suggesting the entire company should trade at 10x earnings or the core business should trade at 10x earnings? If the latter, then the stock is worth well in excess of its current price.
    Jul 21 09:35 AM | Likes Like |Link to Comment
  • Zillow Is Going Public at Full Valuation [View article]
    I must admit I was shocked when it opened in the $40s and wrote a follow-up article that should be posted soon. I continue to think the IPO price was rich and will be very interesting in watching the stock, seeing the short interest (once borrow is available), etc. Thanks for the comment. Given the small float and the volatility that will likely exist I suspect the cost of borrow will be high and borrow availability will be limited.
    Jul 20 03:25 PM | Likes Like |Link to Comment
  • Can Motorola Mobility Be Sustainably Profitable? [View article]
    Thanks, I appreciate the comment. Given your conviction be sure and consider MMI's deferred tax assets in your valuation analysis (if you haven't already).
    Jul 13 08:44 AM | Likes Like |Link to Comment
  • Can Motorola Mobility Be Sustainably Profitable? [View article]
    I did spell ipad correctly
    Jul 12 05:04 PM | Likes Like |Link to Comment
  • What Would Apple Look Like at $500/Share? [View article]
    There you go. Short Amazon and use the proceeds to buy Apple...then just wait! I think the combination of its size and the uncertainly around Apple without Steve Jobs keep the price down somewhat.
    Jul 8 09:38 AM | 2 Likes Like |Link to Comment
  • FXCM, Inc.: A Small Cap Name With a Big Cap Future [View article]
    Thanks for the comment. They do provide both active and tradeable accounts by month and while there is volatility the trend over the last year has been up. I do agree that the smaller retail customers can have high turnover. I would say though that their white label business has far less customer volatility and has the potential to add significant revenue growth. Nonetheless the majority of revenue today is from retail accounts.
    Jul 8 08:59 AM | Likes Like |Link to Comment
  • Macy's: Despite Strong Outlook It's Still Trading at a Discount to Peers [View article]
    Thanks for the comment. That's good to know.
    Jul 7 05:03 PM | Likes Like |Link to Comment
COMMENTS STATS
81 Comments
16 Likes