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David Edwards

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  • Alaska Communications: Overselling Has Led To Minimal Downside Risk, 35% Upside [View article]
    Alpha Bet, I find your analysis interesting. Just some questions:

    1) Would you mind discussing what you think AWN is worth if, let's say, Verizon were to attempt to acquire it?

    2) AWN is now virtually a monopoly on wireless in the state of Alaska, what kind of EBITDA multiple do you think an acquirer would have to pay to take control of it?

    3) Why do you call the debt reduction at ALSK "steady," when ALSK is due almost $190M in preferred payments from AWN over the next 4 years that management has stated they will use to delever?

    4) Will this debt reduction not accrete to equity at least dollar for dollar? => This debt reduction alone would provide far more than 35% upside to the equity assuming the company's EV remains flat over the next 4 years.
    Dec 3 09:06 AM | 1 Like Like |Link to Comment
  • An Open Letter To Gary Evans, CEO Of Magnum Hunter Resources [View article]
    Let me remind you that blind faith in management is not a legitimate reason to invest in anything.
    Nov 14 09:19 AM | 1 Like Like |Link to Comment
  • An Open Letter To Gary Evans, CEO Of Magnum Hunter Resources [View article]
    Let's say the company sells the Pipeline for $600M net to MHR and only needs $400M for its forward capital plan. Why not buy back $200M worth of shares at a 40% discount to the midpoint of the company's presented NAV?

    I doubt Gary will do this, but doesn't hurt to suggest doing so!
    Nov 12 05:10 PM | 1 Like Like |Link to Comment
  • Kinder Morgan Partners: Hedgeye's Error Could Cost You [View article]
    It might be useful to look at $ maintenance capex to miles of pipeline maintained. In my mind this would be a more intuitive metric than maintenance capex to total capex budget as capex budgets vary from company to company.
    Sep 18 08:52 AM | 3 Likes Like |Link to Comment
  • Magnum Hunter's Hidden Billion Dollar Assets [View article]
    You took the words out of my mouth ;)

    Well said!
    Sep 15 08:57 PM | 1 Like Like |Link to Comment
  • Magnum Hunter's Hidden Billion Dollar Assets [View article]
    Mobywhite, I point you to this month's corporate presentation for some data points on initial IPs and production data: http://bit.ly/MuKgln.

    I also suggest looking at Samson Oil & Gas (SSN) or Continental (CLR) for transaction history in Divide and Burke Counties.

    I think the point you are getting at is a fair one. There have not been transactions in these two counties for the $5k/acre level I infer in the post. This is a legitimate point of debate.
    Sep 15 03:35 PM | 1 Like Like |Link to Comment
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