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  • Spectra Energy Review: No Thank You [View article]
    Hello Boone,
    How long have you held SE? Could you share why you like it?
    Thank you
    Ben
    Oct 25, 2010. 02:27 PM | Likes Like |Link to Comment
  • Stryker: Good Investment Candidate, Albeit Pricey [View article]
    Hello Contheon,
    Thank you for your comment.
    While I do look at PEG I still personally prefer to rely on EV/FCF and P/E as first ratios to look at. Btw, if you want to use PEG in a "Lynch" like way you should add the dividend yield for a stock like SYK (SYK would be a stalwart in Lynch's classification), making the PEG even more attractive!
    Maybe the stock won't touch $45 but if it doesn't I'm also pretty happy with JNJ and MDT so I have alternatives ;-).
    Have a great weekend,
    Ben
    Oct 23, 2010. 10:13 PM | Likes Like |Link to Comment
  • The Long Case for Ross Stores - Part II [View article]
    Glad you liked it!
    Have you looked at other retailers like TJX, ARO or BKE?
    Cheers,
    Ben
    Oct 22, 2010. 12:23 AM | Likes Like |Link to Comment
  • The Long Case for Ross Stores - Part II [View article]
    Hello Superpatrol,
    Thank you for your comment.
    I agree that 11% is on the conservative side. I usually never use below 10%, even if interest rates are low...and then I "add" percentage points with uncertainties I see around the company, in particular here there is more competitive pressures from the higher end customers and the FCF has been a bit volatile.
    The cost of capital for the company is probably lower than that but I use this as my hurdle rate for investing.
    Does this make sense to you?
    Cheers,
    Ben
    Oct 21, 2010. 11:01 AM | Likes Like |Link to Comment
  • Zimmer Holdings: Nothing to Get Excited About [View article]
    Hello Jeff,
    Thank you for your comment.
    I agree that the macro elements you mention are definitely playing into the hands of the leading MedTech players, including ZMH. I just wish it were paying a dividend and/or were a bit cheaper!
    Cheers,
    Ben
    Oct 20, 2010. 06:33 PM | Likes Like |Link to Comment
  • Vulcan Materials: This Company's Not for Me [View article]
    Ah ah! Glad I could help :o) !
    Cheers,
    Ben
    Oct 18, 2010. 07:56 PM | Likes Like |Link to Comment
  • Apollo: Good Opportunity With a Margin of Safety, Part 2 [View article]
    Interesting background, I like the comparison with the more technical schools. Thank you very much!
    Ben
    Oct 18, 2010. 03:08 PM | Likes Like |Link to Comment
  • Vulcan Materials: This Company's Not for Me [View article]
    Hello bagger,
    Thank you for you comment. Can you share a bit more with us what leads you to think that the current price is a good one?
    Have a great week,
    Ben
    Oct 18, 2010. 02:41 PM | 1 Like Like |Link to Comment
  • Apollo: Good Opportunity With a Margin of Safety, Part 2 [View article]
    Hello Violent Capitalist,
    Thank you for your comment.
    I agree that given the recent announcements, past margins may be unreliable. Could you share a bit more how you are getting to the 10% operating margin?
    Have a great week,
    Ben
    Oct 18, 2010. 12:29 PM | Likes Like |Link to Comment
  • Weight Watchers: Why I'm Going to Pass [View article]
    Hello Jeffrey,
    Thank you for your comment.

    Looking at the debt / FCF, WTW has $1.4B of debt on a FCF of $239M on a TTM basis, that sounds very high to me. In addition while there may be FCF upside the current performance is about in line with the last 3 - 4 years...So I think it is quite a concern even if it is true that management has been slowly de-leveraging over the years. The company could be a good PE/leverage play but for now it's not what I am looking for. I'm currently searching for stable, steady companies that I could own for 3-5 years even if the markets were closed...and WTW probably would not work as such.

    Very interesting question on the buybacks, I don't know but your comment makes me think that the PE owner was maybe looking for a way to improve its own stake in the company...what do you think?

    I will definitely read your post to better understand your view! Have you owned WTW for a long time?

    Have a great week,
    Ben
    Oct 18, 2010. 12:26 PM | Likes Like |Link to Comment
  • Weight Watchers: Why I'm Going to Pass [View article]
    Hello Alan,
    Thank you for your comment.
    I agree, you can't be too negative but looking at the numbers again there's something "missing" to get really excited about the stock. In addition I am worried about them having too much debt.
    Have a great week,
    Ben
    Oct 18, 2010. 12:17 PM | Likes Like |Link to Comment
  • Vulcan Materials: This Company's Not for Me [View article]
    Interesting input, thank you very much for sharing!
    Ben
    Oct 18, 2010. 12:13 PM | Likes Like |Link to Comment
  • Why I'm Passing on International Speedway [View article]
    Hello Mcbean,
    Thank you for your comment. It seems indeed that Nascar fans are becoming less...and it shows in the numbers!
    Have a great week,
    Ben
    Oct 18, 2010. 11:25 AM | Likes Like |Link to Comment
  • Vulcan Materials: This Company's Not for Me [View article]
    Hello Hedge Fund of One (I like the name!)
    I don't really know if it's a short and I really didn't look at it in this way. For me it's just one to avoid as a long term holding.
    Thank you for your question,
    Ben
    Oct 17, 2010. 06:01 PM | Likes Like |Link to Comment
  • Vulcan Materials: This Company's Not for Me [View article]
    Hello Creteguy,
    Thank you for your comment.
    Do you have any views on where we are in the cycle for companies like that? As I mentioned in some of the comments, my view here is to analyze companies over the long term; but I"m curious to understand better what people's view are of the VMC "cycle".
    Cheers,
    Ben
    Oct 17, 2010. 12:17 PM | Likes Like |Link to Comment
COMMENTS STATS
107 Comments
28 Likes