Seeking Alpha

Philip Mause

 
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PRO Articles
PRO articles cover stocks that fly under most investors' radar screens.
  • American Capital: 50% Upside With Downside Protection
       • Tue, Oct. 14 ACAS 34 Comments

    Summary

    • American Capital (ACAS) is a BDC which is generating strong cash flow but not paying dividends due to a large tax loss carry forward.
    • Its current net asset value (NAV) is $20.12 so that it is trading at a discount of 31%.
    • ACAS is planning to implement a restructuring which should unlock its true value with the resulting equities trading at or above current NAV.
    • If, for some reason, the restructuring does not take place, ACAS will almost certainly resume share repurchases which will drive the price up to the $16-17 level.
    • NAV will tend to increase at roughly 10% per year while this scenario is playing out - providing further downside protection.
  • American Capital Is Attractive Below $15: Here's Why
       • Wed, May. 28 ACAS 13 Comments

    Summary

    • American Capital (ACAS) current price of $14.73 offers the investor a discount of 26% to the true value of $19.81.
    • ACAS management has been shareholder oriented and is currently exploring restructuring alternatives that may unlock substantial latent value.
    • ACAS has a subsidiary, American Capital Asset Management, which may be the focus of the restructuring and which could generate substantial value for investors.
  • Municipal Mortgage & Equity: Big Upside For Limited Downside
       • Sun, Apr. 6 MMAB 15 Comments

    Summary

    • MMAB is worth at least $2.00 a share.
    • This value does not include several potential windfalls buried in the balance sheet.
    • The biggest is a massive ($405.9 million) net operating loss carry forward.
    • Other goodies include a tax credit and residual interest in managed funds.
    • Management has executed brilliantly and is shareholder oriented.
  • Digital Cinema Destinations Has Much More Upside Than Downside
       • Tue, Jan. 28 DCIN 3 Comments
  • iStar Financial: Enigmatic But Attractive
       • Jun. 4, 2013 STAR 9 Comments