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Scott Wachsler
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I manage Wax Ink.net, a baseline equity research company comprised of individual investors not licensed or registered with any government agency. I have been all cap value investor and independent equity researcher for the past 30 years, and believe that patience is the key to successful... More
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  • Performance - Week Ending 02/27/2015

    The Wax Ink Portfolio was up 0.6% for the week.

    By comparison, the Dow was unchanged, the Nasdaq was up 0.2%, the S&P 500 was down 0.3%, the Russell 2000 was up 0.1%, and the Volatility Index, commonly known as the VIX, was down 6.7%.

    Year to date, the Wax Ink portfolio is down 2.2%, the Dow is up 1.7%, the Nasdaq is up 4.8%, the S&P 500 is up 2.2%, the Russell 2000 is up 2.4%, and the VIX is lower by 2.8%.

    The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

    Weekly Winners
    This week's portfolio winners were container maker Myers Industries (NYSE: MYE), up 12%, agricultural chemicals company Agrium (NYSE: AGU), up 7%, and oil refiner HollyFronier Corporation (NYSE: HFC), up 7%.

    Weekly Losers
    This week's portfolio losers were municipal services contractor Layne Christensen (Nasdaq: LAYN), down 14%, cylinder maker Worthington Industries (NYSE: WOR), down 13%, and offshore contractor McDermott International (NYSE: MDR), down 6%.

    Portfolio Duds
    The portfolio's worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 9% since being added to the portfolio, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 59% since being added to the portfolio, and McDermott International (NYSE: MDR), down 20% since being added to the portfolio.

    Worksheets
    Archived worksheets may be download by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

    Worksheets updated last week may be downloaded by clicking on the links (company name) below.

    MRC Global, Inc. (NYSE: MRC) - FYE 12/2014

    Anadarko Petroleum Corporation (NYSE: APC) - FYE 12/2014

    Chevron Corporation (NYSE: CVX) - FYE 12/2014

    Kinder Morgan, Inc. (NYSE: KMI) - FYE 12/2014

    Deluxe Corporation (NYSE: DLX) - FYE 12/2014

    Superior Uniform Group (NYSE: SGC) - FYE 12/2014,

    Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

    Reasonable Value Estimates
    Reasonable value estimates are initial valuations which Accredited Investors, after completing their own due diligence, can either increase or decrease based on their individual risk tolerance.

    Reasonable value estimates were established this week for MRC Global at $23, Anadarko Petroleum at $101, Chevron Corporation at $116, Kinder Morgan at $19, Deluxe Corporation at $39, and Superior Uniform Group at $23.

    Have a great week.

    Wax

    Wax Ink is a baseline equity research company not licensed or registered with any government agency
    Copyright © 2015 Wax Ink

    Feb 28 9:47 AM | Link | Comment!
  • Constantine Likes MRC Global

    Texas (February 22, 2015) Wax Ink has issued a Positive Investment Interest opinion for MRC Global, Inc. (NYSE: MRC), based on a recent value review that placed fair value for the company between $23-$29.

    A Positive Investment Interest opinion (buy) means that the current key performance indicators (KPIs) and associated financial metrics favor a position in this stock as an active investment at this time.

    The recent close of $12.61 is approximately 7% below a fair value buy target for the stock and approximately 55% below a fair value close target for the stock. The recent close is also 34% below analysts' current $19.00 median price target for the stock.

    The recent close represents a 57% decrease in the one-year price of the stock, while year-over-year sales increased 15%, year-over-year earnings decreased 0.5%, year-over-year debt increased 47%, and year-over-year free cash flow decreased 2%.

    The company paid a dividend of $0.0, a year-over-year increase of 0%.

    The stock currently has a trailing twelve-month PE Ratio of 8, and a PEG Ratio of 0.5 basis estimated forward earnings growth of 15%.

    In the past 52 weeks, share prices have moved between a high of $29.67 and a low of $10.20, placing current equilibrium at $15.97. With the recent close, the stock is trading 135% below the 52 week high, 19% above the 52 week low, and 26% below current equilibrium.

    The three-month average daily trading volume for this stock is approximately 2.38 million shares and the recent average daily trading volume is approximately 9.569 million shares. There are approximately 2.682 million short interest shares which places the most recent days to cover at 1.105.

    MRC Global, Inc. is the largest global industrial distributor of pipe, valves and fittings ("PVF") and related products to the energy industry based on sales. The company serves the upstream sector (exploration, production and extraction of underground oil and natural gas), the midstream sector (gathering and transmission of oil and natural gas, natural gas utilities and the storage and distribution of oil and natural gas) and the downstream sector (crude oil refining, petrochemical processing and general industrials), with approximately 400 service locations.

    The company's listed competitors include Ferguson Enterprises, Wilson International, and W.W. Grainger.

    Financial information contained in this alert, was taken from the company's most recent annual SEC filing for year ending December 31, 2014 as filed with the SEC on 02/20/15. Unless otherwise noted, all prices are per share.

    Disclosures
    At this time Wax Ink has no investment position in any company mentioned in this alert. This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

    Wax Ink is a baseline equity research company not licensed or registered with any government agency focusing on long-term investment opportunities.

    Copyright © 2015 Wax Ink

    Feb 22 10:07 AM | Link | Comment!
  • Performance - Week Ending 02/20/2014

    The Wax Ink Portfolio was up 0.8% for the week.

    By comparison, the Dow was up 0.7%, the Nasdaq was up 1.3%, the S&P 500 was up 0.6%, the Russell 2000 was up 0.7%, and the Volatility Index, commonly known as the VIX, was down 2.7%.

    Year to date, the Wax Ink portfolio is down 2.8%, the Dow is up 1.8%, the Nasdaq is up 4.6%, the S&P 500 is up 2.5%, the Russell 2000 is up 2.2%, and the VIX is higher by 4.2%.

    The portfolio breakdown remains roughly 55% cash, 45% equities, and 0% bonds. There was no change to the total number of shares held.

    Weekly Winners
    This week's portfolio winners were specialty paper company Schweiter-Maudit International (NYSE: SWM), up 7%, rubber and tire king Goodyear Tire and Rubber Company (NYSE: GT), up 7%, and trucking company ArcBest Corporation (NYSE: ARCB), up 4%.

    Weekly Losers
    This week's portfolio losers were municipal services contractor Layne Christensen (Nasdaq: LAYN), down 4%, offshore contractor McDermott International (NYSE: MDR), down 4%, and oil refiner HollyFrontier Corporation (NYSE: HFC), down 2%.

    Portfolio Duds
    The portfolio's worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 10% since being added to the portfolio, municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 52% since being added to the portfolio, and McDermott International (NYSE: MDR), down 15% since being added to the portfolio.

    Worksheets
    Archived worksheets may be download by going to the Worksheets page at the site and selecting an industry which will move you to all of the worksheets I have updated for the selected industry.

    Worksheets updated last week may be downloaded by clicking on the links (company name) below.

    3D Systems Corporation (NYSE: DDD) - FYE 12/2013,
    Sprague Resources LP (Nasdaq: SRLP) - FYE 12/2013,
    Lorillard, Inc. (NYSE: LO) - FYE 12/2013,
    Lorillard, Inc. (NYSE: LO) - FYE 12/2014,
    Dawson Geophysical Company (Nasdaq: DWSN) - FYE 09/2014,

    Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing.

    Value Alerts
    There were no company Value Alerts issued this week.

    Research
    This is a placeholder for companies I am researching. Please remember that fair research takes time, something I have little of.

    Have a great week.

    Wax

    Wax Ink is a baseline equity research company not licensed or registered with any government agency
    Copyright © 2015 Wax Ink

    Feb 21 9:11 AM | Link | Comment!
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