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Toby Shute

 
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  • Bad News Is Good News For Tetra Tech [View article]
    Yeah, that is truly irksome.
    Aug 20 09:31 AM | Likes Like |Link to Comment
  • Ocean Shore Holding Co. Announces Stock Repurchase and Partial Redemption Of Trust Preferred Securities [View article]
    They should probably file an 8-K on this...
    Aug 11 10:02 AM | Likes Like |Link to Comment
  • OSHC Owners Forum [View instapost]
    That PR today really made a splash, huh? For the best, as they keep hoovering up shares down here.
    Aug 5 01:12 PM | Likes Like |Link to Comment
  • Bad News Is Good News For Tetra Tech [View article]
    PPP,

    Thanks for the comment. I understand your frustration, given the number of times that TTEK has disappointed over the past 5 years. The company hit a high of $32 back in 2009 (post-Katrina work and stimulus hopes, I believe) and here we are at $25 and change after a number of setbacks. You may be right that nothing has changed and nothing will change unless the Board or an outside activist makes a change at the top. On the managerial front, I suggest that we wait and see what actions are taken to correct the problems in RCM before giving up on TTEK's leadership. An aggressive move to pare this segment would suggest that real change, and not mere talk, is occurring. A meek response would lead me to reconsider my position.

    On the capital allocation front, I would point to the initiation of a dividend, the implementation of a share repurchase plan, and the change in targeted leverage as signs that management is taking shareholder interests seriously. At 67% of 2014E FCF, these returns of capital are not token amounts.
    Aug 5 10:23 AM | Likes Like |Link to Comment
  • CBS Exchange Offer - An Uncorrelated 7% Without Proration [View article]
    That worked out fabulously.
    Jul 17 10:04 AM | Likes Like |Link to Comment
  • Hormel buying Muscle Milk maker for $450M [View news story]
    Stiritz didn't want this one for POST?
    Jun 30 06:57 PM | Likes Like |Link to Comment
  • Memorial Resource Development: An Interesting New Pure Play Cotton Valley Name [View article]
    Excellent, thanks to both of you for the comments. An extra kicker Steve has not included in his model is the 50% of MEMP's IDRs that MRD owns. That could get quite lucrative.

    Noticed that some of the recent strong wells were on the eastern edge of their property, suggesting the core may extend that way. Any idea who's leased those acres immediately to the east?
    Jun 28 07:43 PM | 1 Like Like |Link to Comment
  • Memorial Resource Development: An Interesting New Pure Play Cotton Valley Name [View article]
    How do you square the 200%+ IRR disclosure with the 100% figure provided by MEMP last year? Bigger completions + higher gas prices enough to bridge the two?

    MEMP Q2’13
    Overall for the first half of 2013 we've participated in 11 wells that have been to turned to sales. These wells are all horizontal Cotton Valley set located in East Texas, North Louisiana and have an average working interest of 56% and a projected to deliver an average rate of return of over in excess of a 100% to the partnership due to their prolific rates and high liquid yields.
    http://seekingalpha.co...

    MEMP Q3'13
    Overall, for 2013, the partnership enjoyed a 100% success rate with its new drills with 14 new wells going to sales through the first nine months. All wells other than one in California were dedicated to Cotton Valley horizontal zones located in our East Texas/North Louisiana areas due to the play's prolific rates and high liquid yields. Working interest for these 14 wells average 62% and the wells were -- are collectively projected to deliver an average rate of return of 100% to the partnership.
    http://seekingalpha.co...
    Jun 27 09:21 PM | 1 Like Like |Link to Comment
  • Memorial Resource Development: An Interesting New Pure Play Cotton Valley Name [View article]
    Looks good to me. Also, hey guys.
    Jun 26 10:12 AM | 1 Like Like |Link to Comment
  • Loral higher following fresh Telesat deal report [View news story]
    Game off for now?

    http://reut.rs/1wpeWXQ
    Jun 23 07:02 PM | Likes Like |Link to Comment
  • Reading Books In 2014 [View instapost]
    The Baroque library hall inside the Klementinum is another awesome one in Prague. I did not want to leave.
    Jan 22 08:22 PM | Likes Like |Link to Comment
  • Reading Books In 2014 [View instapost]
    I'm reading Wm. Poundstone's Priceless. Unlike Fortune's Formula, it's less of a narrative and more a series of vignettes, but it is awesome. There's a lot of Kahneman/Tversky, so might be duplicative effort for those who have read Thinking, Fast and Slow already.
    Jan 15 03:14 PM | 2 Likes Like |Link to Comment
  • Stop Hyperventilating Over Hyperdynamics [View article]
    Doing OK, Jeep! It's been a while. My current position doesn't afford me the opportunity to write for public consumption. I certainly miss the engagement with the polite portion of my readership, and the opportunity to help people avoid losing money on overhyped speculative stocks like this. As for trolls like jt, can't say I miss them! And I never did receive my payment from The League of Evil Short Sellers who instructed me to write this article. Or any article with a negative or cautionary slant, for that matter.

    I enjoyed reading your updated bio. Hope you're doing well.
    Oct 13 03:43 PM | 2 Likes Like |Link to Comment
  • Stop Hyperventilating Over Hyperdynamics [View article]
    Ah, memories.
    Oct 11 04:53 PM | 1 Like Like |Link to Comment
  • Measuring Weight Watchers' Wide Moat [View article]
    Apologies if I missed this in the comments, but you seem to use market cap as the denominator in your CFROI calculations. I think you want an invested capital figure there instead, as the market's opinion of WTW's equity value has little to do with the capital invested in the business (i.e. amount spent on working capital, PP&E, franchise buyouts, etc.). Not that this affects your thesis, as I'm guessing this method would show high and stable CFROIs as well. Thanks for the article.
    Oct 7 12:20 PM | Likes Like |Link to Comment
COMMENTS STATS
111 Comments
92 Likes