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Value Guy 27  

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  • Bolt: Undervalued Energy Services Play [View article]
    Skimo:

    Management has communicated that they are willing to sell the company at the right price. If this is the case - which we believe to be true - then the most efficient way to achieve this would be getting themselves in front of institutional investors, which they have not.
    As you may know, they do not hold conference calls nor go on road shows, and publicly release their earnings without much guidance. Management is "old school" in this respect but the optionality is there.
    Sep 12, 2011. 10:15 AM | Likes Like |Link to Comment
  • Bolt: Undervalued Energy Services Play [View article]
    Jsheperd: nope, revenue declined from '08 to '10.
    Sep 12, 2011. 10:11 AM | Likes Like |Link to Comment
  • Bolt: Undervalued Energy Services Play [View article]
    Miramar:

    Thanks for your input. I agree with you on the size and trading illiquidity. What I like about BOLT is that while it is a niche play, it is a very inexpensive way to play the energy sector.

    1) 33% cash per share (currently at $11.15/share)
    2) Management history of repurchasing shares at $9.50 -$10.00/share level - helps keep stock floor.
    3) SeaBotix that is complementary to current product lines and will serve as an additional revenue driver. A base-case $10m annual revenue is 20-25% of total BOLT revenue with improving EBITDA margins.


    You can definitely "let it rip" by taking positions in OII, ESV, GLBL, OYOG, or GGV, but the downside is much more volatile.

    BOLT is definitely not a trading name and at these prices, it is a compelling value.
    Sep 12, 2011. 10:09 AM | Likes Like |Link to Comment
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