kj

Rearranging an Energy Portfolio Geographically

Kurt,

Do you have a comparison of the various Canadian Trusts and US MLPs in terms of dividend yield, % of FCF devoted to dividends, hedged book...? I'm trying to determine what energy companies have the safest dividends. Thanks.

How Apple Stock Should Be Valued: P/FCF

Anyone with FY 2009 FCF estimates?

Aircastle Remains On Course

Tim,

Any info on near term debt maturities?

Thanks

Five Stocks to Own Now that the Dow Has Bottomed

WM has $52 B of negative amortization loans on their balance sheet. WB has $120 billion. What are your projections for loan losses for this product? Without more detailed analysis into the bank's balance sheets, I don't think one can do more than make a bet.

Will Apple's Sept. Quarter Guidance Disappoint the Street?

The analyst from Citi may be the only one that I see that values AAPL on P/FCF. He estimates FCF for FY 2009 of about $9 B. If we use the current market cap of $150 B and back out cash ($20 B) we get an adjusted market cap of $130 B. P/FCF for FY 2009 would be about 14.5x. Given current growth rates and PEG, is this the cheapest stock out there?

Will Apple's Sept. Quarter Guidance Disappoint the Street?

Eric, which other mobile phone manufacturers/consumer electronic device makers defer revenues the way that AAPL does with the iphone? Are there many? If not, shouldn't analysts at least acknowledge the cash that's coming in the door in the September quarter if AAPL does indeed sell 4 million phones? There needs to be some way to compare AAPL's sales/earnings to others on a consistent basis. Maybe they all recognize revenue/earnings this way and I'm way off base.

iPhone Demand Surprises Even Apple Bulls

Gene Munster states that 45,000,000 iphone sales will add a minimum of $4.8 billion in revenue. This must be because AAPL is still using the subscription method to account for iphone sales. If we're looking to compare AAPL versus competitors on a consistent basis, shouldn't we ignore subscription basis and look at iphone revenue of $18 billion, or thereabouts? That is $400 in revenue per phone. This is the cash impact, right? Even though AAPL is spreading revenue/earnings out over 8 quarters, cash still hits at sale of device.

The Hidden Financial Impact of Apple's iPhone

Always enjoy the posts Andy. As cash is collected upon sale to carriers, free cash flow will greatly outpace earnings under the subscription accounting basis. Be interesting to see if analysts/the market begin to think about AAPL on a P/FCF multiple in the near future.

New England Realty Associates Update

Thanks for the update Jonathan. I've done a fair amount of work on the company as well. They're recently sold 2 of their non-strategic buildings for about $96,000 and $117,000 per apartment. I think that many of the strategic assets are worth well in excess of $110,000 per apartment. I'm guessing that your numbers are conservative by design. The article below states that NEN has been offered $60,000,000 for 1 building in Boston. The company currently carries that building (Boylston Downtown) on their books at $17,000,000. At $200,000 per apartment the building is worth about $53,000,000. When attempting a back-of-the-envelope valuation for the various buildings and the recent stock repurchases, I get a valuation of about $140/share for NEN.

www.bostonmagazine.com.../

New England Realty Associates: Baby Thrown Out With the Bath Water

Jonathan,

What would be the a comparable gross rent multiplier for way AVB or EQR? What is the formula for Gross Rent Multiplier? Thanks

New England Realty Associates: Baby Thrown Out With the Bath Water

NEN just boosted the buyback to 200,000 depositary receipts. This represents almost 14% of the outstanding receipts.

New England Realty Associates: Baby Thrown Out With the Bath Water

Jonathan,

Really liked the idea. I did some work on my own and purchased a few depositary receipts. I have no idea about the $170 valuation that the real estate fund threw out. But, I backed into a valuation around $120/receipt. I've lived in Boston for a while. Many of the units (the ones in Boston, Allston, Brookline and Watertown) are going to be worth well more than $115,000. Alot of the other older buildings (Acton, Malden) would likely trade like the Foxboro building ($115,000 per apt.).

!0-k states that the management company is paid 4% of rents. The management company is owned by the General Partners of NEN. Any idea if 4% is high? I'd heard that this is something like 10x normal.

Have you ever been to an annual meeting for the company? I wonder if the Board has been pressed on their fiduciary duties to all partners and not just the general partners.

Thanks, KJ