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gsterling

gsterling
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  • John B. Sanfilippo: Severely Mispriced With Significant Near-Term Upside [View article]
    It's not that easy to get product shelf space at a major supermarket or retailer.
    Mar 27, 2015. 10:29 AM | Likes Like |Link to Comment
  • The Future Of Seeking Alpha [View article]
    The coffee drinkers are consumers. They can choose to go to any coffee shop. The people who created and run Starbucks are the ones who designed the stores, the experience, the products, the pricing, etc. If they don't do it better than their competitors then the consumers leave. In addition if Starbucks didn't make money it would close down.

    The same goes for SA. Are the people who write and comment on the board valuable? Sure, but they can choose to do that on another website. Obviously people (including myself) are visiting SA because they believe it is the better choice.

    I don't understand why people begrudge SA trying to make money? Isn't that what we are all on this board for? This isn't a charity, it's a business.
    Mar 25, 2015. 09:23 PM | 2 Likes Like |Link to Comment
  • The Future Of Seeking Alpha [View article]
    That's like saying the baristas and coffee drinkers made Starbucks what it is today. Obviously Seeking Alpha wouldn't exist without the people who created it and put a lot of time and effort into it. This is a business not a charity and they certainly have the right to try to run the company any way they see fit and profit from it. Websites frequently have a tough time trying to balance between free and premium content so they can build up a user base and make money at the same time.
    Mar 25, 2015. 02:31 PM | 6 Likes Like |Link to Comment
  • The Future Of Seeking Alpha [View article]
    I agree Michael. I briefly signed up for Pro but realized that it was nearly impossible to get in before the stock ran up (certainly before anyone could do any actual due diligence). The vast majority of the time you can buy the stocks a week later at a better price. Most of these stocks (like ESSX) are so small and/or illiquid that it only takes a small handful of people to drive the price up very quickly.

    Chris is one of the authors who I enjoy reading on SA, but I can read 100 articles from 100 different authors before I find one stock I really like. I'd have a hard time paying for just one person (sorry Chris!).
    Mar 25, 2015. 02:02 PM | 8 Likes Like |Link to Comment
  • BFC Financial: A Massively Undervalued Catalyst-Driven Equity [View article]
    I deleted my comment because I'm trying to get clarification. I went through the tender and they are tendering their shares, but according to the filing Levan only owns around 68k and Abdo 177k. The form 4's show them owning a lot more, but this could be due to their majority ownership of BFC as they are deemed to beneficially own BBX through BFC. I have a call in with Investor Relations to try to figure this out.

    "As a result of their controlling position with respect to BFC, Alan B. Levan and John E. Abdo may be deemed to beneficially own the shares of BBX Capital’s Class A Common Stock and Class B Common Stock owned by BFC. Excluding those shares, Mr. Levan directly or indirectly owns 67,840 shares of BBX Capital’s Class A Common Stock and Mr. Abdo directly or indirectly owns 176,776 shares of BBX Capital’s Class A Common Stock. The directors and executive officers of BFC who own shares of BBX Capital’s Class A Common Stock, including Messrs. Alan Levan and Abdo as well as Jarett S. Levan, Seth M. Wise, Raymond S. Lopez and William Nicholson, have indicated that they intend to tender all of the Shares that they own pursuant to the Offer."
    Mar 20, 2015. 02:27 PM | Likes Like |Link to Comment
  • On the hour [View news story]
    How did you publish that before the market closed?
    Mar 13, 2015. 04:00 PM | Likes Like |Link to Comment
  • Cosan Ltd.: My Best Idea For 2015 [View article]
    Thanks good point.
    Mar 13, 2015. 01:11 PM | Likes Like |Link to Comment
  • Cosan Ltd.: My Best Idea For 2015 [View article]
    Quite a ride with CZZ lately. Hits $8.00 and a month later it's at $6.37. I guess people still heavily linking it to oil prices.
    Mar 13, 2015. 11:35 AM | Likes Like |Link to Comment
  • ChipMOS: Oligopoly At 4x EBITDA, 8x EPS With Pending Buyback - A Holiday Gift [View article]
    Actually I believe IMOS current owns 60.4% of 8150. After the Thailin merger is completed it will be 58%.
    Mar 13, 2015. 09:19 AM | Likes Like |Link to Comment
  • ChipMOS: Oligopoly At 4x EBITDA, 8x EPS With Pending Buyback - A Holiday Gift [View article]
    Jeremy - Below is the response from SK Chen regarding FCF. It looks like they came up with a new definition for FCF to me. Obviously it would be much higher using a normal FCF calculation.

    "The free cash flow for 2014 was US$17.8 million after US$112.9 million CapEx. This number is correct after subtracting CapEx, dividend, non-controlling interest, income tax expense and interest expense from the sum of depreciation, amortization, interest income and operating income. We used a conservative formula which is reflecting the real free cash flow."
    Mar 13, 2015. 08:01 AM | 1 Like Like |Link to Comment
  • ChipMOS: Oligopoly At 4x EBITDA, 8x EPS With Pending Buyback - A Holiday Gift [View article]
    Jeremy - I'm pretty sure the FCF was a typo. They say $17.8mm but I'm pretty sure they meant 71.8. I did send an email to them to confirm this.

    The guidance for Q1 is not really that surprising. Usually Q4 would have been down at least high single digits compared to Q3 and Q1 would be on par with Q4. But Q4 was really strong - about flat compared Q3. As for gross margins they should improveafter Q1 especially as the LCD Driver business which is higher margin continues to grow. If you listened to the call business is quite good and they said revenues should grow 5-10% this year (they almost always hit the high end of their guidance).

    I'm not sure an activist will be able to rush things any faster. Management has made it quite clear they will continue to streamline the corporate structure. The Thailin merger should be completed by June. Once that is done I anticipate they will reveal the conversion plan for IMOS. I think they have had many many complaints from IMOS shareholders about their usage of cash. They insist they are well aware.
    Mar 12, 2015. 09:39 PM | 2 Likes Like |Link to Comment
  • Tel Instrument: Over 500% Upside Just To Reach Fair Value Based On Guidance [View article]
    Thanks for the update Joe. I think next Q will definitely raise a lot of eyebrows. I look forward to their revenue guidance next month.
    Mar 9, 2015. 04:00 PM | Likes Like |Link to Comment
  • TowerJazz: A Deeper Analysis Of Management's Troubling Behavior [View article]
    Per the Reuters article below: "Terms of the deal were not disclosed, but a market source who asked not to be named estimates that the agreement could be worth hundreds of millions of dollars within four years."

    http://reut.rs/17Ny5eD
    Mar 4, 2015. 07:44 AM | 3 Likes Like |Link to Comment
  • Kellogg Rallied, More To Come? [View article]
    Just read a BusinessWeek article on Kellogg yesterday. Doesn't paint a particularly good picture of the current CEO or their prospects.
    Mar 3, 2015. 11:00 AM | Likes Like |Link to Comment
  • Oaktree: Sum-Of-The-Parts And Secular Tailwinds Point To Undervalued Units [View article]
    Can anyone explain the reasoning behind the offering announced yesterday? What exactly are they buying?
    Mar 3, 2015. 10:30 AM | 1 Like Like |Link to Comment
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