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rubicon59

rubicon59
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  • Entrec Corporation: A 20% FCF Yield And Poised To Grow [View article]
    My cars usually last 12 years. Thus my real personal annual capX is the cost of the new car (less trade in) divided by 12. But on paper for 11 years the capEx is zero. (Or, actually, what I spend to fix periodic breakdowns.)

    Wondering what Entrec's management means by "maintenance capEx". Guessing it is just parts replacements to keep the equipment operating? Annual maintenance expenses - are those treated as expenses or capX?
    Dec 6, 2013. 03:47 PM | Likes Like |Link to Comment
  • Entrec Corporation: A 20% FCF Yield And Poised To Grow [View article]
    A really nice article - thank you.

    Wondering if one can really believe the company-provided "maintenance CapX" number for such a heavy-asset a business.

    Also, need to factor in "balloon" payments to replace the equipment at some point. The management sure says nothing about those "looming" capEx expenses, although they are almost certainly there...kind of like a need to replace one's car once-in-a-while (every 5-10yrs?), even one well-maintained.
    Dec 5, 2013. 02:53 AM | 1 Like Like |Link to Comment
  • Parke Bancorp: A Chronically Undervalued Financial Stock [View article]
    Still seems cheap even now, almost a year later and after doubling in price.
    Dec 4, 2013. 03:04 PM | Likes Like |Link to Comment
  • Simplicity Bancorp: An Overcapitalized Bank Ripe For A Takeover [View article]
    A very informative article. Thank you.

    Amazingly, in 2007 it reached $27/share or ~90x PE?
    Dec 3, 2013. 04:37 PM | Likes Like |Link to Comment
  • Banks Are Doing The Job Of An Activist At Dolan Media [View article]
    Those banks are sure doing a good job as "activists", LOL
    Nov 21, 2013. 01:48 AM | Likes Like |Link to Comment
  • Are Investors Warming Up To Chinese Equities? [View article]
    How does one tell a fraud from a real thing?
    Nov 13, 2013. 04:35 PM | Likes Like |Link to Comment
  • Banks Are Doing The Job Of An Activist At Dolan Media [View article]
    Perhaps they could sue BofA for the stock drop?
    Nov 12, 2013. 12:29 PM | Likes Like |Link to Comment
  • Banks Are Doing The Job Of An Activist At Dolan Media [View article]
    Value creation at its finest. And the management gets paid to do this?
    Nov 12, 2013. 12:17 PM | Likes Like |Link to Comment
  • Banks Are Doing The Job Of An Activist At Dolan Media [View article]
    Isn't it the Mortgage Default business the one they are trying to sell, and one which sale the $50m raise mainly depends?
    Nov 11, 2013. 04:35 PM | Likes Like |Link to Comment
  • Banks Are Doing The Job Of An Activist At Dolan Media [View article]
    In 2012 their entire Mortgage Default business generated just $7m in pre-tax operating income before amortization, getting worse and worse and swinging to a loss in 2013 so far. Can they really get $50m for it in this declining state? Seems a bit of a stretch, no?
    Nov 11, 2013. 04:29 PM | Likes Like |Link to Comment
  • Banks Are Doing The Job Of An Activist At Dolan Media [View article]
    So if a successful $50m asset sale we are left with an Enterprise Value of ~$195m (Market Cap + Remaining Debt + Minority Interest + Preferred) with the cash earning power of ~$20m/yr and where a single customer, actively trying to reduce legal costs represents 34% of the business.

    Does this sound like a bargain, or am I (likely) missing something?
    Nov 11, 2013. 02:21 PM | Likes Like |Link to Comment
  • Arsenal Energy Offers The Triple Play: Income, Value And Potential For Big Returns [View article]
    Thanks for a very interesting article.

    One Q. Why use pre-tax NPV10 and not after-tax which seems close to reality?
    Nov 7, 2013. 04:43 PM | 1 Like Like |Link to Comment
  • Buy MGM Studios: 72% Up And 16% Down, With The Prospect For An IPO Or A Take Out [View article]
    The title says "Buy MGM...". But how does one buy what is not available for sale?
    Nov 7, 2013. 12:28 PM | Likes Like |Link to Comment
  • Buy MGM Studios: 72% Up And 16% Down, With The Prospect For An IPO Or A Take Out [View article]
    If so, it would indeed seem a bargain.

    But shares aren't trading are they? So a moot point, it seems.
    Nov 4, 2013. 03:42 PM | Likes Like |Link to Comment
  • Buy MGM Studios: 72% Up And 16% Down, With The Prospect For An IPO Or A Take Out [View article]
    Thanks for the article.

    Doesn't MGM also have 250m classB shares and thus the Market Cap is really more like $20b and not $3b?
    Oct 31, 2013. 02:24 PM | Likes Like |Link to Comment
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