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  • Kodak Moment: Free Cash Flow Potential Makes EK A Buy At Current Levels [View article]
    Notes from the Ira Sohn dinner in May on EK. The notes were taken in real time, and may contain transcription errors:

    <blockquote>
    <b>Bill Miller- Legg Mason Capital Management</b>

    <b>Long EK-Eastman Kodak</b>

    Miller’s believes the stock could go to $45.
    Trades 8.6x EBITDA.
    15% Free Cash Flow Yield
    $1 billion in unlevered FCF
    CEO Antonio Perez (previously ran HPQ printer group).
    Paid off $ 1 billion in debt restructured company.
    Digital transition almost complete, losing old line photo business sales is much less of a concern because it is dwindling as a percentage of overall business.
    Company has invested heavily in disruptive digital technologies for the future.
    2007 Unlevered FCF per share $3.69
    2007 Levered FCF per share$3.48

    <blockquote>
    Jul 20 06:52 am |Rating: 0 0
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