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Gold/Mining/Energy : Canadian Oil & Gas Companies
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To: Kerm Yerman who wrote (2189)1/31/1997 2:07:00 AM
From: Richard Saunders   of 24922
 
Kerm/ As always, thanks for the effort you throw into this site and "your KORNER". One of the messages at that site (reply #749) was re: "ANALYST RATES QUESTAR EXPLORATION STRONG BUY" - scanning through the article raised a warning flag in my books. Near the bottom of the Yorkton Securities analyst's (Peter Boyd) bit there was the following mentioned - (I CAPITALIZE FOR EMPHASIS). "WE BELIEVE THAT IN THE CURRENT MARKET ENVIRONMENT, COMPANIES SUCH AS QUESTAR, WITH A PROVEN EXPLORATION RECORD, A STRONG BALANCE SHEET AND EXCELLENT GROWTH, SHOULD TRADE AT A SIX TO SEVEN TIMES CASH FLOW MULTIPLE." We've had this cashflow discussion before on the thread but buying junior producers at 6 to 7 price/cashflow multiples is sort of the same as trying to ice fish on Lake Simcoe (thin ice)................ yes, there are some exceptions but generally it can set the stage for future pain.
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