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Gold/Mining/Energy : inco
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To: kingfisher who wrote (10)11/23/1997 10:22:00 AM
From: don wang  Read Replies (1) of 46
 
R. Barbe,

The book value of INCO is $33.00. Right now it trades at 0.76 of book value, 3.9 of
cash flow and 0.65 of sales. To compare to Falconbridge (FL) which trades at 1.48 of
book value, 7.2 of cash flow and 1.45 of sales. To compare to Alcan Aluminium which
also suffers to market down side and it trades at 1.41 of book value, 7.43 of cash flow
and 0.80 of sales. From above datum the price of share of INCO is much
undervalued. If it trade at the same book value of FL and it should be $37.00 without
considering the Voisey Bay potential factor.

To be very careful, you can profit one million dollars and you may also loss 1 millions easily if you are caught next time. You were successful to short at the high price of $50 but it is risky to short at the bottom price of $25.00 if you look at the fundamental of Inco. From risk/award point view, the possible award is $5.00 according to your forecasting. To compare the P/B to same section, INCO may trade at $37.00 then the possible loss will be $12.00.

Don
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