LOD, I did look at WCG and WMB as well. ENE was a bit better positioned IMO, and ENE was listed in a Mauboussin report I studied, using ENE as an example of a progressive company that used options theory in deploying its capital projects priorities. Long story, but the idea is ENE is not afraid to invest money into keeping its options open for future growth, sort of like an option to buy in real estate, the same concept is applied to valuing the options present in any capital venture. Those options are worth something, and must be included into the net value of any project. This is termed 'real options value', I believe.
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I decided to begin looking at a company called CYMI, a thread exists here on SI. It is a laser (DUV, deep ultra violet) producer for chip manufacturing. I will post what I learn if I find something of interest.
Martin Thomas |
