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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: ild who wrote (150457)2/10/2002 6:22:24 PM
From: reaper  Read Replies (1) of 436258
 
I do not know the date; I have it in my head that it is the 12th but don't hold me to that. Check their website; it's Americredit.com and I think under the 'investors' tab.

<<Do you expect the stock to tank if the numbers aren't good? >>

I think everyone is pretty on edge about this one. IF delinquency numbers are bad they'll run up against triggers that "trap" cash flow in the trusts that would normally be distributed to Americredit. People will not be pleased if this happens. Note that, to their credit, Americredit discloses A LOT of info about their securitizations and posts the info in a timely manner at their Web site, for all to see and opine on. So if it is bad, it will get a lot of coverage.

<<What's the fair value for ACF in you opinion? >>

Fair value is tough to say; it depends what you think the credit enhancements to their securitizations are worth. They say on their balance sheet that they're worth about $1.1 billion, which funnily enough is about equal to ACF's book value. If they are worth that, then ACF is worth +/- book value (which would be low $teens). Of course, if could turn out like Providian and those assets aren't worth the paper they're kept track of on, in which case ACF is a $zero. So pick a point in between.

Cheers
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