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Gold/Mining/Energy : UNDERVALUED CANADIAN COMPANIES

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To: Al Cern who wrote ()	5/1/1998 11:22:00 AM
From: eWhartHog	of 248

Melcor Developments MRD on Toronto Stock Exchange Value investors should look at this Edmonton-based residential real estate developer. Although it is thinly-traded, it has shareholders' equity of over $70,000,000. 1997 earnings were reported as $2.64/share, and 1Q earnings were $0.26 versus $0.19. The Edmonton property market is strong, and Melcor's revenues in the 1Q were up more than 30% over last year's. Book value is over $23/share, but it's trading at $19.25 (a P/E of 7.1). MRD is family controlled, and has a long operating history in a market which has had many ups and downs. The company has been buying its own stock on the open market. Recent information and press releases are available through Yahoo at: quote.yahoo.com Melcor filings with the Ontario Securities Commission, including the recent annual report, proxy circular, and annual information form are available through SEDAR: sedar.com When the SEDAR search form loads, enter melcor as company name to search. My information is not guaranteed and should be verified by any investor.

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