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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange)
ECX 1.775-8.0%Dec 9 3:59 PM EST
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To: Dean Moshova who wrote (250)7/21/1997 4:49:00 PM
From: MARK BARGER   of 2841
 
Yesssssss! Eco. up 1/16th today. Until Eco. strengthens up its
financial condition I think we are stuck in this single digit rut.
Studying the latest 10-Q has opened my eyes to several concerns that
I think is why the market is valuing this stock at such a low PE.
Until we get rid of the debentures and future dilution hanging over
our head, the stock price will be held back. I am also concerned
about the after tax earnings growth in 1998 for at least 2 reasons:
1. Income taxes taking approx. 1/3 of comparable year ago earnings.
2. Lack of acquisitions in the coming year. I will be amazed if Mike and co. can buy out any more meaningful sized businesses in the coming
year no matter what method of financing.
They have been impressive up to now growing the company, I can't wait
for the conference call on thurs. I will try my best to try to get in
on it.
I asked IR today about internal growth of subsidiaries and Cindy
said she did not know as they don't list individual growth rates, but
she would try to get this info. at least for the conference call.
Guys, I really like this stock but see serious stumbling blocks
ahead for continuing this amazing growth. Still long.
Mark Barger
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