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Strategies & Market Trends : Value Investing

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To: E_K_S who wrote (25321)	11/21/2006 12:36:25 PM
From: gcrispin	of 78802

Hello EKS, I have no experience with BV after a spin-off, but what you have written is interesting. FWIW, I do look at balance sheets and MWA's latest 10-Q indicates that half of assets are listed as "identifiable intangibles" and goodwill. Since MWA has taken over several companies in the last few years, it isn't surprising for me to see these numbers and I suspect their intangible net assets look very different from the stated 10.00 BV on Yahoo. (That 1.1 billion in debt is a very tangible number, however.) yahoo.brand.edgar-online.com investopedia.com I would imagine some people are short MWA and long Walters, although it didn't really indicate that in the latest numbers. Some of that "oversupply" could go to cover short positions, so it is really difficult for me to figure out what is going to happen once the shares are distributed. "If the new management can bring in earnings based on the analyst's Sept. 2008 estimate..." That is the 64,000 dollar question. If you haven't listened to latest CC, I suggest you do so. My conclusion--and perhaps my bias--, after listening to the Q&A, was that their sales from new construction make those estimates far from conclusive.

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