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Strategies & Market Trends : Value Investing
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To: anializer who wrote (37328)4/10/2010 11:40:45 AM
From: Dan Meleney  Read Replies (1) of 78742
 
FREE looks interesting. I'm not too pleased with P&L nor the cashflow, but here's a few views of the balance sheet:

Key items:
9 insurance claim receivable
22 current assets
271 fixed assets
4 other LT assets
297 assets
11 A/P
15 current portion bankloans
30 current liabilities
123 LTD bank loans
153 liabilities
144 equity

Now suppose 25% unbooked impairment on fixed assets:
203 fixed assets
229 assets
153 liabilities
86 equity

Or suppose 50% unbooked impairment on fixed assets:
136 fixed assets
162 assets
153 liabilities
9 equity

I see 31.2M wtd avg # shares for 4Q2009. I haven't found total shares anywhere.

Assuming the 25% impairment is close, and the 31.2M shares is about right, at a price of 1.42 this looks like a nice margin of safety with P/BV of about 50%.

Are vessel values available based on size and age to verify what impairment rate is appropriate?

I've not taken a position so far.

RE: covenants...I like to search their SEC filings for "coven" and for "violat"
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