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Gold/Mining/Energy : UFAB - oil drilling deck fabrication
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To: RealMuLan who wrote (72)9/29/1997 3:34:00 PM
From: andrew r harwood   of 337
 
Ufab is not a drilling sector stock.it is a steel manufacturing company which makes gas production platforms for the oil industry ,it is severely constrained by the lack of trained labor,it is also constrained by the lack of a deep water channel from the port of new iberia which will take time to deepen. at the ipo price in the 15-17$ range it was a good buy .at these levels it is not.anyone interested in the company should read the prospecus cover to cover which i have done.this is a company which is simply not worth amarket valuation of 160 million dollars based on 5 million shares out.the big money has already been made on this stock.there are other companies with similar charecturistics which are much more reasonably priced.most people who follow the stock in lafayette regard 25 or less as a buy and not at these levels.it may go higher based on the greater fool theory .but beware anyone buying in at these levels.arh
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