Rats jumping off a sinking ship: "ASW: DROPPING COVERAGE BB&T * BB&T CAPITAL MARKETS * Equity Research * BB&T
December 21, 2001 Alex V. Brand, CFA (804) 782-8811
Anthony F. Cristello (804) 780-3269
A.C.L.N. Limited
ASW-NYSE-$9.40
ASW: DROPPING COVERAGE
52-Week Range: $50-$6 Market Cap: $137.2MM
Current Div./Yield: none/nil Common Shares: 14.6MM
Est. 3-Yr. EPS Growth: NA Avg. Daily Volume: 0.18MM
12-Month Target: NA Debt/Capital: 0.0%
Opinion: NA Previous Opinion: Strong Buy (1)
EPS (FYE: Dec.)* 2000A 2001E 2002E 2003E
Q1 - March $0.62 $0.93A - -
Q2 - June 0.74 1.21A - -
Q4 - September 0.85 1.65A - -
Q4 - December 0.72 NA - -
Year $2.93 NA NA NA
Previous $5.13 $6.36 $7.28
P/E Ratio 3.2x NA NA NA
* Estimates do not assume adoption of FASB 142
Key Points
* We are dropping coverage of A.C.L.N. Limited effective immediately.
Company Background and Description
A.C.L.N. began operations in 1978, shipping cars from Antwerp, Belgium, to
Tunisia. The company provides door-to-door logistics and new wholesale auto
business to individuals and independent dealers in Africa and to individuals
that require logistics services to North and West Africa. The company
specializes on the movement of cars and light trucks and has established itself
as a market leader through high-quality service, timely shipments, regular
shipping schedules, and a variety of shipping destinations.
ADDITIONAL INFORMATION AVAILABLE ON REQUEST
The analyst owns shares of ASW.
The information and statistics in this report have been obtained from sources we
believe are reliable but we do not warrant their accuracy or completeness. We
do not undertake to advise the reader as to changes in figures or our views.
This is not a solicitation of an order to buy or sell any securities. BB&T
Capital Markets, its affiliates, directors, officers, stockholders, employees,
and accounts with respect to which the forgoing have investment discretion, may
have long or short positions in and may from time to time purchase or sell
securities of the companies referred to in this report. The securities sold,
offered, or recommended by BB&T Capital Markets are not insured by the FDIC, not
bank guaranteed, and may lose value.
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