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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (7956)	8/6/1999 12:02:00 PM
From: John Stichnoth	Read Replies (1) of 78817

Paul, forgot to mention in my last post another Aerospace/Defense company that has some of same look as ALR. I.e., selling at half of book value, making some money, etc. Background summary: Fairchild Corp (FA). Largest maker of aerospace fasteners (rivets, etc.). Has been peeling off non-core businesses. Recently sold interest in a canning operation in Turkey (not a turkey canning operation :o)). Have announced intent to sell parcel owned on Long Island, on which they are finishing development of a shopping center. These two sales will ease leverage, which is high following purchase in April of one of their larger competitors. The slimming down to core activities suggests that they may be sprucing the company up for sale. The stock is controlled by the Chairman. The chairman's son has been taking an increasing role as top manager (now COO). While their net cash isn't too high, they are selling at under half of book value. Don't confuse them with FAF, of course! Best, JS

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