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Strategies & Market Trends : Value Investing

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To: Tapcon who wrote (9270)	12/11/1999 11:33:00 PM
From: James Clarke	Read Replies (1) of 78565

If you want to play the ag cycle, buy Deere. If you want more leverage, buy Agco or IGL. IGL may be the most attractive of the three. CNH is alot more complicated than it looks, but think about this. Case traded as low as 18. New Holland traded as low as 9. These are the old New Holland shares, and New Holland bought Case for 55 in cash. Put two and two together and you should conclude that the old bottom does not apply. There has been no new equity, so the company now sits on over $5 billion of debt, with plans to issue $2 billion in new equity. If they do that at anywhere close to this price, we are talking about doubling the share count. I wouldn't go near it.

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