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Strategies & Market Trends : Value Investing

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To: Allen Furlan who wrote (10655)	5/26/2000 1:07:00 PM
From: James Clarke	Read Replies (1) of 78921

It might be productive for one to spend some time getting to know Nacco Industries (NC) very soon. The stock got dropped from the S&P (leaving next week) and the stock sold off on the announcement. Make sure you read the footnotes carefully regarding the debt on the balance sheet. It is not nearly as high as it appears to be. The way I adjust the accounting, the stock is trading below 3 times EV/EBITDA and less than five times earnings adjusted for goodwill with the company saying recently that they expect earnings to begin to recover in the third quarter. I would not be surprised if this is an $80-100 stock this time next year.

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