Conseco Insurance (CNO) Message Board

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Non-Tech : Conseco Insurance (CNO)

CNO 40.85

+2.0%

Dec 10 3:59 PM EST

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To: DAVID BROWN who started this subject	7/31/2000 9:20:03 AM
From: donjuan_demarco	Read Replies (1) of 4155

WB)CNC.: 2Q00 EPS BELOW EXPECTATIONS; INITIATIVES ANNOUNCED; HO 7/28/0 7:38 (New York) UBS Warburg (US) (Joanne A. Smith, CFA) CNC ******************************************************************************** UBS Warburg July 28, 2000 Joanne A. Smith, CFA 212 821 2319 Lauren Fazio 212 821 2423 Conseco Inc. (CNC - NYSE) - Hold US Insurance, Life -------------------------------------------------------------------------------- Price: 8.75 Div: 0.20 Mkt Cap: 2.9b Est Debt/TC: 18% Price Tgt: 14.00 Yld: 2.3% Shrs O/S: 336m ROE: 8% 52 Week: 29.44 - 5 yr EGR: 18% Avg Vol(000): 2237 Ent Val: N/A 4.62 Est BV/Shr: 20.14 Cvt Secs: No -------------------------------------------------------------------------------- FISCAL YEAR QUARTERLY ESTIMATES - EPS FISCAL YEAR ESTIMATES - EPS 1stQ 2ndQ 3rdQ 4thQ Prior EPS P/E Rev(M) 12/99 0.91A 0.84A 0.80A 0.68A F99A 3.21 2.7 7438 12/00 0.30A -0.09A F00E 1.45 1.00 8.8 7955 CNC.: 2Q00 EPS BELOW EXPECTATIONS; INITIATIVES ANNOUNCED; HOLD SUMMARY: While we had little confidence in our 2Q00 EPS estimate of $0.28, we were alarmed at the $0.09 per share loss Conseco reported, which compares with a profit of $0.84 in the prior year. We have little detail at this time concerning the earnings (which will follow) but there was an abundance of above- the-line and below-the-line charges taken. We found comfort that there was no additional write-down of the I/O asset and that there were no material adjustments to the other significant intangible assets on Conseco's balance sheet. However, we believe there are immense challenges facing the company and believe it could take up to two years to return the company to attractive levels of profitability. We reiterate our Hold rating. We are reducing our 2000E to $1.00, but it remains tentative. Our 2001 estimate is still suspended. --------------------------------------------------------------------------------

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