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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (12944)8/15/2001 4:35:02 AM
From: Bob Rudd  Read Replies (1) of 78765
 
I've had IPG on my watch list, but haven't found it compelling as yet. Insider selling and low ROA are concerns. WSJ had article 8/14 "Current Ad Slump May Be
More Painful Than Thought" So there's internal restructuring and industry turmoil. I like the concept of the biz, but will probly hide and watch for awhile.
Picked up small position in CPST Tues @7.60 with reservations. I like the distributed power biz and the multiple opportunities [Vehicles as well as stand alone generators + emerging markets]. Insider offers for sale have been large and consistant, but at higher levels: Less than 1.4% of insider offers are at less than 17.7 and the lowest @ 12 is 60% higher than current share prices. Also there appears to have been few actual sales. In a recent [8/6] Merrill report, the analyst called a DCF value in the early 20's. With $3/share in cash, I suspect the underlying biz is worth more than 4.60 [7.60-3]. If share price doesn't rebound, I wouldn't be surprised to see a GE or TYCO type outfit looking. Marty Whitman made some semi buys based on 'A lot cheaper than a VC could put it together' concept...this is that, I think. Like your IPG, I'm doubtless early and would expect to add to position at lower prices before year end...unless a big order hits and it doew a V...that's my reason for coming in now.
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