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Strategies & Market Trends : Strictly: Drilling II
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To: isopatch who wrote (1186)9/7/2001 2:51:32 PM
From: Frank Pembleton  Read Replies (1) of 36161
 
Echo Bay Mines
By MPL Staff Writer

Credit Suisse First Boston analyst Rob Doyle rates the shares of Echo Bay Mines Ltd. (TSE-ECO, $1.00) a sell.

Echo Bay has announced a proposal to exchange $100 million face value of capital securities, plus accrued interest, for 361.5 million shares. "Prior to this announcement," Mr. Doyle says, "we were carrying a negative discounted cash flow (DCF) value for the company... Post swap, we estimate a positive DCF value of approximately $0.20 per share.

However, given the company's current share price, the analyst maintains his current sell recommendation. He does note, though, that there may be a short-term surge in the shares following the debt-conversion.

Echo Bay is a gold mining company that has four producing mines in the U.S. and Canada.
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