Enron Corp: This is No Graybeard — Unparalleled Drive — BUY
Merrill Lynch analysis of 24 January 2000
Donato J. Eassey, First Vice President
Rebecca G. Followill, Vice President
James M. Moynihan
Peter M. Staples
Price: $67 1/4, 12-month objective: $95 ...
Beyond the major telecom announcements, ENE continued to demonstrate:
1. Its position as the leader, bar none, in the energy industry;
2. A culture that stresses innovation, competition and unrelenting drive;
3. An impressively deep resource of some of the best and brightest minds around.
Over the next five years, ENE should be able to continue its track record of 35% annual EBIT growth from its WEOS segment driven by growth in U.S. electric markets and in both gas and power in continental Europe. Retail Energy Services, in the fourth quarter, demonstrated what management has been saying for several years, that it will be a highly profitable business with significant growth opportunities. And the sale of Portland General is one more positive for the stock via the redeployment of capital into higher growth, higher-multiple businesses, i.e. Broadband. ...
Fast forward:
Enron slides with future in doubt
Bankruptcy watch on for one-time energy behemoth
By CBS.MarketWatch.com
Last Update: 11:52 AM ET Nov. 29, 2001
marketwatch.com
In an interview on CNBC Thursday, Chuck Watson, Dynegy chairman and chief executive, said Wednesday's credit downgrades killed the deal.
"If we could have arrested the decline ... we could have moved forward," Watson said. "The company just continued to lose credibility and its stock price fell."
If filed, Enron's bankruptcy would be the largest in history. The company has $61 billion in assets listed, far surpassing the $36 billion claimed by Texaco when it filed for bankruptcy in 1987. ...
Roughly 342 million Enron shares had changed hands Wednesday by the close, and the stock broke the all-time volume record of 309 million shares set by Intel on Sept. 22, 2000. ...
In a note to clients, analyst Michael Heim of A.G. Edwards said that Enron, without Dynegy, has "no value." |
