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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments
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To: alan who wrote (16316)2/20/2002 11:11:27 PM
From: stockskeptic  Read Replies (1) of 18998
 
Interesting analysis.

It seems to me that the crux of your case is your claim that they are overvaluing their rental fleet. Have you done any sanity checks on this, other than what you mention in your write-up? For instance, I see they sell containers as well as rent them. Have you determined what their fleet would sell for if they were able to sell the entire thing at their own retail prices? I realize that others are undercutting them -- yet they do still have significant sales, which suggests their containers might have some advantages over the competition.

Another point of interest is that the number of shares outstanding recently increased from about 11 million to about 14 million. Looking through their SEC filings, I couldn't find the reason for this. Did you find it?
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