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Gold/Mining/Energy : Teton Petroleum (TTPT) -- Russian Oil
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To: Ed Ajootian who wrote (11)3/30/2002 5:06:41 PM
From: Crossy  Read Replies (1) of 115
 
Ed,
thx alot for your reply. On how to value and do DD using Enterprise value instead of marketcap makes sense, especially if a "ceteris paribus" condition is met (exploration and market prices of oil&gas constant). If not, or if the speculator thinks that prices may rise in the mid to longterm then subtracting debt could be detrimental because ASP of oil&gas should have already increased by the time horizon. But you are right, not subtracting debt does not account for enterprise risks (bankruptcy). So maybe it's better to account for the risk in a seperate "filter" calculation, if the firm doesn't make the grade then the next step won't apply (sort of a hierarchial approach). Bit unsure here..

Thx for the background info on Fortune. Will look at their Feb20 PR again. Not being an O&E expert it'S hard to judge the implications of those data in detail.. nonetheless I'll give it a try..

TNT - I just heard that Tatarstan is about to sell the stake. Even heard talk about a "dog & pony" show to sell ADR's to instutionals based in the US (out of the Tatarstan state). I value Putin and his polcies quite a lot. Think he is more market-oriented than most Western European welfare-state countries.. so I may have less reservations than you when taking a position..

rgrds
CROSSY
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