Dave Gore's Trades That Make Sense Message Board

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Strategies & Market Trends : Dave Gore's Trades That Make Sense

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To: Bruce A. Brotnov who wrote (8331)	6/19/2002 11:54:04 AM
From: Dave Gore	Read Replies (1) of 16631

ESR INITIAL DD: .71 NYSE stock (Book Value $3.47, Forward PE cheap) Bruce, here's some initial stuff. Looks a bit cheap, that's for sure. Certainly worth a look. Volume is already ahead of normal pace. Who sent the email alerting you on it. My initial findings and thoughts. Other opinions would be valuable, too CBS MW: Next FY PE estimate 1.47, this year est. 5 cbs.marketwatch.com Yahoo: Book Value $3.47 biz.yahoo.com Forbes: recommended in 2001 at $6.21 (oops) forbes.com Positives and Observations: -Real company, way down from highs -Business Cycle may be improving or near bottom -MACG turning postive again recently -Earnings expected to pick up -Very Low stock price and Market Cap -Book Value at $3.47 per Yahoo (may not be updated) -PE exceedingly low (IF they hit consensus) -Residential Market looks to continue strong -Have reduced some debt -Short position very low Negatives: -Must pay down some debt (still too high) -Telecom and portions of business construction have been weak -Not sure of delisting issues but cash flow seems decent (will investigate further) -Must prove they can become profitable again, so far it's just the estimates of analysts Initial Conclusion: - Cheap! Even if they miss estimates of profitability by a fairly wide amount, the stock appears to have been given up for dead. It acts like it was delisted months ago.

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