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Gold/Mining/Energy : American Eco (ECGOF, ECX on Toronto exchange)
ECX 1.6900.0%3:59 PM EST
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To: VALUESPEC who wrote (241)7/21/1997 8:28:00 AM
From: Rob L.   of 2841
 
As I recall the goodwill was at $19M. I would not include this while calculating the Eq./sh thus I would subtract >$1 from the ratio you supplied. Unless someone could give me a good reason to include it, that is the way I would do it.

On ROE I usually divide the equity at the beginning of the year with the equity at the end of the year by 2. This should be a pragmatic approach (year over year) if you are trying to figure out in what direction a company is going. Thus the ROE would most probably increase from your numbers.

If there are problems in ECOs strategy and earnings production, investors could get cold feet and sell, thus the issue of debentures is a dark cloud and the nightmare sceanario initiates when trying to figure out the total amount of shares. At what time do the debentures allow to convert?

The bottom line is - what will ECOs future growth in earnings per share be? If they are as good as some forecast, then the future of the stock will be dandy. So again, you have to have faith in the strategy and management (as always is the case). I don't know either the industry or management. If you are comfortable with these people and you know the industry you are endlessly more equipt than me to judge the success of the strategy. Time will tell.
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