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Strategies & Market Trends : Value Investing
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To: 249443 who wrote (15725)11/11/2002 5:37:08 PM
From: 249443  Read Replies (1) of 78688
 
Cendant/Duke

Does anybody have an opinion on Duke? I've always had a high opinion of DUK management, but there are rumors that Enron indictees have fingered DUK in the CAL scandal.

Here is my two cents on Cendant. Management continues to claim that $1.50/EPS will be met next year. The debt level is a little too high for me, but management states they will continue to reduce debt levels. I haven't covered this stock closely, but I am told there is a preferred/convert (?) that puts in a near-term cap at the $20 level. For me there are just too many moving parts, a management team that loves acquisitions & says they will now focus upon debt reduction, and a capital structure that is a little too complicated for my investment dollars.

(Cendant's debt doesn't have any covenants and is investment grade -- but I still resist the capital structure in its current form.)
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