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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: chowder who wrote (28175)	12/16/2003 3:49:40 PM
From: kollmhn	Read Replies (1) of 206089

Well, there's always the fundamental side to look at and here's what MWD thinks: "Long-Range Plan Announced STOCK RATING UNDERWEIGHT–V Price (December 12, 2003) $7.32 Price Target NA 52-Week Range $10.30 - 3.33 Stock ratings are relative to the analyst's industry (or industry team's) coverage universe. GICS SECTOR UTILITIES US Strategist Weight 2.5% S&P 500 Weight 2.8% • Long-range plan through 2006 announced today. Roughly $5 billion in asset sales planned. The company plans to stick with core pipelines business and gas production, while looking to shed its most of its midstream holdings and power assets. • What we are not yet there on... Today's plan suggests $0.75 to $1.10 in EPS and $0.32 to $0.64 in free cash flow per share in 2006. These estimates, which appear a bit too optimistic to us (particularly in E&P), are not high enough, to alter our still cautious view on the stock. • Maintaining Underweight-V rating. We still recommend that investors avoid purchases of EP for now. Liquidity clearly appears more stable, yet even 2006 EPS and free cash flow estimates do not merit today's valuation, in our view. • Natural Gas Industry View: Cautious Over the next 12 to 18 months, we believe our coverage universe will underperform the S&P 500, as a number of risk factors continue to weigh on the energy merchants.

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