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Strategies & Market Trends : Value Investing

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To: Marc Hyman who wrote (24015)	5/26/2006 3:39:00 PM
From: bruwin	Read Replies (1) of 78663

Seeing as you ask Marc, here’s my 5c worth based, primarily, on CTB’s last Annual financial statement... 1) Quarterly and Annual Turnover up, BUT EBITDA down. Not a good sign if a company can’t improve at this level. 2) LOTS of long term debt ... very high at 52% of Equity. What’s worse is it’s costing CTB over $50mil., after tax, bearing in mind it’s already losing -$9mil. at Bottom Line. 3) Negative pre-tax Return on Capital Employed. 4) Its latest Quarterly reflects the same negative qualities as (1) to (3). Therefore things don’t appear to be improving. 5) Bearing in mind its current Bottom Line losses, it does surprise me that CTB still continues to pay a Dividend. Maybe it has something to do with the Director’s equity ! IMHO this does not, currently, look like a Value play. There’s certainly better stocks around.

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