USU: USEC Inc. Message Board

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Non-Tech : USU: USEC Inc.

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To: Dennis Roth who wrote (10)	5/9/2008 12:09:23 PM
From: Dennis Roth	Read Replies (1) of 21

USEC Inc. (USU): Revising share count and estimates following amended 10-K - Goldman Sachs - March 03, 2008 What's changed USEC filed an 8-K and amended 10-K today, February 29, 2008, to correct the company’s 4Q2007 weighted average share count and reported EPS. Implications We have revised our historical 4Q2007 EPS to $0.18 from $0.13 per the company’s amended 10-K. We have also modestly adjusted our diluted share count to 158.4 million from 158.2 million. Our 2008-2010 earnings estimates are unchanged. Our 2011E and 2012E move $0.01 lower, to $0.64 and $1.26, respectively. Valuation Our 12-month price target remains $6.50. Valuation is based on scenario analysis and DCF, supported by normalized earnings. Our base-case valuation assumes no conversion of convertible debt given the $11.96 strike price. Key risks (1) Valuation remains highly dependent on ACP performance/cost/timing and could differ significantly from our updated expectations, driving both upside and downside risk; (2) Early termination of the Russian Suspension Agreement; (3) Competitor capacity additions.

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