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Strategies & Market Trends : Value Investing

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To: anializer who wrote (34818)	7/2/2009 1:41:48 PM
From: Paul Senior	Read Replies (3) of 78730

I'll take on an exploratory few shares of HOS. Hornbeck is a shipping company: offshore supply vessels to oil and gas industry and a tug & barge business. Tangible bv per SI is near $30/sh with stock currently near $20.50. Forward p/e is low (under 6x),if analysts estimates are to be believed. Negatives for me are ltd/capital of about 50% (may be typical though for the sector), only about five years of public history, and the stock, while down from recent levels, is still a double from March lows. HOS should be in a business that does okay as long as off-shore wells are pumping. (The demand will be there for ships. Whether the supply of ships will enable profits among all the competitors, I don't know. So far though, HOS's good net profit margins seem to be holding up okay,) si.advfn.com finance.yahoo.com

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