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Strategies & Market Trends : Roger's 1997 Short Picks
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To: Pancho Villa who wrote (6753)11/10/1997 11:53:00 PM
From: nonzeroa  Read Replies (1) of 9285
 
I'd be careful with TLC as a short. I've been long since 10 (the first time in March) and 6. You're absolutely right about the Italian style financing, which I hate. I am no fan of the CEO, Micheal Perik, who is apparently a former Vancouver Stock Exchange broker/promoter, but I think the underlying business is so strong he can't screw it up too bad.

Definitely use cash flow rather than reported earnings for your analysis. They continue to write off tremendous chunks of goodwill from their last acquisition spree, which really distorts the income statement.

I think its relatively cheap as a multiple of cash flow. It use to merit a big discount because it was overleveraged, but they've refinanced a lot of the debt as equity.

Please let me know your thoughts. I haven't been following it that closely and simply trimming my position as it ran up.

Good luck.
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