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Strategies & Market Trends : Value Investing

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To: ValueGuy who wrote (41922)	3/24/2011 1:44:09 AM
From: Jurgis Bekepuris	Read Replies (1) of 78735

MRO - over 85% of sales is still refining, which is IMHO very sucky business. If you understand and value refining, then maybe MRO is a good fit for you. ;) GLPW - interesting. However, note that their revenues in 2010 dropped and income increased only due to cost cutting. Same for 2009 vs. 2008. yahoo.brand.edgar-online.com The service revenues are increasing while product revenues are dropping. Can they continue to cut costs? Will revenues recover in 2011? They expect service revenues to grow on nuclear power plant maintenance - this is positive in light of Japan. But they also expected revenues from new nuclear PP construction - this is unlikely to happen. Their gas turbine revenues may increase if gas powered PPs are built. In 2010, two customers accounted for approximately 47% of our consolidated revenues and approximately 24% of our backlog at the end of the year. - this may be worrisome. Did backlog increase hugely or did the two customers just cut 50% of their orders? I am also not happy that their OCF is much lower than reported earnings. This is not a good sign in general.

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