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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (42292)	4/16/2011 2:07:43 AM
From: Spekulatius	1 Recommendation Read Replies (2) of 78673

re FRO - tangible equity is ~750M$ with a 1.7B$ market cap and 2.5B$ in debt. This appears very expensive to me for a business with very low barriers of entry, and the leveraged balance sheet would make me fear for a secondary. These guys are gunslingers, imo. I'd rather have DSX (own a small starter position already), trading at 11.5$, with tangible book of 13$ and virtually no net debt. These guys run a steady course, own a young fleet and with their stellar balance sheet should have no issues when the see is stormy (as is the case for shippers right now). Even the PE ratio looks better than most peers, despite their underleveraged balance sheet.

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