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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (42547)	7/21/2011 12:07:12 AM
From: Spekulatius	Read Replies (1) of 78695

Added some FLU.VI at 32.5 Euro to my loosing position. Earning estimates for 2012 have been coming down due to increased costs and an accounting quirk ( FLU>VI has to pay depreciation for the new terminal for the entire 2012 but only can book revenue for 1/2 of 2012, due to completion being in 2012).. Well, then the current leadership is replaced by Austrians (which took shares down another 3 %). Oh well, it s workout situation. Still, I can't see why this would not trade higher eventually. FLU>VI is currently valued at 80% of tangible book and 10x depressed EBITDA. My bet is that once the new terminal is in place and contributing to the bottom line, the situation looks a whole lot better. Or maybe it's a prayer at this point....

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