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Strategies & Market Trends : The Ego Forum

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From: hubris33	5/16/2013 10:55:29 PM
	of 12175

Truth in Advertising ...................... ................... ................. OK, so I ran Z-Scores on that list of stocks that I suggested at the beginning of the year the 13 for 13 list. That list can be broken down into two groups - actual producers (7) with good growth potential and Explorer/Developers. Interestingly the Explorer/Developers are trading at "book value" or the value of the assets. Since they aren't manufacturers they have no cash flows, and therefore said score is likely not appropriate. All values, fwiw, were >3. Now on the producers, I was shocked to find that EDV.to had a Z-Score of 0.86. That number looks similar to the 0.68 figure of much loved CGR! What is effecting EDV is the total debt on the balance sheet: 200M of LT-debt and 191M of Deferred Taxes. Clearly EDV needs to clean up its balance sheet! With the ramp up of the upgrade of the Tabakoto Mine, one has to wonder if EDV can generate enough cash to finish the Agbaou Mine and pay down some debt? Something to be aware of and watch - look for progress, or not, in August when 2Q results come out. What is hard to understand is that with Frank Giustra as a strategic adviser, how/why EDV is at this level? or if it is significant?

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