Me again, Ali:
Nesbitt-Burns, in their last Red-Book, set a 12-month target for the common shares at $33.60, based on a 13X 1998 cash flow. That's $3.50 above the current closing price this Friday, Jan 10th, of $33.10.
Looking at the warrants (TZH.WT.A-T) at the closing price of $6.45, at a 5:1 leverage and expiring only on 25-JULY-1999, this would put their upside potential at $10, a 50% rise from here!!
I'm still in long, but may buy more for this extra play.
Only unnerving thing is this market - if it decides to go into the tank, that $33.60 may be a long time coming - then again, real estate may not be affected that much.
Any thoughts??
Harry K. |
