Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Fredman who wrote (32186)	11/28/1998 9:14:00 AM
From: steve harris	Read Replies (1) of 95453

Fred, I dug out an old book and started this exercise: In reading Benjamin Graham and applying his ideas for finding value and financial strength, the following is what I (a novice) came up with. Mr Graham used the following guidelines: Current assets > 2x Current liabilities Current assets => Long term liabilities PE < 15 Price < 1.5 book > $100 million in sales revenue I also looked at the ROE/ROA and profit margin of each. He also did say concening the PE and book value you could fudge a little there by using this formula A<=22.5 when A=PE(stock price/book value) Figures in millions Symbol revenue CA CL LTL PE Book Price A ATW 151.8 52 17 72 7 11 20 1/2 13 BDI 87 39 31 13 41 9.85 5 1/4 21.9 CDG 343 134 62 203 5 16.47 17 5.2 DO 1200 866 142 400 9.6 12.46 23 7/8 18.4 ESV 895 511 178 382 5 8.91 10 3/16 5.7 FLC 1073 428 346 1374 - 5.10 9 13/16 - GLM 1223 308 147 738 7.3 5.80 10 1/16 12.7 MRL 243 85 43 0 6.7 6.44 9 1/8 9.5 NBR 1029 251 237 217 14 8.44 14 5/16 23.8 NE 788 257 279 262 9.8 9.76 12 5/16 12.4 PDS 679 132 84 171 6.3 11.55 11 1/8 6.1 PKD 481 196 91 630 11.5 4.94 4 1/16 9.5 PTEN 216 59 32 49 9.4 5.14 4 3/4 8.7 RDC 762 379 97 250 5.5 8.77 10 9/16 6.6 RIG 1020 341 182 853 9.7 18.58 26 13.6 SDC 579 276 155 0 9.9 8.89 13 9/16 15.1 SLB 11494 8989 4004 3433 24.3 14.57 48 80 TESOF 111 57 8.8 3.2 11.1 3.75 4 3/8 13 UTI 201 42 24.5 31.6 11.6 9.11 9 3/16 11.7 I used WSRN research site: wsrn.com ESV long term liability is shown as .2 but on their 10/15 release shows 382 long term debt. Preliminary choices requiring further investigation would be: ATW DO ESV MRL RDC SDC BDI,NBR,PKD,PTEN- bad ROE/ROA CDG,GLM,PDS,RIG- LTL high FLC- negative earnings NE- current liabilities high SLB- well, too high of his A=PE(price/book) TESOF- stock symbol too long........... UTI- ROE/ROA and margin weak I would like to hear more. Many other companies exists and I'm sure there are companies you shouldn't buy no matter what the figures say. Disclaimer: I have no knowledge or experience in the oil field services area and I own some UTI. This was an exercise on my part to determine "who" might be around after the chips fall. Due your own research as you are responsible for your own investing. Pay no attention to that man behind the curtain. I'm sure there are errors in my report. Just ain't seen them yet......... steve

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