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Gold/Mining/Energy : Global Santa Fe (GSF) (formerly Global Marine)
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To: GS_Wall Street who wrote (1351)3/12/1999 7:39:00 PM
From: GlobalMarine  Read Replies (2) of 2282
 
My ballpark idea concerning GLM's value is this:

Current earnings estimates are for 70 cents and 86 cents for 1999 and 2000, respectively (from Yahoo/Zacks). If energy prices can hold to, say, $14 a bbl, I think that may be enough to stabilize dayrates and earnings. So going on 70 cents and applying a multiple of, say, 15 gives us $10.50 a share. So therefore the current price of GLM's stock to me seems OK. Not overvalued, but undervalued if dayrates start to rebound. This whole move in drilling stock prices represented to me a PE adjustment reflecting a possible bottoming in EPS.
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