Comstock Resources (CRK) Message Board

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Gold/Mining/Energy : Comstock Resources (CRK)

CRK 23.55

+1.9%

Dec 26 9:30 AM EST

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To: getanewlife who wrote (10)	2/20/1997 11:12:00 AM
From: Todd King	of 24

Is anyone still interested in Comstock Resources. Looks like the momentum players have gone away, and the stock has depreciated from 14 to 9 in the recent correction of energy producers. I recently read several brokerage reports on the company, and found the following. Would appreciate any input of others. o valuation of around $8.5/share based on PV-10 reserve value + other assets - debt. o much improved balance sheet following recent secondary offering. debt/capital now 41% and LT debt $80M. Are in financial shape for another acquistion. o estimated 1997 discrecionary CF of $60M and free CF of $30M. o reasonably good success in exploration/production programs. o relatively low cost producer. o foregoing acquisitions rather than overpaying. A couple of things which might be going against the stock. o earnings will be fully-taxed starting in 1997. o no new acquistions since Black Stone. o risk associated with acquisition-driven company. o recent decrease in energy prices.

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