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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Softechie who wrote (13774)	1/25/2002 10:31:19 AM
From: MCsweet	Respond to of 78576

I think MIR, RRI, and NRG are in somewhat a similar spot to CPN (but haven't heard any word on the street), but at least they are partially owned by or affiliated with the utilities Southern Company, Reliant Energy, and Xcel energy, respectively. I don't think these utilities would let their spin-offs go down the tubes. However, if CPN blows up, I would guess that these companies would fall in sympathy. Also, I do know that NRG is hiring like mad right now. MC

To: Softechie who wrote (13774)	1/26/2002 1:24:53 PM
From: Spekulatius	Read Replies (2) \| Respond to of 78576

MIR vs. CALP MIR is in the same boat than CALP but has a much stronger balance sheet. With the last secondary, MIR took in 759M$ in equity (rather than CALP 1.0B$ in LTn debt). As of Sept. 30, 2001, MIR has 5.7B$ (CPN 9.3B$) in debt outstanding and 1.49B$ (CPN 0.47B$)in cash and 4.8B$ in equity(CPN 2.8B$). Furthermore, MIR will take in 700M$ in cash from the sale of a German subsidy (Bewag), and its expansion program is much less aggressive than CPN. I continue to believe that due to MIR moderate leverage, the company is in a better position than may of its peers.