Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Bob Rudd who wrote (15157)	8/13/2002 1:03:17 PM
From: Bob Rudd	Read Replies (1) \| Respond to of 78752

PKS: Speculative bet today at 5.45 after stock collapsed due to miss. Basically 3 parks contibuted 100% of miss according to comments on the CC. I suspect they can fix the problems...rest of parks on track. Headwinds this year from 911 & economy should abate over next 2 years. No debt covenant issues near current and expected EBITDA levels[they repeated this several times on the CC]. I DON'T think this has been correctly priced thru most of it's history, but I suspect the overpricing has been over corrected at current record low levels. Next year they expect 65mm FCF which would equate to P/FCF around 7.7...not bad, but no screaming bargain considering they have substantial debt. The theme park biz is somewhat insulated from DIRECT competitors because once one is in an area, it's pretty dumb to build another. The local/regional aspect offers a vacation venue without air travel hassles. All the downgrades today look like locking the barn AFTER the horses have been stolen & processed into glue and dogfood. I have not performed a highly in-depth analysis and may revise after further look.