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

To: Paul Senior who wrote (16363)2/6/2003 9:50:58 AM
From: Bob Rudd  Respond to of 78670
 
URS: Good timing, Paul. I was concerned about URS making new lows and the implications on business outlook of unannounced [no PR] layoffs [According to buzz on Yahoo board 800-1000 ~4%]. Reg FD must be working cause the price sure didn't reflect any expectation of this contract. Nevertheless, I expect this is pretty much incorporated into their numbers - and won't result in their raising guidance. Since I'm congenitally unable to chase news spikes, I'll just sit this one out unless it retraces.



To: Paul Senior who wrote (16363)2/12/2003 3:35:02 PM
From: Bob Rudd  Read Replies (1) | Respond to of 78670
 
URS: Started with nibble @10.63...If war hits it, I'll likely take another bite. There's a pretty good presentation giving an overview of the biz here: customer.ibeam.com
Here's some EV multiples based on URS @11 [Some of the numbers are guestimates, so do your own dilly]:
EV/(EBITDA)=(32.1*11+923.8-10)/230=5.5
EV/(EBITDA-CAPEX)=(32.1*11+923.8-10)/(230-20)=6
EV/FCF+i=(32.1*11+923.8-10)/(115+52.7-20)=8.6


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