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Gold/Mining/Energy : Coal -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (203)	1/4/2006 12:26:05 AM
From: Broken_Clock	Read Replies (2) \| Respond to of 2031

1 found dead but 12 found alive! That is good news.

To: Spekulatius who wrote (203)	1/5/2006 9:14:52 AM
From: Sam Citron	Read Replies (1) \| Respond to of 2031

it looks like ICO is more expensive based on common valuation metrics like PE, EV/EBITDA, P/S, US$/ton of coal etc. That makes no sense to me, as Wilbur is a shrewd distressed company investor and consolidator. It is likely that the value of ICO is simply not showing up in the crude indicators you are tracking. The fact that the mines he bought were freed from pension obligation obligations, for example, is a substantial competitive advantage. Sam

To: Spekulatius who wrote (203)	1/5/2006 6:28:16 PM
From: 8bits	Read Replies (1) \| Respond to of 2031

" have looked at ICO as a potential value after the recent weakness but compared to the larger companies like BTO and CNX it looks like ICO is more expensive based on common valuation metrics like PE, EV/EBITDA, P/S, US$/ton of coal etc. I don't find a compelling case to buy this stock based on these metrics and think an investor would be better off (even when discounting the current disaster buying the larger peers." Before this disaster I think the advantage ICO had over some other miners was that they had been able to reduce substantially wage contracts and pension liabilities (I am wondering now about the safety issues) After their IPO ICO had no debt so the rather high interest expense they had in previous quarters was going away. In terms of reserves 3/8's is metallurgical coal which is valued higher than steam coal. That said, with this this disaster hanging over them, I sold out. Too many unknowns. Have you looked into NRP..? An interesting model. They appear to have an excellent coal reserves in relation to their enterprise value.