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Non-Tech : SPIN-OFFS "secret hiding places of stock market profits" -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (1136)	2/21/2008 4:01:33 PM
From: cfimx	Respond to of 1185

I would haircut your revenue and ebitda numbers about 10% at least.

To: Spekulatius who wrote (1136)	5/28/2008 10:01:39 AM
From: Spekulatius	Read Replies (1) \| Respond to of 1185

AWK - bought a starter position today. AWK is a water utility, owned by RWE (the German utility). valuation is at about 10x EV/EBITDA so it is not extremely cheap but it is at a discount to peers. Business results are distorted by goodwill writeoffs due to the fact that RWE acquired AWK at a large premium but those are non-cash. Under RWE the business performance was ho-hum due to the fact that they could not increase their water rates (merger condition). Now they can increase rates again and my bet is that they will perform better when cut loose. A small bet at this point but i am willing to average up.