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

To: Paul Senior who wrote (34828)	7/2/2009 9:25:04 PM
From: Spekulatius	Read Replies (1) \| Respond to of 78740

re HOS - not the cheapest company in the supply ship business based on the metrics I look at. based on EV/EBITDA and EV/Revenue the large peer TDW is cheaper by at least 20%. HOS P/E is lower but that is not a leverage adjusted metric. HOS is not efficiently run from an asset perspective - for they do 430M$ revenue with 1.4B$ in assets (property plant and equipment or 30c/$ in hard assets) while TDW does 1.4B$ with 2B$ (70c/$ in hard assets). I think this is mostly due to HOS newbuild program. HOS fleet is younger which is good but they still have substantial newbuilds expenses in the near term future that seem to get close to their existing credit capacity. TDW on the other hand seems to base their Capex on their expected cash flow and hence they have very little debt. I don't think that book value is that great of a measure either since most newbuilds in the recent years have been build at very bloated costs - so they may sit on their balance sheet above replacement cost.

To: Paul Senior who wrote (34828)	7/3/2009 1:02:55 PM
From: anializer	Read Replies (1) \| Respond to of 78740

I sold 1/2 position on about a 7% pop from entry, just in case I'm wrong and its alot worse in the gulf than I thought. Earnings soon should tell the tail. I'm still in San Francisco, but should be back to normal next week. This state appears to be ready for a fall off into the ocean. Sales tax is 9.75. Deficit is 24 billion. They are issuing IOU's instead of checks to many. B of A will honor the IOU's only thru July 10. Arnold wants to have a bake sale to cure the the problem. Cupcakes and all. Legislators sit on their butts and do nothing but spend money they don't have. State workers now on a 3 day per month furlough. That's a huge pay cut for many. Exodus has begin to Oregon and other states. How long can they spend money they don't have?

To: Paul Senior who wrote (34828)	2/12/2015 2:06:29 PM
From: Paul Senior	Respond to of 78740

HOS: I'll reenter Hornbeck Offshore Services here to start a tracking position. Lot of negativity with offshore oil production expenses presumably very expensive compared to current oil prices. HOS apparently selling well below tangible book value. If I remember, around here ($19 -- or was it $14?), this is where Hornbeck family members added to their HOS holdings. If I catch that they're adding, I'll again follow them in (and out) and accumulate more shares. finance.yahoo.com