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

To: Dennis 3 who wrote (45459)11/15/2011 2:26:40 PM
From: J Mako  Read Replies (2) | Respond to of 78673
 
Dennis,

re: FBN

Your NCAV doesn't look right.

NCAV = Current Asset - Total Liability.

It's a negative figure for FBN, not to mention it has another $181m off balance sheet lease obligations. So, it's not a net-net.

Looks at its FCF in the last 3 years, probably you can argue it's cheap on cashflow basis. But without backing of its asset value, it doesn't have the margin of safety a true net-net offers.



To: Dennis 3 who wrote (45459)11/18/2011 4:18:10 PM
From: Dennis 3  Read Replies (1) | Respond to of 78673
 
I like to take back FBN after looking at the numbers this one is not good and I don't think they can become cash flow positive next yr as management stated. And it is definitely not a net net.

I like DSX, I haven't followed it in awhile but it is definitely one of the safest shipping company in the industry as far as debt and shipping contracts are concerned..


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