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Non-Tech : Hvide Marine HMAR - High Growth, Undervalued -- Ignore unavailable to you. Want to Upgrade?

To: scott mcdowell who wrote (237)	2/1/1998 11:44:00 AM
From: studdog	Respond to of 547

I hope I am not being overly simplistic but this company appears very cheap, especially if they can come anywhere near doubling revenues next year. I see a price to book of 1.3 , aPSR of 1.36 and a PE of 10 and even with earnings revised downward (always can be revised ever downward but the CC suggests otherwise) a future growth rate of 40% or so. The debt picture is a little cloudy to me as it is listed as 25% of equity on Yahoo, less than the numbers on this thread. This kind of debt, with interest rates low and going lower, doesn't bother me at all. KaRL

To: scott mcdowell who wrote (237)	2/1/1998 12:04:00 PM
From: Thomas C. Donald	Read Replies (2) \| Respond to of 547

Scott: For 3Q97 HMAR reported earnings of $7,500,000 and depreciation/amortization of $5,169,000. Oppenheimer stated that the "cash flow" was $0.69 per share. Assuming that Oppenheimer's number was based on 15,618,818 shares, the "cash flow" was $10,776,918. This suggests that Oppenheimer deduced that the non-cash part of the depreciation/amortization was $3,276,918. This seems reasonable and is consistent my earlier post. What am I missing?