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

To: jeffbas who wrote (3252)	2/18/1998 2:02:00 AM
From: Paul Senior	Read Replies (1) \| Respond to of 78542

re: icoc: 21m sh. out and 85m cash. $4 cash/sh on a $5 dollar stock. Lot of room to do good things. (Yes, they have over $120m debt). Book about $6. In fiscal 1997 EBITDA was $1.18 sh. Looking backward (I've got an excellent rear view mirror -g-) that's about 4x given current price. Very low and MAYBE they can do it again in '98. Div over 4%. You get paid to wait. Sales up 8x since '92. They say: "We have consistently remained the leader in all the market segments in which we operate. We are the leader in inspection, reclamation and corrosion control of oil country tubular goods and sucker rods in the US, and the leading provider of petrochemical size reduction, concentrates and compounding services in the US and Europe." If they will work on profitability (SAG doubled in '97), they will be profitable and stock should perform. They are revenue growers now -- that's okay too. At some point psr will turn and price will rise and reflect potential from sales growth (I say -g-). Some evidence of insider buying at these prices. All in all, not a bad li'l value stock at current price, IMO.