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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: schadenfreude who wrote (4964)	3/13/1998 8:08:00 PM
From: Oeconomicus	Respond to of 18691

Otaku, excellent analysis of LAMR. One note - As you no doubt know, if you were considering the "enterprise value" or "private market value" you would look at debt + equity mkt value over EBITDA. That measure (I'm guessing at the amount of debt) comes in at about 22:1 or probably 2 times the higher multiples I saw at the zenith of the bottling/cable/radio station LBO frenzy of the late 80s. Cut the enterprise value in half, back the debt back out, and see what happens to the equity value. Regards, Bob

To: schadenfreude who wrote (4964)	3/14/1998 8:19:00 PM
From: Ploni	Respond to of 18691

Subject: LAMR I'm the one who came up with the P/c.f. being around 12. I am not an accountant, but thought that your write-up was impressive. LAMR might be in a similar situation to WDRY. WDRY is probably desirable because it's perceived to be a cash cow. Asensio comes along (and is backed by the Motley Fool's calculations), saying that WDRY's cash flow is actually negative, and that they are using fraudulently applied accounting tricks to come up with positive numbers. I'm not suggesting that LAMR's case includes such funny business, but if the cash flow really isn't impressive (and that was the only reason cited by the analyst for his interest in the stock), it seems that it should also be vulnerable. The trick is to get the word out. Asensio has done this on WDRY, and I believe that he'll keep hammering on it, and that the institutional holders will slowly bail out, leading to a collapse. Pancho is calling attention to BFIT, and you might want to try the same with LAMR. The analysts are listed on LAMR's website, lamar.com.