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Gold/Mining/Energy : Trico Marine Services (TMAR) -- Ignore unavailable to you. Want to Upgrade?

To: Don Westermeyer who wrote (109)3/18/1998 7:17:00 PM
From: 007  Respond to of 1153
 
TMAR trading below scrap value?
Hey, I know this stock is way undervalued, but that sounds like quite an exaggeration. That would work out to about $5M per boat. Maybe it's true, but I doubt it.

However, it is likely that the market rate on their vessels exceeds $5M each without being melted (I see no reason to melt them unless they're made of gold or something).

Seriously, does anybody have an idea on the market value of their 100 ships? It would be interesting to take the mkt. value minus their debt to come up with a book value.

007



To: Don Westermeyer who wrote (109)3/19/1998 1:36:00 AM
From: William Nelson  Read Replies (1) | Respond to of 1153
 
After they melt down their boats and sell for $25/shr, they
have to pay off the $17/shr they have in debt. This will leave
them $8/shr, which is the stated book value on Yahoo.

This strikes me as a company where you want to be careful to get
in when good times are definitely coming back. With high debt,
low cash, and small size, they look pretty risky if more
bad news might be coming.

See you in a few months...


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