Tag: valuation techniques

CASE STUDY Activist Action on Coke 2014 Proxy

CASE STUDY Activist Action on Coke 2014 Proxy

We are taking up from the last post http://csinvesting.org/2016/07/25/major-analyst-exam-reading-a-proxy-then-assessing-management-and-directors/ This case study teaches us about reading a proxy, management compensation, board governance, and the struggles of activism. Mr. David Winters of wintergreen_fund_annual_report_2015_1231 has struggled since inception. From inception on 10/17/2005, Wintergreen has returned […]

Hallador Energy, Inc. (HNRG) Valuation Attempt

Hallador Energy, Inc. (HNRG) Valuation Attempt

A Reader Writes: John, Here’s my quick and dirty for Hallador: Currently not screaming cheap. Hallador has traded to .6 book before. Current 1.2x. Highest is 4.4 or 30.36 ($4.14-$30 2015 TBV) ev/ebitda 3mth op. inc + depr = 22341000/.25 […]

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Valuing a Coal Company: How Do We Start?

From a reader: Hi John, Thank you for the library access to VL. Responses about Value-Line from the group have been underwhelming. Got zero replies for discussion about coal or other topics. Most people just ask for certain industries (REIT, […]

Magic Formula, R-T-M, And Gross Profitability

Magic Formula, R-T-M, And Gross Profitability

Our last lesson was in Mean Reversion (Chapter 5 in Deep Value: Why Activist Investors and Other Contrarians Battle for Control of Losing Corporations) discussed http://wp.me/p2OaYY-2Ju View this video on a very MEAN Reversion. We must understand full cycles and […]

Enron Case Study Analysis. Ask Why? Why?

Enron Case Study Analysis. Ask Why? Why?

Case-Study-So-What-is-It-Worth Prior Post where students discussed the case. Turn up the VOLUME: Don’t believe the …..? Enron-Case-Study-So-What-is-It-Worth My walk-through. I go straight to the balance sheet then calculate the returns on total capital in the business. These financial statements were […]