All results US$ unless otherwise noted:
Through the 1st half of 2008, operating cash flow (OCF) came in at $412M, down 23% YoY. Excluding the auction rate securities situation ($73.3M), OCF was still down 9% from 2007. The company registered very large cash outlays for accrued taxes and other liabilities, which is reflected in the company’s improved current [...]
Q1 2008 results (all US$ unless noted):
Operating cash flow dropped 45.9% to $151.2M. A large portion of this stemmed from the $83M of auction rate securities (ARS), which were originally intended for short-term liquidity needs, being transferred to long-term investments and not available for working capital. Backing out this one-time event, OCF [...]
Here is the research from the old website. Any updates can be found on the this blog and will not be reflected on these older web pages.
ENLIGHTENED-AMERICAN PORTFOLIO PICKS
Agnico-Eagle Mines - (AEM-US) - updated 10/28/2007
Chesapeake Energy - (CHK-US) - updated 11/18/2007
Devon Energy Research Report - (DVN-US) - updated 02/12/2008
Elements ETN linked to the [...]
I’ve posted my research report for Ensco (ESV) on the Enlightened-American website. It comes in 6 parts:
Main Page+Updates
Risks
Upside
Competitors
Valuation/Investment Thesis
Management, Probable Outcomes & Performance Targets
Take care out there.
