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Penson Worldwide Inc Message Board

  • goldinvestmentmanagement goldinvestmentmanagement Mar 23, 2008 5:08 PM Flag

    Quarterly Earnings (10K) just posted at Edgar

    I have been looking at this Board for a while and notice some good postings and many that are ridiculous and off-topic. This should be a forum for serious investors and not those interested in rumor or speculation.

    It appears that Penson has turned in an execllent fourth quarter 2007. Net Income Applicable To Common Shares $10,194 = 40c EPS
    this is 35% ahead of Q2 and 5X Q3 (Q3 Not meaningful).

    The Compnay trades at a mkt cap of $210MM yet has a book value of $265MM at Dec 2007.

    Penson is a little gem of a stock that is trading below its book value yet shows excellent potential and growing top and bottom lines.

    A conservative price target would be 10X $1.50 expected '09 earnings or $15.00. For the patient investor, a near 100% rally from these
    depressed prices should not be unattainable.

    JG

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    • I too am impressed with last year's activity and the first quarter figures for 08 as well.
      As much as this stock has declined from last year it appears to have a large upside potential. Few weaknesses that I can see.

      If the Fed is done cutting i rates, and that is not entirely certain, then interest income should not decline further. Inflation should cause the Fed to tighten (raise) i rates by the end of year becauase at that point inflation not recession sahgould be the bigger worry.

      IMO

    • New to the board, you seem to have done some research, so I have a question for you plus a comment. How many correspondents does PNSN have? How many have a majority of their business in the futures game?

      Comment- there website is weak, management seems oddly regional. Competition from Pershing, Fidelity, First Clearing is tough. Why do you see them being successful?

      thanks

    • The 10-K was filed over a week ago on March 14th. The 4th quarter results are rather meaningless for 2008 as interest rates have dropped among other changes.