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Investors Title Co. Message Board

  • astral_tsar astral_tsar Apr 15, 2005 3:20 PM Flag

    WNDXQ

    I mentioned Winn-Dixie on here a month or two ago. Nobody sounded even faintly interested, but just to complete the thought: I wouldn't call it a screaming buy anymore at $1.25+.

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    • I was interested and looked at a balance sheet but couldn't figure out what to make of it. It seems that the correct response was "buy!"

      • 1 Reply to pjv2xyw9dww4b5
      • Well, the correct response was "study" imo. The balance sheet wasn't real appealing, if liquidated I estimate that the common would get rougly squat.

        But IMO the business isn't doing anywhere near badly enough to be liquidated in the near term. And the chapter 11 filing let them cancel a bunch of leases (along with reversing past charges taken for present value of future rent out to the end of the lease terms). Recent losses have been mainly noncash, including an immense tax charge in the most recent Q. At the very least they have plenty of reserves to reverse for instant good news in the near future. And I was betting that they could regain a positive free cash flow, at least for a few years, of 25 cents, 50 cents, or more per share. At 60 cents pps, it made sense to me. At 1.25 pps, I was willing to let someone else take on the rest of the bet.

 
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