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PHI Inc. Message Board

  • sage533 sage533 Mar 1, 2011 2:33 PM Flag

    Still bone cheap

    Hard book value is $31. The emergency airlift biz will be sold at some point for 2 x book just for the contracts. Bain just bot the largest air evac for 3 times BV. Meanwhile Gulf drilling has been reinstated and business as usual. Energy prices at highs and drilling activity at fever pitch. Price increases being set and fleet just replaced---BUY

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    • believerinbalancesheettrends believerinbalancesheettrends Oct 7, 2013 8:26 PM Flag

      Reasons why this stock flounders:
      1. No readily available financials history (balance sheet, earnings, cash flow) . For example no data on Yahoo! Finance. Ensures individual investors stay away.
      2. Not optionable ensures institutions stay away.
      3. No dividend worth bothering with (none since 1999). Ensures both individual and institutional investors stay away.

    • still looking pretty cheap on a bv basis. any idea when Mr. G going to turn this ongoing hobby into some m&a cashout?

    • I don't understand the valuation this stock. presumably people feel that they can't generate a ROCE, but i suspect the accounting is quite "conservative" given the ownership structure. WHo wants to show a profit here? The question is what is the catalyst? What is Gounslain's plan. HE is in his late 60's and this thing trades for less than when he made the purchases in 2001 when BV was 1/4 these levels!!! What gives?!

      • 1 Reply to deepvaluejpm
      • You never know the cataylst but there is always one. The Air Evac market is hot right now. Bain just bought the number one company for 10x EBITDA. AIRM is selling for 8x. PHII air evac biz breaks even. In 2013 the HC Act will provide reimbursement for non-payers. There will be people knocking on the door wanting to buy their air evac biz. BV is hard. They depreciate as much as possible. Therefor real BV is in the 40's. We have a storehouse of value if/when inflation roles around. I do not see the downside.

16.93-0.61(-3.48%)Oct 26 4:00 PMEDT