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Foster Wheeler AŞ Message Board

bbepper 15 posts  |  Last Activity: Nov 23, 2015 7:06 PM Member since: Aug 7, 2009
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  • bbepper bbepper Nov 23, 2015 7:06 PM Flag looks like you keep trying to kill this stock...let me try to help you...i spent my entire career in the e&c space....other then the big screw up buying a very bad company Shaw....CBI has a very good platform of technologies and fabrication capability...the EPC power part is not worth too much since we are in a buyers market and what they bought from Shaw was not good...If you can get past the power EPC stuff CBI is a good solid company...Stop beating this company is valued in the right price range after dumping the nuclear stuff they got from Shaw.

  • Reply to

    For those people spreading false rumors

    by momentum_play Nov 20, 2015 10:17 PM
    bbepper bbepper Nov 21, 2015 9:28 PM Flag

    I wish you were right but there is zero chance that this stock doubles in next two years.....first thing the BOD has to do is replace Asherman with someone that really knows the business....go back over the last 6-9 years of this company and look at what they have far the only plus was finding a way to buy Lummus from the ABB...after that not very good.

  • Reply to

    JEC breaking out above 200 DMA....CBI TANKING

    by n16m15 Nov 20, 2015 2:32 PM
    bbepper bbepper Nov 20, 2015 2:48 PM Flag

    You must be an idiot......Cbi and jec are two c,pretzels different types of contractors.....Cbi has very good fab capability and great technologies....jec is just a low end contractor that will even paint your apartment or wherever you live as long as it's reimbursable cost plus....long term after they get rid of Asherman for his very bad decision to buy a very poor company Shaw , CBI will do very good

  • Reply to

    Back to the $30's today?

    by n16m15 Nov 12, 2015 8:33 AM
    bbepper bbepper Nov 12, 2015 9:58 AM Flag

    what are you doing? All you do is bash the hell out of this should take it easy and find another company to bash..

    we have already said they did a very dopey thing when they bought Shaw without proper due diligence. The proof is the sale of the nuclear business and their write down. in time you will see some changes in management besides their replacing the CFO who took a hit for the team

    The rest of their business with the exception of the fossil power part is actually a very good business. relax and move on...

  • bbepper bbepper Nov 11, 2015 12:20 PM Flag

    I think the street knows very well that the Shaw buyout with the nuclear hype and then the nuclear retreat is clearly on asherman and the board..

    however this company is very good in a number of areas (not the lump sum fossil power business which is a buyers market and a tough way to make reliable profit)

    the rest of the company is very good....I think the company is properly valued ...until they get a replacement for senior management

  • Reply to

    Good Day today.

    by momentum_play Nov 6, 2015 4:05 PM
    bbepper bbepper Nov 6, 2015 4:17 PM Flag

    if you really think this stock will go to $100 in should buy as much as you can....I spent my entire career in this space and I do not see anyway they can ever get to that point unless they find gold under their headquarters ...who knows

  • bbepper by bbepper Nov 5, 2015 7:40 AM Flag

    Looks like the market is really hurting AMEC FW...Maybe CBI should look to buy them...where are you Mr. Asherman?

  • Reply to

    Held up well today

    by momentum_play Oct 30, 2015 12:41 AM
    bbepper bbepper Nov 3, 2015 4:02 PM Flag

    We don't need to continue to belittle CBI. This company did a very good job when their bought Lummus and all the very good technologies that came with that acquisition. If you look at the last few years where they actually made any good profit was really in this area. As far as the power business. as I have said before that poor decision is on Asherman. They bought what everyone on wall street knew very well was a very poor project execution company. CBI did zero to improve this. In fact when they hired Lyash out of the utility industry to run the Shaw part they were not even smart enough to have this huge acquisition report directly to the CEO. that right there tells you something...BTW, Lyash bailed out is now now at Ontario Power....

    If we look at CBI today we have the company looking a lot like it did pre Shaw...good technologies and strength in oil and gas and LNG..but the problem is that this market is slow right now...

    So if you put emotions aside the stock price is more or less what it should be (without the nuclear hype that drove it up to $80 plus in 2014)

    Fluor is a completely different animal than CBI. They are much more broad based in the marketplace and now with the nuclear stuff they just got thanks to CBI they have a real play. BTW , Fluor does not have the process technologies that CBI has...but they have a lot of know how in many areas....that is why wall street like FLR much more that CBI

  • Reply to

    Held up well today

    by momentum_play Oct 30, 2015 12:41 AM
    bbepper bbepper Nov 2, 2015 7:52 PM Flag

    It looks to me that CBI is more or less the same company that it was before Asherman made the huge mistake to buy Shaw without proper due diligence. It is a wonder to me that the CBI board is not trying to look how to replace him.

    In any event the company is priced in the right range....very good process technologies due to the Lummus buy a number of years ago from ABB but really trading water in the power business.

    I am moving over to buy FLR who is the big winner of the CBI decision to ball out on nuclear.

  • looks like they realize that this nuclear stuff will be huge even with oil/gas in a dip right now

  • bbepper bbepper Oct 30, 2015 3:50 PM Flag

    I read a few investment reports this morning based on yesterday's cc call. The analysts do not yet comprehend how big a deal this nuclear work that Fluor is getting from Westinghouse/Toshiba due to the huge issues that CBI and Westinghouse had with these projects.

    few things to consider

    1. By getting away from the nuclear contracts CBI took $8 billion out of their backlog...Where do you think that money will go
    2. Westinghouse/Toshiba is now in a box with taking over the complete scope for these units with enhanced terms from both utilities. Two winners...both utilities and Fluor big time. (two losers: Westinghouse/Toshiba and of course CBI that bought Shaw in 2012 without proper understanding og=f what they were getting into)

    There is no alternative for W/Toshiba on who does the construction that is viable and would get both regulatory and utility approval. The only other player would have been Bechtel.

    3. What this will mean is that Fluor takes on a huge contract with zero liabilities for the work and impact already done by CBI and Westinghouse. They will get a cost plus reimbursable contract .

    4. look for the gross margins going from 2016 (most likely about 6 plus years) to be about $200 million per year....Looks like an annuity to me.

    5. all of this for a contract that Fluor spent no money to bid and just dropped like manna from heaven in their lap.

    6. Fluor now get's their tickets punched going forward in the global new nuclear plant construction business...Very small elite group of companies (remember no more CBI as a nuclear competitor) There will be big contracts in nuclear in the future not in North America but in the global business....just look at the UK

    6. When the "smart guys" on wall street fully understand how big a deal this is FLR stock price will jump even though oil/gas is very slow right the way in a few years that space will also return.

    7. Now if FLR could figure out how to get rid of their NUScale investment

  • bbepper bbepper Oct 30, 2015 1:29 PM Flag

    Few comments from the CC

    very clearly FLR will end up getting a huge contract from Westinghouse /Toshiba for completion of four nuclear units that are well behind schedule and way over budget....CBI is taking $8 b out of their backlog as they wash their hands for their huge mistake buying Shaw in 2012.

    The beneficiary of this is Fluor who gets a cost plus reimbursable contract guaranteed by Toshiba with no liabilities for existing conditions.

    Think about what this all means..over the next 5-7 years Flour will get a contact that will be anywhere from $8-10 billion all remain usable. Guess what....they did not even have to bid to get this was handed to them because there are only two companies on paper that are even qualified to get this work and the required approvals from the utility clients.Westinghouse /Toshiba is now holding the major contractural issues with no where to go.

    I see about $200 million of gross margin per year for the next 5-7 years for Fluor is very little downside....just like an annuity ....

    This more than covers the existing issues with the slow down in oil/ gas due to current pricing...even oil/ gas will be back in a few years.

    From the investment reports that I have read today on Fluor I do not think that a light bulb has yet been turned on for the Wall Street analysts.

    This nuclear stuff for Fluor us huge.

    I just wish they could figure out how to get rid of NuScale which is a waste of money for Fluor.

    Maybe they can convince Toshiba to buy that...that would be a grand slam

  • Reply to

    Sale of nuclear business

    by fore_91836 Oct 27, 2015 5:43 PM
    bbepper bbepper Oct 28, 2015 7:29 AM Flag

    Fluor is the best E&C company in the US. CBI had to do everything they could to get away from the nuclear issues....Fluor is getting this work because they are very well qualified and guess what they are not dopey.

    I am sure that they negotiated a very good deal ...not like what CBI took on.

    They will take this work on a fully reimbursable cost plus basis with very little downside risk....the guys that have the big exposure going forward is Westinghouse and their parent Toshiba for the next 5-7 years...definitely not Fluor.

  • This will prove to be a huge plus for FLR. they are taking over the completion of 4 nuclear units that were in construction with huge schedule and cost issues between CBI and Westinghouse nuclear.

    To be parked under Westinghouse (owned by Toshiba) will prove to be a huge plus for FLR.

    they will take on all of this work on most likely a cost plus reimbursable basis with little downside with Toshiba paying the bill.

    Once Wall Street fully understands the issues and the plus side to the I am sure FLR share price will take off.

  • Reply to

    Sale of Shaw (the nuclear business)

    by jms_linn Oct 27, 2015 9:21 PM
    bbepper bbepper Oct 27, 2015 10:09 PM Flag

    Let's understand what the situation is:

    1. as I have said many times before CBI and their management) did a very poor job of due diligence when they were buying Shaw several years ago. this is on asherman.

    2, clearly the driver was the nuclear business that Shaw had .remember Shaw was never a good EPC contractor in the power business...just look at 10 plus years of continued poor execution performance. Everybody in the power industry knew this...but CBI who is really in oil/gas and has no clue when it comes to power.( CBI did a good job buying Lummus from ABB several years ago of technology ...not execution)

    3. the issues with schedule and cost performance and subsequent cash flow issues on the two nuclear sites is indicative of very poor performance

    4. as can be seen from press releases and from company conference calls luckily for CBI they were able to point to Westinghouse nuclear for some of their problems.This was probably justified .

    5. Toshiba who owns Westinghouse nuclear (and has their own huge accounting issues) is able to make some of their problems go away by papering a buyout of CBI's poor nuclear business. This is only most likely temporary since the cost of these units will most likely increase to Toshiba's account.

    6. to make it even stranger Westinghouse hires Fluor to complete both nuclear sites.

    7. looks like Asherman has huge credibility issues in buying Shaw and the big winner is really Fluor that now has a very good cost plus reimbursable contract from Westinghouse (really Toshiba )to build 4 nuclear plants that are all behind schedule. It is always nice to come in after the damage is done as part of the clean up group fixing other company's problems.

    8.based upon this I am buying Fluor stock....well done by Fluor!

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