The Blackstone Group LP Message Board
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Probably because Stifel is hostile and rude and dominates the Q&A.
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I worked with Dun & Bradstreet for several years, a bank commercial credit analyst for several. PWE has a very strong unleveraged balance sheet with book equity to debt ratio of about 2:1. This would be in the upper 25%(easily) strata of commercial enterprises. As for cash flow, Accounting 101 tells us you add net profit(or loss), add depreciation/depletion for a good indication of cash flow. The dividend appears sustainable to me.
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Mentioned earlier about PWE not being leveraged that Merrill Lynch indicated in the report given on this board. I really think there are brokers/analysts trying to scare investors even more, for the buyout ripening process for them and their cronies. I also own lots of FGP and the wolves(banks/brokers) were screaming of a dividend cut about one year ago, not an unusual story. FGP is very leveraged but still has paid their $.50 quarterly dividend for 18.5 years, the latest announced earlier this week.
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My question to you. How has the market for office buildings been over the last 15 years? There have been lots of bankruptcies and lots of loans extended pretending things will get better. The vast majority of office properties aren't doing well(of course there are notable exceptions as anything), but your case will do nothing but enrich lawyers.
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Subtracting capital expenditures is a fundamentally flawed assumption of actual net cash flow from operations and lacks any basic understanding of accounting. infinitidrvr-MBA
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You may be right and you certainly some good points. But ultimately, I think the Portnoys are expert in the practice of corporate law and takeover efforts go nowhere. For those who are orchestrating change, their time would better be spent elsewhere. JMHO
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Your insults are typical of your usual remarks. Actual analysis would be more persuasive.
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If Portnoy or Fritz lives in a small town in the South, they could be me.
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Interesting to see their upgrade of CWH after all these years. Stifel's John Guinee has outright insulted CWH during quarterly conference calls for many years. I know because I bothered to listening. Mr. Guinee knew full well that the shares were undervalued from both price/book, price/ffo standpoint when compared to CWH's competitors. While there is an investigation into this, I suggest investigations of conflicts of interest on the part of negatively biased stockbrokers/(so-called analysts). Come on SEC....
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"Been there, done that"....? When does clever become a substitute for analysis?
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Cap rate equates to multiple of cash flow or put simply, ffo. This puts it around $30 but Stifel thinks they're only worth $15? Possibly, Guinee just doesn't like Portnoy or perhaps he or his cronies are shorting under the table.
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It isn't particularly unusual to want to keep your own businesses. Let the shareholders decide.
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Bubba is often the expression used down here in the south to describe intellectually deficient white boys.
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Corvex is a new company with supposedly $500 million in assets under managment(chump change) There are no financial reports on the company, which was started less than two years ago. Similarly, there are no financials on the Related Companies that I could find. Lots of seemingly impressive properties mentioned but the operative words, "owned -operated". There is a difference between owned and operate....could be janitorial. Who knows? These takeover artists could be out of their league. Interested in comments.
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He defines ones financial IQ based on the daily stock price.
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Someone is going to lose their shirt over this deal.
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I basically agreed with your analysis for buying the stock and sold most of my shares soon after it popped upwards. At this point, its a gamble and being out is probably best. But there was a genuine need to rebalance the debt to equity relationship with new shares to likely, although not necessarily, ensure its continued investment grade credit rating.
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You frequently cite daily prices as proof for your point of view.
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Whitebear, I have a fundamentally different view. Eventually, I think the value of PWE's oil and gas will be realized. I have no need or reason to sell my shares.
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I own over 5000 shares of FGP, about 10000 shares of PWE. you will notice on the FGP board a guy named bonkthegrups that sounded just like whitebear. The dividends with FGP continues and the share price has nearly doubled in one year. I predict the same for PWE, i.e. dividends will continue at same rate, share price will double, just can't say when.(MBA-Accounting)