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Herman Miller Inc. Message Board

p11ke 7 posts  |  Last Activity: Apr 27, 2016 10:03 AM Member since: Mar 25, 1999
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  • when adjusting for the 40% of the company's shares that were bought back at $0.89 per share just a few weeks ago. Buying a $500 million cost vessel for $60 million seems like a smart long, term strategic move as well.

    Stock can go much, much higher IMO.

    Sentiment: Strong Buy

  • Reply to

    ORIG Book Value is $24.87

    by sant2017 Apr 8, 2016 11:26 AM
    p11ke p11ke Apr 9, 2016 9:43 AM Flag

    No, Proforma book value is $39 per share as adjusted for the large buy back of its stock from DRYS at $0.89. It will take another couple reporting periods for it to show up on Finance Yahoo as the transaction just closed in April after the end of first quarter.

    Sentiment: Strong Buy

  • Better opportunity than SDRL which is trading around 15% of book value and close to 6x trailing EBITDA. ORIG trades around 4x trailing EBITDA and has been buying back debt at a discount in addition to buying 40% of its stock back in today at $0.89 per share, a massive discount to the year book value of approximately $24 per share.

  • at Dec. 31 adjusting for the $50 million of cash paid and now approximately 83 million shares outstanding. A $15 proforma book value increase and the stock is up only $0.11 and is currently trading at 2% of book value with a couple of years of liquidity. Seems greatly undervalued at this time?

    Sentiment: Strong Buy

  • Company has put $180 million of cash in an unrestricted subsidiary for opportunistic purchases. In addition to debt purchases company should do a stock buyback.

    Sentiment: Buy

  • Would be about 5x 2016 consensus EPS estimate of $1.07 per share. Only at 1.2x expected earning right now and 4% of $25 book value per share. SDRL is trading around 5x 2016 earnings estimates and 30% of book value after its big run-up with a more leveraged debt profile than ORIG. ESV trades around 6x 2016 EPS and 45% of book value although has less leverage. The other large drillers are trading at higher multiples.

    There is only 70 million shares in the float or $100 million of float value trading so that coupled with the short interest could lead to big moves if the big hedge/fund guys see the value?

  • Company is highly levered to silver and gold prices. Every $1 increase in silver equivalent prices is another $35 million of EBITDA at 35 million in annual, silver equivalent ounces produced.

    Sentiment: Strong Buy

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