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June 2014

Recs

2

Transocean Ltd. Value Alert

June 29, 2014 – Comments (0) | RELATED TICKERS: RIG

Texas (June 29, 2014) Wax Ink has issued a Potential Investment Interest opinion for Transocean Ltd. (NYSE: RIG), based on a recent intrinsic value review that placed fair value for the company between $58-$66.

A Potential Investment Interest opinion (watch) means that the current key performance indicators (KPIs) or associated financial metrics, but not both, favor a position in this stock as an active investment at this time.

The recent close of $44.53 is approximately 29% above a fair value buy target for the stock and approximately 37% below a fair value close target for the stock. The recent close is also 7% above analysts’ twelve-month $41.50 median price target for the stock.

The recent close represents an 8% decrease in the one-year price of the stock, while year-over-year sales increased 3%, year-over-year earnings increased 25%, year-over-year debt decreased 14.5%, and year-over-year free cash flow decreased 44%.

The company paid a dividend (called a Distribution of Qualifying Additional Paid-In Capital) of $1.68 which represents a year-over-year dividend increase of 118%.

The stock currently has a trailing twelve-month PE Ratio of 6, and a PEG Ratio of 0.5 basis estimated forward earnings growth of 13.5%.

In the past 52 weeks, share prices have moved between a high of $55.74 and a low of $38.47, placing current equilibrium at $43.96.

With the recent close, the stock is trading 25% below the 52 week high, 14% above the 52 week low, and 1% above current equilibrium.

The three-month average daily trading volume for this stock is approximately 4.6 million shares and the average daily volume is approximately 2.6 million shares. There are approximately 56.3 million short interest shares which places the days to cover at 14.48.

Transocean Ltd together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide.

The company's listed competitors include Ensco plc, Noble Corporation,and Saipem S.p.A..

Financial information contained herein, was obtained from the company's most recent annual SEC filing for year ending December 31, 2013 and all prices are per share unless otherwise noted.

Disclosures
Wax Ink currently has no investment position in any company mentioned in this alert.
This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink  [more]

Recs

1

Performance - Week Ending 06/27/2014

June 28, 2014 – Comments (0) | RELATED TICKERS: BTU , CE , INT

The Wax Ink Portfolio was down 1.3% for the week. By comparison, the Dow was down 0.6%, the Nasdaq was up 0.7%, the S&P 500 was down 0.1%, the Russell 2000 was up 1.0%, and the Volatility Index, commonly known as the VIX, was up 3.8%.

Year to date, the Wax Ink portfolio is down 0.9%, the Dow is up 1.7%, the Nasdaq is up 5.3%, the S&P 500 is up 6.1%, the Russell 2000 is up 2.2%, and the VIX is lower by 17.9%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was no change to the total number of shares held.

This week's winners were infrastructure wholesaler L.B. Foster Company (Nasdaq: FSTR), up 3%, cylinder maker Worthington Industries (NYSE: WOR), up 2%, and industrial distributor Kaman Corporation (Nasdaq: KAMN), up 1%.

This week's punch bowl floaters were refiner HollyFrontier Corporation (NYSE: HFC), down 11%, government contractor Layne Christensen Company (Nasdaq: LAYN), down 4%, and drug kingpin Cubist Pharmaceuticals(Nasdaq: CBST), down 4%.

The portfolio's worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 31% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 36% since being added to the portfolio.

Worksheets were updated this week for:
Peabody Energy Corporation (NYSE: BTU), Celanese Corporation (NYSE: CE), and World Fuel Services Corporation (NYSE: INT).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink  [more]

Recs

2

World Fuel Services Value Alert

June 27, 2014 – Comments (0) | RELATED TICKERS: INT

WORLD FUEL SERVICES CORPORATION
Texas (June 27, 2014) Wax Ink has issued a No Investment Interest opinion for World Fuel Corporation (NYSE: INT), based on a recent intrinsic value review that placed fair value for the company between $47-$54.

A No Investment Interest opinion (hold) means that the current key performance indicators (KPIs) do not favor a position in this stock as an active investment at this time.

The recent close of $647.98 is approximately 47% above the fair value buy target for the stock and approximately 17% below the fair value close target for the stock. The recent close is also 0.01% below analysts’ twelve-month $48.00 median price target for the stock.

The recent close represents a 22% increase in the one-year price of the stock, while year-over-year sales increased 7%, year-over-year earnings decreased 9%, year-over-year debt increased 22%, and year-over-year free cash flow decreased 30%.

The stock currently has a trailing twelve-month PE Ratio of 17, and a PEG Ratio of 3.8 basis estimated forward earnings growth of 4.5%.

In the past 52 weeks, share prices have moved between a high of $48.84 and a low of $34.57, placing equilibrium at $44.32.

With the recent close, the stock is trading 2% below the 52 week high, 28% above the 52 week low, and 8% above equilibrium.

The three-month average daily trading volume for this stock is approximately 239 thousand shares and the average daily volume is approximately 225 thousand shares. There are approximately 4.85 million short interest shares which places the days to cover at 28.12.

World Fuel Services Corporation a fuel logistics company, markets, sells, and distributes aviation, marine, and land fuel products and related services worldwide.

The company's listed competitors include BP Marine Limited, Mercury Air Group,and Sun Coast Resources.

Financial information contained herein, was obtained from the company's most recent annual SEC filing for year ending December 31, 2013 and all prices are per share unless otherwise noted.

Disclosures
Wax Ink currently has no investment position in any company mentioned in this alert.
This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink  [more]

Recs

1

Celanese Corporation Value Alert

June 24, 2014 – Comments (0) | RELATED TICKERS: CE

CELANESE CORPORATION
Texas (June 24, 2014) Wax Ink has issued a Negative Investment Interest opinion for Celanese Corporation (NYSE: CE). The value alert is based on a recent intrinsic value review that placed fair value for the company between $36-$44.

A Negative Investment Interest opinion (sell) means that the current key performance indicators (KPIs) do not favor retention of the stock as a active investment at this time.

The recent close of $64.69 is approximately 202% above the fair value buy target for the stock and approximately 47% above the fair value close target for the stock. The recent close is also 5% below analysts’ twelve-month $68.00 median price target for the stock.

The recent close represents a 40% increase in the one-year price of the stock, while year-over-year sales increased 1%, year-over-year earnings decreased 52%, year-over-year debt increased 1%, and year-over-year free cash flow decreased 54%.

The stock currently has a trailing twelve-month PE Ratio of 35, and a PEG Ratio of 3.2 basis estimated forward earnings growth of 11%.

In the past 52 weeks, share prices have moved between a high of $65.17 and a low of $43.57, placing equilibrium at $58.47.

With the recent close, the stock is trading 1% below the 52 week high, 33% above the 52 week low, and 10% above equilibrium.

The three-month average daily trading volume for this stock is approximately 929 thousand shares and the average daily volume is approximately 527 thousand shares. There are approximately 1.03 million short interest shares which places the days to cover at 2.92.

Celanese Corporation manufactures chemical products, with a portfolio consisting of Acetyl Products, Chemical Intermediates, Acetate Products, Technical Polymers Ticona and Performance Products. The company has 29 production plants, with major operations in North America, Europe and Asia.

The company's listed competitors include BASF SE, LANXESS Aktiengesellschaft,and Methanex Corporation.

Financial information contained herein, was obtained from the company's most recent annual SEC filing for year ending December 31, 2013 and all prices are per share unless otherwise noted.

Disclosures
Wax Ink currently has no investment position in any company mentioned in this alert.
This alert is for use by Accredited Investors as defined under Title 17, CFR §230.500, Regulation D.

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink  [more]

Recs

1

Performance - Week Ending 06/20/2014

June 21, 2014 – Comments (0) | RELATED TICKERS: GT , HFC , CBST

The Wax Ink Portfolio was up 2.2% for the week. By comparison, the Dow was up 1.0%, the Nasdaq was up 1.3%, the S&P 500 was up 1.4%, the Russell 2000 was up 2.2%, and the Volatility Index, commonly known as the VIX, was down 10.9%.

Year to date, the Wax Ink portfolio is up 0.5%, the Dow is up 2.2%, the Nasdaq is up 4.6%, the S&P 500 is up 6.2%, the Russell 2000 is up 2.1%, and the VIX is lower by 20.9%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was no change to the total number of shares held.

This week's winners were tire maker The Goodyear Tire and Rubber Company (NYSE: GT), up 6%,refiner HollyFrontier Corporation (NYSE: HFC), up 5%, and drug maker Cubist Pharmaceuticals (Nasdaq: CBST), up 5%.

This week's punch bowl floaters were municipal contractor Layne Christensen (Nasdaq: LAYN), down 9%, government contractor URS Corporation (NYSE: URS), unchanged, and conglomerate General Electric(NYSE: GE), unchanged.

The portfolio's worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 32% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 34% since being added to the portfolio.

Worksheets were updated this week for:
RigNet, Inc. (Nasdaq: RNET), Oil States International, Inc. (NYSE: OIS), Orion Marine Group, Inc. (NYSE: ORN), Dynamic Materials Corporation (Nasdaq: BOOM), Unit Corporation (NYSE: UNT), and Harsco Corporation (NYSE: HSC).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name. Thanx.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink  [more]

Recs

1

Performance - Week Ending 06/13/2014

June 14, 2014 – Comments (0) | RELATED TICKERS: GRA , IRF , DAR

The Wax Ink Portfolio was down 1.1% for the week. By comparison, the Dow was down 0.9%, the Nasdaq was down 0.2%, the S&P 500 was down 0.7%, the Russell 2000 was down 0.2%, and the Volatility Index, commonly known as the VIX, was op 13.5%.

Year to date, the Wax Ink portfolio is down 1.7%, the Dow is up 1.2%, the Nasdaq is up 3.5%, the S&P 500 is up 4.8%, the Russell 2000 is down 0.1%, and the VIX is lower by 11.2%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was no change to the total number of shares held.

This week's winners were specialty chemical company W.R. Grace and Company (NYSE: GRA), up 2%, semiconductor maker International Recifier Corporation (NYSE: IRF), up 2%, and chicken grease king Darling International (NYSE: DAR), up 1%.

This week's punch bowl floaters were new reenamed trucker ArcBest Corporation (Nasdaq: ARBC), down 5%, container maker Myers Industries (NYSE: MYE), down 4%, and helicopter parts maker Kaman Corporation(Nasdaq: KAMN), down 4%.

The portfolio's worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 33% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 27% since being added to the portfolio.

Worksheets were updated this week for:
Superior Industries International (NYSE: SUP), AECOM Technology Corporation (NYSE: ACM), Forward Air Corporation (Nasdaq: FWRD), Quaker Chemical Corporation (NYSE: KWR), KMG Chemicals, Inc. (NYSE: KMG), Scholastic Corporation (Nasdaq: SCHL), Adams Resources and Energy, Inc. (NYSE: AE).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink  [more]

Recs

1

Performance - Week Ending 06/06/2014

June 07, 2014 – Comments (0) | RELATED TICKERS: CBST , WOR

The Wax Ink Portfolio was up 0.5% for the week. By comparison, the Dow was up 1.2%, the Nasdaq was up 1.9%, the S&P 500 was up 1.3%, the Russell 2000 was up 2.7%, and the Volatility Index, commonly known as the VIX, was down 5.9%.

Year to date, the Wax Ink portfolio is down 0.6%, the Dow is up 2.1%, the Nasdaq is up 3.5%, the S&P 500 is up 5.5%, the Russell 2000 is up 0.1%, and the VIX is lower by 21.8%.

The portfolio breakdown is 55% equities, 45% cash, and 0% bonds. There was a change to the total number of shares held with the close of the Dorman Products position.

This week's winners were newly renamed trucker ArcBest Corporation (Nasdaq: ARBC), up 5%, drug maker Cubist Pharmaceuticals (Nasdaq: CBST), up 5%, and cylinder maker Worthington Industries (NYSE: WOR), up 4%.

This week's punch bowl floaters were rubber and plastic container maker Myers Industries (NYSE: MYE), down 4%, refiner HollyFrontier Corporation (NYSE: HFC), down 3%, and small tool maker The LS Starrett Company(NYSE: SCX), down 2%.

The portfolio's worst performing stocks remain building materials company Griffon Corporation (NYSE: GFF), down 32% since being added to the portfolio, and municipal/industrial construction company Layne Christensen (Nasdaq: LAYN), down 25% since being added to the portfolio.

Worksheets were updated this week for:
Gentherm Incorporated (Nasdaq: THRM), Koninklijke Philips Electronics N.V. (NYSE: PHG), Cooper Tire and Rubber Company (NYSE: CTB), Forest Laboratories, Inc. (NYSE: FRX), Jabil Circuit, Inc. (NYSE: JBL), Rofin-Sinar Technolgies, Inc. (Nasdaq: RSTI), and Apple, Inc. (Nasdaq: AAPL).

Please note that worksheets are updated basis the most current SEC 10-K ANNUAL filing. To access any worksheet in this post, click on the associated company name.

Wax

Wax Ink is a baseline equity research company not licensed or registered with any government agency
Copyright © 2014 Wax Ink  [more]

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