tag:blogger.com,1999:blog-6321089372587128676.post3958647169074442044..comments2010-07-12T23:26:27.017-04:00Hunternoreply@blogger.comBlogger6125tag:blogger.com,1999:blog-6321089372587128676.post-73423519056670531062010-07-08T16:52:53.499-04:002010-07-08T16:52:53.499-04:00looks like his Tronox investment isn&#39;t working out so well.<br /><br />a well done pump and dump on the various boards (sumzero, VIC etc).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6321089372587128676.post-73480449292016136532010-06-24T23:41:26.728-04:002010-06-24T23:41:26.728-04:00You bring up a fair point, but if you propose to add the operating leases to “debt” for purposes of calculating EV, should you not also back out the operating lease expenses from Ebitda, and treat them like interest? By our calculations, we arrive at an EV/Ebitda under this scenario of around 4.7x. Any way you slice it, HA is about 50% cheaper and has much less leverage than the comps. With a local market near-monopoly and international growth opportunities, we like their chances.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6321089372587128676.post-45526608272589614732010-06-24T23:38:23.039-04:002010-06-24T23:38:23.039-04:00You bring up a fair point, but if you propose to add the operating leases to “debt” for purposes of calculating EV, should you not also back out the operating lease expenses from Ebitda, and treat them like interest? By our calculations, we arrive at an EV/Ebitda under this scenario of around 4.7x. Any way you slice it, HA is about 50% cheaper and has much less leverage than the comps. With a local market near-monopoly and international growth opportunities, we like their chances.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-6321089372587128676.post-1159105626777724612010-06-23T14:12:37.241-04:002010-06-23T14:12:37.241-04:00The HA analysis is misleading since the company leases most of their aircraft under operating leases, which keeps the liabilities off the balance sheet. Most airlines either use capital leases or own their planes, which creates obligations that are categorized as debt on the balance sheet. Adding $976m in operating leases (from &#39;09 10-k) to the EV, I get an EV/EBITDA over 9. Not saying its a bad investment, just saying its definitely not the screaming deal this guy thinks it is.William Hamiltonhttp://www.blogger.com/profile/08740994582973217053noreply@blogger.comtag:blogger.com,1999:blog-6321089372587128676.post-54216873334872858032010-06-18T22:31:12.627-04:002010-06-18T22:31:12.627-04:00It should read Haneda not Haenda airportAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-6321089372587128676.post-65606507755014894662010-06-18T15:07:30.927-04:002010-06-18T15:07:30.927-04:00Hey<br />sory to write to you like this, but i could not find the contact form. I really like your blog and i was wondering if you would maybe like a link exchange with my website <a href="http://www.makemoneyinstocks.net/" rel="nofollow">www.makemoneyinstocks.net</a> . My site has many good articles and gets over 40.000 different visitors per month. I think we would both benefit out of this exchange alot. We would get higher position in search engines and many new visitors from each others <a href="http://www.makemoneyinstocks.net/" rel="nofollow">investment</a> sites.<br /><br />Well please let me know on admin@makemoneyinstocks.net . I would really like a link exchange with your blog (I like it alot).<br /><br />Thank you in advance for your reply.<br /><br />Cheers,<br />MattInvestorhttp://www.makemoneyinstocks.net/noreply@blogger.com