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TheEnterprisingInvestor

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About TheEnterprisingInvestor

  • Birthday 02/04/1982

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  1. I think this is a fair assessment and totally within the realm of possibility. I thought the NOL was bigger, someone pointed out the change in control limited it, but reading the b/k docs it looks like they still don't expect to pay US taxes until after 2019. I would be curious to hear the explanation that lead to almost $500m of ebitda. It got the lenders to pony up equity.
  2. KDOK I think the right ticker is KODK Sorry, typo.
  3. Has anyone taken a look at this? They have jettisoned the film business and are focusing on commercial printing/imaging and look to be "ebitda" positive to the tune of $167m this year. Nearest I can figure there are 41.7m shares plus 2 sets of warrants with 2m warrants each with more than 100m of net cash on the balance sheet. So about $1.1b EV fully diluted. Management seems to be pitching some return to growth and has some rosy projections, but if I recall Kodak had a $2.9b NOL that they have a full valuation allowance against (I assume much of this was preserved post-b/k, and perhaps this is a bad assumption but AMBC was able to preserve a large portion of their NOL in their b/k), if you tax-adjust the value of that it's probably worth close to the market cap. It would also give them an advantage pursuing bolt on acquisitions, since the earnings could be put against the NOL they could pay a higher price than the next guy with it still being a good deal for them, the only loser would be the government. It seems like an ebitda positive Kodak with a credible growth story and large tax shield could be worthwhile.
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