Valueguy134

I've been doing some work on Badger Daylighting and like the company, but just curious if someone with a VIC account would be able to send me the recent short thesis posted on the company. Any help is much appreciated.

http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/industry-primers-10852/?topicseen Check out the Bank Credit Analysis handbook, pricey but I learned so much and use it as a reference manual. Nate also posted some links that are very useful too.

http://www.amazon.ca/Investment-Banking-Valuation-Leveraged-Acquisitions/dp/1118656210/ref=sr_1_1?ie=UTF8&qid=1431369085&sr=8-1&keywords=investment+banking

I was putting something together in the book section. http://www.cornerofberkshireandfairfax.ca/forum/general-discussion/industry-primers-10852/msg176975/#msg176975

If you wouldn't mind posting the list, it would be greatly appreciated.

Depends on the type of turbine and the plant and the situation you are in. A hot start will be very flexible as the turbine is essentially good to go. From a cold start, it depends on the turbine. I have built some plants where it's about 4 hours to bring online, others which much larger turbines that take a lot longer. With combined cycle plants it takes a long time, mostly due to the fact that it is not economical to run it without the steam turbine (something that takes a very long time to bring online from a cold start upwards of 24hrs).

No expert in coal Plan, but a couple of items come to mind from recent articles. There are new EPA regulations for coal plants in the states, from what I remember, all new plants require carbon capture technology (very expensive technology, and typically reduces the output of power available from the plant). The other items I would check out is the effect of peak steel (and the effect of China's slowing construction) and petcoke (from shale oil/heavy oil) on the coal market. Europe is importing more coal given the low cost to produce power vs nat gas (USA is dumping coal for nat gas plants) this could change if the US ends up opening up exports for refined products (hard to say with the huge job boom vs issues in Ukraine and energy security for Europe), either way there are LNG terminals that are given the green light. FInally there is an article on the FT, but I could only dig up a similar one on the NYtimes. http://www.nytimes.com/2014/08/17/opinion/sunday/china-confronts-its-coal-problem.html?_r=0

I agree with you 100%, but IFRS does allow for a fair value number on the balance sheet, but as i mentioned it must be revalued each year, which gives rise to fluctuating balance sheets and could be an issue for covenants given the higher leverage in RE. Also, it could provide swings to the equity value. This is also coupled with the cost of valuing a portfolio, something that could be quite expensive for some of the larger firms. Also, while in most markets buildings hold value well, that's not to say 2008/2009 doesn't roll around again and destroys the value.

You could say the same thing with almost any company. Equipment get worn down and maint. capex gets spent to make it last longer, but you depreciate the value on the books. My understanding is that with PPE, you need to be able to prove that the value on the books is equal to the greater of its liquidation value or cash flows it can generate. IFRS provides the option of maintaining the value of PPE at cost or fair value, but if the fair value option is chosen you cannot revert back to a cost basis in the future. Either way, most of the time management does not like the fluctuation of their balance sheet (with values changing in booms and busts). Also the PPE must be revalued each year which has an associated cost. I'm not an accountant and I'm digging deep into my memory, but I'm almost certain that is the reason. Also, to answer Laxputs question. Depreciation is a way of matching a unit of revenue with a unit of expense (in this case, the amount of wear and tear required to produce something). Since land cannot be worn out, it becomes an issue of matching expenses to your revenues, and as such land has no depreciation value.

I had Guy Spier on twitter, but all he had been doing was promoting his book and how great it was (flooding my feed), I got rid of him. After reading the review, it will most likely be a book I pass on.

Match with Offset is pretty good too. So is Alt + =

No problem. If you want a detailed outline check this book out. http://www.amazon.ca/Bank-Credit-Analysis-Handbook-Investors/dp/0470821574/ref=sr_1_1?s=books&ie=UTF8&qid=1397943983&sr=1-1&keywords=bank+credit+analysis+handbook It is very pricey but I gained a lot out of it.

While I am also not a fan of formulas, Penman is looking at things from a purely value perspective (albeit at a GARP sense). This book is definitely not geared towards a Graham stock, but closer towards Buffet. He outlines his thinking early in the book to indicate that he targets growth and ways to reasonably value it along with the risks. Either way, it's a bit heavy as there are a lot of formulas, but it helps get his point across. I read the book and flagged a lot of pages, I enjoyed the book as it was different than most value books that repeat the same things over (although the same things always keep on working).

You want a hard copy. Lots of flipping back and forth, and yes lots of tables.

As part of the risk weighted assets, I believe it would represent cash, investments, OREO, etc... The A/B/C should represent the different types of capital (equity, preferred, reserves, Long-term/Mid-Term debt)