Myth465

@ randomep - WIll join and take a look. Sterihealth is an interesting find. I read bits and pieces of the 10k yesterday. Here are my comments. Great earnings and cash flow - PE of 6, even better CF number. Only issue is debt - Debt being $24 million makes the PE more like 10-12 on the whole entity. The business appears very stable and cant be outsourced. Management owns 44% which is interesting and there is significant related party transactions. Growth has been flat the last 5 years, share price has been flat the last 5 years. You really have to figure out what they are doing with Capex, will the top line grow, and will they pay off debt. I will keep watching. @ One Foot I have really enjoyed the podcast and will keep listening. May eventually join as well. I want to start investing capital in AUS and they seem like a good starting resource. @ All - Morningstar is actually quite good and is free - I just registered and its very detailed. http://www.morningstar.com.au/Stocks/BalanceSheet/STP After playing around a bit more, I would stay Morningstar is very good and even has good screens. Its worth checking out.

thanks one foot. They run a very good Aussie based podcast as well. http://blog.intelligentinvestor.com.au/doddsville Here is a link. I am thinking it might be worthwhile to just pay for a service. I would like a few good screens, and 5-10 year financial data. The goal for me is to find some fully franked shares to hold over the long term. Taxes here are bloody high...

Accountant by training, currently a Finance Manager for a big private company in the automotive space. Prior was an Auditor in Oil Field Services.

Seems like the available tools online pale in reference to the US. Does anyone have a good website they use for financials.

Thanks for the tip will check out Gurufocus for valuation work.

I think SA market currents is under-appreciated. I think its a great resource as well. Can I get a link, which portion is market currents? Also great suggestions, I switched to Yahoo finance and setup the portfolio syncing option. Now I can track everything in one place. Also news is now relevant to my portfolio which is more than I can say for google. Great suggestions.

That's great. Such a simple idea. I hate scrolling through edgar. Thanks. You guys are a great such good links.

I own Spyglass, LTS, PWE, Twin Butte, and a few others. Currently have a watch list of 5 companies, and a buy list of 5 companies. I am in the process of writing up each stock. Doing the same thing for service companies and so far I own 3 and want to buy 1 more. Here is the watch and buy list for the E&P companies, May add Lukoil to the watch list. Holdings Basket - Lightstream Resources, Spyglass Resources, Pennwest Energy, Legacy Oil + Gas, Iona Energy, Twin Butte Energy, Strategic Oil and Gas. Watch List Baskets - Gear Energy, Yangarra Resources, Long Run Exploration, Rock Energy, Manitok Energy, Crocotta Energy, Pengrowth Energy. Lists were cobbled together from http://www.stockchase.com/ and about 8 hours of watching BNN for O&G analyst reviews. ---Write up will be in this format, and I will take a basket of 6-8 stocks, INMO the sector is cheap and we have headwinds which may be come tailwinds (raising nat gas, wide differentials which should come down, solutions to transport issues (rail, additional pipelines), and reinterest in Canadian O&G by US investors) ---- Company - General thoughts on Idea / Strategy / Quarter / Position / or market update. Why Discounted - Detail why the market is punishing the stock. Management Plan - What's the plan to eliminate the discount / increase the stock price. Operating Metrics - liquids %, sustainability, reserve life, PO ratio, IRR, decline rate. Investment Metrics - Cash flow multiple, Discount to NAV, yield, per flowing barrel . My Opinion (Opinion) - Why buy, sale, hold, or continue to watch stock. Will the plan work / is it credible.

How do you all rate Yahoo Finance vs. Google Finance.

ROIC Leaps - Up 400% in 2013 then sold. Rebought and now up 40%. There is a small chance I could get 200% out of them in 2014 by October. --- Aside from that Canadian Energy Canadian Oil & Gas Service Companies - Yield 4% with minimal debt and trading at 4x cash flow - Essential Energy and High Artic - Xtreme drilling has no yield but had a great year in 2013 and will have a great 2014. Canadian Oil & Gas E&P companies - Legacy O&G, Twin Butte, Spyglass, Lightstream. Potential big win - Penn West leaps. As cheap as the ones above but in the dog house. Leaps are basically free and are for 2 years. If they sell significant assets in Q1 - Q2, the leaps will fly as the street rerates the stock. Most of my losses are from Leaps, but this one looks interesting.... Those are my picks.

Been doing quite a bit of reading on Canadian Oil and Gas. Very beat up sector. Will likely sell out of SD and sell down LTS to buy a few different producers. So far I like Legacy Oil and Gas, Spyglass, and will be looking a bit deeper at 2 or 3 more. Stocks trading at 3x cash flow, growing production, lowish debt. We also have raising gas prices, and solutions to the differential problems. Interesting times, thanks for the links. I dont like PWE as much, but there are leaps out there for it. One could do quite well buying those once the turn begins to turn. I am looking for a big asset sell - either the Duvernay, Peace River, or the gas place, and will continue to watch it.

Thanks for the posting on Spyglass. I have been looking at it over the weekend. I like the model / plan, but every monster Dividend stock has had the div cut and share price drop. I like the 100% sustainability goal, and also like the shift to oil. Production will continue to go down as they trade gas BOE for oil. I also like that they have a massive land base, and can sell down gas production at decent prices to drill for oil. Q3 featured great oil prices, but a collapse in cash and wound up with flat cash flow. I am still thinking about this, but I added to LTS last week, and am thinking of shifting that capital here....

LOL

This is pretty funny. 5. "It's a Ponzi scheme." The number of things called Ponzi schemes that are actually Ponzi schemes rounds to zero. It's become a synonym for "thing I disagree with." Read more: http://www.fool.com/investing/general/2013/11/14/stupid-things-finance-people-say.aspx#ixzz2mNfZvBSn

What i am saying is cutting capex by 200millions will decrease the cash flow and make the ratio worse. They need to spend to keep the cash flow and do asset sale to low the debt - working from both angles. Of coz, after buyback, every share will have more asset. And what I am saying is that is not true if you do what Cardboard suggested. Pair that with none core or even core asset sales, and apply the cash towards debt reduction.

Not if there is corresponding asset sales which pay off debt in proportion to the decline rate. His plan is the most logical one. Less assets more value per share, more barrels per share.

Wright inmo has made some good moves, but he has a market be damned approach. Probably comes from being generally successful in the oil patch. Its a losing battle because while they are doing things right operationally Mr. Market will continue to sell them off, and eventually you will be taken over They have finally focused on debt, and you are correct they have been talking about the next growth message for a few years which has been a mistake. I also think the DRIP was a huge mistake. He wants to grow his way out of the debt similar to SD, but the growth is much slower then SD and Mr. Market doesnt have the patience. I think LTS will eventually be taken over. Its very cheap oil, he wont leave, people will have a tough time forcing him out, and eventually shareholders will get an offer they cant refuse. Your plan though sounds great and would shake things up. If they switched to per share reporting, and said they only focus on per share metrics, then buying back 20% would show great growth...

I can see Cardboard has been watching the oil patch quite closely for some time. I have held SD over the years and the story has moved around quite a bit. Right now I am down to just holding the convertibles at par. I am happy to wait and see what happens while collecting the yields. Canadian Oil in contrast is some of the cheapest oil based on flowing barrel price, and as Cardboard said you also have hundreds of additional locations with EOR as an option as well. It has only gotten cheaper over the last few weeks though.... I think LTS and PWE are going in the right direction, I would have preferred a bigger dividend but the sooner they get over the debt hump the better. I like the ending of the DRIP program. We should see the stock move up on asset sales though.

Trust me you dont care as much and have a theoretical argument at 15%. It starts to hurt when you give Uncle Sam his 15%, and Uncle AUS the remaining 25%, and keep whats left. Sucks when you could have had a buyback, and sold at LTC gain of 15% to Uncle Sam and the remaining 5% to Uncle AUS. It forces one to get very creative. Eric raises a valid point which no one answers. If it pisses you off that Management is buying back overvalued shares, why are you holding those shares. Why not sell when overvalued? Why arent you mad at yourself for your crappy capital allocation to overvalued stock?

Ericopoly is describing a real situation. Dividends for me are taxed as ordinary income as an American living in Australia. Capital gains which are long term, are taxed at half ordinary income. Due to this I will never hold dividend paying stocks in taxable accounts. Its just not worth it. They are all in my IRA. I prefer buybacks given this. Americans abroad are subject to the worst of the US tax system and their current home tax system. Its a bit of a pain, but can be overcome with planning.

Mostly holding my failing knives. Bought during the shutdown.

Good points raised about retirees, never really thought about how you service the tax with no / fixed income. Tough deal. I dont ever see Texas changing it though, money has to come from somewhere, and people prefer a hidden tax to an income tax.

Property tax though really just funds schools - Texas has no state income tax. Strangely enough I dont see property tax as a housing expense. Its more of a general tax, similar to a medicare levy, gas tax, or anything else. Property tax is embedded in rents so pretty much everyone pays it. Remove property tax, and add back a higher sales tax or Regarding real estate, I think RE can make a good investment if you can find something that cash flows. You can get a great cash flow return on properties in Houston

I can understand this frustration. At my first job down here, many thought home prices were insane and waited for it to pop only to wait for 5 years and watch prices go even higher. It really does a number on your mindset. I am working on fixing my balance sheet, and hoping we have a downturn soon, I am the leper of the group when I bring up home prices. I come from a place with some of the lowest house prices (Houston), and am now in a place with some of the highest. I think some premium should be given to coastal cities with near CBD locations, but things are very much out of wack.

I have been thinking of buying, for tax reasons and I live in Melbourne. Just need a crash or pullback. Will wait for now, but its tempting. Home fever is alive and well with many friends talking of buying an investment property. Sydney seems to be on a whole other level.