RE: RE: RE: bottom out? I posted the original back in late December: Did a cross check with latest results in red. (original text in black)
FromThis is my first look at PMG - Looks very cheap by most metrics so I had to dig into it a bit. Looks more like a cash flow story once I start to dig. Looking at Cash Flow upcoming quarter: (and using this Q as a guide)
Opening Cash of 33 Million Actual was 33
Estimate Net Income 50 Million + Estimate Depreciation 90 Million -67 and 201
Less Derivative gain Estimate 50 Million Actual was -6.1
Means 120 Million Available for 161 available
Difference in Working Capital: Estimate 10 Million (loss) Actual gain 10
Leaves 100 Million for 170 Million
- Share Buyback 20 Million Actual 29
- Dividends 11 Million Actual 11
- Convertibles - 60 Million Actual 3
- Exploration - Guess of 70 Million ? (Was 90 Million last Quarter) Actual 122
- PP&E - 20 Million Actual 25
Therefore net is -20 (INCLUDING AN EXTRA 120 in depreciation compared to norms of 90 per quarter) compared to -70 projected back in december . Still a cash flow story - By my rough #'s they still need somewhere around 140 million Net income per quarter to be cash break even.