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Cohen & Steers Tax-Adv Pref Secs and Inc Fund V.PTA


Primary Symbol: PTA

The Funds primary investment objective is high current income. The Funds secondary investment objective is capital appreciation The Fund seeks to achieve its investment objectives by investing at least 80% of its managed assets (i.e., net assets plus assets obtained through leverage) in a portfolio of preferred and other income securities issued by U.S. and non-U.S. companies, which may be either exchange-traded or available over-the-counter. In pursuing its investment objectives, the Fund seeks to achieve favorable after-tax returns for its shareholders by seeking to minimize the U.S. federal income tax consequences on income generated by the Fund. There can be no assurance that the Fund will achieve its investment objectives.


NYSE:PTA - Post by User

Cohen & Steers Tax-Adv Pref Secs and Inc Fund
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Post by cocomgon Apr 12, 2013 4:07pm
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Post# 21248751

Relative Valuation

Relative Valuation

Doing some maths 

EV (PXT) = $ 501.33 MM market cap + $ 74.3 MM debt - $ 31.75 MM cash = $543.88 MM with 14500 Boed

Then 543.88 / (14500 x 365 / 1MM) =  102.75x multiple anual producction

EV (PTA) = $ 168.41 MM market cap + $ 32.39 MM debt - $ 32.8 MM cash = $168 MM with 7000 Boed (expected may)

Then 168 / (700 x 365 / 1MM) =  65.75x multiple anual producction

Adjusting PPS to PXT multiple we should be trading now at 0.45 (assuming equal operating netback)

.... (0.45 x 580.72 + 32.39 - 32.8) / (7000 x 365/ 1MM) = 102.75x

 

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