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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 > pta over-valued
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Comment by cocomgon Apr 17, 2013 2:29pm
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Post# 21266641

RE: pta over-valued

RE: pta over-valued

Even with a $70 barrel, with current daily production the stock price (fully diluted) would be higher than current price..

Trust me I have done the maths....here its is:

($70-$6.3 royalties-$25opex) X 6250 boed = $88MM operatin netback per year

-$22MM exploration and -$16MM admint expenses= $50MM ebitda

-$4MM D&A -$2MM BDR= $44MM ebit

-$4MM interest and -$13.5 taxes=$26MM net income

+$4MM D&A= $30MM cash flow

+Cash - debt= 0

NPV 10yrs at 10%  = $184.6MM

+ NPV cash from dilution = $220.6MM

Then 220/957 shares = 0.23 per share fully diluted

Cheers!

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