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.

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Cohen & Steers Tax-Adv Pref Secs and Inc Fund

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Post by Whitehellon Jul 11, 2013 9:37am

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Post# 21601064

putting a few numbers together

Hi,

just putting a few numbers together...

PTA has a nav 2P after tax of 161 MM$ and short term assets cover all debts has of march 31th so mkt=EV more or so. So with that said, that makes the NAV2P/Share at 0,28 $ which is already what we have. The only big problem here is the number of Share. Difficult to make the SP go up when every time you create value, you have to split it in 580 MM share. The only other problem i see is the RLI which last time i calculate was about 2,5 Year (might have go down with increase in production lately)

The good news is the upcoming news we should soon here about with the reserve increase. Lets put 40 % in reserve increase. it should up the RLI hopefully making PTA more sustainable. Just putting a 40 % over NAV2PAT, well have a NAv of about 225 MM$ with an average NAV/Share of 0,40 $. i've seen a report that seems to agree to a range of about 44-45 cents so hopefully we can have a better reserve increase than my 40 % estimate xD

For the 40 % Increase, don't ask where i took that, it's only a guess. could be higher or lower.
thx

Later