Leggett & Platt Inc T.LEG

Primary Symbol: LEG

Leggett & Platt, Incorporated is a manufacturer that conceives, designs, and produces a range of engineered components and products found in many homes and automobiles. The Company’s segments include Bedding Products, Specialized Products and Furniture, Flooring & Textile Products. Bedding Products segment supplies a variety of components and machinery used by bedding manufacturers in the production and assembly of their finished products, as well as produces private label finished mattresses for bedding brands. Specialized Products segment supplies lumbar support systems, seat suspension systems, motors and actuators, and control cables used by automotive manufacturers. It also produces and distribute tubing and tube assemblies for the aerospace industry and engineered hydraulic cylinders used in the material-handling and construction industries. Furniture, Flooring & Textile Products segment supplies a range of components for residential and work furniture manufacturers.

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Leggett & Platt Inc

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Post by retiredcfon Dec 18, 2013 9:34am

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Post# 22017449

CIBC

Obviously LEG is a tax loss candidate given its poor SP performance but CIBC maintain their Sector Outperform and $9.00 target. GLTA

Legacy Oil + Gas Inc.

2014 Guidance Targeting 12% Growth

 Legacy has announced 2014 capex guidance of $350 MM versus our estimate of $340 MM. 2014 Capex allocation amongst its major plays remains relatively consistent with that of 2013, with 16% to Turner Valley, and the balance toward the Williston Basin.

 Production guidance of 21,350 Boe/d is just shy of our 22,000 Boe/d estimate as the company foresees Q2 volumes possibly hampered by a extended break up and planned plant turnarounds in its core areas, particularly at Quirk Creek, which processes Turner Valley gas volumes.

 Forecasted production represents 12% growth over expected 2013 volumes, and in line with Legacy’s planned annual 10-15% PPSG strategy. Plans are to drill 159 gross (124.2 net wells) in 2014 versus 140 (114.4 net) planned for 2013.

 With an increase in spending, and decrease in production consistent with management’s guidance, we foresee a 3% decrease to our CFPS estimate and slight increase to our 2014 exit D/CF estimate to 2.0x (from 1.9x), in line with the junior group average of 2.0x

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