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 > It makes no sense at all

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Comment by cocomgon Feb 12, 2014 9:31am

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Post# 22199234

RE:RE:RE:It makes no sense at all

Hege, here is my view on what is extreme and ridiculous:

Today's market cap in U$ = 0.9 X 594 X 0.305 = U$ 163 MM
Today's cash is about U$ 100 MM give or take
Today's debt is about U$ 30 MM
So EV is equal to U$ 93 MM

Now, according to my forecast with 8000boepd and todays prices (taking into account incremental royalties effects), cost structure and capex plan PTA will generate full 2014 fiscal year U$ 90 MM

EV/Cash flow of only 1.03X...this is ridiculous!

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