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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

Comment by mrpanickon Jul 30, 2014 12:11am
329 Views
Post# 22792743

RE:Examples of peers and their share price.

RE:Examples of peers and their share price.Thanks for the comps Horn. Management gives a few in the conference call transcript I posted. They are well aware of their undervaluation. A couple more points on this issue. Note that PTA production is almost all oil and much of that is light oil that trades at a premium. They have very high netbacks. Oil in Colombia trades at a premium to Canada. If you take the above into consideration, your comps actually understate the valuation gap. The other point is that PTA is a growth company. I think there is a multiplier effect that we can get in the stock over the next couple of years. The multiple is very low and will normalize. Also production is growing. So I think in a couple of years we will have a higher multiple on higher production. With even moderate drilling success and getting closer to a normalized multiple, we could be a $1.25 stock in 2 years (or $12.50 after a 1:10 consolidation). That's based on production getting to 15K boepd (less optimistic than the company's presentation).
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