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 > Current PTA P/E ratio

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Comment by perdikaoilgason Nov 19, 2014 4:15pm

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Post# 23145355

RE:RE:RE:Current PTA P/E ratio

Hegemonicoblivion,

You are free to ignore the EV/EBITDA ratio in the energy sector. However, Apollo Global Management, one of the biggest private equity funds similar to Blackrock (BX) and Warburg Pincus, use it blindly when they evaluate their energy-related investments.

Same applies to Blackrock (BX), Warburg Pincus and numerous other funds around the world.

And Petroamerica's EV/2014 EBITDA ratio is just 1 times now at the current price of C$0.30 per share, while their peers in Latin America, Africa and Kurdistan trade between 4 and 300 times.

I quote from Reuters:

" In August, Apollo's co-founder and Chief Executive Leon Black told investors that energy deals are helping Apollo invest its Fund VIII at an average of 6 times a company's annual earnings before interest, tax, depreciation and amortization, versus a private equity industry average of 9.5 times for all deals."

The link from Reuters (as of October 2014):

Apollo Fund: EV/EBITDA is the their criteria for investing in the energy companies

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