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Enron Mail |
-----Original Message----- From: Watt, Ryan Sent: Wednesday, October 31, 2001 2:27 PM To: Cowan, Mike; Dorland, Chris; Geordie Hochbaum (E-mail); Powley, Barry; Bruce, Chad; dad work (E-mail); Ray Shiu (E-mail); Brian Kris (E-mail); Anderson, Shawn Subject: FW: Interesting... < ARTICLE by MERRILL LYNCH in Briefing.com < < 13:37 ET Enron Corp (ENE) 12.60 +1.44 (+12.9%): --Update-- Merrill Lynch < performs a NAV analysis of Enron. Including off-balance sheet financing < (that firm is aware of), Merrill arrives at NAV estimate in the $16 to $24 < area. Estimate could prove conservative as it does not include cash < balance or the current net trading position. Thinks that once the air < clears and credibility begins to return, ENE will ultimately return to a < more traditional valuation. Employing a discounted 13-15x P/E on firm's < 2002 est of $1.90-$2.10 produces valuation of $24.70 to $31.50. < < ENE sounds like a possible double from here. A no brainer? <
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