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Enron Mail |
Over the past 2 days, David Fleischer has leveraged his "Recommended List - Buy" with a significant marketing push, including a broad sales force call late Tuesday, overnight blast voicemail to clients, and a conference call for investors yesterday late morning.
David's conference call comments were extremely positive. Highlights of his call include: Enron is the "Tiger Woods of the energy industry" - Enron remains the premium energy company Fundamentals are excellent; "Misperceptions" exist and will dissipate over time. David believes earnings should grow 25% over the next 5 to 10 years . Increased estimate to $1.85/share for 2001 and $2.25 for 2002. Telcom is the one exception, where business is developing much more slowly than previously set forth Enron issues/noise California - Limited risk for Enron; Enron is part of the solution. India - Extraordinary contractual protection. Unlikely to lose $ from Dabhol, more likely to gain. PG sale - Enron will sell; not a negative in the shortrun Asset sales slow - Weak Euro is a problem; Enron is motivated - CFO newly assigned; not an overhang; pending positive Insider sales - Much has been pursuant to l/t sales programs to manage limited windows; Jeff has terminated his program Wholesale - An investment bank? Enron is much, much more than trading - risk management, structured solutions; 20%+ grower over the long-term; Very effectively extending the model to other commodities Retail - Extraordinary capabilities; <$15/share Telcom - Absence of good counterparties has slowed business development. Free call option that will be a good business. Investor questions following David's comments tended to be from troubled/outspoken investors. David was straightforward and effective in his responses. David has received many 1:1 followups that indicate to him a broad range of long-term value investors appear very interested in ENE. He is having fun! David's call can be accessed at 1 800 615 3210, passcode 5338365.
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