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16	member 7/08/05 4:01PM KitKat
I would be happy to walk you through it view available tags
15	member 6/29/05 1:22PM To say that the company is "ho
To say that the company is "honest" is complete garbage. If they were "honest" then they are incompetent. If they aren't incompetent, then they are dishonest, but they cannot be both honest and... login to read the rest view available tags
12	member 5/25/05 3:02PM Molly, I was wondering where
Molly, I was wondering where you got your estimate for the liquidity porblem if all the loans with recourse are brought on balance sheet. It looks like the after tax write down, in the worst... login to read the rest view available tags
11	member 5/04/05 9:47AM income statement IO income
Great write up. Hope the discusson isn't dead Two questions Where in your valuation do you account for what Doral pays to originate the nonconforming loan? They shouldn't be granted a 7.5% coupon should they? Shouldn't it... login to read the rest view available tags
10	member 4/08/05 5:38PM valuation
Excellent write-up. I had not done the level of work you did when I read your report, but I have just spent some time looking at drl. I am coming up with an adjusted... login to read the rest view available tags
9	member 3/18/05 7:04AM valuation
sorry - i just saw your valuation estimate on the other string view available tags
8	member 3/18/05 6:53AM thanks for the education
I owned this from 28 to 48.50 and fortunately sold. After reading this - it will go down as the luckiest money I have ever made - though I sold for the right reasons.... login to read the rest view available tags
7	member 3/16/05 4:20PM Post Messages on Doral 3/12/05
There are 2 recent Doral posts to the site, one long and one short. Please post all messages to the previous 3/12 Doral posting: http://www.valueinvestorsclub.com/value2/Members/view-thread.asp?id=1821&more=dtrue view available tags
5	member 3/15/05 6:10PM reply to tbzeej825
I think the primary catalyst for this will be investors continuing to figure out the accouting game going on here. Over the past two months the market's knowledge of this company has expanded dramatically... login to read the rest view available tags
4	member 3/15/05 1:32PM continuation of idea part 3
VALUATION: Doral trades at $39, or 8.7x street 05 earnings expectations of 4.50. As I believe Doral’s economic earnings are somewhere well below half that amount I would say that I don’t believe it is... login to read the rest view available tags
3	member 3/15/05 1:32PM continuation of idea part 2
HOW IS THE THESIS INVALIDATED? There is one key point that could invalidate this thesis. Doral has lately been claiming to have embedded caps in their structured loan sales. Because the funding is floating... login to read the rest view available tags
2	member 3/15/05 1:31PM continuation of idea
(*due to VIC length constraints this write-up is a continuation of the previous posting) ASSUMPTION RELAXATION AND OTHER SIGNS OF STRESS: Many signs of stress began to appear in Doral’s financials towards the end of 2004. ... login to read the rest* view available tags

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			2005	2006
Price:	39.00	EPS
Shares Out. (in M):	0	P/E
Market Cap (in $M):	4,200	P/FCF
Net Debt (in $M):	0	EBIT	0	0
TEV (in $M):	0	TEV/EBIT
Borrow Cost:	NA

Description

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