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28	member 5/16/08 10:08PM RE: RE: RE: Ran, Part 1
Hi David,I believe that a sell recommendation is justified when fundamentals take a clear turn for the worse, provided that this trend will continue for at least another quarter. Fundamentals started to turn for... login to read the rest view available tags
27	member 5/15/08 6:36PM So What's It Worth?
Hi, Ran -- When I look at this I see: A: A micro-cap polluter in Texas with lumpy earnings that has no reason to exist as an independent company, and B: A hole in the ground in Saudia... login to read the rest view available tags
26	member 5/15/08 3:02PM RE: RE: Ran, Part 1
Ran, Would you elaborate more on the following sentence that you wrote? "Had my idea not been poached, I would have had plenty of opportunity to issue a "sell" recommendation when it was apparent to me that... login to read the rest view available tags
25	member 5/15/08 1:05AM RE: Ran, Part 1
I feel that this idea needs to be "balkanized". As stated, I could not disagree more with the 3rd writeup. Equally important, the 3rd "report" been thrown around a number of internet sites,... login to read the rest view available tags
24	member 5/14/08 10:29AM Ran, Part 1
Ran, I appreciate your update but am confused. You indicated in your post last week that it might draw some heat. Considering that Grant had posted two subsequent write-ups on ARSD, who did you expect to view available tags
20	member 11/26/06 12:55PM comments on hedging,
The impact of the financial hedges in the quarter that ended September 30th, appear to have compressed their EBITDA by approximately $2.9 million overall in that quarter. ARSD noted that they included $2.3 million... login to read the rest view available tags
18	member 8/29/06 8:58PM angus 309 & danarb 860
The thesis is very preliminary, and there are many things that could still come unhinged. The recent price increase simply pays up the equity interests for the first step of the mining JV announcement. ... login to read the rest view available tags
17	member 8/29/06 7:17PM Congrats
Confession: I gave this a low rating, based soley upon the personal knowledge I had of some of the players (past mainly). What a dummy I am! Congratulations to you on a unique and obviously view available tags
16	member 8/28/06 6:50PM congrats
congrats view available tags
15	member 8/28/06 6:01PM partnership agreement creating
has been agreed to, and filed with the SEC on August 28th. The terms appear to be in line with the original memorandum of understanding. ARSD will own 50% of the initial equity in ALAK, and will... login to read the rest view available tags
14	member 8/23/06 12:45PM petro sustainability...
The same issues that have been made public with respect to refining capacity, also plague the petrochemical business. There was an oversupply of builds in the 1970's, and supply has dwindled ever since. ... login to read the rest view available tags
13	member 8/23/06 11:27AM book value of petrochemical as
MINING ASSETS As to the valuation of the Saudi assets, I tried to counsel that investors look at the EBITDA generated from the petrochemical plant, as a standalone operation, for a margin of safety. ... login to read the rest view available tags
12	member 8/23/06 11:24AM book value of petrochemical as
EBITDA UPGRADE Subsequent to the recent 10-Q, I've upgraded my 2006 EBITDA forecast to $18.8 million. The firm expensed about $250,000 in the last quarter to set up the BoA relationship and paid out one... login to read the rest view available tags
11	member 8/23/06 9:22AM Petro sustainability
As was mentioned previously - this company goes back a long time. Could you provide any commentary on "sustainable" average ebitda/earnings on the petrochemical side? Understand this may be a peak/trough issue but... login to read the rest view available tags
10	member 8/22/06 5:44PM Petrochemical valuation
Thanks for the idea. I understand your EV/EBITDA multiple assumptions for valuation of the petrochemical assets. I like to triangulate to book value too. Your value of $5 per share for the petrochemical assets compares... login to read the rest view available tags
9	member 8/22/06 3:56PM Congratulations
I'm amazed at how quickly this is coming together. What a great call on your part. view available tags
8	member 8/15/06 7:41PM a few additional comments on 2
1. Interest expense was approximately $225,000 higher than one would expect, given the modest amount of interest bearing debts on the balance sheet. This was due to the one time early repayment interest... login to read the rest view available tags
7	member 8/15/06 9:19AM 2nd quarter results confirm th
1. EBITDA for the 2nd quarter was $4.48 million U.S. 2. Total liabilities – cash fell to $23.345 million. This produces a current EV of $61.3 million. 3. EV looks to be far... login to read the rest view available tags
6	member 8/04/06 12:46PM move to OTC from pink sheets
in an effort to enhance liquidity, ARSD has recently moved from trading on the pink sheets to the OTC. This is of little importance in the short term, but does indicate an effort by management to... login to read the rest view available tags
5	member 7/05/06 7:28PM Saudi public stock company...
My take on this note in the 10-K. Going back to 1994, Arabian American was still contemplating 100% ownership of the Al Masane property, if only just for a little while. Once Al Masane was up... login to read the rest view available tags
4	member 7/05/06 4:54PM Saudi public stock company
Thanks for the write-up. What's your read on this section from the 10K? "Pursuant to the mining lease agreement, when the Al Masane project is profitable the Company is obligated to form a Saudi public stock... login to read the rest view available tags
3	member 7/04/06 11:46PM several other small points...
1. Arabian American Development uses LIFO. 2. With respect to the mining concession in Saudi Arabia, the most recent 10-Q states that the company is in negotiations with a "viable" joint venture partner and... login to read the rest view available tags
2	member 6/30/06 1:19PM possibilities...
regarding outright expropriation. I've spent a great deal of time going over filings, and also looking at Saudi shareholder lists for many years. I'm pretty confident that the present Saudi shareholders have enough pull to... login to read the rest view available tags

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			2017	2018
Price:	60.87	EPS	7.98	8.28
Shares Out. (in M):	65	P/E	7.5	7.2
Market Cap (in $M):	3,969	P/FCF	11.2	10.5
Net Debt (in $M):	1,222	EBIT	716	751
TEV (in $M):	5,190	TEV/EBIT	7.3	6.9

Description

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Sign up for free guest access to view investment ideas with a 45-day delay and read the full report. Log in to read the full report.

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