WK KELLOGG CO -SPN KLG

December 21, 2023 - 2:07pm EST by

member

						2023	2024
Price:		12.70		EPS		0	1.07
Shares Out. (in M):		86		P/E		0	11.9
Market Cap (in $M):		1,092		P/FCF		0	-16.4
Net Debt (in $M):		550		EBIT		0	172
TEV (in $M):		1,642		TEV/EBIT		0	9.6

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8	member 8/24/06 12:07PM Covanta
Leo, Do you still think the short thesis holds, and is it a better short after the recent run-up? I looked at CVA earlier this year as a long idea and passed. I like... login to read the rest view available tags
7	member 5/05/05 11:27AM Tipping Fees
Two likely scenarios: (1) Upon expiration of the initial contract, the municipality has the right to renew for five years under the current terms. If they do so, the formula used to calculate... login to read the rest view available tags
6	member 5/04/05 4:35PM Re: Tipping fees vs. energy sa
"While the municipalities could choose to give DHC more of the energy revenues, they don’t have any reason to do so." Why do you assume the energy revenues belong to the municipalities? All they own is... login to read the rest view available tags
5	member 5/04/05 3:04PM RE: Tipping fees vs. energy sa
While the municipalities could choose to give DHC more of the energy revenues, they don’t have any reason to do so. From their perspective, the municipalities are currently providing DHC with money for debt... login to read the rest view available tags
4	member 5/03/05 4:19PM Tipping fees vs. energy sales
As the muni contracts are renegotiated, might the reduction in tipping fees be offset by a bigger slice of the energy sales? Example: Plant input: 300k tons per year (market rate: $33/ton) Plant output: 200 MWH per... login to read the rest view available tags
3	member 4/30/05 4:56PM post 2007 rates
perhaps our work was insufficiently or inadequately done (and we currently do not own the stock) but we did a pretty extensive reserach effort on a market by market basis and came to the conclusion... login to read the rest view available tags
2	member 4/30/05 1:01PM Questions
Chuck, My argument centers on DHC’s inexplicable run up in price as a result of investors’ using an inflated EBITDA and applying an undeserved multiple to this inflated EBITDA. The capex and cash tax issues... login to read the rest view available tags
1	member 4/29/05 12:31PM leo: questions
Interesting write-up. Couple questions: You wrote: • Decreasing free cash flow. DHC’s future free cash flow will be reduced by increased capex and cash tax obligations. First, capex spikes every five to seven... login to read the rest view available tags

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