Recommendation Updates

Follow the latest news on active Turnaround Letter purchase recommendations.

Small Cap / Materials

M/I Homes Financials Released

On February 2, 2012, M/I Homes, Inc. (NYSE: MHO) announced results for its fourth quarter and year ended December 31, 2011. For the 2011 fourth quarter, the Company reported a net loss of $3.0 million, or $0.16 per share. The loss consists primarily of $1.4 million of adjusted pre-tax income from operations, offset by $4.5 million of asset impairments. In 2010's fourth quarter, the company reported a net loss of $11.1 million, or $0.60 per share, consisting primarily of a $2.4 million adjusted pre-tax loss from operations and an $8.4 million loss on the early retirement of senior notes due in 2012. The company reported a net loss of $33.9 million for the year ended December 31, 2011, or $1.81 per share, compared to a net loss of $26.3 million, or $1.42 per share for 2010. The current year loss consists primarily of a $10.9 million adjusted pre-tax loss from operations and $23.0 million of asset impairments. For the year ended December 31, 2010, the company had a $7.7 million adjusted pre-tax loss from operations; $13.2 million of asset impairments; and an $8.4 million loss on the early retirement of debt. Homes delivered in 2011's fourth quarter were 667 compared to 650 in 2010's fourth quarter. Homes delivered for the twelve months ended December 31, 2011 decreased 6% to 2,278 compared to 2010's deliveries of 2,434.

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Turnaround Investing Blog

Is there value in bankrupt PG&E’s stock?

In nearly every case, the shares of a company in bankruptcy become worthless. In very rare cases, however, they can become great investments. W.R. Grace (NYSE:GRA) shares produced a 75-fold return, as an example. With California utility PG&E (NYSE:PCG) now in bankruptcy, the range of possible outcomes for its equity is wide.

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EV/EBITDA: What Is It & Why Are We Using It More?

In reading recent editions of The Turnaround Letter, you have probably noticed that we are increasingly using EV/EBITDA as a valuation measure, rather than the better-known price/earnings multiple.  We thought it might be useful to describe this measure and why we like it.

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Turnaround Letter Stock Pick Named Top Performer of 2017

 

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What Last Year's Top Stock Pickers Are Buying in 2018

 

This Forbes write-up follows up on the recent Top Stock Tips report--naming The Turnaround Letter's Crocs recommendation the top performer of 2017: With 90% gains, CROX beat out 100 other investment ideas included in the report; and the stock continues to have value investing appeal, according to Putnam.

 

George notes, "We see additional upside for the stock in 2018 as management's efforts continue to bear fruit, though the gains will likely be more muted than we saw in 2017."