Recommendation Updates

Follow the latest news on active Turnaround Letter purchase recommendations.

Large Cap / Telecommunication Services

Sony Financials Released

On February 2, 2012, Sony Corporation (NYSE: SNE) announced its consolidated results for the third quarter ended December 31, 2011 (October 1, 2011 to December 31, 2011). The company reports that third quarter 2011 net sales decreased to ¥1,822.9 million from ¥2,206.2 million for the same period in 2010. Operating loss for the quarter was ¥91.7 million—compared to operating income of ¥137.5 million in 2010. The company states that the sales decrease is primarily the result of the impact of the floods in Thailand, deterioration in market conditions in developed countries, and unfavorable foreign exchange rates. Restructuring charges, net, decreased ¥11.5 billion year-on-year to ¥4.5 billion. Net loss attributable to Sony Corporation’s stockholders, which excludes net income attributable to non-controlling interests, was ¥159.0 billion, compared to net income of ¥72.3 billion in the same quarter of the previous fiscal year. Sales for the nine months ended December 31, 2011 decreased 12.6% year-on-year to ¥4,892.8 billion. In the first nine months, operating loss was ¥65.9 billion, compared to operating income of ¥273.2 billion in the same period of the previous fiscal year. The forecast for consolidated results for the fiscal year ending March 31, 2012 was revised to reflect a 1.5% decrease in anticipated sales and operating revenue. Consolidated operating loss is expected to be ¥95 billion, compared to the November forecast of ¥20 billion in operating income. Net loss attributable to Sony Corporation’s stockholders is expected to deteriorate by ¥130 billion below the November forecast primarily due to lower income (loss) before income taxes compared to the November forecast.

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Identify & Profit from Distressed Investing

Free Report: Turnaround Investing Mistakes

Turnaround Investing Blog

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."