Recommendation Updates

Follow the latest news on active Turnaround Letter purchase recommendations.

Large Cap / Media

Time Warner Financials Reported

February 8, 2012, Time Warner Inc. (NYSE:TWX) reported financial results for the three months and full year ending December 31, 2011. Full-year revenues increased 8% from 2010 to $29.0 billion, reflecting growth at the Networks and Filmed Entertainment segments. Adjusted operating income rose 9% to $5.9 billion, and operating Income increased 7% to $5.8 billion. The company posted 2011 adjusted diluted net income per common share of $2.89 versus $2.41 for the prior year. Diluted income per common share was $2.71 compared to $2.25 in 2010. Revenues increased 5% from the year-ago quarter to $8.2 billion, reflecting higher revenues at the Filmed Entertainment and Networks segments. Quarterly adjusted operating income rose 20% to $1.7 billion. The company posted adjusted EPS of $0.94 for the three months ended December 31, 2011, compared to $0.67 for the same period in 2010. Quarterly diluted income per common share was $0.76 versus $0.68 in the prior year quarter. As of December 31, 2011, net debt was $16.0 billion, up from $12.9 billion at the end of 2010. Time Warner expects its 2012 full-year percentage growth rate in adjusted diluted net income per common share to be in the low double digits off a 2011 adjusted EPS base of $2.89.

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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."