Recommendation Updates

Follow the latest news on active Turnaround Letter purchase recommendations.

Large Cap / Commercial & Professional Services

Marsh & McLennan Financials Released

On February 14, 2012, Marsh & McLennan Companies, Inc. (NYSE: MMC) reported financial results for the fourth quarter and year ended December 31, 2011. Consolidated revenue in the fourth quarter of 2011 was $2.9 billion, an increase of 4% from the fourth quarter of 2010, or 3% on an underlying basis. Operating income rose 20% to $391 million, compared with $325 million in the prior year period. Adjusted operating income, which excludes noteworthy items as presented in the attached supplemental schedules, rose 8% in the fourth quarter to $409 million. Income from continuing operations was $244 million, or $.44 per share, in the fourth quarter. This compares with $192 million, or $.34 per share, in the fourth quarter of 2010. Adjusted earnings per share in the quarter was also $.46, an increase of 12% from $.41 in the fourth quarter of 2010. For the full year of 2011, revenue increased 9% to $11.5 billion, or 5% on an underlying basis. Operating income was $1.6 billion, compared with $939 million in the prior year. Income from continuing operations was $982 million, or $1.73 per share, compared with $565 million, or $1.00 per share, in 2010. Net income was $993 million, or $1.79 per share, compared with $855 million, or $1.55 per share, in the prior year. Adjusted earnings per share for 2011 increased to $1.77 from $1.64.

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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."