Recommendation Updates

Follow the latest news on active Turnaround Letter purchase recommendations.

Mid Cap / Diversified Financials

Janus Offering Announced

On February 21, 2012, Janus Capital Group Inc. (JCG) (NYSE: JNS) announced that it is offering to purchase for cash up to $100 million aggregate principal amount of its outstanding 6.119% Senior Notes due 2014 and 6.700% Senior Notes due 2017. JCG is making two separate offers to purchase on the terms and subject to the conditions described in the offer to purchase dated February 21, 2012. The offers are being conducted (i) as an any and all offer for JCG’s 6.119% Notes due 2014 and (ii) as a modified “Dutch auction” with respect to JCG’s 6.700% Senior Notes due 2017. JCG is offering to purchase up to $100 million aggregate principal amount of the company’s 6.119% Notes due 2014 and 6.700% Notes due 2017. The tender offer consideration for each $1,000 face amount of notes tendered and accepted for purchase pursuant to the any and all offer will be the applicable tender offer consideration. The tender offer consideration for each $1,000 principal amount of notes tendered and accepted for purchase in the Dutch auction offer will be equal to the sum of: (i) the minimum bid price and (ii) a clearing premium, which clearing premium will be determined pursuant to a modified “Dutch auction” process. The Dutch auction offer is subject to a limit on the aggregate principal amount of notes to be repurchased by the company, equal to the lesser of (a) $50.0 million or (b) $100 million minus the aggregate principal amount of notes accepted for purchase in the any and all offer.

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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."