Monday, June 4, 2012

Second Chance Properties - Estimating Value

This is a post to establish the long term value of Second Chance Properties

Parameter 2011 2010 2009 2008 2007
Net Income 30.1 16 11.9 26.9 21.7
Depreciation 0.4 0.3 0.3 0.3 0.2
Changes in Working Capital -4.5 -2.8 -5.1 -4.5 -5.7
Capital Expenditures -5.8 -38.2 -0.3 -13.7 -0.8
FCF 20.2 -24.7 6.8 9 15.4
Total Current Liabilities 46.29 36.68 48.85 43.99 25.48
Total Equity 148.42 113.95 91.81 103.68 96.69
Total Liabilities 79.13 85.65 57.51 54.9 39.42
Common Shares Outstanding 458.18 414.44 414.44 414.44 407.44
Capital Employed 181.26 162.92 100.47 114.59 110.63

Above is a snapshot of the salient financial information about Second Chance Properties

According to my calculations , Second Chance is worth between 0.39 to 0.56 a share over the long term.


This is a link to their site



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