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Cabo Drilling Corp. CBE-V .08



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By Flipper

Posted: Monday Oct 22 1:05:55PM 2012

Cabo Drilling Corp. CBE is an international mineral and specialty drilling services company.

I feel it represents excellent value at the current price of 8 cents.

It just reported revenues of $59M up from 49M the prior year and 29M the year before

After reporting losses the 3 previous years CBE had a profit of 1.65M or 2.2 cents per share.

Trading at a P/E of 3.6 with a book value of 31 cents and working capital of 16 cents per share as at June 30, 2012.

A very profitable company trading below working capital is rare in todays climate.

79 million shares outstanding and no insider selling. The president has added to his holding in 2012

Its competitors trade at a P/E of 6-9 so the upside is substantial given no growth. All its Canadian competitors I follow trade above their book value. EGD, FAR, OGD, GEO.

It could be considered a takeover candidate.

 


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