|
|
|
|
Dear Friend, We raised our investment outlook for aBH to neutral as we feel the worst is over for their company. The stock has fallen off almost $10 since our last report and we feel with a possible market turnaround in the near future that there is slightly more upside than downside. ABH has made great strides to improve their EBITDA margins and we expect further improvment in the next few quarters. We estimate that third third quarter will mark the first quarter of positive operating margins for the combined company. Attached you will find our ABH report. Additionally, John reamins on a mining tour in South Africa and can be reached via email. Faithfully Yours, Joseph G. Reagor |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
|
