tag:blogger.com,1999:blog-7294165939647321702.post4963251316472606475..comments2024-03-28T13:45:43.362-04:00Comments on <center><a href="http://www.barelkarsan.com">Barel Karsan - Value Investing</a></center>: Hornbeck OffshoreSaj Karsanhttp://www.blogger.com/profile/04493152766022812984noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-7294165939647321702.post-91634828040967463112017-11-20T15:06:02.657-05:002017-11-20T15:06:02.657-05:00I still own it, though I believe I was wrong in my...I still own it, though I believe I was wrong in my assessment of downside risk, which I now believe to be quite high. But I still own it because I believe it is an asymmetric bet. While the floor might be zero, the upside in the event of recovery is very high here in percentage terms (a few hundred percent, IMO!).<br /><br />My opinion of management is also higher, as they took some nice steps to push the maturity date of their big debt payment out to 2020, providing more time for the oil market to recover, which is what is needed here for this one to work out.Saj Karsanhttps://www.blogger.com/profile/04493152766022812984noreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-74833842468965630552017-11-17T11:19:26.078-05:002017-11-17T11:19:26.078-05:00Any further thoughts on HOS? Shares are about $4 n...Any further thoughts on HOS? Shares are about $4 now (versus ~$20 in 2015). <br /><br />I randomly came across this while flipping through valueline but the name rang a bell...<br /><br />Looks super cheap, I just wonder what the future prospects are like.<br />Anonymoushttps://www.blogger.com/profile/14262346216474364111noreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-87171654038254913692015-12-09T13:49:22.259-05:002015-12-09T13:49:22.259-05:00Hi Anon,
Looks like good value to me.Hi Anon,<br /><br />Looks like good value to me.Saj Karsanhttps://www.blogger.com/profile/04493152766022812984noreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-39133086798187750592015-12-06T15:54:11.375-05:002015-12-06T15:54:11.375-05:00Hi Saj,
What do you think about the converts due ...Hi Saj,<br /><br />What do you think about the converts due 2019 selling at 70 cents and yielding 10%?<br /><br />Anonhttps://www.blogger.com/profile/13567025814297743622noreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-8373667834841754722015-09-28T21:54:17.664-04:002015-09-28T21:54:17.664-04:00Hi Anon,
I still like it. I recently bought more....Hi Anon,<br /><br />I still like it. I recently bought more.<br /><br />SajSaj Karsanhttps://www.blogger.com/profile/04493152766022812984noreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-26719267297945024242015-09-25T20:29:11.423-04:002015-09-25T20:29:11.423-04:00Hi Saj - wondering if you have an updated view on ...Hi Saj - wondering if you have an updated view on HOS. Got battered pretty good over the last few months. ThanksAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-24247529729780149882015-08-26T01:03:16.692-04:002015-08-26T01:03:16.692-04:00Hi Hank,
BV is from the financials. The company&#...Hi Hank,<br /><br />BV is from the financials. The company's presentations contain info on their estimate of liquidation values if you are interested. I don't know what downtime or capex would be if repurposed.Saj Karsanhttps://www.blogger.com/profile/04493152766022812984noreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-35346116354580607312015-08-20T13:42:34.065-04:002015-08-20T13:42:34.065-04:00Hi Saj, just thinking of the worst case scenario o...Hi Saj, just thinking of the worst case scenario on HOS:<br /><br />- re buying HOS for half of its book value, does this represent bv from financial statements or bv based on current "resale" values (e.g., comp to those sold to US military recently)? If it's bvs from company financials, what do you estimate the fleet is worth if liquidated?<br /><br />- if the fleet is repurposed, how long is the downtime and how much (if any) capex is required for repurposing? Hankhttps://www.blogger.com/profile/08859264013852214896noreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-92043321811873738662015-03-24T14:38:48.337-04:002015-03-24T14:38:48.337-04:00Hi Anon,
Past stock prices don't play any rol...Hi Anon,<br /><br />Past stock prices don't play any role in my investment decisions.Saj Karsanhttps://www.blogger.com/profile/04493152766022812984noreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-87637826108066985112015-03-24T13:01:05.453-04:002015-03-24T13:01:05.453-04:00Any concerns that while the current stock price is...Any concerns that while the current stock price is back to 2010 levels, the current oil price is below 2010 levels?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-57394409433283032592015-03-24T11:40:40.210-04:002015-03-24T11:40:40.210-04:00Good catch! I look forward to learning more about...Good catch! I look forward to learning more about this company.Adamhttps://www.blogger.com/profile/15130509978857883010noreply@blogger.com