Global Value Investing

[bradford86]

RE: Dexo/Spmd

here are your first remarks: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=83003448

here is a recent SEC filing: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8953228

i see that you have fcf/ebitda at:
2012 2013 2014 2015 2016
FCF 588 775 632 495 363
ebitda 1169 1005 857 715 579

the company has fcf/ebitda at:
2012 2013 2014 2015 2016
FCF 578 352 474 439 412
ebitda 1094 865 836 782 719

(ICR) dex one note

+------------------------------------------------------------------------------+

dex one note
2013-01-10 01:01:41.10 GMT

Total amount of par amortization and cash sweeps per silo paid through the first
9 months of 2012 per silo is shown below:

1/1/12 pay off per $1mm of face value
mm mm
RHDI $957.4 $83.4 $8,711.1
Dex East $654.9 $131.1 $20,018.4
Dex West $616.6 $90.3 $14,644.0

Since the company has likely paid small amortization through Q4 2012, the
amounts in the table likely represent the total 2012 par prepayments. These
numbers exclude the open market purchases that the company made in 2012 at
discount prices.

Additionally, we expect the sales declines at RHDI, Dex East and Dex West to
normalize effective 2013. As you may have noticed, the sales decline at RHDI in
2012 was below those at Dex East and Dex West.

We continue to find RHDI silo debt the most attractive. Since the coupon
payments for the bonds will be PIKed and cash flow to HoldCo limited, the
overall optionality of the story has moved to the bonds and to equity that is
expected to be outperforming the market in 2013. It is close to impossible to
buy the bonds, so if you are an aggressive trader and see them available in the
30's, please consider buying them.





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