Ericus’ 12/20 comment that “you don't buy equity. No, you buy debt,” is certainly true in regards to UPDA (even a cursory glance at the financial statements provides ample proof of that), but such is often the case with speculative ventures.
In fact, what investors are really buying is faith in a company’s business model, which is sometimes realistic, sometimes not. In the case of UPDA, at least there is an argument for the former (unlike those letters I keep getting from Swiss lottery officials).
To begin with, I really like the acquisition of Continental Fuels (CFUL), a company that is finally beginning to show some positive operating margins. CFUL’s subsequent acquisition of Geer Tank Trucks is also a plus — not just for the $50 million in additional revenue, but also due to the growth opportunities such a purchase affords.
Recently acquired Heartland Oil and Gas Corporation (HTOG), although not as enticing as CFUL on paper, likewise has the potential to increase UPDA’s production capacity, especially once some of the undeveloped land the company owns is utilized.
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