Stockchase Opinions

John Stephenson Aquila ILA-N TOP PICK Nov 27, 2003

A turnaround story. Somewhat speculative. Has done an outstanding job of shedding its merchant assets. Turning into a regional utility and this area looks like it might benefit from a bill going through Congress. Good management.
$3.600

Stock price when the opinion was issued

electrical electronic
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DON'T BUY
Have balance sheet issues.
DON'T BUY
Had a rough ride. Has fundamental problems.
TOP PICK
A speculative play. Extremely focused on repaying their debt. Cheap. Could be a takeover target.
PAST TOP PICK
(A top pick Dec 23/03. Up 6.2%.) Has had a few hiccups in de-leveraging its balance sheets. Feels the worse is over. Should have a lot of upside.
BUY
Nothing fundamentally wrong with it. (See previous comments where it was his Top Pick.) Bottom line this is a Kansas City based utility. Went from this in the 90's to become a trans-national energy provider. Had too much debt and when Enron, etc. imploded, they went down with it. Retrenching. Have a lot of peers that got bought out at very high multiples.