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Talisman Mining Ltd (TLM.TO)

HOLD
One of the potential attractions was that it would be taken over in the mid-$20's. Great Far East holdings, which at some point, could be sold to the Indian or Chinese governments. Have some great North Sea properties as well as others in North America.
BUY
Would buy under $18. Has been shrinking its balance sheet by selling off assets and buying back stock.
TOP PICK
Of the explorer/producer companies in Canada, this is the best. Trading at around 4.5 X cash flow. Losing their CEO who is a legend in the industry, which is not a big enough negative to send the stock down 20%.
COMMENT
Will have a new CEO in about a month. Sees better opportunities elsewhere in the energy sector. Growth prospects are somewhat limited, but next year will be a big growth opportunity for them.
COMMENT
A lot of people follow the stock, which helps liquidity. It is right at support. Thinks it is due for a rebound, and up to $20 would not be unusual. If you are buying, be careful. If it breaks through its support level it could go down to $16 easily.
BUY
Favourite long term name because of the value. A problem with the company was the former CEO, Jim Buckey was not liked by the street. Valuation is excellent and the outlook for production and profitability is excellent.
BUY
Feels that it is at a base now. At some point, the company will be divided into different sections and sold off. Their Far East properties are very attractive.
TOP PICK
An exceptionally well-run company. Diversified internationally. Have been selling and buying assets and production is expected to rise in the 2nd half. Strong cash position and very strong cash flows.
TOP PICK
Has been beaten up lately. CEO has retired and they have new management. Lately have been announcing a lot of production delays. Still sees cash flow of over $4 this year and going up again next year. He also sees a growing production profile going forward.
HOLD
Has been hit hard so is probably a good time to buy. CEO is retiring. The market doesn't like that it isn't in the tar sands. A tremendous spread of assets around the world.
BUY
CEO is retiring, which has affected the price. Thanks it is steady as she goes for a while. Selling some fully priced and the high cost Canadian assets. Will redeploy into the North Sea. Also buying back stock.
BUY
Producing and producing very well. CEO is retiring. Unfairly subject to the Sudan discount. (Cleared their Sudan assets 4 years ago.)
HOLD
The cheapest on a price to cash flow basis.
COMMENT
Likes the refocusing that they are doing. There will be a change in management. Volatile because they price of the commodity will be volatile.
HOLD
Just announced results that were quite good and in line with what was expected. Market is not expecting the commodity price to stay where it is. Had a significant production decline in the North Sea. They are also in the process of selling off assets.
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