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Talisman Mining Ltd (TLM.TO)

HOLD
Quarterly numbers where a little bit shy. Have announced some interesting drill results of North. Offshore Vietnam is looking interesting. Good management.
BUY
Fits into the category of a seasonal oil/gas play. Expects a relative out-performance curve in the next little while. This can include Nexen NXY-T) Canadian Natural Resources (CNQ-T) and Talisman (TLM-T).
PAST TOP PICK
(A Top Pick Sept 8/06. Up 14%.) Results were down slightly from last year. Good cash flow. Buying up shares. International play. Still likes. Undervalued.
HOLD
Prefers CNQ (CNQ-T). Statistically cheap. Selling non-core assets.
BUY
Trades at a discount to most other senior oil producers. No longer in the Sudan. Has sold off poorer core assets. Very much likes the outlook for this one.
BUY
Has been supported by stock buybacks, which will continue this quarter. Production out of the North Sea is going to start firing on all cylinders.
BUY
Long-term prospects are very good. Very good balance sheet. Cash flow of $3.90 last year should grow to about $4.30 this year and maybe $4.50 next year. Good gross production profile.
HOLD
Parts are worth more than the present stock price. Showing better production growth than some of the other seniors. Not as tied to higher cost structures.
TOP PICK
Broad international oil producer. They are in the process of selling off $600-$800 million of Canadian properties. Has been one of the leaders coming out of the price consolidation.
BUY ON WEAKNESS
A great story. Goes up and down with the price of oil. Try to buy under $19 in the next couple of months.
BUY
With gross and production being higher this year, the stock will be higher.
HOLD
More volatile than most because of the varied geographical nature of their assets. Also get a discount because of this. He would prefer Suncor (SU-T) or CNQ (CNQ-T), but if you own you should do well with it.
HOLD
Very well run company and good management. Have been streamlining some of their assets by clearing out some properties. More international focused.
TOP PICK
It's about 4.7 X cash flow and should be about 5.5 to match its peers. Current NAV is about 22. Have interesting global properties. The jewel in its crown is its far east properties, which he expects will be a takeover.
COMMENT
Actively buying back its shares. People are looking $800 million-$1 billion in assets sales. This would be a catalyst for the stock to move up from here.
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