Mitcham Industries (MIND) - Update Oct 3

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dan_s
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Joined: Fri Apr 23, 2010 8:22 am

Mitcham Industries (MIND) - Update Oct 3

Post by dan_s »

I just posted an updated profile and forecast model for MIND to the EPG website.

The Company's preferred stock has a $25 par value. It is currently trading below par, so the annual dividend yield is 9.3%.
Since Mitcham has no debt, the safety rating on preferred stock dividend is A++.

There is MORE RISK in the common stock, but there is a lot more upside too.
> It has been a rough three years for the company, but their hard work is about to pay off.
> Mitcham has transitioned from the world's leading provider of leased seismic equipment (they still are) to a manufacturer and seller of some of the world's most advanced marine technology products, primarily sonar equipment.
> At our Houston luncheon on September 9 and in a presentation made on September 25, Robert Capps, Mitcham's Co-CEO & CFO said that they expect to report positive earnings in the 4th quarter of this fiscal year (ends 1/31/2020). You can watch a webcast replay of the 9/25 presentation on the Mitcham website.

Klein Marine Systems, Mitcham's wholly owned subsidiary, has some new sonar equipment (the MA-X View 600) that is drawing a lot of attention.

MIND is trading for $2.91 this morning. First Call's price target is $7.00.
Dan Steffens
Energy Prospectus Group
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