The Enron Collapse


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Economic Solutions (S.A.) Pty. Ltd.

Our company specializes in Company Valuations ranging from small to large entities including Public Companies. All sectors are catered for including the finance industry (banks and insurance companies).

Over the last three years for a Retail Wholesale Australian Share Fund licensed under ASIC we have selected the shares to invest in. This selection is based on our valuation and analysis of the Top 200 S&P ASX listed companies. Since inception the Fund is a top performer in the Australian market with returns in the high 20's.

A key valuation technique which we also incorporate in the selection criteria for the Australian Share Fund mentioned above is that the value of any business is its Future Cash Flows discounted back to Present Value at a risk adjusted rate. We also do financial analysis or what is sometimes referred to as financial

 We also do financial analysis or what is sometimes referred to as financial diagnostic analysis. This process analyses the key financial parameters of an entity and identifies any key weaknesses that need to be addressed, in particular the cash flow of the entity. Working with the business owners we look at a range of strategies that can be implemented to improve the financial position of the entity.

Another exiting area of our business is our Activity Based Costing work. Our analyses and reporting in this area addresses two key areas of importance being Productivity and Profitability. The process is not complicated or time consuming and the results are a dramatic improvement in the performance of the business being analyzed.

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Peter Cobiac

Qualifications:

    Associations:
  
 Member of the Australian Institute of Chartered Accountants 


   Biography:
Peter commenced his career in 1981 with Deloitte Touche Tohmatsu for 4 years of which 3 were in the position of audit senior. He then spent 13 years as a principle in a chartered accounting firm specialising in management consulting including a number of public companies. He then commenced his own management consulting company, specialising in Share Valuations; Value Based Management Consulting (including turn a rounds), assessments and valuations; Value Based Training and Education; Conversion of Statutory Accounts to Value Based Accounts; Strategic, Financial Planning and Implementation; Shareholder Wealth Creation / Economic Value Adding; Cash Flow Budgeting and Analysis; Business Review and Analysis; Strategic assessments including sensitivity analysis; Funding applications.


During the last 6 years (2001-2007) Peter has concentrated his time in Value Based Management Consulting and in the development of a software program that converts Australian and USA (GAAP) Statutory Accounts to Value Based Management Accounts. It calculates Share Value and Capital Growth Premiums that exist in Share prices and enables us to target share price (value), project data forward and also includes sensitivity and comparison modules. This development led to the development of an Equities selection model that has been used exclusively by an Equities Quant Fund in Sydney, investing into the best value companies in the Top 200 publicly listed companies. Over the last three years for this Retail Wholesale Australian Share Fund licensed under ASIC I have selected the shares to invest in. This selection is based on our valuation and analysis of the Top 200 S&P ASX listed companies. Since inception the Fund is a top performer in the Australian market with returns in the high 20ís.


Areas of Professional Competence:

  • Share Valuations
  • Financial Diagnostic Analyses
  • Activity Based Costing
  • Shareholder Wealth Creation including Education, Implementation & Incentive Systems
  • Value Based Management Consulting including assessments and valuations
  • Conversion of Statutory Accounts to Value Based Accounts
  • Strategic, Financial Planning and Implementation
Economic Solutions has a dedicated team of people that work diligently for it.

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Be Aware!

The World Stock Markets have been in a downward trend over the last few months and are continuing to fall.

This is similar to the early 2000's when the large financial collapses of Enron and Worldcom had the effect of decreasing confidence in the market. There are more Financial Collapses coming from the Sub Prime Mortgage problems and the direction of the US economy.

There are currently a number of examples of financial collapses from "OVER Priced" Companies and "more" coming.   Northern Rock (UK); Carlyle Capital (Netherlands) and Bear Stearns (US). With Bear Stearns the partial (39.5%) take over offer of $10 per share on 25th March 2008 from JP Morgan Chase is more than 80% less than the traded price ($75 range) in early March 2008.  In the deal the US Federal Reserve subject to certain terms also guaranteed $29 Billion of Bear Stearns loans.

Accounting standards and Companies treatment of these has come under close scrutiny and assessment. Even so, now more than ever it is critical that Companies be closely scrutinised on the basis of their Future Cash Flows for the capital they have got under their control.
 
Investors need to know
how to correctly evaluate a stock and the questions that they should have clear answers to prior to investing. Our report on Investors need to know clearly answers these needs in an easy to understand way.

The report on the The Enron Collapse is a "MUST READ" for all investors as it clearly identifies and clarifies what is wrong with the current financial system and shows how investors can identify Enron type companies and thus avoid future losses.



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