Companhia Siderúrgica Nacional: Are Poor Earnings an Indication of Brazil's Market Bottom? - trackseekingalpha

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Companhia Siderúrgica Nacional: Are Poor Earnings an Indication of Brazil's Market Bottom?
May 17, 2009 09:25 AM UTC

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Via Long Investment Ideas from Seeking Alpha:

The 1st quarter earnings release for Companhia Siderúrgica Nacional [CSN] (SID) is linked here. I like CSN for its exposure to the Brazilian manufacturing market and huge EBITDA margins. Revenues and profits for the first quarter were down about a third from a year earlier as the Brazilian economy slowed due to the global economic crisis.

At the same time the stock of CSN, as traded on the NYSE, is up over 50% so far in 2009. It seems the value of this quality company fell a little too far.

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