One of the main qualifications of an equities analyst is being able know your ass from your elbow when it comes to numbers and stuff. Unfortunately Mike Kozak, analyst at Cormark, fails on this score in a rather epic manner.
Last Friday, Kozak published an analysis on Dynasty Metals (DMM.to) that was so full of elementary mistakes it was laughable. Here's a little chart that has just a few of them (not kidding, just a few of them):
Last Friday, Kozak published an analysis on Dynasty Metals (DMM.to) that was so full of elementary mistakes it was laughable. Here's a little chart that has just a few of them (not kidding, just a few of them):
| Dynasty Metals & crap analyses, Cormark Edition | |||
| Mike Kozak vs Bleedin' Reality, November 13th 2009 | |||
| Kozak | Reality | Cormark result | |
| 52wk high | $11.18 | $6.20 | EpicFail |
| 52wk low | $3.53 | $1.09 | EpicFail |
| Shares out | 36.4m | 37.64m | EpicFail |
| cash at bank | $18.8m | $10.75m* | EpicFail |
| mkt cap | $205.4m | $212.7m | EpicFail |
| source: Cormark report and bleedin' reality, mate | |||
Add to this things like assuming Ecuador's corp tax rate is 30% (it's 25%), overestimating insider holdings at DMM by what looks like a million shares, getting the gold resource number wrong by nearly half a million ounces....there's a whole bunch of other stuff. Maybe funniest of the lot was that, after getting so many asset parameters way way bad he decided to value DMM.to using a Net Asset Value calculation!
It's super-early to give out this week's coveted award, but surely nobody can beat this one. Therefore, Mike Kozak of Cormark, you win this week's coveted award. Your report on Dynasty Metals was the worst piece of rushed and sloppy analysis we've seen this year. Enjoy, dumbass:
It's super-early to give out this week's coveted award, but surely nobody can beat this one. Therefore, Mike Kozak of Cormark, you win this week's coveted award. Your report on Dynasty Metals was the worst piece of rushed and sloppy analysis we've seen this year. Enjoy, dumbass:
