-----Original Message-----
From: 	Watt, Ryan  
Sent:	Wednesday, October 31, 2001 2:27 PM
To:	Cowan, Mike; Dorland, Chris; Geordie Hochbaum (E-mail); Powley, Barry; Bruce, Chad; dad work (E-mail); Ray Shiu (E-mail); Brian Kris (E-mail); Anderson, Shawn
Subject:	FW: Interesting...

> ARTICLE by MERRILL LYNCH in Briefing.com
>
> 13:37 ET Enron Corp (ENE) 12.60 +1.44 (+12.9%): --Update-- Merrill Lynch
> performs a NAV analysis of Enron. Including off-balance sheet financing
> (that firm is aware of), Merrill arrives at NAV estimate in the $16 to $24
> area. Estimate could prove conservative as it does not include cash
> balance or the current net trading position. Thinks that once the air
> clears and credibility begins to return, ENE will ultimately return to a
> more traditional valuation. Employing a discounted 13-15x P/E on firm's
> 2002 est of $1.90-$2.10 produces valuation of $24.70 to $31.50.
>
> ENE sounds like a possible double from here. A no brainer?
>