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IPSU: Closing Out Long Idea With a 63% Loss

December 8th, 2011

We are closing out our long idea on IPSU with a 63% loss.  Our views on the relatively positive fundamentals in the US sugar markets (widening refined sugar spreads) the asset value inherent in the company, and the cash flow potential of the business once normalized...

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IPSU: The 10 Questions That Matter Most Now, It All Comes Back to Management Execution and Unlocking Asset Value

December 1st, 2011

Even in the context of a market that has been characterized by huge price swings and “whip-saw” action, IPSU’s stock has distinguished itself in terms of volatility.  It seems almost impossible to...

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IPSU: Too Much Asset Value to Ignore, It Was More a Crime of Execution (Temporary) Rather than the Marketplace...

August 8th, 2011

Admittedly, IPSU’s stunningly poor 3Q11 earnings results still have us somewhat shell-shocked. Even the company’s greatest skeptic probably could not have painted an earnings scenario for 3Q11 as...

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IPSU: List Price Spreads Widen to Katrina-Like Levels, Raising Price Objective to $32.50; 3Q11 Preview

August 1st, 2011

Even the most ardent bulls on IPSU shares (ourselves included) could not have predicted the violent rally in the stock over the past three months.  IPSU have gained an astounding 71% since the company reported a big...

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IPSU: Decision to Allow Wholesome Sweeteners Option to Expire Is a Surprise, but Not Necessarily a Disappointment

May 31st, 2011

On Friday, May 26th after the close, IPSU announced that it would not exercise its option to acquire the remaining ownership stake in Wholesome Sweeteners from Edward Billington and Son Ltd, a UK based food...

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IPSU: The Long Awaited Breakout

May 11th, 2011

In our 2Q11 earnings preview for IPSU we argued that we were excited about the company’s pending earnings release even though we did not expect the quarterly results themselves to be particularly compelling.  As a reminder our enthusiasm heading into the quarter was based on the...

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IPSU: Finally a New IPSU?

May 10th, 2011

In the 21-months since we published our initial report recommending that investors go long shares of IPSU, quite a bit has changed.  One thing that has not: IPSU’s share price.  The stock has declined 1.5% since we published our original report, compared to a 34.5% gain in the S&P 500...

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IPSU: Refined Sugar Spreads Continue to Widen, Asset Value Exceeds $20/Share, and Yet…..

March 25th, 2011

As IPSU muddles along all too close to its 52-week lows, we thought it might be interesting to consider the following: US Refined/raw sugar spreads are close to record levels. List bulk industrial refined sugar prices through...

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IPSU: 1Q11 – More of the Same, When Will Investor Patience in IPSU Be Rewarded?

February 8th, 2011

IPSU reported 1Q11 results this morning that can be best characterized as more of the same.  The company reported an operating loss as a result of ongoing production issues at its Port Wentworth refinery, which were further exacerbated...

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IPSU: Begrudging Progress At Port Wentworth Offset by Newfound Mgmt. Optimism - Revising FY11 Estimates

December 30th, 2010

Heading into IPSU's 4Q10 earnings release, we thought a messy quarter would be overshadowed by commentary from management highlighting significant production gains at the company's Port Wentworth refinery.  Our...

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IPSU: At Long Last Progress at Port Wentworth, Now IPSU's Earnings Story Begins

November 15th, 2010

In the 15-months since we initially recommended going long shares of IPSU, the stock has been volatile but has only yielded a total gain of 5.0%, compared to a 21.0% return for the S&P 500.  The lackluster performance of IPSU shares is...

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IPSU: Adjusting Earnings to Reflect Slower Production Gains at Port Wentworth

August 9th, 2010

We are adjusting our 4Q10 and FY11 estimates to reflect a slower ramp-up in production at IPSU's Port Wentworth refinery and the feedback we received in our conversation with management.  We recognize that many investors are frustrated by...

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Quick Thoughts on IPSU's 3Q10 Results

August 6th, 2010

IPSU reported its 3Q10 results this morning and issued its 10-Q filing for the quarter. Overall, the company's topline exceeded our expectations, but EPS fell short due to continued efficiency issues at the company's Port Wentworth refinery as well as a few other one-time...

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The "New Normal" in the US Sugar Market, Dialing in on IPSU's 3Q10, 4Q10 and FY11 Earnings

July 14th, 2010

Almost one year ago, we introduced IPSU as a long investment idea. At that time we argued IPSU shares were poised to witness substantial upside based on the following: The company's Port Wentworth refinery was on the brink of...

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