
Providian's PVN fourth-quarter and full-year results, reported Thursday, showed a big increase in net income during 2004, primarily a result
We like the progress we're seeing at this credit-card lender, and we've reassessed our valuation model accordingly. We're raising our fair value estimate to $18 per share from $12 to account for continued improvement in the company's fundamentals. We believed our estimates were conservative, but ...
In light of Providian's continued turnaround--evident in fourth-quarter results--we're raising our fair value estimate to $12 per share from $11. CEO Joe Saunders and his team remain on track in turning around this credit-card lender. Managed loans declined 14% to $16.9 billion, slightly below our
their lumps, and the stock is off 40% so far this year. Even more damaging has been the fund's big stake in Providian Financial PVN , whose stock has been decimated due to its focus on the subprime lending market in a recessionary economy and
names such as Level 3 Communications LVLT and Exodus EXDSQ, and has also delved into badly hurt financials such as Providian PVN and Conseco CNC. He's also shorted the Nasdaq 100 index at various points during the year, albeit with good results. While
UST UST. However, what really stands out is the lack of duds. Even value funds have been hit by big blowups like Providian PVN and Enron ENE which have plunged more than 80% this year, but Clipper's biggest loser, American Express AXP, lost just
2001. The fund has taken hits on almost every front. The biggest mistake this year has been subprime lender Providian Financial pvn . The company's stock has lost more than 90% of its value in 2001 as defaults have soared and its lenders
rated stocks that carry a lot of risk. You'll find good examples of these warnings on the Analyst Reports for Providian PVN ("Though Providian appears reasonably priced by our model, we still must caution that this company's customer base is substantially
stabilizing share in its North American market, which contributes about 90% of the company's earnings." Providian Financial PVN , by Craig Woker "We are now pegging Providian's fair value at $17 per share, enough potential return for
among financial holdings like Morgan Stanley Dean Witter MWD. Mullick said that he sold struggling stocks like Providian Financial PVN , but he generally takes a long-term approach and isn't ruffled by a few weak quarters. Mullick has been