John Paulson: Caesars Entertainment Has High Option Value
17 May 2012 - 8:38AM
Dow Jones News
Hedge-fund manager John Paulson presented three stock picks at
his maiden appearance at the Ira Sohn conference: Caesars
Entertainment Corp. (CZR), AngloGold Ashanti Ltd. (AU, ANG.JO) and
CVR Energy (CVI).
He said Caesars Entertainment's valuation is low as the company
has assets, like its online gaming platform, that are essentially
not valued in its current share price. The manager of Paulson &
Co. said Caesars's revenues may grow further on its Asian and
online gaming businesses.
On AngloGold, Paulson said the company is a good business whose
earnings grow at a faster pace than the rise in gold prices. He
added AngloGold's valuation today presented an attractive entry
point and that it is cheaper to have gold exposure through the
stock than through exchange-traded funds, as the latter charges for
the handling and management of the underlying assets.
Noting he owns 9.9% of CVR Energy, Paulson said the company has
potential to be acquired at $36 a share. CVR Energy closed down 5
cents at $30.35 Wednesday.
-By Amy Or, Dow Jones Newswires; amy.or@dowjones.com
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