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Just noticed all the news about Mercury Finance adjusting their numbers (downward) due to the work of some rogue accounting officer over the past few years that has overstated their earnings by $90 million. Their stock was halted for a day but appears to be trading around ~$2 now, down from ~$14 on Wednesday. If we are to believe their adjusted EPS which is now 0.33 (down from 0.70), that gives us a P/E of 6 - which seems pretty attractive. I'd like to get people's ideas on whether this one may recover quickly to it's old PE of ~20 which would price the stock at $6 or so... or is it a goner? |
