John Harris: What's CALM worth to a buyer-- sounds like one of my old business school homework assignments. (It wasn't easy for me in that class then either-g-). Well, on the hard assets of it, I'd guess most of the stuff is mundane and fungible: some land, some coops, some chickens (lots of chickens -g-), some refrigerated transport. Maybe though there's quite a competitive strength in: being able to deal with environmental polution issues (poop in the coop!), having contacts and bus. relationships with distributors and grocery chains, managing or hedging costs - egg shell futures or feed costs, delivering perishable goods on time - all the time, and being able to generally manage dispersed operations which produce hundreds upon hundreds of millions of eggs (and which deals with lotsa chickens (little ones, hungry ones, dead ones) every year.
Guess I'd have to be in the business to estimate what that intrinsic value in toto would amount to. Paul Senior |
