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Strategies & Market Trends : Value Investing

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From: a128	8/7/2007 9:24:46 AM
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CBF reported. Not surprisingly much of it was above my head. But, the last paragraph sounds good.... But then, what do i know, Im averaged in at over $11 ! LOL Company Valuation As of the market close today, CBF stock was trading at $6.21 per share which represents a 48.2 percent discount to book value after the second quarter's write-down of $7.8 million on one of the two foreclosed assets. The current price equates to a market capitalization of $190.8 million. The table below summarizes the major components of the net carrying value of the Company's assets at June 30, 2007. Equity ($MM) CDOs $211.5 Joint Venture Equity 75.8 Foreclosed Assets 54.6 Warehouse Lines 72.9 Cash/Other 42.4 ------ Total Investable Capital 457.2 Less: Trust Preferred Securities/Other (61.5) ------ Book Value $395.7 Based on the current stock price, the market is valuing these same assets $204.9 million below their estimated book value. Considering the strong fundamentals in the commercial real estate market, management believes the Company is substantially undervalued in the public markets. biz.yahoo.com

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