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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (46707)	2/23/2012 2:56:02 PM
From: E_K_S	of 78687

Followed you back into TSCDY (Tesco). The stock is selling below it's GN. If you use tangible Book Value, the GN is $15.82 or stated BV GN is $18.50. Per share earnings have been falling w/ analysts estimates for 2013 at $1.51. I too agree that there is hidden value in their real estate holdings which is not reflected correctly in their tangible BV especially for their Asian stores. They pay their dividend April and October and based on last year's distributions yield 4.4%. Forward PE is 10.17. Their debt profile is w/i my conservative guidelines too w/ 4x annual net income equal to their Long Term debt. My Buy today is not a tracking position but a standard full lot position that I may build upon if it continues to trade below it's GN. Other than SVU, this is the only other retailer I own, so it's a good diversified value holding for me. EKS

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