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Strategies & Market Trends : Value Investing
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To: Graham Osborn who wrote (55712)7/21/2015 4:00:44 PM
From: IndependentValue  Read Replies (1) of 78744
 
Hi Graham

Thanks for your considered response.

Based on the latest 10-K, I'm not sure I follow how you are getting some of your numbers - can you show your calculations for EV, EV/FCF, and P/TB? From looking at the balance sheet I don't see goodwill or intangibles, so I'm not sure there is a distinction between BV and TBV?

I would view a family controlled business with an aging founder as a catalyst for value realisation - such a business with a massive surplus cash balance would make a prime target for an activist perhaps, and may provide an exit for family once founder steps down potentially.
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