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Strategies & Market Trends : Value Investing

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To: jeffbas who wrote (7679)	7/7/1999 1:02:00 AM
From: Paul Senior	Read Replies (1) of 78516

J. Bash: Thanks for your work on COO. I've started to take profits. Also, FWIW, Buying today: CP Clare (CPCL). Stock is about 6. $55M in sales being bought out for $36M. Converts to $3.8/sh in cash . (There's no long term debt.) Remaining 89M sales maybe (that's MAYBE) might be worth about the same ratio (to a strategic buyer). Would be about $6.2/sh. Total fair value for CPCL is somewhere about 6.2/sh + 3.8/sh or $10/sh (imo). Book value is 9. Marty Whitman has been a buyer at prices between 7 and 12 last year, he has said. (I do not know if he still has a position.) Buying also: Evans and Sutherland (ESCC) At about 12.25. Book value at $17 per Yahoo. Historical ROE, ROA: lousy. And recently they've announced a loss for their latest quarter. PSR and P/bv look relatively good (relative to past years). Sales have been slowly increasing. My screen shows net-net value to be $12.29/sh. (But I don't know if I believe my screen -g-.) regards, P. Senior

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