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Strategies & Market Trends : Value Investing
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To: Shane M who wrote (8015)8/15/1999 11:57:00 AM
From: Michael Burry  Read Replies (1) of 78825
 
Shane,

I think if you look at Keebler's future, they're trading at less than 12 times cash earnings a year or two out. We don't really know where they'll be, but a good guess is that they'll keep growing and surprising. KBL itself is undervalued IMO, and the analysts are behind on that story.

I'd say with FLO we're getting KBL at fair value, and Mrs. Smith's and the bakery for free. Mrs. Smith's is about to run out of one-time charges. I look at it as a growth story, producing earnings where there were losses. The bakeries are slow steady growth.

It's an asset play now that likely will turn into a Buffett-like steady grower. One of those where the ones buying now could look like geniuses.

Mike
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