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Strategies & Market Trends : Value Investing

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To: Daniel Chisholm who wrote (8866)	11/3/1999 1:02:00 PM
From: Paul Senior	Read Replies (1) of 78618

Daniel: I'd say my screen would show fair value (and highest buy price) slightly under 2x book value. But add for consistent ROE (esp. as it's expected to remain so in future), add a bunch for "no debt" (wow!) add more if they pay a div. and add more if div. yield is higher than S&P div. yield. Etc. for more "if"s. Okay, maybe a top buy price is 3 x book or more depending on the "ifs". Think maybe I'm being influenced a little though because I read Jim's post and his figures. -g- I know of no "traditional mid size industrial company" that fits your parameters. If I could find one as good as you hypothesize, I might just ignore book value and see where the stock is now (and why) vs. where it's been over the past few years. Yes, and looking at comparables would be important since the company seems (to me) to be so outstanding.

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