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Strategies & Market Trends : Value Investing

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To: rjm2 who wrote (12534)	5/26/2001 12:38:30 AM
From: Brendan W	Read Replies (1) of 78715

hi, rjm... i didn't check all your figures on BONT, but, yes it is priced around 6x trailing earnings (50c), 4x forward earnings (75c). Given those earnings and book value ($200m) the market has priced it at $1.69 to $4 for the last 18 months. My inference is that the market does not think he is able/willing to improve the valuation. Surely the business is worth far more than $3, but there is no reliable way to get him out and improve the valuation (if my inference is correct). To his credit, his compensation is modest. Also, the book value is comprised only of current assets and property. Do you think the management/ownership is the primary problem?

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