Ach, - I will try CNGR now. Discussed here before, I assume we all agree CNGR is one cigar-butt stock. Dinky and with confusing and motley businesses.
Management says they are going to sell non-core stuff and focus on their steadily- growing core business, and if they had, they say they would've earned $1.16 a share this year.
No guarantee management can get rid of their other businesses now at expected or desired prices. And the remaining business will be "used car sales and financing" where less than conservative accounting (for potential defaults) seems to have buried so many other companies.
Anybody buying now who can make money in this stock almost gets more than he/she deserves, imo. After all, it means relying on statements/outlooks/projections from CNGR management - who are car salespeople and car finance people. Not occupational categories which inspire trust and confidence, imo -g-.
But IF what CNGR says is true, somewhere along the line the stock will be selling for more than p/e of 4 (based on that $1.16 proforma earning/sh number.)
Paul Senior,
jmo, and I've been wrong many,many times
(No slur intended to hard-working people in this business. Just a little skepticism when I envision those like-new "creampuffs" on the used car lots.)
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