Clown-Free Zone... sorry, no clowns allowed Message Board

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Pastimes : Clown-Free Zone... sorry, no clowns allowed

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To: yard_man who wrote (160576)	4/17/2002 3:33:31 PM
From: reaper	Read Replies (3) of 436258

<<is it worth a P/S of over 3? >> i don't know, you tell me. $25 billion-ish market cap. nearly $700mm of after-tax cash flow last year. cash flow compounding at over 30% annually. pretty much self-financed. they own a lot of the land and real estate. higher return on assets than both Wal-Mart and Home Depot, widely regarded (though incorrectly) as the most efficient retailers out there. about twice the return on assets of Target. competing in a market that includes absolute moron companies K-Mart and all the traditional department stores (Macy's, Sears, Pennys, Federated, etc). excellent use of technology (including Retek) to run circles around the competition. pretty conservative balance sheet -- only about $1 billion in debt. clean accounting. no pension obligations. this is the kind of stock that is going to get an ENORMOUS multiple as the POS companies with moron management and bad accounting get taken out and shot one by one. remember, money can't actually LEAVE the market -- it has to just increasingly crowd into the few perceived "good" companies that are left. Cheers

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