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Strategies & Market Trends : YEEHAW CANDIDATES
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To: JoeinIowa who wrote (890)1/6/2003 3:55:16 PM
From: Crossy  Read Replies (2) of 23958
 
re: Nasdaq:SMAN (Standard Management Corp.) @ $3.80

IMHO, this looks quite interesting and I took a position in this around $3.50. Book value is around $12. This life insurer is steadily growing its annuity operations. Recent sale of international operations for 10 times Book value enabled the company to opt for an even more conservative accounting by enacting a special charge on its DAC (deferred acquisition costs) for writing policies.. Price / Book around 0.28, Cash per share is $3.38. so the operations of the firm are basically "free".

In October 2002, Standard acquired PCA .. Pharmaceutic Corp of America, an Indiana Pharma Rx specialist wholesaler. Chairman Hunter is contemplating a lot of cross selling opportunities with regard to this acquisition and the firm's traditional products - aiming for economies of scope. PCA could be a major beneficiary of a PRIVATELY ADMINISTERED .. Meidcare Prescription Drug Plan as President Bush is seen to be backing.

Recent special charge should skew the company's earnings potential to the upside on a going forward basis. Standardized earnings to be announced are estimated to be around $0.30 for the current quarter. Given the fact that recent Business Week calls for a shakeout of minor or distressed players (re: CONSECO) the sector seem to be offering consoldiation opportunities. The BizWeek industry overview article called for rising life insurance premiums over the next couple of years. I believe SMAN offers a great value opportunity right now..

rgrds
CROSSY
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