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Strategies & Market Trends : Value Investing

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To: Spekulatius who wrote (20935)	4/27/2005 10:53:13 PM
From: Spekulatius	Read Replies (4) of 78476

re OSHC - first earnings out. 9c/share for the quarter fully diluted which counts the shares at the MHC (55%) as well. if one were to count only the issued shares (45%) then earnings are 20c/share or 80c annualized. This is a PE of 12.5 for a stock with an "effective" book value of around 13$. As i mentioned before, OSHC is one of the better mutual thrifts in that it gives you more bank for the money: 500M$ in assets for 8.7M shares is less than most comparative conversions which issue about 12M shares at a comparative size. Seems like a good start, now OSHC needs to deploy their excessive capital - they intend to grow their branches from 6 to 8 - seems OK to me. FWIW, i sold my small position in BVFL for a small gain. Thinking about adding to OSHC or starting BFSB which appears OK on some metric and also is below IPO price.

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