seems a bit tough to come up with a value of 16 to 17 bucks a share such as this firm suggests
the company has 16M in goodwill and 6M in other intangibles, so their tangible assets are much less than described...whether or not their real estate is undervalued, it still isn't trading much under book value
they cite a bunch of items as excuses for their yearly loss, but the bottom line is they don't turn an operating profit, and their results are further hampered by interest expense
last year they made 4M in profit, but even that is a P/E of 18, with no or negative growth...how is this stock deeply discounted? i think the stock price is a result of their poor results, not a management conflict
the firm you cite says that the management is creating phantom shares and blah, blah, blah, but the diluted share count only increased by 15K shares year over year...there is very little insider selling
i guess i would look at it this way: even if they put the company up for sale, why would a buyer want to pay any more than the current share price?
JMHO of course, but i would think there are numerous better "value" plays out there, notwithstanding the activist shareholder(s)
one further note: the golconda site referenced on that page appears to belong to an investor who owns a whole 30K shares of TBAC...with all due respect to that person, i have to wonder how powerful an effort is that references what is essentially a token position in the stock
golcondalp.com
note that the same person apparently posts on the yahoo message board, where he states that 30K shares is a sizable position for him...now of course 30K shares would likely be a sizable position for most of us that post here, but we aren't exactly investors who make management quake in their boots <g>
messages.finance.yahoo.com |
