I have a few shares of ASFI bought at $37, now going for about $29.
It's basically a collection agency. Business has been good.
I have some difficulty evaluating the stock. On the one hand, profit margins continue to be very good, roe is good, p/e seems reasonable to me. Book value has grown nicely. Otoh, for most of its history the stock has traded at much lower p/e's (i.e. under 8) than currently, and at lower p/bk than currently. There's consistent insider selling. Since ASFI is such a small company (under 150 employees, family controlled, small market cap), that selling is a significant drag on the stock, it seems to me.
I'm increasing my bet to a decent size position (for me). I'll guess business will continue to be okay, especially if the economy slips. I am hoping the good profit margins and good financial performance of the company over the past few years puts a damper on the stock's decline.
Jmo. And so far I've been very wrong.
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