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Strategies & Market Trends : Value Investing

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To: Debt Free who wrote (30070)	2/16/2008 9:14:33 PM
From: Paul Senior	Read Replies (3) of 78764

Strong balance sheet. I calculate ADPT net cash per share as cash plus cash equivalents plus short term investments minus short term and long term debt, all divided by shares outstanding. So I have net cash/sh (with Yahoo 31 Dec. '07 numbers) as: (214.7M + 384.7 - 275.4)/121. Which is $2.68/sh. With a stock price at $2.75, a buyer now in a sense gets the business almost for free. Of course, that business is an erratic-performing cigar-butt. -g- In another calculation, I conclude the stock is selling below net current assets. Stock would have to come down closer to $2 though for it to be a Ben Graham buy (i.e buying at 2/3 of nca). Stock is at about a 14 year low. Just how low can it go? Well, maybe to a 16 or 18 year low. -g- finance.yahoo.com I might add more again if stock continues to drop to 2/3 nca. Always though with these things, keeping it a very small position within a diversified portfolio.

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