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Strategies & Market Trends : Value Investing

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To: Jurgis Bekepuris who wrote (31933)	9/5/2008 11:23:41 PM
From: Paul Senior	Read Replies (2) of 78715

Fill for me for few shares of Israeli company, G. Willi-Foods, WILC. gurufocus.com A great pick for somebody (not me) here back in '02 or earlier when it traded about 1 or 2x earnings. A sometimes profitable company - not sure I can state so now with arbitration payment and closing down of a business. biz.yahoo.com I figure net current assets as: Total current assets @ $59M (USD) a/o 6/'08 less: current liabilities @ $22M less: long-term liabilities ~ $1M less: minority interest ~ $4M That's $32M to be divided by 10.3M shares = $3.11/sh. The stock's now at $3.47, about a three year low. Company expects to do $100M (USD) this year. With a market cap of $36M, that gives a hefty p/sales ratio for a grocery (compared to US grocery chains I am following. OTOH, it might be THE significant grocery operation in a less-competitive (??) Israeli market (I do not know.). Also a large component of that $36M is cash/marketable securities-- about $23M which could be backed out of market cap to show a "better" p/sales figure. And of course the $23M cash/equiv vs. just $4M in debt, provide somewhat of a margin-of-safety.

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