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Strategies & Market Trends : Value Investing

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To: jeffbas who wrote (2569)	11/30/1997 3:30:00 PM
From: jeffbas	Read Replies (2) of 78601

I took a look myself. MIKL 10K says that Papetti's is a producer of egg products, not eggs, and was doing over $300 million sales. (It buys eggs.) The next 10Q said that MIKL paid $106 million counting assumption of debt (which would be $137 million at today's MIKL stock price of $22). From a casual point of view I would rather own a value added producer than the producer of the commodity, except I recall that in this industry some of these processed products have not had good reception. In any case, it seems to me that MIKL paid less on a P/S basis than CALM is now selling for. (This does not change my investment perspective on CALM, but maybe I will have to be more patient than I thought.)

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