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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (52264)8/30/2013 12:05:08 PM
From: MCsweet2 Recommendations

Recommended By
E_K_S
Spekulatius

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PFIN,

I made a rough adjustment to PFIN's earnings due to the valuation allowance they earned in Q3 of last year (to me valuation "allowance" earnings are one-time accounting adjustments).

With that adjustment, I have trailing earnings of 0.82 and PE of 8.72 at last price of 7.15. I have tangible book at 8.15. Trading below tangible book with a decent PE, this seemed like a reasonable small purchase as part of a basket of stocks. There aren't many stocks like that I can see that aren't mega-cyclical.

The business outlook isn't super -- they added Home Depot as a customer which is good (this makes change in receivables look bad, by the way), but their other businesses are not growing, some are declining. From the last call, they appear to be holdings share better than some of their competitors.

So I think ok for a small position in a basket screening strategy, not doing a "mon back" on this one, have not dived super deep on it.

Am open to any suggestions/criticisms.

MC
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