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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (52822)	11/18/2013 5:11:19 PM
From: IndependentValue	Read Replies (2) of 78671

Q3 2013 Balance Sheet: Total Current Assets: $243.7m - adjusted for Graham's NCAV = $200.3m (drs @75%, stock @ 50%, ignore prepayments and other current assets) Total liabilities: $47.4m - for NCAV model = no change at $47.4m Equity: $265m - NCAV value of equity = $152.9m ($200m - $47.4m) Market cap of $106m/NCAV of $152.9/ = 69.5%, or approx. 2/3 of NCAV. I don't look at per-share values, as these are so open to manipulation; a business is best valued in its entirety, rather than on per share basis due to buy-backs. Can I ask what prompted you to acquire shares?

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