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Strategies & Market Trends : Value Investing

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E_K_S

To: E_K_S who wrote (55412)

6/5/2015 7:41:54 PM

From: Mattyice

1 Recommendation Read Replies (1) of 78666

AP -

I also picked up a few shares today, been on my radar since eks first mentioned.

I like the business, the dividend seems sustainable and on a normalized basis with low growth I think this thing is worth $29-30.

I also like the candor of some of the conference calls ive read. I dont know why that is important to me, but I like it.

A more conservative level of growth ~2% I would value the operations around $20 which is also around the graham number.

I also like the freecash flow yield, its worth a spot in my portfolio.

This is an effort to start simplifying some of my portfolio and just buy stocks I like with some margin of safety. I believe AP fits this mold.

Reinvestment Rate	15.14%	EBIT / EV	0%
Value of Operating Assets (EBIT at 25mil)	136	EBITDA / EV	11%
+ Cash	97	FCF / EV	11%
- Debt	13
Value of Equity	220
Per Share	21
Current Share Price	16
GN	21

Mattyice

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