Advanta Corp A (ADVNA) Message Board

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Non-Tech : Advanta Corp A (ADVNA)

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To: Judy Muldawer who wrote (23)	4/14/1998 6:31:00 PM
From: felix	Read Replies (1) of 41

Less then (or just around) their book value, while any other mortgage lender I can find (Money Store, Countrywide,etc.) sells for 2-3 time book. (Mortgage lending is mostly what is left after Advanta's recent sale of their credit-card business.) Sounds like a no-brainer undervalued due to a kind-off spinoff-uncertainty syndrome. The market seems to price the stock as if Advanta will fail at the mortgage business. But why should they? Would they really have sold the credit card business to be left with a failing mortgage business? Seems unlikely...insiders own a large chunk of stock... What is wrong with this picture? Is there a ruinous price competition in the mortgage business or something?

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