ingles markets (imkta) Message Board

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Non-Tech : ingles markets (imkta)

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To: virgil vancleave who wrote ()	11/30/1996 2:37:00 AM
From: William E. Cole	of 10

Virgil, I agree that Ingles is undervalued. This last quarter was a slight disappointment, but this will still be a record year. Last quarters results were excabberated by the fact that the same quarter last year results were based on a fourteen week quarter, and this years was a thirteen week. Sales are still strong, and the company owns TONS of land that they bought before the Carolina housing and land boom of the past ten years. It is being carried on the books at well under it's real value. My only reservations are the ratio of debt (not unusually high for the industry, but still higher than I like in a value stock) and the fact that they have only one distribution center. They can get more dense in their current area footprint, but they can't expand beyond it without opening up another distribution center. Still, I'm bullish on the stock and am keeping my shares. The yield is great and the stock deserves to be trading in the $25 range. Bill

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