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Non-Tech : ingles markets (imkta)
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To: William E. Cole who wrote (1)11/30/1996 8:49:00 PM
From: virgil vancleave   of 10
 
i am debating about buying more and averaging down as i bought at 16.5
the price seems to have bottomed on high volume and now is trending back
up. the debt to equity ratio doesn't account for the class b shares which
do not trade publicly, at least it doesn't appear that way. this makes their
debt load more acceptable to me. also, after doing some more browsing through
edgar, i found that the company recently( last year) bought a dairy company
which is showing large growth and produces ice cream under the sealtest
brand name, of which sells even in the commisary and out on town. have
not tried it yet, but i will. i agree about the distribution center and would
assume management is doing something about. one thing is for sure,
ingles has been around a long time and growing about 15 to 20 percent
a year and as you noted has large land assets which are understated
in their reports. company went public in 1987 and has always been profitable
and has also increased sales EVERY year. and in this or any business, sales
are the bottom line, then profits. i also notice that they are building about 7 or 8 new
stores per year and remodeling the older ones and current plans are
to continue the same trend. worse case this company could be a buyout
candidate (i don't think it will be though) but i think that the stock price is currently
undervalued and would be a buyer and agree with your $25 dollar price
range.
good luck
virg
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