Value Investing Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Value Investing

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Michael Burry who wrote (6893)	4/22/1999 1:29:00 PM
From: Freedom Fighter	Read Replies (2) of 78495

Here's the numbers on VELCF. Trading this morning at 12 3/16. Some of the numbers are approximates because I am looking at the most recent annual report. Changes in the value of the investment portfolio would alter these numbers slightly. But not enough to change the general flavor of the company or value. Book Value = 4.58 Investment Portfolio at Cost = 3.16 (market is higher) Operating Book Value = 1.42 (approximate) EPS = .91 (including realized gains, interest, dividends) Earning from operations = .62 (This is a firm estimate. I do not know the exact tax rate to use in order to separate investment gains from profits) ROE on operations = 43.7% (.62 / 1.42) 5 year compound sales growth = 13% 1 year sales growth = 10.8% 1 year growth in operating earnings = 23.5% If you subtract out the value of the investment portfolio and the associated earnings you are paying less than 15x earnings for a very high ROE business that seems to still be growing well. Last year's results were affected negatively by the strike at GM and global weakness in many foreign markets. Decent results for a bad year. Growth prospects are related to new applications (ex. diapers) and associated products, and new markets. Wayne

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next