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Strategies & Market Trends : Value Investing

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To: Michael Burry who wrote (7126)	5/12/1999 12:19:00 PM
From: 18acastra	Read Replies (1) of 78472

MFC Bankcorp, MXBIF, good business, 6x P/E, near book value: Suisse Bank trades on US exchange. 12.2mm basic shares, 14.9mm diluted shares (convertible debt): -$60mm net cash = $4.50 share in cash $25mm cash $50mm marketable securities $10mm liquid/excess receivables ($35mm total receivables) $26mm debt -$90mm hard book value = $7.00 share in book value but royalty interest on books at $1.4mm generates steady $8mm/year in EBIT (flows into EPS), and real-estate on books at $4mm worth between $10mm-$15mm -Sum of the parts analysis = $16/$17 share Bank generates $15mm/year EBIT = $105mm value at 7x Royalty interest $8mm/year EBIT = $56mm value at 7x Net Cash = $60mm Real-estate = $12.5mm at midpoint -Catalysts: Developing an internet strategy that may be announced soon *May be coming to US to market their story in June, and nobody likely knows it as it is a small-cap, underfollowed, undiscovered name JMHO.

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