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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Paul Senior who wrote (14951)	7/26/2002 12:53:08 AM
From: Paul Senior	Respond to of 78673

I opened a very small position in HAS today. At under 11, the stock is reasonable on a price/sales basis. I have problems with other metrics. The price/book for this company always seems to me to be high . And the book value itself has not really been increasing. ROE is poor. Net profit margins have been on the decline for years. Management states (2001 annual) they intend to become a smaller but more profitable company by focusing on their core brands. They are reducing the debt. It's hard for me to value this company because in the past 10 years it always seems to trade higher than I would expect it should given its financial performance. Perhaps stockholders are looking at the intangibles - the breadth and scope and staying power of their brands. yahoo.marketguide.com I'll call HAS a regression stock. The stock has generally traded above today's price during the past ten years. Assuming the market recovers, assuming buyers still and again are willing to pay a premium (my term for the past 10 years' results) for the company's products and its ability to generate new toys and games, the stock price should improve. finance.yahoo.com Paul Senior A very small bet: out of KDE, into HAS.

To: Paul Senior who wrote (14951)	7/26/2002 9:02:59 AM
From: ProDeath	Respond to of 78673

The notion that AEG management knows what it is doing is open to some question. Many believe that Aegon paid far too much for TransAmerica and it appears its most recent decline began with this event. The ascent of the USA operation's management in the company is not particularly encouraging either, I have heard it claimed that it was the U.S. management that was so enthusiastic about the TA acquisition. Perhaps it had something to do with a deep subconscious need to have a big pointy building downtown <grin>, but investors would probably rather see some firmness in the stock price.