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

To: blankmind who wrote (19024)	4/4/2004 4:29:07 AM
From: blankmind	Read Replies (1) \| Respond to of 78481

My second value play is Synergy Financial Group (SYNF) - which just completed its mutual to stock conversion at $10/share. Now at $10.22 - As of 12/31/03 - Total assets of $628.6 mill; total liabil of $587.7 mill; equity of $40.9 mill - During the 1Q04, synf fully converted, adding about $65 mill; giving total equity as of 3/31/04 of around $106 mill - They have about 12.5 mill shs o/s. For book value of $8.48/share - Earnings for 2003 were $3.4 mill - based on 12.5 mill shs - only .27/eps - However, earnings are growing at a great clip. Earnings for 2001: $1.9 mill; for 2002: $2.0 mill; for 2003: $3.4 mill - More importantly, banks are being gobbled up for over 2X book. Synergy’s book is around $8.48. Stock trades at 10.22. So plenty of upside. - Bottom line: I think SYNF is a good value play; strong earnings with low writeoffs; high book value; and great takeover candidate

To: blankmind who wrote (19024)	4/4/2004 1:29:08 PM
From: Paul Senior	Respond to of 78481

Thanks, blankmind. I'll look into those two. Paul Senior aside: regarding a "100% track record": if you followed me into ESREF as your posts appear to show... you'd not have a 100% record, as I'm understanding it. (I don't know your specific ESREF buy and sell points of course, only just seeing the posts, and knowing that ESREF went belly up.) Regardless, I do note that imo, you have had some very good picks here.