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

To: Paul Senior who wrote (39055)	9/1/2010 4:44:14 PM
From: JSB	Read Replies (1) \| Respond to of 78740

Paul, are the Yahoo numbers on GAI to be believed? No debt and 12 bucks in cash? I may have to join you there, especially since they just reported a nice profit. Another mystery. From their last Balance sheet it's all about the quality of their receivables since they're about equal to payables. Otherwise, cash is less than payables and maybe why they trade at a discount to cash?

To: Paul Senior who wrote (39055)	9/1/2010 9:14:19 PM
From: Jurgis Bekepuris	Respond to of 78740

GAI is not a cash net-net. It is an NCAV net-net, but I would discount the non-cash part of current assets by at least 50%. So in total it is something like 45M cash + 20M other current assets at 50% - 33M liabilities = 32M against 26M market cap if one believes Yahoo. Not bad. The numbers are from March 2010 though, I am not sure there are more recent results.