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To: Spekulatius who wrote (2990)	6/18/2012 11:05:55 PM
From: thatsnotluck	Read Replies (1) \| Respond to of 3249

Re: KSB3.DE - I posted this on the value board, but this is an extremely cheap and so how do you trade your foreign stuff? is it hard to set up an account? do you use foreign currency or do they exchange clownbucks? or it available in gray market?

To: Spekulatius who wrote (2990)	6/19/2012 11:27:39 AM
From: DoggyDogWorld	2 Recommendations Read Replies (1) \| Respond to of 3249

Re: KSB3.DE - I posted this on the value board, but this is an extremely cheap and Thanks for bringing this one up. The GuruFocus article shows op margins averaged about 2% from 1999-2005 vs. 6-10% in recent years. Do you understand why? Is it just cyclical or did the company change in some fundamental way? If I use normalized 10 year earnings I get a 12-ish p/e ratio. Still not bad but not the same kind of screaming bargain that it looks to be based on recent results. So should we value it as a cyclical or growth company?