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

To: IndependentValue who wrote (55714)	7/27/2015 11:39:12 AM
From: Graham Osborn	Read Replies (1) \| Respond to of 78748

Hi IV, Sorry it took me a bit. I was lazy and pulled these (except the net net value) from my screener but here are the hand calculations from the last Q: EV = Cap + Debt - Cash = (80M Common + 15M Class B) + 0 - (10M Cash + 87M Securities) = -2M CFFO last 4Q: 4.642, -1.564, -2.46, 3.404 CapEx last 4Q: -0.261 , 0, -0.095, -0.004 FCF last 4Q: 4.381, -1.564, -2.555, 3.4 -> 3.7M EV/ FCF: -2M/ 3.7M = -0.55 TB: C&E 10M + Securities 87M + P&E 7M = 104M (aggressive since I've left out AR and inventories completely) P/ TB: 95M/ 104M = 0.91 I agree that a family business can freeze value, but I still would like to see organic growth prospects to push up the tbook over time. Both from my reading of Mike Burry and James Clarke's old posts on this thread and my reading of Graham, organic growth prospects are a reasonable expectation even from a net net. Good luck, Graham