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

To: Michael Burry who wrote (7126)	5/12/1999 12:19:00 PM
From: 18acastra	Read Replies (1) \| Respond to of 78464

MFC Bankcorp, MXBIF, good business, 6x P/E, near book value: Suisse Bank trades on US exchange. 12.2mm basic shares, 14.9mm diluted shares (convertible debt): -$60mm net cash = $4.50 share in cash $25mm cash $50mm marketable securities $10mm liquid/excess receivables ($35mm total receivables) $26mm debt -$90mm hard book value = $7.00 share in book value but royalty interest on books at $1.4mm generates steady $8mm/year in EBIT (flows into EPS), and real-estate on books at $4mm worth between $10mm-$15mm -Sum of the parts analysis = $16/$17 share Bank generates $15mm/year EBIT = $105mm value at 7x Royalty interest $8mm/year EBIT = $56mm value at 7x Net Cash = $60mm Real-estate = $12.5mm at midpoint -Catalysts: Developing an internet strategy that may be announced soon *May be coming to US to market their story in June, and nobody likely knows it as it is a small-cap, underfollowed, undiscovered name JMHO.

To: Michael Burry who wrote (7126)	5/12/1999 12:31:00 PM
From: Grommit	Respond to of 78464

Feet & Non-Branded retailing Thanks for the comment. Branded Retailing seem to be doing better here also -- cbs.marketwatch.com I will look further into FEET. I do not understand the stock price. Q4 was bad due to the acquisition and associated remodeling and shutdowns, but this year looks promising. Q1 sales are good. I do not know what I am missing. I like non-branded discount retailers. ROST stock, for example, was depressed over the past 6 months and has now recovered. (I bought at that time and reluctantly sold them recently.)