fundamental valuation, page-5

Ah J.W. Pepper I simply love it when people get snipy.

I said fundamental valuation, not whatever the market wants to price it at. Very different, the market can misprice for an extended period of time, that has no impact on the fundamental valuations, just market perceived valuations.

The fact that this might be my first post on this again is irrelevant to the fundamental valuation.

And again your next comment about expansion plans again does not change my fundamental valuation.

They need to run just to stand still.

And again your comment about Macas is completely irrelevant. Macas has massive barriers to entry and Macas operates as a franchise business. Some some misunderstanding on your behalf.

But lets do look at a couple of valuation pin points:

Dividends now below 2008
Sales are 60%+ higher than 2008, yet cash flow per share will be lower and EPS (after downgrade) will be the same.

Book value per share is increasing, yet ROE is declining.

I will state that management has been good stewards of this company, they have done a good job by shareholders, but this is already built into my fundamental valuation.

So if you want to believe potential sell side broking reports that states fair value at a PE of 13, be my guest.