back in , page-40

kgtom

not want to persist with this however you said

"Take otu the cash, adjust and COE's PE is reduced considerably. What About STU, I don't know and don't care, but if you make comparisons,then Cash, reserves and leasesare to be considered."

So in your example, if STU issued shares to raise cash, then by your own methodolgy one should take that cash back out and re adjust PE to get a fair value.

By the way even if you doubled STUs PE it would still be lower than COEs.

I dont hold either although I like both however Ronstieb's point about timing is a good one