great result 2009, page-41

This one looks like a good opportunity to me.

I bought this puppy at $1.85 and am happy to hold. If she gets to $150ish, I'll be tempted to have another bite, otherwise, I am happy with my initial purchase.

TGR looks cheap on fundamentals, but as always, has a few risks (mainly due to agricultural aspect, than business model). It seems to me that the business is now run conservatively after a previous scare which gives me confidence in this one. Lets assume that they have a flat year and earn 30m profit:

With MCAP of 230m + net debt of 45m = 275m. If you could buy all of the shares today, it would take you less than 9 years to pay off with current NPAT. This is a fantastic figure - try running it on any other company in your portfolio and they won't even come close.

P.S. this is a formula that I use, and on other threads people have asked me why I use NPAT instead of EBIT or EBITDA. My answer is that I would rather include Interst, Tax etc in my calcs as they are real costs and can't be ignored. It makes sense to me to use NPAT. It disadvantages heavily geared companies, which I am happy to do. I also take growth in to account, but for simplicity, this is a good place to start.

Good Luck!