at 20x it would be a 50 dollar stock, page-17

It would be foolish for current owners and/or potential owners to expect an onward and upwards movement in this market filled with fear.
They reaffirmed the profit, they are not investment bankers and they do not deal in CDO's. Understanding Babcock would be the first step and comparing them to say a Bear Stearns purely is wrong.

Be patient. The market can stay irrational longer than any individual can stay liquid. Phil Green and his direct reports are the best in the business. I believed that at IPO and still believe that today.