huntley research, page-5

"Our $36.00 valuation is based on a FY09 PER of 14.5 times - less than our Macquarie Group valuation of 16.0 times - which reflects a long-term view of the business and doesn’t assume another bull market in financial stocks. The valuation might currently seem generous but the multiple looks past the credit crisis and does not price in short-selling or margin calls. Even a multiple of 10 times FY08 earnings gives a $17.74 valuation, 62% above current prices. Investors can see the major fear priced into the stock. Essentially we think the stock will be rerated due to:"


$36 valuation?


Hey?

Am i missing something?

Mr Huntley, have you been drinking?