people who are rating bnb based on the dow, page-6

mbeard and all:

31 Dec 2007 NET ASSETS $2.5 BILLION, NET PROFIT $639 MILLION, CASH $2.5 BILLION, NET CASH FLOW $672 MILLION

See annual report. Pages 23, 115

This means that Total Owners Equity is $2.5 BILLION.

Current Market Cap: $435 Million (probably less now at $1).

So - BNB is undervalued by approx $2 Billion. Share price at least 5x lower than it should be, and thats not factoring in the intangibles and earnings capacity (which BNB have proven to return on).


Sure the situation has changed a bit since the annual report, but this is the bargain of the century and will probably be one of the stocks that rebound the hardest.

3 Month Bill yields were up today in the US - this means risk is coming back in the market as these bills are sold off and the money pumped into the stock market. Today was different in that the market was finally being perceived as cheap and there was a lot of re-entry. Credit markets eased today. The market is back!