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Gafisa S.A. Message Board

  • abcs.learning abcs.learning Feb 24, 2013 6:10 AM Flag

    I crunched the numbers tonight

    I come up with assets minus liabilities of US $2,637,000,000 divided by 216ML shares for a book value of $12.21/share for the ADR. Seems dirt cheap to me? They are in a tight bind this Spring because some Tenda units are being sold and some receivables need to be collected, but their assets (inventory + receivables) + cash = R$ 9.345 BL. Their total debt (including construction obligations) is R$4.174 BL. Gross margins, net margins, and revenues are increasing, and that on a lower sales base as they consolidate and sell off non strategic assets. I say that if they can get through this current rough spot, they will have 3 divisions to meet every economic class in Brazil. They are very similar in structure to Pulte Homes in the states.

    Sentiment: Buy

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