Enterprise value= 4 billion minus 600 million net cash=3.4 Billion. After tax income $370 million x 121/2(inverted cost of 8%capital)gives a current EV value of about 4.6 Billion. This is tading way below current value and there is nothing for future value. Even if they just maintained an average of 370 million in earnings over the next several years they trade well below their current value. One would have to believe a fundamental breakdown of their business model is going to happen to not atleast give them 4.6 Billion of current value.