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Ruby Tuesday, Inc. Message Board

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  • michaelpaschal03 michaelpaschal03 Oct 16, 2012 3:14 PM Flag

    Sorry, but who could possibly be buying here?

    Look you fk´n jkazz. You dont know what the current market value of their properties are. And they dont know. I do not care what they carry on their balance sheet as far as fair value of properties. It doesnt mean much when they also have a lot of debt. The answer, however, is about 1.6, but I dont know what that supposed to prove. A lot of companies are asset rich, based on puchase price minus dep., and debt poor. The balance sheet fair market value of their properties is not actual mark-to-market value unless they have recently had all properties appraised, and someone is actually making an offer on the properties. You cannot apply mark-to-market rules of accounting to a company´s balance sheet, unless they are trading some sort of derivatives So they have 65m in the bank. You think they will do a buyback. All companies announce, but few actually do. They stated back in June they were going to repurchase 5 million shares or so over time. They did a bit of repurchasing, anyway, without much ado about it.

    So, their book is a bit over $9.00 at about $9.15. Did my own calculation. I dont trust Y!. At about 63m shares, that gives book of $576m. Properties and the other at purchase miunus dep. was $939.7m. So, 1.63.

    Now, how do you figure that makes this company worth over $10/share? The company is not even worth book! Property values have come way down since they bought most of these properties, and they dont have to list at what they can sell for, they just have to list for what they paid minus dep. Sorry, but RT is not an attractive buy at anything above $6.00. After all, nobody wants to purchase shares at full value. We all want shares at a discount.

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