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how do you come to your $10 per share bkv? I keep on seeing high $60's
published estimates of BV per share are accurate. Less than 2 weeks ago on CNBC Wilbur Ross stated that he estimated the BV/share for BKIR to be in around .30 Euro per share X 1.4 X 40 gives me around $17 per ADR (no calculator so approx)
i mean $17 not $10
The bank had to recapitalize. Wilbur Ross's investment at 0.1c euros per share increased the number of shares outstanding. The number of shares outstanding is now 30 billion.The ECB has stated that the Bank of Ireland DOES NOT need anymore money for recapitalization. Thus, the only decreases in book value per share would be to further losses and not due to dilution.Thus, buying at these levels will give you a significant buffer against any further losses.Limited downside and great potential upside. Read Wilbur Ross's comments about his investment here:http://www.guardian.co.uk/business/ireland-business-blog-with-lisa-ocarroll/2011/aug/31/ireland