Barrons, I like your analysis. ETT seems good to me and I just bought a bunch of it after reading the quarterly report. But one thing you don't mention, which is the obvious problem with ett. That is, ghv: all your figures count on ghv making it. I'm hoping and betting that it will; but that's the issue. If GHV weren't in doubt, ETT would be much higher--with a share price that reflects the figures you provide. I would say, "go ett", but really, "go ghv" is more or less the same thing.
I checked out IHS (IHSVQ) another nursing home bancruptcy victim who reportrd $55 million in EBITA which leads me to believe that GHV is pretty much out of the woods for the next couple of years barring major managment missteps. I agree with numbers excpet that I am a tad more bullish that decline in LIBOR and rent increases might get ETT slightly higher earnings and thus dividend potentially .05-.10 higher.