Look at other credit card companies like COF, ADVNB, DFS all trading at or below book value. This is an easy short sell here. EXPENSIVE. This is NOT MA. MA does not take credit risk like AXP.
The company still expect to see earning growth, said it expects 2008 earnings per share to increase from 4%, to 6%, in 2007, with PE of only 12.95, its a great buy.
Surely, you're not basing your buying decision on this one -- and I might add dubious -- metric?