I just came on board at 28. The question is: Is LNR still a good value? The low P/E for a company that has put up impressive past numbers and looks to continue growth at 15% plus/yr. says "Yes". Not to mention that the true net asset value (book value) of this company has got to be $40 plus. Anyone else have an accurate number on that?
"Thank you" to management not only for using the assets wisely to generate great earnings growth, but also for buying back 2 million shares. I appreciate that it gives me a proportionately bigger slice of the LNR pie.
If LNR had a sexy story, imagine what PE multiple the market would attach to a company with this kind of earnings growth! But with the exception of basically 1997, the market has not been authentically excited about anything to do with real estate in a long, long time. Thats OK. Lets just keep generating $ and shrinking the share base.