every new site that is purchased adds roughly $0.02 EPS
at Friday's closing price per share, that makes 2012 PE in the range of 3.5-4.25.
There have been lots of good posts of late on TA's valuation but by any measure this is one cheap stock. And it's profitable, it's growing, owning key interstate locations and one of the top two biggest in the industry it is approaching a duopoly status, fuel margins are being better managed and now more profitable, management is exhibiting an opportunistic bent to buy assets at fire sale pricing, cash flow is good, little debt, all the greenfield land parcels and the TA "owned" sites are free and clear of all debt...I could go on and on..lots to like about TA at this price....
IMO, after 1Q 2012 and assuming that TA will continue to beat and narrow its seasonal 4Q and 1Q loss, we will see rise in stock price to near $8 level in preparation for a strong Q2 and 3 again.....wall street will build more trust to the numbers and start more coverage of the company at at buy with higher stock price target.