Seems like debt to equity will be 1:1 at the end of this year or early next year. So what. Whether it's 1:1 or 2:1 doesn't really matter. All that matters is that each new facility pays for itself. If they can borrow at 10% and earn 20%, or even 11%, it's an accretive deal. If they keep doing this at the pace they are currently doing it, the stock price will ultimately go up.
If the stock is still 14 a year from now, we won't care. Someone else (smarter than the analysts)will own it. If I had the money, I'd buy every share at 14, sit on it for a couple years, leverage it like crazy, then take it public again. There may be others who do have the money and feel the same way. Doc would never, I presume, do it now; but a year from now, who knows?
Speaking of analysts, I love a recent on-line brokerage ad that shows a guy grudgingly waking up, taking the train or bus, riding in a crowded elevator, sitting down at his computer, and making a futile cold call. The ad ends with, "If your broker's so smart, why is he still working?" My feelings about the analysts. Condescending or not, Cleo, JMHO. Stephens, Bradford, Legg-Mason, PaineWebber, etc. - what a bunch of geniuses.