I am a relatively new ASFI shareholder. I am a balance sheet/cash flow value investor and I find financials relatively difficult to value. With ASFI I subtracted the cost to purchase collectibles along with CAPEX from operating cash flow and assumed 0 growth and a 15% discount rate to value the TTM free cash flow. On the balance sheet I subtracted total liabilities from cash and 75% of AR to come up with a conservative book value. I think the stock is currently worth $12.50 to $13.
Does that seem reasonable to those of you who are serious longterm investors?