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Doral Financial Corp. Message Board

  • don_t_panick don_t_panick Mar 19, 2013 3:53 PM Flag

    DRL book adjusted book value calculation

    DRL currently has a book value of $3.76 / share. They have an additional $2.22 / share of deferred tax assets being carried at zero (figures from their Q4 investor presentation). As we saw in Q4 they can use a profitable subsidiary such as their insurance business to utilize the tax assets. The "good bank" that has been created by putting the bad assets in the "bad bank" will be profitable in 2013. This will enable them to utilize the remaining tax assets being currently valued at zero.

    Adjusted book is $5.98 share including the tax assets. At 69 cents per share DRL is trading at .69/$5.98 = 11.5% of book value. Compare to FBP at 88% of book and BPOP at 71% of book.

    For my full writeup on DRL and other undervalued micro caps, email me for a free sample copy of my newsletter. My yahoo mail is mrpanick

0.72-0.62(-46.27%)Feb 27 3:27 PMEST