well, i can't for the life of me figure out why nobody here is discussing LVLT anymore... but i do try so hard to stay au courant. i hear securitized racketeering is the latest thing.
so far i can't say that i really care for ASFI's financial statements... not enough transparency to get my own handle on the fake accounting so common in this sector. might get more comfortable with it, but i recommend looking at PRAA and AACC first.
here, see if this link will work:
this is a little spreadsheet i threw together on AACC. the primary data is lifted from the MD&A section of AACC's 10-K (pg. 33 or thereabouts). it is an attempt to look at AACC's historical results from a cash-on-cash perspective and avoid the fake GAAP accounting that i don't find helpful.
i've had a couple comments from acquaintances that these companies "don't look cheap"; i think we're talking price/book metrics. in the spreadsheet i present a little data to support an argument that AACC's (and the others') book value is understated by around 50% of actual worth.
all feedback welcome. i'm still looking at this stuff.
a good question to keep in mind is, "why has AACC's collections experience been better than its peers?"
>>> I just keep adding to my favorites that I've chatted about in the past <<<
Nothing I'm following is in my buy range right now. Well, none of the respectable stocks that respectable people discuss :-).
My "stalwarts" such as BNN, SJR, FDC, and MRD are close to fully valued now though I'm going to keep holding them. They will probably grow at above average rates going forward but there isn't currently a big discount.
Some others I own or am following such as HRL, AJG, COST, JNY and MDT are doing well business-wise but just seem to be fully valued.
In the land of rinky-dink micro-caps and subprime trash, I'm looking at APT and APES (the former), and AACC and ASFI (the latter). I am also taking a second look at SCRA.
Any comments welcome.
>>Coke today is not the greatest thing since sliced bread, even at 10 - 15% lower in price or whatever. What one needs to find is the next Coke or McDonalds. <<
In the 1920's, Coke was booted off the Dow because it had seen its better days and it was only a matter of time before the "next" Coke emerged.
How long are you willing to search?
Hi Mista Parts,
Most of mine aren't falling knives...yet ;-) I just keep adding to my favorites that I've chatted about in the past. The market's combination of lower prices this year and higher earnings has resulted in overall more reasonable valuations. Earlier this year most of my players were sitting on the bench...now most are in the game...waiting for The World Series to begin ;-)
"all guesses welcome"
I would reckon the company itself may have already started buying in shares in quantity. They had a lot of cash on the balance sheet. 150 million shares have been traded in the last couple of weeks. We'll find out if they have when the 3rd Q report comes out.
If it hasn't started to yet, then it will soon, perhaps even within 10% of the current quote.