Global Value Investing

[throwerw]

ANS

2 billion pesos on the balance sheet due to security sales, 600 million total liabilities. Total Equity is 10.8 billion pesos, mostly in the form of cash and marketable securities. 1.35 billion shares outstanding, market cap 4.6 billion pesos.

The Company has been buying back shares on a regular basis, share count is down from 1.6 billion in 2006. Now that they have this huge amount of cash on the balance sheet, they could buy back shares in a big way, and it would be incredibly accretive to the stock's value. Let's say they are doing it now, and can take out 350 million shares at the current price. The stock has been trading at 3.4 pesos or below for four months.

Total Equity 9.6 billion
Total Shares 1 billion
Book Value per share 9.6 pesos

You can buy into companies like Philippines Long Distance Telephone, which already looks cheap with a 6% yield, at a third of the price. Wow.