Just an interesting side-note. I applied Graham's formula to assess if SIAF were an overvalued or undervalued stock.
Basically, Graham's formula is the square root of (22.5 x Diluted EPS x Book Value Per Share).
Taking SIAF's year-end stats we'd have sqrt(22.5 x $0.14 x $1.58), which gives us a fair value of $2.22 per share.
Now, knowing how conservative Graham was in his approach (his rule was never under any circumstance own a stock w/PE over 15), his methodology tells us he'd be interested in looking at SIAF currently priced at half of his valuation (i.e. SIAF is undervalued by his standard).
Before someone asks me what 22.5 represents, it's derived from multiplying Graham's limit on PE (15) and his limit on P/BV (1.5).
Graham was someone who cherished fundamentals. I know that it's a dirty word today, but in all honesty had fundamentals been adhered to before 2008, we wouldn't have had the meltdown that we're still reeling from to this day.
