BNCCORP, Inc. (BNCC)

[vpagano]

Let's see where we end up with at various ROA%'s and a 10X earnings multiple, using $742 million in assets and 3.33 MM S/O:

.5% = $3.71 MM earnings X 10 / 3.33 = $11.14
.6% = $4.45 MM earnings X 10 / 3.33 = $13.37
.7% = $5.19 MM earnings X 10 / 3.33 = $15.60
.8% = $5.94 MM earnings X 10 / 3.33 = $17.83

Taking book value into account, I'm comfortable assigning a $12 floor as the valuation.

I had a small buy a little above $7 where 10 Bagger added and then another chunk at $7.85. I'm comfortable in a slow rise to my / our price targets and beyond, or a buyout as the Bakken attracts investors in many forms.

-Pagz