BNCCORP, Inc. (BNCC)

[vpagano]

Awesome Hank, let me do a little back of the envelope test here:

$36 a share * 3.3 MM shares = Mkt. cap of $118.8 MM
$118.8 MM / 10x Earnings multiple = Earnings of $11.88

ROA of 1.5% (just an example):

$11.88 MM / 1.5% ROA = required assets of $792MM

Current assets = $771MM
Asset growth required = $792/771 - 1 = 2.7%

You get the idea even with adjusting the variables AND we're still trading under BV. I'm loving where this is heading and may add more on any post-earnings pull-back.