Extremely.
More importantly, BNCC is both unrecognized and cheap.
Although I generally rely on my own work, sometimes it is nice to have a second opinion to compare or contrast. I have been unable to find any research done on the bank outside of a company report produced by S&P.
About a week or so, I began reviewing quarterly reports trying to estimate final 2012 income and expenses.
[Warning: I am not a huge fan of EPS estimates and the (over)reactions to "hits" and "misses". A penny or two either way means little if you own a great business. EPS estimates are very much point spreads in football. SMU was favored by 3.5 over Rice last week. The Owls won 36-14. I would never think of selling my alma mater short!]
BNCC will probably report 2012 EPS of at least $5.35. Earnings will be overstated due to the insurance recovery and tax attributes. No taxes have been due in first three quarters. If you normalize the income statement by removing these items, BNCC would earn about $4.00 per share.
Cheap. Really Cheap.
Obviously, I am not the only one to figure this out over the past week.
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