Stephen Rosenman
Long/short equity, deep value, special situations

Great Southern Bancorp: How To Build A Regional Powerhouse Without Dilution And Still Be Ignored

Let's get this out of the way: Great Southern Bancorp (NASDAQ:GSBC) has been frustrating to hold. The stock has underperformed the regional banking index (NYSEARCA:KRE) despite 9 consecutive estimate-busting quarters, on average beating consensus by 23%. I know of no other company - financial or otherwise - that has surpassed the numbers so consistently and convincingly. Valued at 12X trailing EPS and 1.2X TBV, the share price remains outlandishly low.

To sum up the last 5 years: GSBC bought 4 failed banks, tripled its offices, expanded its square mile footprint at least 10X, and added the valuable Tulsa, Dallas, Minneapolis, and Des Moines MSAs. Along the way, tangible book doubled. In return for making its acquisitions,...

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