My first and only article about BNCCORP, INC. (OTCQX:BNCC) was published one year ago, and it started out by saying that:
Even after rising ~450% YTD, shares of this $38.6 million company are extremely undervalued as they trade at a 23.3% discount to book value. And, with the results that they have been posting lately, even a 50% reduction in regular quarterly incomes would imply a forward P/E of only 5.85. Anyone like margin of safety?
Since that time, shares have moved up by more than 50%, with a large part of the move coming in the past few months after the bank topped a list of the top 200 community banks and thrifts, as ranked by 3-year...
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