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I'd say tangible book value is $24/share cause ~$3/share is a deferred tax asset for taxes that won't be paid, not an actual asset.
Fair point. Of course I don't anticipate they will go bankrupt and will eventually use them up so they have some value in my calculations.
I still believe the company is undervalued by quite a bit.
Definitely cheap. The DTA is now exclusively capital loss carry-forwards so let's root for the stock market to go up :)
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