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Author: doubtit Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 3324  
Subject: Extremely Cheap - See pages 22 & 23 Date: 9/3/2008 8:28 AM
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Valero is a TAKEOVER candidate for company that has crude to refine.
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At $66 per share, a buyer would be buying refineries at 66% of replacement cost

Implied value per barrel = $3140 (page 23)

New build cost = $25000 (page 22)

VLO replacement cost = $15000+ (page 22)

Lehman presentation

http://library.corporate-ir.net/library/10/100/100647/items/...
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