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No. of Recommendations: 5
“and they can get a 20% discount by buying now at 1.45 book”

Except that’s not quite what their stated parameters are... The parameters were not stated as a policy to repurchase shares at a discount. The policy is to repurchase shares “at intrinsic value conservatively calculated.” That to me implies that they have a range of IV using various metrics and that they will gravitate to the lower IV metric (which may be some multiple of book value or not).. “Intrinsic value conservatively calculated” is far different than “under-valued.”

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