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Interesting reminder.
The five year price chart is truly something to behold.

Of course, they're usually at the top of any novice value investor's list of "things not to buy by accident when screening".

To give them some credit, they have managed their decline far better than most firms.

You're right, a forward P/E of 3 does seem to count as a significant margin of safety.
The stock is priced more or less as a call option, but zero exercise cost, no expiry date, no time premium, and you get a 5% dividend yield.
It covers a lot of downside, and is more comfort than usual because their business has traditionally been pretty predictable.

But...am I feelin' lucky today? No.
Call me at a P/E of 2!

Jim
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