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I know you're shying away from using existing Motley Fool picks for your own portfolio, but I thought I'd bring up LQDT. I recently did a "deep dive" on LQDT prior to picking up a second position:

Here's a piece from my valuation analysis:

For fun, I tried to reverse engineer what expectations the market is pricing in to the current stock price. I had to check my math again as my results appear hard to believe, but using 2010 FCF of $28 million, the company needs to grow FCF at only 1.83% per year to hit $15 per share. That’s it. Short-term, long-term, terminal growth rate, whatever – only 1.83% annually. If the company grows cash flow at even 5% from here on out I get a valuation of $22.

I used a lower hurdle rate than you do (12% I think) but I doubt upping the discount rate to 15% would change much of anything. Anyway, thought you might find it interesting, though given that you're already an SA analysis, you've probably already looked LQDT. Even if you don't want to use it for MUE, I'd be curious to learn what your model concludes about what growth rates are currently priced in.

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