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Subject:  First Marblehead @ $32 Date:  11/8/2007  8:26 PM
Author:  hheiserman Number:  1394 of 1817

Attention K-Mart shoppers. First Marblehead (FMD) is now selling at 4x EV/EBITDA. Anyone notice? This is "take me private" land.

Too cheap, even with the 1) turmoil in the asset-backed securities market and 2) Ambac's woes.

FMD has been in the Earnings Power Box four of the last five years ending FY07, and is also forging what I'll call a "higgedly-piggedly" Earnings Power Staircase.

Christmas is 7 weeks early.

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