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No. of Recommendations: 0
Their current liabilities are quite high so net cash and investments is less than $390M.

What liabilities are you looking at. To get an estimate of net cash /investments I subtract just the debt. Rest of the current liabilities are balanced against the other current assets.

In any case, from recent quarter:
Total current assets: 958M
Total current liabilities: 510M

Net: 448M


The calculations you do for determining MUE would have been worse last -2 years back when stock traded near cash value at $17. Since then shares (and my investment) have doubled.

I think it is a mistake to focus only on growth and ignore a large cash position. But I understand if MUE philosophy is different.

Anurag
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