Insiders Buying at 5x FCF and 0.6 TBV

Also includes a fortress balance sheet and highly rational capital allocation.

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Today’s business is being priced for terminal decline and complete collapse within the next few years.

Despite the fact the core business has been operating for over 100 years, and has been through every major cycle and crisis during that time.

The reality is that management is buying stock with their own money on the open market and the balance sheet is a fortress of liquidity.

Here are the valuation ratios:

TBV = 0.6

EV/FCF = 5

P/FCF = 5

We have massive downside protection from the balance sheet, which full of cash and tangible assets.

The idea behind this one is really simple:

If you don’t think that every worst case scenario disaster will actually happen, there is probably a nice return to be made.

Let’s take a look…