Dec. 30 at 10:17 PM
$APT 71.5% of Tangible book value. We could buy back 3.9M shares at this price (If we had the repurchases approval and the willpower to do it) and we’d get tangible book value per share to
$7.09 without even so much as a penny of additional profit. Realistically, it would take us at least 4 years, at which time book value per share would be at least
$9.25 (if earnings and share price are stable). The market wouldn’t allow such an underpricing, which would drive share price up. Even at 71.5% of tangible book it would be
$6.61: a 52% increase, and 11% per annum growth. Buying here and the company’s responsibility to buy back as well seems like a no brainer.