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Stingy Investor Tip Sheet

Tangible Book Bargains

Value investors often seek stocks trading at a discount to book value. Really thrifty value investors look for stocks trading below tangible book value. Tangible book value only counts hard assets and ignores intangible assets like goodwill.

Today I decided to look for Canadian stocks trading at a discount to tangible book value that also happen to be profitable. After all, it's best to buy productive assets on the cheap.

Company			 Price	P/TB  P/E Leverage
======================= ======  ====  === ========
ACE B (ACE.B)		 $5.65	0.14  0.2    3.6
Quadra Mining (QUA)	 $5.27	0.40  1.5    1.6
Imperial Metals (III)	 $3.20	0.48  1.6    1.9
ADF (DRX)		 $1.80	0.87  1.7    1.4
Pebercan (PBC)		 $1.44	0.47  2.2    1.3
Taseko Mines (TKO)	 $1.08	0.66  2.9    2.5
Air Canada A (AC.A)	 $4.51	0.30  3.2    4.5
Petro-Canada (PCA)	$25.41	0.86  3.2    2.0
Inmet Mining (IMN)	$25.00	0.73  3.4    1.4
Teck Cominco B (TCK.B)	$14.32	0.82  3.9    1.7
Hudbay Minerals (HBM)	 $4.61	0.47  3.9    1.3
Linamar (LNR)		 $8.03	0.62  4.9    2.0
FNX Mining (FNX)	 $4.75	0.52  5.1    1.3
Velan (VLN)		$11.35	0.86  5.2    1.7
Equitable Group (ETC)	$14.25	0.84  5.2   16.8
Source: Bloomberg, October 22, 2008

P/TB = Price/Tangible Book Value (MRQ)
P/E = Price/Earnings (TTM)
Leverage = Assets/Equity

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10/24/2008   1:00 PM EST   Permlink   save & shareP/B



 
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