BBR HOLDINGS (S) LTD

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10 years 2 months ago #20703 by sykn
Replied by sykn on topic BBR HOLDINGS (S) LTD
T

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10 years 2 months ago #20713 by FairPerson
Replied by FairPerson on topic BBR HOLDINGS (S) LTD
Sykn: What does "T" stand for?

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10 years 2 months ago #20714 by sykn
Replied by sykn on topic BBR HOLDINGS (S) LTD
Sorry, it was a mistake. I did send you two emails in response to your request, not sure if you received them. Regards.

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10 years 2 months ago #20718 by FairPerson
Replied by FairPerson on topic BBR HOLDINGS (S) LTD
Sykn: Thanks for the two emails. Think probably went inside spam folder. Will check my spam folder.

Thank you very much once again for sharing them.

sykn wrote: Sorry, it was a mistake. I did send you two emails in response to your request, not sure if you received them. Regards.

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10 years 2 months ago #20815 by FairPerson
Replied by FairPerson on topic BBR HOLDINGS (S) LTD
BBR Holdings (S) Ltd Graham Number S$0.94 (As of Jun 2014).

www.gurufocus.com/term/grahamnumber/SGX:...%2B%2528S%2529%2BLtd

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10 years 2 months ago #20817 by sykn
Replied by sykn on topic BBR HOLDINGS (S) LTD
Thanks for sharing; I've never come across this before. If I follow the worked example, it appears that the earnings information is not captured by the formula, only the Tangible Book Value. I cannot figure out how the 22.5 (1.5 NTA x 15 earnings) links to the actual earnings of the company at a point in time. I have read Graham's book (the first one I read when I went full time in this business), and managed to derive some formulas from that book, the most basic of which is this:

EPV (earnings power value) = EPS (average earnings in the next 7 years) x C (capitalisation rate where 8<C<21; a concept close to P/E)

Accepting that this is still more of an art than a science, my EPV valuation of BBR came up to more than $1.00, hence I am not surprised that the Graham number given in your reference is $0.94. But of course, in the real world, the market may not care about such things, so we need to pepper this with a healthy dose of realism!

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