**What is this business worth?**

**Asset value:
**Tangible book value per share is currently at 79,4 USD/share. If they can create value of 10% a year thru buy backs and dividends, book value should be met, leaving an upside of 49%. Further value can be created if the company is to be split up, with Icahn as the main driver.

**Earnings power value:**

Earnings have to come up to a 10% ROE to justify book value. Right now a 3% downside looking at the 5yEPV.

Disclosure: The author had no position when this post/analysis was written.

]]>**What is this business worth?**

**Asset value:**

TBVPS equals 175% upside.

**Earnings power value:**

Last 5 years earnings average equals 132% upside.

Last 10 years earnings average equals 187% upside.

Disclosure: The author had a long position when this post/analysis was written.

]]>**What is the value of the business?**

**Asset value:**

With an annual book value growth at 17%, an annual investor requirement at 10%, and a current price to tangible book at 0,79, the remaining upside is 211% motivating a share price of 316 USD/share.

**Earnings power value:**

5yEPV upside of 81%.

10yEPV upside of 53%.

Disclosure: The author had a long position when this post/analysis was written.

]]>**What is this business worth?**

**Asset value:**

TBVPS equals 78% upside.

**Earnings power value:**

Last 5 years earnings average equals 51% upside.

Last 10 years earnings average equals 84% upside.

Disclosure: The author had a long position when this post/analysis was written.

]]>**What is the value of the business?**

**Asset value:** Massive upside. 4 times your money if you are happy with a 10 year annual average increase of book value at 9,37% + dividend.

**Earnings power value:** EPV 5 years which is the most pessimistic valuation, still have an upside of 3,22 times your money. Until that happens the 5y average EPV market currently give you a 32,17% return on your invested capital a year. Not bad.

Disclosure: The author had a long position when this post/analysis was written.

]]>**What is the value of the business?**

**Asset value:**

With an annual book value growth at 20%, a 10% annual investor requirement, and a current price to tangible book at 1,29 the remaining upside is 89% motivating a share price of 319 USD/share.

**Earnings power value:**

5yEPV upside of 26%.

10y average EPV has a downside of 5%. Return on incremental equity last 10 years is at 10,54% explaining the increase of earnings over time thru good capital allocation.

Disclosure: The author had a long position when this post/analysis was written.

]]>**What is this business worth?**

**Asset value:**

60% upside on tangible book.

456% upside looking at the last 5 years growth of book.

**Earnings power value:**

41% downside looking at average 5yEPV.

12% upside looking at average 3yEPV.

109% upside looking at last 12 months EPV.

Disclosure: The author had a long position when this post/analysis was written.

]]>**What is this business worth?**

**Asset value:**

10 year average annual book value increase of 22,98%.

5 year average annual book value increase of 43,84%.

54% upside looking at the most pessimistic 10y annual average.

**Earnings power value:**

21% upside on 3y average.

14% downside on 5y average.

Disclosure: The author had no position when this post/analysis was written.

]]>- Continuous share buybacks at a high price.

- Goodwill growing from acquisitions.

- Share options diluting current shareholders - not connected to business fundamentals and no downside for the awarded employee.

- Low profitability.

**What is this business worth?**

**Asset value:**

Average book value growth at 4,29% annually last 10 years.

Motivated price based on that growth and a requirement of 10% return annually equals a price of 184 DKK/share, leaving a downside of 75%.

**Earnings power value:**

Income per share is based on comprehensive income. 10 year average ROE is at 6,58%.

10yEPV motivate a price around 285 DKK/share leaving a downside of 61%.

Disclosure: The author had no position when this post/analysis was written.

]]>**What is this business worth?**

**Asset value:**

76% upside on tangible book value.

Last 10 years increase of book value shows an average of 10,13% yearly. 78% upside.

**Earnings power value:**

10yEPV equals an upside of 90%.

5yEPV equals an upside of 98%.

Disclosure: The author had no position when this post/analysis was written.

]]>