2014 was not a great year but book value keeps growing at a decent rate over time. Downside protection with a valuation at 0,57 * tangible book.
What is this business worth?
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.