Another Analysis of ResultsFFH has performed well in recent quarters and now trades at 1x times' Price/Book. In Q4, revenue grew 40% to $9.7B, beating estimates of $7.8B and EPS is $78.33 compared to last year of $33.64. Book value per share grew 4% from US$630 to US$657. The balance sheet is strong, with a total debt-to-capital ratio of 26.2%. During 2022, FFH also repurchased shares worth $348M, indicating management believes shares are undervalued. Going forward management still expects to compound book value per share by 15% annually, although we think this is quite a high bar to achieve. Overall, the company has been growing and repurchasing shares over the last few years and valuation appears attractive here. Although the company did not perform well in recent years, with share buybacks in place, we think current investors could still do well going forward by holding at these prices. (5iResearch)