IBI Group Inc T.IBG.DB.E

RE: RE: Backlogs and accounts receivable

[SGordB]

The good news re insiders continues to be that none are selling. As recently as Aug 1, two bought about $8000 worth at $9.90. It seems to me that now that the implied stink bomb has failed to materialize - to the contrary, EPS beat estimates by 3 cents (though revenue was a little shy) and there's no hint of a cut in their surreally generous dividend - it "should" rapidly correct up to a 2012 forward PE north of 10, for an SP of at least $10 or $11. I guess some "colour" on anticipated growth (which could be flattish rather than 30%+ as current estimates project) in the conference call could mean the difference between a PE of 10 and a PE of 15. If there's a turd here, perhaps this is: flattish growth in this economically constrained environment - even in Canada, certainly in the US and probably in the currently austere UK.