RE: What is BEV worth?That was a very good message Paul...thanks for putting it together & sharing it with us. I like the way you covered the base case as you see it & then added the potential upsides that could transpire.
Some comments based on my own opinions. I think your range for FY2005 of $2.00-$2.75 is lower than what I expect. Mine would likely be $2.40-$2.85. I also do not agree with the multiple of 10 argument presented by you & others. I think it is highly likely that a third & perhaps eventually a fourth facility will eventually come on line, where ever that is or that existing facilities will be expanded. I also think that Bennett will come up with other methods for revenue & EPS generation over the coming years. There is so much to clean up in our world. I also think the contract management opportunity will continue to produce some level of EPS boosting for years to come but it is very difficult to predict how much per year.
I know there are an awful lot of companies trading for multiples of 10 or higher that have much less predictable earnings streams, way more debt, worse management, high pension obligations & riskier potential liabilities.
All in all though, I think your summary is a keeper for future reference & a good guide for anyone thinking of investing in this stock. On a risk/reward basis, the stock looks pretty solid from here. I don't really think the inherent risk is any greater than with any other listed company....just different. Cheers!!!