sp for COF at these levels does not make sense, if we assume that the 30/6 business update is correct: that ebitda to 30/6 will be 10-20% higher than 2009 and that forward projections are positive (with some ambiguity re 'challenging conditions').
If the COF update is correct, then the current pe ratio and divyield for COF are very attractive, but I don't understand the reasons why they fell so far, from 1.85 to .85 in 2 months, and why they recovered from .85 to 1.10 in 2 weeks?
A year ago I sold out of my AAX and now see that the sp has had a similar experience to COF at the same time:
AAX in 2010
April 5.25
down to 1.71 in July
now recovered to 2.15.
same business as COF!
Perhaps that sentiment has affected perceptions re COF.
cof cof cof !, page-8
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