Ann: Full Year Statutory Accounts , page-7

Hmm I'd say we see eye to eye then but have different valuation methods and required rate of return.

It's approaching overvalued territory according to my required rate of return above $1.50

It then approaches undervalued territory according to my required rate of return below $1.20

For me.. I consider the range $1.20 - $1.50 holding territory. One of the problems with the values I've applied to Beyond is that it didn't allow me much capital gain because I got it only just undervalue (by my analysis) and sold only just overvalued for a not-that-impressive 25%.

The problem is that I missed buying it when it was on offer with a big margin of safety. Generally speaking it's a good enough company that if you buy below value you would have quite a small risk of capital loss over the long term.

At least that's the theory.