Updated Valuation and SWOT - RSG, page-3

Hi Eshmun,

Your points I agree with. What I am doing in this valuation report, in order to prevent myself from being censored here for giving unqualified financial advice, is to use the past information and explain what the management expects in the future and conclude that based on past information, the current stock price is overvalued. However, if one wishes to take into account management forecasts and a more positive outlook in the future, then you can use your subjective valuation metrics to justify a higher stock price going forward.

You know that for a while, I have been more positively leaning on the company going forward, while giving some leniency on their past delivery that has not been the most flattering.

That is why I am holding my stocks despite saying it is overvalued based on current performance and management guidance. If management upgrades their guidance in March, then there may be a case for the stock being not as overvalued.

Cheers,
Brian