0.3x Book Value. Single-Digit P/E.

Consistently profitable. 46% below adjusted NCAV.

Key Metrics:

• 46% discount to adjusted NCAV

• Hidden asset value

• Single-digit P/E

• 0.3x book value

Let me start with a confession.

Today’s business is a boring one.

It doesn’t build AI models. It doesn’t promise exponential growth. And it doesn’t dominate headlines.

But it does produce something I like far more: steady cash flow.

The business has been around since 1934. It has lived through war, recessions, bubbles, and financial crises. Yet it has remained consistently profitable and has not reported an operating loss since 1999.

But it’s not only resilient. It’s also dirt cheap.

The stock trades at a single-digit P/E and 0.3x book value. There is more than 80% upside just to get to NCAV plus investment securities alone.

Ironically, those investment securities are one reason the company is overlooked.

Most screeners do not include them, which makes it look like the company has net debt. But if you only look at cash and debt, you miss a large portion of liquid assets sitting on the balance sheet.

And even when investors notice the investments, it is not immediately obvious what they are. Without opening the annual report, they could be mistaken for low-yield government bonds. In reality, many are stakes in well-known, high-quality companies.

Put all of that together, and you get a business that gets overlooked, has been around for a long time, will probably be around for a lot longer, and that you can buy for pennies on the dollar.

Let’s take a closer look.