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Top value investors attending the Berkshire Hathaway annual shareholders meeting offer their best bargain buys for 2013.

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Should Value Investors Care About the Debt Cri
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Research Excerpt:  Boyar’s “Forgotten For
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    THIS MONTH'S ISSUE

    Rocky Brands, Inc. (RCKY) appears to be undervalued
    By Jeff L. Sutton

    Rocky Brands, Inc. (RCKY) appears to be undervalued based on several criteria. First, at its recent price range between approximately $9.00 and $9.50 per share, RCKY trades at a trailing P/E multiple of approximately 6x, compared to peers Lacrosse Footwear (BOOT) and Wolverine World Wide (WWW) trading at approximately 17x and 14x, respectively. Second, RCKY trades well below recent acquisition multiples; in mid-2011 The Timberland Company (TBL) was acquired by VF Corporation (VFC) for $43.00 per share, which implies a trailing P/E multiple of approximately 24x. Third, RCKY has a net current asset value equal to approximately $9.21 per share, which may provide some downside protection to its stock price. (Net current assets is defined as current assets, less current liabilities, and less long-term debt, and is a classic measure used by Benjamin Graham to identify undervalued assets.) Finally, a free cash flow analysis implies a long-term intrinsic value of approximately $19.00 to $22.00 per share, suggesting that RCKY may have significant upside potential.

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