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By comparing net assets per share on December 31, 2008 to net assets per share on June 30, 2011, we can gain an idea of company growth that has occurred through equity dealings and income generation.
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This morning it was just under 24p, up a bit on the day, but that is a staggering 55% below the value of RBS's net assets per share - and less than half what taxpayers paid for the shares when rescuing the group.
BBC: Hester concedes RBS to miss profit target
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Major banks and brokerage houses like Goldman Sachs trade below net tangible assets per share.
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These properties, including Goldman Sachs, still sell at or below net tangible assets per share.
FORBES: Let 'Em Beat Up On Banks
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Banks are the cheapest group on the Big Board, still selling at or below net tangible assets per share.
FORBES: Like Jimmy Cannon, Nobody Asked Me, But...
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My properties still sell below net tangible assets per share, a plus.
FORBES: Tech Blue Chips Whiffing Like Testosterone-less Yankees
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They remain too bearish regarding the return on equity for the big players as regulators elongate dates for compliance on net tangible assets per share, liquidity percentages and other restrictive yardsticks.
FORBES: Let 'Em Beat Up On Banks
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PulteGroup has swelled to 3.7 times its per-share net assets, a record.
WSJ: Upside: Housing Stocks Face Trouble
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Horton now trade at 1.9 times the per-share value of the company's net assets, approaching the 2.3 level seen in 2004-05.
WSJ: Upside: Housing Stocks Face Trouble