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Strong Buy 
1 members
0 members
0 members
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Strong Sell 
0 members
Average rating: 1.00 (Strong Buy) 1.00 - 5.00 (Strong Sell) Total: 1 members

Annual growth of WSB:

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Feb. 25 2004, 11:49 AM ET
Nearest price: 9.14 (02/25/04)
by Mackler (profile)
(all of Mackler's ratings)
Strong Buy
My like-minded bank-investing friend took me up on my recommendation of WSB and produced the following which I thought I should share:

Can this stock trade at $14-$15 over the next 12 months?
Reading through the 02/18/04 press release leads many to believe the
answer is yes.

For the 6 months ending January 31, 2004:
Return on Assets (ROA) = 2.29%
Return on Equity (ROE) = 21.67%

Price/Book=$9.29/$6.10= 1.52 X

None of those numbers are typos!

What about the dividend on 03/19/04? $0.06 per quarter or $0.24 per
year: $0.24/$9.29= 2.58%

What about adjusted EPS growth? EPS grew 19.5% 1HF04 vs 1HF03. EPS
grew 20.0% 2QF04 vs 2QF03.

1HF04 1HF03
Reported $0.49 $0.48
Gain on sale of securities $0.04
Income tax benefit on land $0.03
Adjusted $0.49 $0.41

2QF04 2QF03
Reported $0.24 $0.24
Gain on sale of securities $0.04
Adjusted $0.24 $0.20

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