Future

On valuation, the picture is attractive. The owner-earnings multiple stands at 2.7×; owner earnings: the cash an owner could take out each year. The implied growth embedded in that price is around -23% a year, against analyst forecasts of -2%. The price, in other words, assumes less than the experts do.

Growth is tepid; the safety picture is adequate. The company scores 6/20 on our value-creation score: not creating value.

Flags to be aware of: A large part of the company's book value is the price paid for past acquisitions. As always: this describes the company's numbers; it is not a recommendation.