Subject: Re: Annual report
Thanks so much for taking the time to compare.

The biggest variance seems to be Grove 1.

We have basically the same earnings but different p/E.

FWIW.

My P/E of 20 ish is derived from a small benchmark exercise.

The 23.1 BB is a combination of 3 industries.

Approximately 25% Rail, 15% Utility, & 60% service.

When I look at the other 3 large rails they have an average P/E of 24.8? Wouldn't we be similar. i understand that a pending merger is influencing one of them, but the lowest of the group is 23. That is what the market thinks they are worth?

Utilities similar story. You may not be willing to pay up, but the market is paying 20+ P/E for Utilities in the current market.

That leaves service. For that I use 17+ for a p/E.

Any ideas on how to improve this?