Wesco looking cheap

[zarley]

As I write this, Wesco (WSC) is trading at $233.  Market cap is now around 1.66 billion and BV per share is probably north of $2 billion, or $280 per share.  The last reported book value is $2.6 billion, but it's the Q3 number.  I just lopped off $600 million to account for unrealized investment losses in Q4 and Q1 2009.  I've never given a lot of thought to buying Wesco, but these prices are making me take a look.

 

Thoughts?

 

 

Edit:  I just reread Wesco's earnings release and in it, Munger accounts for the decline in investments.  BV is basically $2 billion given the declines in the equity markets.  So, my guess was reasonably close, and WSC still looks pretty cheap. 

 

http://www.wescofinancial.com/1208ER.pdf

 

zarley