In the late 1950s, Sandborn Maps was struggling. Operating profits fell by more than 80% over the previous 20 years and the share price followed, falling from $110 to $45.
A market cap of $4.7m for its $100,000 of operating profits might have looked generous, had it not been for the $7m of marketable securities the company also held. Investec's Mundy: I would say we...
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