WED is up 33% YTD, 34% over 52 weeks. It remains very cheap on an earnings valuation basis. The 2Q was solid, with EPS 22% better than estimates (only one analyst). The quarter was very profitable vs a loss in the same period last year. Book value is $4.46, so still much higher than the $3.51 current share price. Assets under management did slip to $3.3B from $3.5B. But it did sell shares in a division. Insiders own 22% and the balance sheet remains very strong. It has done well, but continues to be largely ignored by the street. The share count has gone down over the past five years. Overall, it is a classic value stock, but doing well. Not risk-free, and there is size, economic and rate risk here. But we think the slow up trend could certainly continue.
5i Research Answer: