Cubbie Bear Enterprises (ticker: CBE) is engaged in the business of making honey. It has been in existence for 50+ years and has always been profitable. It currently pays an annual dividend of $1.75 per quarter which some people believe will stay the same and others believe will grow by 4% per year. Other honey manufacturers trade in the market for 7x LTM EBITDA and 13x PE. The owners of CBE recently appraised its PP&E at $35mm and its intellectual property at $12mm. CBE has $13mm in debt. The WACC for honey manufacturers like CBE is 13%. It has $25mm in AR and $15mm of inventory with $10mm in AP. Last year CBE reported net income of $8.5mm. CBE trades on NASDAQ and closed yesterday at $62. Its tax rate is 30%, and it had $.5mm of depreciation and amortization. The average annual interest rate on its debt was 4%. CBE has 1.5 million shares outstanding. The book value of the fixed assets (including other long term assets) was $17mm.