You are scanning a list of stocks in the specialty retail sector for bargains. The PE ratios, expected growth rates in earnings, risk levels and payout ratios (including both dividends and stock buybacks) are listed below.

Speciality Retail Stocks
Firm	Current PE	Exp. Growth	Beta	Payout
Gap	45	30%	High	10%
Limited	15	10%	Low	40%
Abercrombie	45	10%	High	10%
Ann Taylor	45	10%	Low	10%
Talbots	15	30%	Low	40%
Gymboree	15	30%	High	40%

Which of these firms is most likely to be under-valued? (Choose only one firm.)

	a.	Gap
	b.	Limited
	c.	Abercrombie
	d.	Ann Taylor
	e.	Talbots
	f.	Gymboree