KC thanks for the great analysis. The assumptions used in EPV have been particularly useful to me. Though I've known about the great financials of Favco for a while, the huge excess capacity in O&G sector has been discouraging me from taking a position. I feel a greater sense of comfort after reading your detailed analysis. Nobody knows the future, but management track record, strong financials and wide margin of safety tilt the probaility more to the positive side.