We rank Midas #10.  We estimate Midas will be worth ~$29 in six years from now (sometime in 2012) as the stock trades at 19.3x our 2012 EPS estimate of $1.48.  If the stock reaches these levels (earnings and multiple,) it represents 57% upside from Friday’s closing stock price ($18.13 on 07/07/06.)  Using an 8% discount rate (over the course of the next six years,) based on our 2012 earnings forecast, we calculate a net present value of $18.  This means that based on what we think the company will earn in 2012, we think the stock is worth about what it closed at Friday. 

We think Midas management has done a good job of returning the company’s focus toward serving their franch ...

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