MULT3 - Multiplan

Multiplan has interesting key features:

• Needs low investments to keep going on. Of the total invested in 2011 less than 6% was directed to maintenance;
• Nice return projected on new investments: 15.6%. I think that ROE is lower because older assets are updated  to reflect market value increases;
• Assets are cash and properties, that don't depreciate like machinery (in fact, are protected of inflation). Net income is also adjusted by inflation

FFO (Net Income + Depreciation), that's very similar to CFO, is nearly 400 millions (6.4% of market value).
I think it's not at an adequate price right now, but it's a company I wish to have if market offers this opportunity.