The FTSE 100 is down over 4% year to date, and the wider FTSE 350 is down almost 8%. From an investment perspective, this has resulted in a seemingly wasted year; all attempts at share price gains are likely to have been eroded on average.

Finding new opportunities

This past performance is an unfortunate reality, but given that the past can’t be changed, I’m focused on new opportunities. To make my life easier, I have used a filter to scan the FTSE and find shares that match my particular criteria.

Previously my filters have ranged from simple price-to-earnings (P/E) ratio scanners to more complex value or growth screeners. This time I have decided to strip back the process by looking for companies trading at their year low. Mass sell-offs often mask good quality companies trading at a discount. These are the ones I want to find and add to my portfolio.

A tempting company

One share identified by my filter was Auto Trader Group (LSE: AUTO), a digital automotive marketplace operating in the UK. The company has a strong track record of share price growth, rising almost 190% in the six years between floating on the exchange and the end of 2021. However, 2022 has seen the price fall 27%, meaning it recently hit a year-low price of 486.2p.

Despite these falls, the company’s underlying fundamentals are solid. It has high profit margins and efficiently generates returns from invested capital. Additionally, free cash flow levels are intense, and debt levels are low, helping to illustrate the share’s quality. It even offers a dividend yield of 1.6%, which has been paid consistently for the last seven years and is forecast to grow to 1.7% next year. This is quite rare for a growth company, as often all spare earnings are invested back into the company, and is a positive.

However, the company currently has a P/E ratio of over 20, making it not exactly a value opportunity. This is despite the fall in share price and could indicate the company is returning to a more reasonable price. Further evidence for this comes from the forecast growth in earnings per share (EPS) of just under 5%. This is below the three-year average of 8.2%, and indicates a potential slowdown in growth.

Nonetheless, I would add Auto Trader to my portfolio once I attain the necessary cash. The company presents a good opportunity to invest in a high-quality company at a considerably discounted level.

Here are three beaten-down stocks that I reckon the market is underestimating long term.

The UK’s leading online auto platform

Auto Trader (LSE: AUTO) is the UK’s largest online car sales platform. It’s a digital marketplace where individuals and car dealerships can advertise and sell vehicles. Crucially, the company doesn’t hold car stock itself, which makes the company very profitable.

The share price of Auto Trader is down 28% so far this year. The market naturally seems worried about the impact a recession could have on the demand for used cars.

Yet for now, demand remains robust. Full-year revenue rose to £432.7m this year, which is 17% higher than pre-pandemic levels. Operating profit rose 88% year on year to £303.6m. These are healthy numbers.

I like the company’s low cost base, which means most of the revenue from new users advertising on the platform becomes profit. It also has a few attractive avenues of growth left to pursue, such as car finance options on the site and vehicle leasing.

Data giant

Experian (LSE: EXPN) shares are down 25% this year. Again, the market seems concerned about the impact a recession and higher interest rates could have on demand for the company’s credit checks. Fewer people taking out loans won’t be great for Experian, which makes most of its money selling credit reports to banks and credit card companies.

However, on the flip side, a recession and rising bills could be exactly the time when people will be seeking credit. Either way, Experian has a dominant position in its industry, with credit information on 1.4bn people and 191m businesses worldwide. Over the long term, I see worldwide demand for credit (and Experian’s services) growing strongly.

One risk I see with Experian, though, is its valuation. With a current price-to-earnings (P/E) ratio of 24, that is much higher than the FTSE 100 average.

Still number one

Rightmove (LSE: RMV) runs the UK’s largest online property website. It’s extremely profitable, with an operating margin of 73%. Customers now spend an average of 1.5bn minutes on its site per month.

Yet the company faces headwinds with rising mortgage rates and a predicted slowdown in the housing market. This is reflected in the share price, which is down 39% since January.

Even so, Rightmove remains the go-to portal for buying and selling property in the UK, with an 84% market share. I expect it to easily survive any downturn and keep growing its profits for years to come.

Strong companies not only survive economic downturns, they usually emerge stronger from them. I think that’ll be the case with all three stocks here.

Experian has worked its way to the top of my buy list for November. With more bad economic news likely in the coming weeks, I’m waiting to see if Auto Trader and Rightmove shares fall further before pulling the trigger.

Online marketplace for vehicles

Auto Trader is the UK’s leading online vehicle marketplace. Through its website and app, it charges private and commercial sellers to list their vehicles for sale. It started off as a weekly magazine but has evolved as technology adoption has increased.

As I write, Auto Trader shares are trading for 529p. At this time last year, the stock was trading for 575p, which is an 8% drop over a 12-month period. The shares have dropped 20% in the past month from 669p to current levels. I believe this is linked to current economic volatility and fears of an impending recession.

How I decided to buy Auto Trader shares

Starting with the risks linked to Auto Trader shares, I note that a rise in competition in recent years could be a big threat to its market dominance. This is in line with the rise of technology, as well as e-commerce in recent years. This competition could have an impact on the company’s performance and returns.

Next, Auto Trader’s links to the automotive sector are its only source of income. That particular sector is at the mercy of macroeconomic headwinds such as soaring inflation and rising costs. Due to a cost-of-living crisis, consumers may not be in a position to buy new, or sell their current vehicles. This could hinder the uptake of Auto Trader’s offering and impact performance.

So to the bull case of Auto Trader shares. First off, I’m buoyed by its market position. It is the go-to platform in the UK for buying and selling cars. I admit I have used it many times to source my next vehicle, as well as selling a few too. This market dominance should allow it to continue to perform well in the long term.

Moving on to returns, I expect the Auto Trader share price to move upwards, along with the rest of the FTSE 100 index in the longer term. Current volatility will not last forever, in my opinion. This should provide me with some capital returns too. Furthermore, the shares would boost my passive income stream through dividends. At present, the shares dividend yield stands at just 1.5%. I expect this to increase over time too. I am aware that dividends are never guaranteed, however.

Finally, Auto Trader has a good track record of performance. I do understand that past performance is not a guarantee of the future. However, looking back, I can see it has increased revenue in three out of the four years previously. More importantly for me, full-year 2022 revenue surpassed pre-pandemic levels, which is a major positive.

Conclusion

To summarise, I am aware of current macroeconomic issues and understand why the Auto Trader share price is meandering up and down. However, I invest for the long-term, therefore I am not worried or considering selling my shares.

I am buoyed by Auto Trader’s market position, passive income opportunity, as well as recent performance. In fact, if the shares fall further, I may strengthen my position and buy more shares.

Part of that preparation involves identifying stocks that I’d like to buy if the markets suddenly drop. With that in mind, here are three UK shares that I would very much like to take a closer look at in the event of a stock market crash.

Criteria

In hunting for shares that I might buy in a stock market crash, I’m looking for three things.

First, I’m looking for businesses that can generate strong cash returns for shareholders, ideally using low property, plant, and equipment. 

Second, it’s important to me that a company has a strong balance sheet. For me, a strong balance sheet is one where the company’s cash is higher than its debt.

Lastly, I’m hunting for companies that I think are currently overpriced. A stock market crash, however, might give me an opportunity to buy shares at a level I find attractive.

This leads me towards three stocks.

UK shares I’m buying in a stock market crash

First is Games Workshop. The FTSE 250 company uses around £96m in fixed assets to generate around £148m in operating income. 

With £85m in cash and £47m in debt, the company’s balance sheet also fits the bill in terms of what I’m looking for.

The stock is down around 30% since the beginning of the year, but a market cap of £2.34bn is still more than I’m willing to pay for this company at the moment. Rising interest rates are a threat here, since they might cause people to pull back on their spending. But if the share price suddenly falls, I’ll be ready to take a closer look.

Second is FTSE 100 stock Rightmove. I own some of its shares in my portfolio, but the price is significantly higher than it was when I bought them, even though it’s still around 29% lower than it was in January. With the UK property market just starting to slow down, there might be some short-term risk, but I’m looking at this stock for the company’s long-term prospects.

Rightmove currently produces £183m using £12m in property, plant, and equipment. To me, that’s very impressive and a sign of a quality operation. 

With just under £43bn in cash and just over £11mn in debt, Rightmove also has the kind of balance sheet that I’m looking for in a business to invest in.

Lastly, a stock that’s been catching my eye is Auto Trader. With just under £46m in cash more than covering £35m in total debt, the company’s balance sheet looks strong to me.

Auto Trader uses £11.2m in fixed assets to return just under £242m in operating income. That makes it the most impressive of the three, from that perspective.

Down 23% since the start of the year, Auto Trader shares are still a little expensive to my mind. But if high inflation and rising interest rates — which constitute genuine risks to Auto Trader’s profit levels — conspire to bring about a stock market crash, I’ll be looking at buying some shares for my portfolio.

What are car stocks?

Car shares can be defined as those companies operating in the automotive industry in some capacity. These include manufacturers, those supplying parts or technology such as seats, tyres and batteries, auto dealer groups and parts retailers. There really is a lot of choice for the nimble private investor.

What makes this sector particularly interesting is the differing levels of competition companies face. Some firms have a commanding presence in a niche part of the car market; others are forced to battle it out to attract consumers to their products and services.

Some businesses operate exclusively online; others adopt a more hybrid approach. Some have brands that are household names; others have no direct contact with the consumer and are only known by the most committed of car aficionados.

To really get a handle on just how diverse this space is, let’s look at a selection of five car shares listed on the London Stock Exchange by descending market capitalisation.

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Top car stocks in the UK

Auto Trader

Online marketplace Auto Trader has arguably become the go-to destination for anyone interested in buying a vehicle in the UK. This popularity has driven many investors to take position, pushing the company into the FTSE 100.

According to Auto Trader, consumers spend 7 times more minutes on its site compared to its nearest rival and over 75% of all time spent looking at classified advertisements of vehicles for sale.

The boom seen in car sales since the Covid-19 pandemic has only served to reassert this dominance. Back in November 2021, the company announced its highest ever six-monthly revenue and profits.

• Market Cap: £5.11bn (as of 12 May 2022)
• Average Daily Volume: 2,610,444
• HQ: Manchester

Aston Martin Lagonda Global Holdings

Aston Martin doesn’t need much in the way of an introduction. Regularly featured in the James Bond movies, the firm designs and produces some of the most luxurious cars in the world including the Vantage, DB11, DBX, DBS and Valkyrie. It then exports and sells these highly coveted vehicles in 55 countries around the world.

Unfortunately, this quality hasn’t been reflected in the performance of Aston Martin shares. Since listing in October 2018, the company has lost over 90% of its value due to concerns over its finances and pandemic-related headwinds.

Whether Aston Martin can recover remains to be seen. On an optimistic note, the recruitment of former Ferrari CEO Amedeo Felisa could prove to be a masterstroke. The latter’s share price has been on a tear in recent years.

• Market Cap: £803m (as of 12 May 2022)
• Average Daily Volume: 479,699
• HQ: Warwick

Halfords

As any car owner will know, regular maintenance of one’s vehicle is essential. This is where Halfords comes in.

From fluffy dice to child seats to engine oil, the company sells every conceivable product a driver might need for keeping their car in top condition and passengers safe.

In addition to this, the mid-cap also runs a huge estate of Autocentres, delivering services that every owner needs to factor into their running costs every year.

Halfords recently reported that this part of the business had grown like-for-like revenues by a little over 33% in the three months to the end of 2021. Following some recent acquisitions, it now expects to carry out 7.5 million motoring services jobs a year.

• Market Cap: £497m (as of 12 May 2022)
• Average Daily Volume: 636,969
• HQ: Redditch

Seeing Machines

The vast majority of UK investors are unlikely to know about Australia-based minnow Seeing Machines. However, this could be set to change as it rapidly becomes the biggest player in software and systems designed to monitor driver distraction and fatigue and, in doing so, reduce accidents on the road.

Although only currently available on the premium models, this tech is likely to become standard over time in accordance with legislation. Seeing Machines also makes money from having its Guardian tech fitted retrospectively to fleets.

But Seeing’s eye-tracking tech isn’t just limited to cars and trucks. The company also has its fingers in multiple pies including aviation and rail. This could further turbocharge growth in the years ahead.

• Market Cap: £276m (as of 12 May 2022)
• Average Daily Volume: 5,038,603
• HQ: Canberra, Australia

Lookers

Lookers is yet another way for UK investors to tap into car stocks. It is one of the largest automotive retailers around, selling 173,000 new and used vehicles in 2021 from 144 franchise dealerships. The small-cap also boasts an aftersales division, offering parts, servicing, MOT and accident repair.

Like some of the other stocks mentioned here, Lookers saw its share price soar since the pandemic as supply chain shortages held back production and increased demand for those cars already in existence. Revenue breached the £4bn mark and pre-tax profit hit £90m.

• Market Cap: £m (as of 12 May 2022)
• Average Daily Volume: 1,002,378
• HQ: Altrincham

Are car shares right for you?

The five car stocks mentioned above go some way to demonstrating the variety of opportunities available to UK investors in this space. This is not to say that they are necessarily right for everyone.

Depending on the time period used, there have certainly been some winners. Those investing in Auto Trader between March 2020 and the end of 2021 will have doubled their money. The share price of Seeing Machines also climbed from under 2p to 12p from March 2020 to August 2021. In sharp contrast, anyone holding Aston Martin will probably be nursing significant losses on paper.

One also needs to remember that demand for vehicles can depend on a huge range of factors that are beyond the control of these businesses. Tricky economic times can force people to postpone a new purchase, especially if there is nothing wrong with their existing vehicle. High fuel prices can also impact demand.

On a more positive note, some UK car stocks generate income for those holding them, which may help to take the sting out of any temporary fall in a company’s value. Naturally, these can never be guaranteed.

In summary, car shares certainly have the potential to generate great returns for those who are willing to take more risk with their cash. The gradual switch away from internal combustion engines to more environmentally friendly solutions, combined with lowering production costs and rising levels of affluence, could see even more investors pile into the space over the next few years.

However, the potential for significant volatility can’t be overstated. As such, a portfolio that also has exposure to other sectors makes Foolish sense.

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This got me thinking about which companies I should add to my portfolio that offer some inflation protection. Let’s take a look at two stocks I’d buy.

Cash flow linked to inflation

The first company I like the look of is Supermarket Income REIT (LSE: SUPR). It’s a real estate investment trust (REIT) that manages high-quality property for leading grocery brands. It says it provides secure, inflation-protected income. Sounds promising, but I need to dig a bit deeper to see if I should buy the shares.

Firstly, 85% of the company’s rental income is directly linked to inflation. This means that if inflation rises (potentially by that scary 8% forecast), then Supermarket Income’s rent should hopefully rise by at least this same amount, too. That will really help to protect my portfolio against rising inflation.

One further positive is that the grocery sector can generally pass on costs to its customers. It’ll mean the tenants that rent Supermarket Income’s properties should be able to keep paying rents at higher rates if inflation does keep rising.

What’s more, Supermarket Income has been able to increase its dividend in line with inflation each year. This gives me confidence I’d be buying some inflation-proofed cash flows for my portfolio.

There are always risks to consider with any investment though. REITs can suffer from low occupancy rates, which will mean rents would fall. Supermarket Income also has near £500m of debt on the balance sheet. I have to be confident that the management team is acquiring attractive properties with the debt so the cash keeps rolling in.

I still like the inflation protection this stock will bring, so I’d add it to my portfolio today.

A company with pricing power

Another strategy I like to use when inflation rises is to buy companies with pricing power. This is when a company can charge more for its products or services without losing market share. Generally, businesses with an economic moat – to use a Warren Buffett phrase – can do this.

The company I’d buy that I think has pricing power is Auto Trader (LSE: AUTO). It’s the UK’s leading online marketplace for both used and new cars. Because it has the most buyers on its platform, car retailers and private sellers all want to list their cars for sale on the website. As such, there’s a good chance that Auto Trader will be able to raise its prices in line with inflation without losing its customers.

I class it as a quality company too. It achieves sky-high operating margins each year, and generates excellent returns on its capital base.

I’ve noticed some competition for Auto Trader recently, so it might not be all plain sailing going forward. This might mean that Auto Trader may have to fight harder to keep its leading position in the UK’s automotive marketplace. But although this is certainly a risk to consider, I’d still add to my position.

Dividend options

One angle I can consider to offset inflation is buying dividend stocks. Some of the best stocks to buy now are those that pay out generous dividends. By taking this income, I can essentially use this yield to counterbalance inflation.

When looking at current dividend yields, two examples I like are M&G and Imperial Brands.

M&G is a financial money manager. In the latest results for 2021, it reported operating profit before tax of £721m, similar to the year before. This steady cash generation allows it to pay out dividends, with the current yield being 8.6%. The share price has risen by 4% in the last year.

It has recently purchased independent adviser Sandringham and launched a digital consumer partnership with Moneyfarm. I think this should help it to grow further this year and beyond. As a risk, it is also expanding into new markets such as Italy. Going into uncharted territories needs to be approached carefully to avoid being an expensive mistake.

Imperial Brands currently offers me a dividend yield of 8.68%. Therefore I think it’s one of the best stocks to buy right now, even if inflation continues to rise to 8%. The share price is up 11% over the last year.

As a tobacco company, a risk to me is if potential future investors shun the stock in favour of ESG-friendly alternatives. Yet when considering the financials, I think the dividends will continue to be paid. It has a strong cash conversion rate of 83% and free cash flow of £1.5bn in the last year ending September 2021.

Growth stocks to buy now

Aside from dividends, I can look for potential share price growth. Some of the best stocks have seen double-digit gains in the past year. In this way, the negative drag from inflation can be offset via my shares’ rising value (although admittedly, I won’t realise those gains until I sell).

One example I like is Auto Trader. The share price is up 19% in the past year. As the UK’s largest online vehicle marketplace, the business model is simple and easy to understand. The more listings there are, the more fees are generated. Personally, I think the outlook is positive for the market. The shortage of chips is causing second hand cars to hold value better. Also, post-Covid-19, more people want to get back on the road to travel for pleasure or for work.

However, I am conscious of the valuation. The current price-to-earnings ratio is 51, well over double the FTSE 100 average.

With this in mind, here are three top-tier titans I’ve got my eye on. 

Croda International

Shares in chemicals firm Croda International (LSE: CRDA) are down almost 30% year-to-date. That’s an awfully big drop for such a great company. While I’m not sure I’d buy just yet, I do get the sense that opportunity is knocking increasingly loudly. 

For the uninitiated, Croda has been around for almost a century. It produces ingredients for manufacturers in the home care, beauty, personal care, and fragrance market. It also operates in the Life Sciences space (providing solutions to protect crops, for example). I can’t see either of these markets ceasing to exist, even if Croda has struggled to grow profits recently. 

On the downside, the shares still look highly valued at 28 times forecast earnings. That’s a bit higher than the company’s five-year average P/E. With investors showing a penchant for (possibly-lower-quality) stocks on cheaper valuations right now, I wouldn’t be surprised if there was more selling pressure ahead.

It’s a bit expensive for me at present, so it stays on my watchlist for now. 

Next

FTSE 100 clothing firm Next (LSE: NXT) is another company whose share price has been struggling. A 15% drop in 2022 so far leaves the stock sitting at a 52-week low and changing hands for just 12 times earnings. That’s a low valuation for a firm that has built a reputation for consistently great returns on capital and fat margins.

Then again, it’s worth considering the wider context. With higher prices pushing many in the UK to watch their non-essential spending, I wonder if things could get worse before they get better. Next month’s Q4 numbers will be pivotal in determining how much the business is suffering. Recent activity suggests investors are already bracing themselves for a few nasties.

Under the stewardship of Simon Wolfson, there’s no doubt in my mind that Next is one of the better companies in the FTSE 100. I’m also convinced it can and will bounce back from this sticky patch. 

Even so, I’m inclined to hold off buying for now. 

Auto Trader

A final FTSE 100 growth stock I’m keeping tabs on is Auto Trader (LSE: AUTO).

A beneficiary of the global shortage in semiconductors and, subsequently, new vehicles, buyers have been flocking to its site even more than usual. Indeed, the clamour for used motors sent the share price rocketing last November.

Unfortunately, the very same stock is down 14% year-to-date. Some profit-taking is understandable. Like Next, however, I wonder if demand could soften as inflation places huge pressure on discretionary incomes. That’s even if supply chain issues are resolved.

Having said this, a P/E of 25 is cheaper than digital peers such as Rightmove and considering its dominance of the industry in which it operates. As such, I’d be prepared to buy Auto Trader hand over fist if things get worse over the next few months. Just like this top investment trust.

Stock market crashes can occur for a number of reasons. These include major world economies struggling with growth or battling inflation. In addition to this, geopolitical issues, such as the threat of war, can also cause a market downturn.

I believe all of these factors are currently present. The US and Chinese economies are struggling with inflation and growth issues, respectively, as well as a real estate crisis in the Chinese economy. As two of the world’s premier economies, if further trouble were to occur, the market could crash. The Russia-Ukraine tensions are a geopolitical issue to keep an eye on too.

Tech stock with a competitive edge

If a stock market crash were to occur, Auto Trader (LSE:AUTO) is one of a number of UK shares I would look to add to my holdings.

Auto Trader is recognised as the UK’s largest online vehicle marketplace. It makes money by charging sellers to list their vehicles to reach millions of consumers looking for their next car.

As I write, Auto Trader shares are trading for 655p. At this time last year, the shares were trading for 581p, which is a 12% return over a 12-month period.

UK shares have risks

Auto Trader’s main risk for me moving forward is that of competition. The recent rise of e-commerce and the digital revolution, which has been sped up further by the pandemic, has meant many competitors are now vying for market share. If a competitor with a better user experience or cheaper fees or another unique selling point were to come along, it could affect Auto Trader’s performance and any returns.

If any new variant of the Covid-19 virus were to appear, a slowdown in the sale of cars could affect any performance and returns. This happened previously for Auto Trader when the pandemic first struck.

A stock I’d buy

Auto Trader has a huge competitive edge in its respective market and has excellent brand recognition. The UK shares on my best stocks to buy list all possess a competitive edge or significant market share.

Due to its competitive edge, Auto Trader has excellent record of performance and dividend growth. I do understand past performance is not a guarantee of the future, however. Looking back at performance, prior to 2021, which was affected by the pandemic, revenues increased year on year for three years. More recently, it’s half-year results were excellent and the highest ever half-year revenues achieved.

Auto Trader pays a dividend that would make me a passive income too. Its yield stands at just 1.2%, but it has an annual growth record of 23% over a five-year period. I do understand dividends can be cancelled. This could be the case if a market crash were to occur. I would expect them to be reinstated over the longer term, though.

Auto Trader is one of a number of UK shares on my radar for possible additions to my holdings. I believe it could bounce back and provide a lucrative return for my holdings over time if cheapened by a crash.

This is what Warren Buffett said of the companies he looks for: “What we’re trying to do is we’re trying to find a business with a wide and long-lasting moat around it, protecting a terrific economic castle with an honest lord in charge of the castle.”

Here are two companies that match this description I’d buy today.

A strong network effect

Auto Trader (LSE: AUTO) is the UK’s biggest online marketplace for vehicles. For this reason, the company has a strong network effect, which I think forms the economic moat around its castle. Network effects are particularly good economic moats because they result from a high number of active users which is hard for a competitor to copy.

In particular, Auto Trader benefits from a large number of users looking to buy vehicles on its online platform. Therefore, car retailers and private sellers want to list their vehicles on the platform to reach the biggest audience. Auto Trader becomes more valuable as a business the more users it has. What’s more, every additional user comes at little incremental cost to the business.

I think this network effect shows in Auto Trader’s excellent profitability ratios. For example, the company achieves an operating margin of over 60%. This is the second-highest operating margin in the FTSE 100 today.

There are still risks to consider. Any slowdown in the UK economy will impact the sales of vehicles. The company isn’t fully immune to competitors, either. Other companies, such as Cinch, are investing heavily in advertising to try and take market share from Auto Trader.

Nevertheless, I consider the stock a buy for my portfolio.

Another business with a Warren Buffett moat

The next company is Rightmove (LSE: RMV), the online marketplace for the UK housing market. In many ways, it demonstrates the same network effect as Auto Trader, only this time for homebuyers and renters. Because its online property portal is the most widely used in the UK, homebuilders and estate agents must list properties on Rightmove so they gain access to this big audience.

Rightmove’s economic moat is again shown in the company’s outstanding profit measures. It achieves the highest operating margin in the whole of the FTSE 100 at 66%. Furthermore, it generates triple-digit returns on its equity, which is abnormally high for a company.

One factor to consider for the company is the strength of the UK’s housing market. Rightmove is only based in the UK, so any slowdown in home-moving would lead to reduced profits. This happened during 2020 when the pandemic unfolded. As a consequence, revenue fell 29% across the full year.

The company is in a better position today, in my view. For example, the UK’s housing market has been strong in 2021, so analysts are expecting revenue growth of 47% across the full year.

So, for me, I think Rightmove and Auto Trader are two quality UK companies due to their network effects. In Warren Buffett’s words, I think they have economic moats, and I’d buy the shares today.