At the time of writing this post DFS was $11.25 a share.

A look at the balance sheet for 2007 shows equity of 5.599 billion,

http://finance.google.com/finance?fstype=bi&q=NYSE:DFS

The current market cap of the company is 5.38 billion.  In light of the market trading for less then worth is understandable as Discover is a credit and debt provider.  However, estimates show a decline in earnings not a potential loss as the difference above would suggest.

http://moneycentral.msn.com/investor/invsub/analyst/earnest.asp?Symbol=DFS

Now for what makes this much more interesting.  Visa and Mastercard have settled for 2.75 billion from antitrust.

http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=OBR&date=20081027&id=9324926

Set the oven to 375 degrees and get $219 million on the balance sheet (if the company breaks even till the end of time), a business model which profits (just currently making less money), 2.75 billion in future capital and a long term established company which is profitable doing business in a sector which is currently in a psychological sell off.

In one years time this has the potential to be a quality value investment at $18.50 a share.