Targeted Returns - Value Investors

To the value investors out there:

When you are looking at an equity, assuming the company has attractive fundamental economic characteristics; what sort of targeted return are you looking for?

Do you wan't to buy something for less than 60% of what you think it's worth? Do you look at it from an IRR perspective (if so how many years do you assume a hold) and how long until you assume the equity is "marked" to market?

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