Submitted by VINBot on Tue, 2019-06-04 06:46
- If you have a business which exhibits very high uncertainty then that business generally will get very extreme kind of valuations in a auction driven market and an investor can take advantage of it.
- It priced it at $45 and from my perspective I said okay why don’t we just buy the stock and wait for two years and because I have all the plants, I have everything else.
- Because you’re not giving any value to the plants and all of that, and some Swedish firm came and offered $160 for the business, and the stock immediately went for $153 or something.
Submitted by VINBot on Tue, 2019-06-04 06:46
Submitted by VINBot on Mon, 2019-06-03 19:12
- Although Enbridge is mostly a cash flow story, an investor is paying a lot in advance in order to realize those cash flows – in addition to the requisite risks to pay back the debt, interest and preferred share dividends.
- Coupled with large future capital expenditures, if there is any sort of credit situation that may occur in the future, equity owners will be taking a lot more price risk than the current potential for reward – which wasn’t going to be a stock price that much higher than CAD$50/share.
Submitted by VINBot on Mon, 2019-06-03 14:45
- Spirit MTA (SMTA) this morning announced the sale of the assets contained within the Master Trust to Hospitality Properties Trust (HPT) for ~$2.4B, after redeeming the Trust's debt and other transaction expenses will net SMTA approximately $450MM (I was hoping for more like $500MM, but this is a reasonable outcome).
Submitted by VINBot on Mon, 2019-06-03 13:46
- Download ARK pricing from Github This is a pricing, not a valuation: I know that this will strike some as nitpicking but what ARK has produced is a forward pricing for Tesla, not a valuation.
- The ARK bear is bullish: The ARK bear case requires that Tesla will sell 1.7 million cars in 2023, at an average price of $50,000/car and generate an operating margin of 6.1% on those revenues.
Submitted by VINBot on Mon, 2019-06-03 13:39
- Question: According to many market commentators, value investing doesn’t work the way it used to, and some tout statistics that growth has outperformed value over the last decade.
- She can count to 100 in both English and Russian.Value investing to me is a philosophy that is governed by what I call the Six Commandments of Value Investing – all principles that come from the teachings of Ben Graham, spelled out in his book The Intelligent Investor and later popularized by Warren Buffett.
Submitted by VINBot on Mon, 2019-06-03 10:46
- The Group’s operating profit increased by 18% to SEK 6,110m (5,161).
- The short answer is: I don’t know, but I think there is a good probability that Handelsbanken can not only survive but at some point in time really gain market share again especially from other traditional banks that execute poorly.
- At the current valuation (P/B 1,3, P/E ~10) I think the stock is good value.
Submitted by VINBot on Mon, 2019-06-03 08:43
- Back in March we posted about the tender offer by the Goodheart-Willcox Company Employees' Profit Sharing and Stock Ownership Plan and Trust of $150 per share for up to 124,000 shares (which is 27.8% of the outstanding stock) of GWOX.
- The company has announced the results of the tender offer:
- The shares were redeemed by The Goodheart-Willcox Company, Inc. Employees’ Profit Sharing and Stock Ownership Plan and Trust.
Submitted by VINBot on Mon, 2019-06-03 08:41
- A recent piece in Barron’s notes that “Sanford Bernstein analyst Jonas Oxgaard recently called the DowDuPont merger and 3-way split the “most complicated action in corporate history.”” It goes on to note, regarding the scale of the transactions: Oxgaard’s claim is difficult to verify, but it doesn’t feel far from the truth.
- Consider, legacy-Dow and legacy-duPont announced their intention to form the largest… Read More »
Submitted by ntobik on Mon, 2019-06-03 08:30
Submitted by VINBot on Mon, 2019-06-03 07:27
- SNA and CMI both look pretty good, though, so we’ll look at them more in-depth.
- You can see when you look at SNA’s price in the above chart, it bounced around the $155 range for 5 years — since May 2014 — despite increasing EPS, dividends per share, and owner earnings.
- Add to all this the initial impetus for looking at the company — that it makes great products that its customers love — and this may well be worth your time and money, especially if you’re patient enough to look beyond the cycle.
Submitted by VINBot on Mon, 2019-06-03 06:42
- Tobias Carlisle: What factors were you looking at at that time?
- Tobias Carlisle: You have the 12 year back test.
- Jim O’Shaughnessy: At that time, I’d never worked for another company, I’d always had my own company.
Submitted by VINBot on Mon, 2019-06-03 03:41
- For example, the second-worst period in the data was in the early 2000s run-up to the Dot Com peak, when value trailed glamour by 44 percent between May 1998 and February 2000.
- If we count from the 2006 high, we’re now more than 13 years and 3 months into value’s underperformance.
- Glamour portfolios have returned 9.5 percent compounded, which means the value decile has typically outperformed the glamour decile by an average of 9 percent per year.
Submitted by VINBot on Sat, 2019-06-01 22:38
- They also have $3.2m secured by farmland and another $10m in loans to finance agricultural production.
- I found a few on properties that were over 10 acres, which would be considered a very small farm.
- And then there's that $2.3m loan.
Submitted by ntobik on Sat, 2019-06-01 22:27