Scunny Bunny

Stock up 40% in a month - please note general illiquidity. A lot of movement in CIX + titanium dioxide market improving.

With respect. These blokes better be good. Post the placement, part equity liquidation, DFH note repayment etc, on my numbers they have $202million in gross cash less $22 of debt so $180net = $6/share (say 30m shares) Remaining equities ($30m say + private stuff $24.2m) = $54m = $1.81. DFH shares (4.801m at $23.78) = $114million = $3.80/BOMN share (well done to them) So with an equity capitalisation of $830million ($27.66), deduct this lot ($11.61/share) and you get ~$16 a share ($480million) for broadband, fledgling insurance and billboards + corporate costs that last year made ~$4million EBITDA from operations. What am I missing here when I can buy proven capital allocators like Elkann & others at 35% discounts to see thru? I respect all the value posters on here, so please tell me what I am missing to have to pay 120x FY20 EBITDA?

same letter as HAL Trust but placed as new topic. http://east72.com.au/wp-content/uploads/2021/04/QUARTERLY-REPORT-Public-March-2021.pdf

rare write up of the van der Vorms family holding company. Fund also owns VHI (see new topic), EXOR, E-L Corporation and Treasure http://east72.com.au/wp-content/uploads/2021/04/QUARTERLY-REPORT-Public-March-2021.pdf

Owned this for five years & love the company. However, don't assume $2/share is a base. Remember 2018 with very low actual volatility (this drives not VIX) company made nothing like this. It is a much better quality business with ITG integrated & management team is exceptional. Happy long term holder. Past history suggests chasing in high 20s not been ideal; better in the 22-23 area.

@Writser has offended me slightly given I've been in this thing for five years and the 43% LTM return was off a shockingly low base! I'm well aware that Thomas Wilhelmsen is so hopeless, even parts of his (disenfranchised) family want him out. I've been a shareholder in WWI in the past. Hence, happy to watch @alwaysinvert's paint dry. But when the Jackmans have their first buybacks in forever and the math is utterly compelling, you expect at least a comment in the annual report as to why the big dividend and not a buy back. (Yes, I know why. The parent needs the cash). For an Australian, the dividend is very tax inefficient. Instead of a 7% one off GROSS yield, using US$50m on a buyback at NOK25/share (to make sure you got some) would retire nearly 17mn TRE.OL shares & enhance NAV by >10% for the folks who stay (including me). Would take WWI up to 81%. Hoping the AGM is on-line.

The annual report is desperate. They have no intention of winding it up. The best investment they can make is themselves at 40% gap to NAV but they wont. This board is truly hopeless.

Glovis now KRW227,500. Treasure NAV theoretically ~NOK35.68. Shares are NOK21.60. What does one say?

@writser is on the money. Treasure discount now back out to 40%. Crazy stuff. Thomas should be buying back stock like no tomorrow. But he's just sat bitching with his cousins.

FWIW In 2011 SSX bid to buy Australia's ASX for A$8billion was knocked back by the Australian Government on "national interest" grounds which were explicitly the clearing & settlement system which ASX owns. The Government then were Labor & most of us realised this was code for "we don't like Singapore's politics". ASX is now valued at A$14bn versus SSX at A$9.7bn equivalent. ASX has had so many screw ups in last 12 months - a website revamp that went badly wrong and an options trading system "upgrade" that cost investors zillions plus they have delayed a blockchain based settlements upgrade. ASX would be very vulnerable now and the Government is about as right wing/laissez faire as Australians can stomach - with little chance of being turned over. ASX is the best opportunity in the region given nationalistic stances of other Governments. But it would be a big bite.

Thanks for this. What I was trying to ascertain is the real free float of non-Jackman interests & I think we are on the same page, rather than a Bollore/Muddy Waters exercise of exclusions! (I did miss the D&A "round robin"). Appreciated

Main "self ownership" is via EVT.TO (386,206 shares) of which ELF directly owns 24% and via Ecando (variously owned by EVT & private cos) which owns ~77k I believe. Would also assume guys like QV Investors, Tweedy Browne & Royce are pretty immovable (may be wrong of course).

Went back and found a filing from 2016. Best estimate now is that Jackman associates now own 78.6% of the 3,798,834 shares (including the 92,754 circularity of EVT.TO which the company adjusts out). So the "free-float" is about 811,000 shares but many held by long termers too. The two buybacks got rid of 310,833 shares and were accretive to the tune of ~$280MILLION = >$73 a share). Hope they go again in 2021 if the discounts persist.

Hah - I forgot Ecando. Thanks for the assistance.

Help required! Apart from Dominion & Anglo Invest (1,459,193) Canadian & Foreign (535,614) & Burgundy Asset Management = EVT.TO (386,206) = 64.2% of ELF.TO what are the other "Jackman" entities (and shares held) which own stock and can be effectively taken out of the float. (If you could quote the source, that would be appreciated too). There are clearly some long term holders who would rival my ambition to be the last share standing... Thanks in anticipation.