BBX - BBX Capital

[cameronfen]

This is actually a post for the joint company BBX Capital and BFCF (BFC Finacial) .  The two companies will be merging and combined they will have a market cap of around 400-450.  Along with real estate and other assets, they will own 100% of Bluegreen Corporation.  Bluegreen Corporation sells develops resorts and sells timeshares.  FCF for the past 9 months is 77 million.  The company is growing top line at 20% and bottom line at 10%.  While Bluegreen Corp is their main asset they own 100 of millions of dollars in other assets.  I got the idea for the company from here:

 

http://www.zenolytics.com/2014/01/a-look-into-a-recent-filing-from-bfcf/

 

The company is a little bit of a black box but I was wondering what other people thought. 

[no_free_lunch]

It is interesting.  I looked at the blog and i noticed fcf is higher than ebitda.  How is that possible, what am i missing?

 

[Packer16]

FCF can be higher than EBITDA if no taxes are paid, there is interest income and working capital items add back more than interest expense.  The situation is not sustainable especially if it is cause by changes in working capital.  What you need calculate for valuation purposes is sustainable FCF.

 

Packer

[Foreign Tuffett]

In the wake of BlueGreen's IPO, it might be a good time to revisit this. I think the below is a good starting point for those who want to get up to speed.

 

http://clarkstreetvalue.blogspot.it/2017/11/bbx-capital-bluegreen-vacations-ipo.html?utm_source=feedburner&utm_medium=email&utm_campaign=Feed:+ClarkStreetValue+(Clark+Street+Value)