Gregmal Posted December 12, 2018 Share Posted December 12, 2018 If you're into water rights, check out PCYO... Link to comment Share on other sites More sharing options...
mjm Posted December 13, 2018 Share Posted December 13, 2018 article in WSJ few days ago on harvard buying up valley property was quite interesting. they evidently think the wine industry can be profitable. they searched for areas with best ground water. know bwel land more west and would think unsuitable for vineyards, but i am not knowledgeable on CA geography also the site http://www.auscott.com.au/ gives nice overview of their australian cotton organization. thanks for fine posts on this company Link to comment Share on other sites More sharing options...
Tim Eriksen Posted December 13, 2018 Share Posted December 13, 2018 article in WSJ few days ago on harvard buying up valley property was quite interesting. they evidently think the wine industry can be profitable. they searched for areas with best ground water. know bwel land more west and would think unsuitable for vineyards, but i am not knowledgeable on CA geography also the site http://www.auscott.com.au/ gives nice overview of their australian cotton organization. thanks for fine posts on this company BWEL land is to the east not west of the land Harvard purchased. Lots of table grapes grown around BWEL property. Wine grapes are usually closer to the coast (Napa, Monterey, SLO, Temecula, etc.). Only Central Valley area I am aware of is around Lodi, which is probably 200 miles north of BWEL property. My recollection is that BWEL water rights were primarily based on owning land near rivers flowing down from Sierra Nevadas. Link to comment Share on other sites More sharing options...
mjm Posted March 15, 2019 Share Posted March 15, 2019 up over 10% today. who knows why, but read I think tomatoes from Mexico were getting hit with tariff or tariff suspension. do not know if BWEL even grows tomatoes though Link to comment Share on other sites More sharing options...
Spekulatius Posted March 15, 2019 Share Posted March 15, 2019 up over 10% today. who knows why, but read I think tomatoes from Mexico were getting hit with tariff or tariff suspension. do not know if BWEL even grows tomatoes though I think they mainly grow cotton and nuts. I am not aware of any tomatoes, and iven if they would, I doubts it’s going to be worth 10% of the stock price. Speaking of the stock price, that liquidation sale last fall was quite an opportunity. I bought in size, but in retrospect, it wasn’t enough. I still own shares, but sold some at $625. If only my other microcap clunkers would do so well. Link to comment Share on other sites More sharing options...
Tim Eriksen Posted March 16, 2019 Share Posted March 16, 2019 up over 10% today. who knows why, but read I think tomatoes from Mexico were getting hit with tariff or tariff suspension. do not know if BWEL even grows tomatoes though I think they mainly grow cotton and nuts. I am not aware of any tomatoes, and iven if they would, I doubts it’s going to be worth 10% of the stock price. Speaking of the stock price, that liquidation sale last fall was quite an opportunity. I bought in size, but in retrospect, it wasn’t enough. I still own shares, but sold some at $625. If only my other microcap clunkers would do so well. Last California crop plan I saw was in their 2004 tender. That year it was 80k acres of cotton, 18k acres of tomatoes, 20k of alfalfa, 12k of wheat, 3k of garbanzo beans, 3k other, 5k fallow (which was for sale). In 2002 they purchased majority interest in Rio Bravo Tomato Company which at the time produced 230 million pounds of tomato paste annually. Link to comment Share on other sites More sharing options...
Tim Eriksen Posted October 17, 2019 Share Posted October 17, 2019 If anyone has the fiscal 2018 or 2019 annual report, can you please DM me. I would love to see a copy. Curious if they took a charge for termination of Yokohl ranch in 2018 and how Phytogen is doing. Thanks Link to comment Share on other sites More sharing options...
Spekulatius Posted October 17, 2019 Share Posted October 17, 2019 If anyone has the fiscal 2018 or 2019 annual report, can you please DM me. I would love to see a copy. Curious if they took a charge for termination of Yokohl ranch in 2018 and how Phytogen is doing. Thanks You might’ve able to determine Phytogens performance from CTVA‘s filings ,since they are the majority owner. Link to comment Share on other sites More sharing options...
wabuffo Posted November 17, 2019 Share Posted November 17, 2019 BWEL appears to have sold some of their land/water rights (Auscott) in Australia (42,700 acres) last month for rumored proceeds of ~$200m USD. Wonder what they'll do with all that cash (which is significant relative to their market cap). wabuffo https://www.farmweekly.com.au/story/6401815/auscott-sells-gwydir-valley-cotton-gem-midkin/?cs=5150 "US-owned cotton business, Auscott, has told the 30-odd staff at its showpiece Gwydir Valley property "Midkin" to expect new owners to take over the 17,300-hectare cropping aggregation and ginning business by next month. Auscott did not disclosed the price range it was seeking when it called for expressions of interest in August, but industry speculation has valued the prestigious integrated North West NSW portfolio at $300 million-plus. The sale includes all its Gwydir Valley properties, 57,600 megalitres of water entitlements and the ginning site at Ashley, north of Moree, which has capacity to handle at least 200,000 bales a year. "Mr Power reiterated the company, owned by big US JG Boswell Company, would remain a significant investor in Australia and had no intention of selling its other assets." Link to comment Share on other sites More sharing options...
capitalg Posted April 21, 2020 Share Posted April 21, 2020 It appears they cut the quarterly dividend from $3.50 to $2.00: https://www.otcmarkets.com/stock/BWEL/security Link to comment Share on other sites More sharing options...
wabuffo Posted June 30, 2020 Share Posted June 30, 2020 BWEL sold its portion (46.5%) of its PhytoGen Seed Company JV to its partner (Corteva). Terms weren't disclosed. https://news.yahoo.com/corteva-agriscience-acquires-full-ownership-123000628.html wabuffo Link to comment Share on other sites More sharing options...
capitalg Posted June 30, 2020 Share Posted June 30, 2020 Good find! Between last year's land sale, dividend cut, and this, is BWEL struggling? Recent financials have not been too pretty. Will be interested to see how they use the proceeds, presumably they will be paying down debt. Link to comment Share on other sites More sharing options...
wabuffo Posted July 2, 2020 Share Posted July 2, 2020 Now putting up the rest of its Australian lands for sale. Asking a reported $500m AUD (or $344m USD) https://www.afr.com/street-talk/boswell-bales-auscott-up-for-500m-plus-sale-pwc-hired-20200702-p5589d https://auscott.com.au/news "Auscott's long-time owners, the JG Boswell Company family business from California, is ready to move on. After 57 years, it wants a big Australian superannuation fund or institutional investors to cut a $500 million-plus cheque, so it can re-focus on its core activities back in the United States..." The stock is flying today.... wabuffo Link to comment Share on other sites More sharing options...
Scunny Bunny Posted July 4, 2020 Share Posted July 4, 2020 The A$500m is another gross exaggeration by PWC as was their sale price estimate for Midkin aggregation. This one you have 5 gins. The only listed cotton ginner, Namoi Cotton, trades at one third of book. The drought has broken so the CY2021 cotton crop in Australia will be 2.3mn bales up from 600k in 2020. Harvested April - August. Link to comment Share on other sites More sharing options...
Tim Eriksen Posted July 6, 2020 Share Posted July 6, 2020 The A$500m is another gross exaggeration by PWC as was their sale price estimate for Midkin aggregation. This one you have 5 gins. The only listed cotton ginner, Namoi Cotton, trades at one third of book. The drought has broken so the CY2021 cotton crop in Australia will be 2.3mn bales up from 600k in 2020. Harvested April - August. What was PWC's estimate of Midkin sale price versus actual? Link to comment Share on other sites More sharing options...
SI Posted July 6, 2020 Share Posted July 6, 2020 From what I understood, the price was over the pwc stated price by as much as 50mm AUD, though i’d caution you the price was at the high end of expectations bc it was a neighbor(operator) backed by CDN, ~ pension, money with collateral of the combined farm and second generation buyer where price wasn’t the focus. Link to comment Share on other sites More sharing options...
capitalg Posted October 16, 2020 Share Posted October 16, 2020 Did anyone make it to the annual meeting yesterday? Curious whether they made any comments. Link to comment Share on other sites More sharing options...
wabuffo Posted June 4, 2021 Share Posted June 4, 2021 (edited) JG Boswell puts up its 2020 annual report on its OTC page. Huh! https://backend.otcmarkets.com/otcapi/company/financial-report/286982/content h/t Alluvial Capital’s Twitter wabuffo Edited June 4, 2021 by wabuffo Link to comment Share on other sites More sharing options...
Spekulatius Posted June 4, 2021 Share Posted June 4, 2021 (edited) I guess Boswell does not like their shares to get stuck in this “expert market” that none one really knows how it will function. That’s why they published their annual report. The results for 2020 sort of stink though. Edited June 4, 2021 by Spekulatius Link to comment Share on other sites More sharing options...
benbuffett Posted June 7, 2021 Author Share Posted June 7, 2021 Looks like some renewed interest in the King of Cali just traded over $800 a share. Any other news out? Link to comment Share on other sites More sharing options...
Tim Eriksen Posted June 7, 2021 Share Posted June 7, 2021 My meeting notes from last year From Feb to May 2019 cotton exports were high due to expected tariffs. Then demand fell off. They expected recovery in early 2020, then COVID hit. End result large operational losses and inventory build up. Added to that severe drought in Australia meant planting was only 25% of normal. Note was coming due in June 2020 forced their hand in terms of asset sales. 2020 results include $10 million in severance. They expect $13 million in annual savings. In 2018 they froze their pension plan and switched to 401k. Per mgmt. every $1 per hour increase in minimum wage costs company $5 million. They planted 3200 acres of pistachios in 2019, bringing total to 14,588 acres since 2015. Total cost of $180 million. Pistachios start harvesting in year 5, become profitable in year 7. They produce heavy one year then lighter then next. One attendee said a nearby pistachio farm at 10 years plus sold for $45K per acre and he thought it was too low. They have contracted with Nichols and Wonderful (Reznick) to buy their pistachios. They see pistachios as highest and best use of land/water rights. Midkin (Australia) sale used to pay down debt then increase dividend to $4 per share quarterly. Didn’t say what they would do after that with excess cash. In response to questions they insisted they were not a water play. “We have to sell the land to sell the water” and “we can’t sell our water to Los Angeles” “it is illegal.” A few attendees including farmers did not believe them. They are either getting bad legal advise or talking down the stock. Also said they won’t do solar because it changes land use designation to industrial and can lose water rights. A farmer who has done solar elsewhere wasn’t buying that. One person said he had been attending for six years and never seen management present things in this manner. Link to comment Share on other sites More sharing options...
benbuffett Posted June 8, 2021 Author Share Posted June 8, 2021 Good info Tim!! Thanks!! Wonder what the investor means? "One person said he had been attending for six years and never seen management present things in this manner. " Link to comment Share on other sites More sharing options...
Tim Eriksen Posted June 8, 2021 Share Posted June 8, 2021 He meant in reference to Boswell's water rights. They really down played them at the meeting. Link to comment Share on other sites More sharing options...
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