DDM - DDM Group

[compounding]

More positive developments lately:

 

1. Entered into a revolving facility worth €27 m for Euribor + 350 bps, seems low in relation to their other debt

2. Sold a portfolio in Russia which resulted in a realized gain of €2m

3. Got their ERC confirmed in a third party review by on of the "big four"

 

All these factors would point to a value higher than SEK 40 in my view. I'm almost tempted to hold onto my shares, but there is still the risk that you are not aligned with Demeter and they try something to force you out. Whether or not the funding is sensitive to issues like that, and if that provides enough margin of safety, I'm not sure.

 

I took a look at Latvian Forest, it looks interesting. Seems likely that they will liquidate the company and pay out around 12.50 per share. I've noticed there has been a lot of insider purchases which sort of confirms that view. You have any additional thoughts?