BOMN - Boston Omaha Corporation

[Scunny Bunny]

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?  

[skeeter12]

18 hours ago, Scunny Bunny said:

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?  

Good question. One I'm trying to figure out too. 

[longterminvestor]

Anyone else concerned the annual letter has not been sent to shareholders?  And there is no annual meeting ?

 

Since 2015 the annual letter was printed and sent to shareholders in March/April.  Little bit more "consistently inconsistent" with the date on annual meeting.  Just curious on thoughts.  

[gfp]

Usually when something like that happens it is because there is something that they would like to talk about / include in the annual letter that isn't quite finalized or ready to be publicly discussed.  I'm not sure if there is any obligation at all on annual letter timing - I don't think they are required to release an annual letter at all.  

 

Since they finally got caught up on the 10K and Q1 filing on May 24th, which included an accounting restatement for how they will treat Yellowstone (they are going to consolidate it for the limited duration of the SPAC) - they will probably be ready to release their annual letter soon.  The delay could just be from the delayed 10K and restatement, or they could have some other news to share.

[cubsfan]

For some reason, I thought we might see an annual meeting in the fall as they did once before.