AR Plymouth Rock Company

[Christopher1]

Someone last year introduced the Plymouth Rock Company and their impressive results (BV CAGR 18,5% over the last 26 years).

They are also a good equity investor with a very concentrated portfolio, now their 2009 annual report is out on their website:

https://www.prac.com/about-us/annual-reports/rpt2009.pdf

[Partner24]

Very good letter as always. Their equity portfolio returned 17% CAGR over the long term and they have only half a dozen stocks in it. Unfortunately, Plymouth is not a publicly traded company.

 

Cheers!

[Sullivcd]

If you are looking for Plymouth Rock exposure, check out CET.  Plymouth accounts for 30% of its NAV.  CET is currently selling for a 17.5% discount to NAV.

[bookie71]

and CET has discounted Plymoth Rock in it's valuation, so a double discount

[Partner24]

I wish 100% of their assets, not 30%, would be in it.

 

I know that I'm dreaming  ::)

[niels12think]

and CET has discounted Plymoth Rock in it's valuation, so a double discount

 

Isn't it the other way around?

CET had 70,000 shares of Plymouth Rock which they valued at $154M corresponding to $2,200 per share on 31/12.

But the book value per share was reported by Plymouth Rock to be $1,816.43 per share on 31/12.

And it seems to me that the NAV of CET excludes the tax penalty incurred by the investor when CET eventually realize gains?

 

Cheers

 

[oldye]

https://www.prac.com/about-us/common-stock-appraisals.asp

 

Based on their own numbers Fairvalue: $3265 considering 20% discount for lack of liquidity" $2610

 

 

[niels12think]

https://www.prac.com/about-us/common-stock-appraisals.asp

 

Based on their own numbers Fairvalue: $3265 considering 20% discount for lack of liquidity" $2610

 

but on page 14 in the 2009 AR, https://www.prac.com/about-us/annual-reports/2009AnnualReport.pdf :

"Common stockholders’ equity per share $1,816.43"

 

Wouldn't the use of a "fair value" appraisal be similar to e.g. Fairfax getting an appraiser to vouch for a fair value per share of $700 and then concluding that the stock traded at almost 50% discount?

 

Cheers

 

[oldye]

Yup thats exactly what that is an opinion of Fair value, I'm not defending CET, just showing that they're using a number thats somewhere between Book and managements opinion of Fair value.