Spekulatius Posted March 21, 2019 Share Posted March 21, 2019 FITB today, it has been very weak lately. DIS yesterday. Link to comment Share on other sites More sharing options...
simplefocus Posted March 21, 2019 Share Posted March 21, 2019 BIIB - Biogen Link to comment Share on other sites More sharing options...
tenyearsout Posted March 22, 2019 Share Posted March 22, 2019 CMG.to Computer Modelling Group Link to comment Share on other sites More sharing options...
Spekulatius Posted March 23, 2019 Share Posted March 23, 2019 CMG.to Computer Modelling Group Interesting company and nicely profitable, but revenues went nowhere for a couple of years, due to the mamaise in the E&P sector. They are paying a dividend in excess of earnings and sort of paying with this in shares (proceeds from stock option exercises). Looks like a bet on E&P recovery or possibly a takeout. Link to comment Share on other sites More sharing options...
bizaro86 Posted March 23, 2019 Share Posted March 23, 2019 I've nibbled at cmg lately. Big operating leverage there to upside (new drilling = more reservoir engineers = more licenses at very high contribution margin). Less downside than producing companies. Great management. The folks there are pretty much all geniuses. One thing that really struck me when I visited was that a huge number of staff were eating their lunch together in the lunch room. That is super uncommon in Calgary's oil industry (this was 3-4 years ago). That people brought lunch and then ate it together isn't something I'd seen culture wise. Thought it was interesting. Link to comment Share on other sites More sharing options...
tenyearsout Posted March 24, 2019 Share Posted March 24, 2019 Thanks to Spekulatius and bizaro86 for your thoughts. My reason for buying are: 1. Very large intellectual moat 2. Long term view in terms of continued spending on R/D 3. New CoFlow product released (after years of development), potential new source of revenue 4. Recent insider buying at higher than current prices Link to comment Share on other sites More sharing options...
Spekulatius Posted March 24, 2019 Share Posted March 24, 2019 Thanks for thoughts on CMG.TO. I think the only odd thing I found is the dividend bing higher than the earnings, while at the same time, they have a lot of cash on their balance sheet and the SharePoint creeps up due to dilution from stock based compensation. It’s a pretty interesting way to play a recovery in the E&P sector wth way less risk than owning an E&P outright. Thanks for posting. Link to comment Share on other sites More sharing options...
frommi Posted March 24, 2019 Share Posted March 24, 2019 Even if you take out all cash and slash R&D to 0$ you just get a yield of 7-8% for a no growth company. Doesn`t look very compelling right now to me and i doubt that it is a good aquisition target at an EV/EBITDA of 16. I mean FB or GOOGL grow at >15% per year and trade at similar multiples and are probably less risky. But thanks for posting the idea, it might be interesting below 4$. What are their competitors? Link to comment Share on other sites More sharing options...
DooDiligence Posted March 24, 2019 Share Posted March 24, 2019 Even if you take out all cash and slash R&D to 0$ you just get a yield of 7-8% for a no growth company. Doesn`t look very compelling right now to me and i doubt that it is a good aquisition target at an EV/EBITDA of 16. I mean FB or GOOGL grow at >15% per year and trade at similar multiples and are probably less risky. But thanks for posting the idea, it might be interesting below 4$. What are their competitors? CLB Link to comment Share on other sites More sharing options...
bizaro86 Posted March 24, 2019 Share Posted March 24, 2019 I'm pretty sure CLB provides reservoir characterization services as opposed to liscencing simulation software. The 900 lb gorilla in the industry is Eclipse, which is owned by Schlumberger. I like that you're competing against a small non-core division of a mega-cap. Also, I've used both and the CMG suite is WAY easier to learn than eclipse. Link to comment Share on other sites More sharing options...
tenyearsout Posted March 24, 2019 Share Posted March 24, 2019 Good to hear it. Thanks for the insight bizaro86 Link to comment Share on other sites More sharing options...
Cardboard Posted March 25, 2019 Share Posted March 25, 2019 Some puts on AAPL. Really underwhelming announcements vs market reaction last week. Cardboard Link to comment Share on other sites More sharing options...
SafetyinNumbers Posted March 25, 2019 Share Posted March 25, 2019 Bought some IVQ.DB.V (~12% YTM) and some GCM.NT.U (~10% YTM at this gold price). Anyone else look at the IVQ bonds? The IVQ.DB.U are trading over 1% tighter but they do mature about 18 months earlier. Link to comment Share on other sites More sharing options...
james22 Posted March 27, 2019 Share Posted March 27, 2019 BRK.B @ $199 Link to comment Share on other sites More sharing options...
Spekulatius Posted March 27, 2019 Share Posted March 27, 2019 Another small add to WBA. Link to comment Share on other sites More sharing options...
james22 Posted March 28, 2019 Share Posted March 28, 2019 More BRK.B @ $199 Link to comment Share on other sites More sharing options...
york Posted March 28, 2019 Share Posted March 28, 2019 Dorel Industries Inc B @ $11.92. Link to comment Share on other sites More sharing options...
sleepydragon Posted April 3, 2019 Share Posted April 3, 2019 WFC @ 48.35 Link to comment Share on other sites More sharing options...
boilermaker75 Posted April 3, 2019 Share Posted April 3, 2019 WFC @ 48.35 On Monday I wrote some 48-strike April 12 expiration WFC puts for $0.70 per share. Still a good premium today at 0.68 per share. Link to comment Share on other sites More sharing options...
sarganaga Posted April 3, 2019 Share Posted April 3, 2019 Added to Crosstimbers Royalty Trust (CRT) Link to comment Share on other sites More sharing options...
ourkid8 Posted April 3, 2019 Share Posted April 3, 2019 PDH earlier today at $0.025 :) - Thank you for the gift Sanjeev!!! Link to comment Share on other sites More sharing options...
tombgrt Posted April 5, 2019 Share Posted April 5, 2019 More GXE and CRC. One lower risk, the other one not so much. Link to comment Share on other sites More sharing options...
Lakesider Posted April 5, 2019 Share Posted April 5, 2019 I added to GXE this week too. Link to comment Share on other sites More sharing options...
SafetyinNumbers Posted April 10, 2019 Share Posted April 10, 2019 I bought some Arrow Exploration (AXL.V). It’s an oil producer in Colombia that emerged from reverse takeover / spin off from CNE.TO in November. Given it’s a micro cap spinoff there could be some irrational selling going on. Each Canacol share received .127 shares of AXL, so it’s a trivial amount for what is now a 35 cent stock. CNE shares trade at $4.40. CNE valued each AXL share at US$0.885 each at the time of the spin and it’s trading so it’s down about 70% from that level in less than 6 months. Perhaps they were optimistic in how they valued it but it certainly has taken a haircut now. Management owns 18% and cannot sell the majority shares for 18 months and the stock has to be above US$1.50. EV is less than C$30m with 2P NPV at C$125m and the company is producing 1500 boe/d now and guiding to exit at 3000 boe/d. It’s production is tied to Brent pricing so it looks cheap on traditional oil company metrics. Link to comment Share on other sites More sharing options...
Spekulatius Posted April 12, 2019 Share Posted April 12, 2019 WFC and RHDGF Link to comment Share on other sites More sharing options...
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