Category: Stock Valuation
-
Leon’s Furniture (LNF) – A business currently trading at a 50% discount with an upcoming catalyst to close the gap
About The Furniture Business The furniture business is competitive with low barriers to entry and few firms have a competitive advantage. The industry has a lower priced segment (IKEA), mid priced segment (Leon’s) and a luxury segment (Williams Sonoma). Online players like Wayfair are also a significant presence. Online purchasing in general (from any player)…
-
Analyzing Crocs Market Share on Amazon for the Rubber Clogs Category
This is post 3 in a series about CROX. Here are posts 1 and 2. I wanted to measure the extent of Crocs’ dominance of the rubber clog footwear category. To do this I used Jungle Scout to check the top best selling Amazon listings for the term “rubber clogs.” I took the top 19…
-
Calculating an Earnings Power Value for CROX
This is part 2 in a series of blogs valuing CROX. See my valuation of CROX’s asset replacement value in part 1 here. We can calculate Earnings Power Value (EPV) with the following formula: EPV = ((EBIT – one time gains or losses + reported depreciation – capex)(1-effective tax rate))/wacc In this case according to…
-
The Net Asset Replacement Value of CROX
I valued CROX using Greenwald’s asset replacement value method. This is the first post in a series of 3. According to their 10-K for 2023 Book Value (M) Adjustment Adjusted Value (M) Cash and cash eq 149 100% 149 Accounts receivable* 306 80% 245 Inventories** 385 75% 289 Income taxes receivable 4 100% 4 Other…
-
LLYVK: An Undervalued Tracking Stock Of LYV, A Monopoly-like Business
Credit to u0422811 Overview: LLYVK is a tracking stock selling at 72% of net asset value. Management will close that discount within the year, recently announcing a spin off of the LLYV segment in the second half of 2025. With management noting that the current discount “sticks out like a sore thumb.” The core equity…
-
Securities Analyses that I Found Interesting in December 2024
Date 12-18-24 DHCNL : Investing in distressed debt in a turnaround REIT https://valueinvestorsclub.com/idea/DIVERSIFIED_HCR_6.25_SR_2046/5127682322 I have been interested in distressed debt situations and this one was an interesting case study. The author looked at the 6.25% Baby Bonds due 2/1/46 for the Diversified Health Trust REIT. These are senior unsecured bonds. All bonds are bound by…
-
UEC: Valuation of Pre-Production Uranium Miner
UEC is consistently overvalued, and I don’t get why. EC owns mineland but has no developed mines or significant current production. Valuing this company seems simple. I just assess the value of their uranium (in the ground) to work out the company value. UEC’s owned uranium resources The following is according to their press releases…
-
A Valuation of Boston Omaha Corporation: A Curious Holding Company
I first valued BOC when I was researching DFH. I appreciated the fact that they captured most of the upside of DFH having been invested in it pre-IPO. Another positive indicator of management quality is that they are currently invested heavily in SKYH. BOM is a holding company similar to Berkshire and it operates with…
-
Sky Harbour: A Supply-Side Advantaged Business Selling at a Reasonable Price
A lot of credit goes to AlexB91 for his writeup of this business. I originally found this company in one of my stock screeners when it was briefly selling below NCAV (on paper). But it quickly became apparent that this is not a cigar butt company. And Alex’s writeup explained why that is very well.…
-
What’s the Deal With LGL?
LGL is a unique situation, a US company still trading below net-net liquidation value. LGL is a publicly traded holding company engaged in services, merchant investment and manufacturing businesses. It has sold 11 and spun off 3 businesses, culminating with the spin off of M-tron industries, inc in October 2022. As their annual report states,…
