On June 13, 2016, Steven Stein, the President of Etude Capital, LLC sent an open letter to the Board of Directors of the Renn Fund. At the time, Etude Capital and its affiliates held 12.4% of the outstanding shares of the Renn Fund (NYSE MKT:RCG). Two months earlier, a shareholder meeting had voted in favour of a … Continue reading Renn Fund | Enter Horizon Kinetics
On November 14, EXOR N.V. issued a press release whereby the company announced a €300 million share repurchase plan. Less than six months earlier, at the Exor annual meeting of shareholders, the board of directors had approved a share repurchase plan of €500 million, valid for the following 18 months. The additional repurchase plan comes … Continue reading EXOR | FCA Monetization and Share Repurchases
Overstock (OSTK) currently presents a Special Situation Investment Opportunity. As Overstock's founder has turned his focus on blockchain investments, the sale of the company's eCommerce operations is imminent. A review of recent M&A multiples in the eCommerce space suggests that at its current price, shares of Overstock are significantly undervalued. Overstock Decides to Sell Itself In 2014, … Continue reading Overstock | A Special Situation
Dundee Corporation (TSE: DC.A) is a Toronto based diversified holding company with investments in wealth management, resources, agriculture and real estate. Dundee Corporation is a public Canadian independent holding company, listed on the Toronto Stock Exchange under the symbol DC.A. Under the leadership of its founder, Ned Goodman, Dundee Corporation had enjoyed an illustrious history of … Continue reading Dundee Corporation | A Race to the Bottom
On February 24, 2014, the Nasdaq Stock Exchange made public its decision to delist the common shares of Hauppauge Digital (HAUP) from its exchange as it no longer met the qualification criteria. On July 28, 2014, the SEC accepted Hauppauge Digital's application to go dark, as the company had less than 300 shareholders. Hauppauge Digital last … Continue reading Hauppauge Digital: Gone Dark but is there Value?
Origo is an Icelandic IT company listed on the Nasdaq OMX Iceland stock exchange. The company employs over 500 people, offering IT solutions ranging from hardware, software, consultancy and technical services. In addition to its Icelandic operations, Sweedish-based Applicon AB and Tempo Solutions operate as fully owned subsidiaries. Origo 2017 Financials In 2017, the company … Continue reading Origo and the value of Tempo Software
Oaktree is an asset management company that specializes in the high-yield bond market and distressed debt. Oaktree is lead by Howard Marks, who is famous for the Memos he publishes periodically. Oaktree Presentation from the Bernstein Conference At the end of last May, Jay Wintrob, CEO of Oaktree Capital presented at the Bernstein Strategic Decisions … Continue reading Oaktree Capital: Thoughts on Valuation
From a Reuters article on June 18, 2013: But beyond the name change and new logo featuring an owl, Pinault gave few answers to shareholders about the future of Puma or Fnac, the group's CD and book business, which will list on the stock market on Thursday. Pinault called on shareholders to hold on to Fnac … Continue reading Nugget: PPR changes name to Keurig and starts Puma restructuring
With regards to article written on Seeking Alpha on March 12, 2013: Does SodaStream's Razors And Blades Model Hold Up?
Stephen Penman is a George O. May Professor of Financial Accounting at Columbia Business School. He is the author and co-author of acclaimed financial valuation textbooks, such as Financial Statement Analysis and Security Valuation as well as books aimed at a more general audience, such as Accounting for Growth. The Penman-Nissim Profitability Framework In 1999, Doron … Continue reading The Penman-Nissim model of profitability analysis