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
Liberty Expedia Holdings (LEXEA and LEXEB) is a holding company that was spun out of Liberty Interactive in 2016. The company owns two main assets, a controlling stake in Expedia Group and its wholly owned subsidiary Bodybuiding.com. A Classic John Malone Spin-off You might ask yourself why does Liberty Expedia Holdings even exist? The company … Continue reading Should Liberty Expedia Holdings Even Exist?
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
The story of Tele-Communications, Inc. (TCI) is one of the most fascinating tales of shareholder wealth creation that you'll hear. It is also the story of the rise of one of the most renowned owner-operators, John C. Malone. Books Featuring John Malone: Cable Cowboy: John Malone and the Rise of the Modern Cable Business The Outsiders: Eight Unconventional … Continue reading TCI and the Becoming of the Cable Cowboy
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?
On August 14th, Origo (formerly Nýherji) announced that the company had entered into exclusive negotiations with the Dutch investment firm HPE Growth Partners for the sale of 33% of the equity of its wholly owned subsidiary, Tempo Software. The announcement brings more clarity to the actual market value of Tempo Software but Origio first announced its … Continue reading Origo Nears Sale of Tempo Share to HPE Growth Partners
Formerly named Winland Electronics, Winland Holdings Corporation, is a small Minnesota based company that is OTC-traded under the ticker symbol WELX. The company sells sensors that monitor environmental conditions such as moisture, humidity and temperature. Over a period of time, the management team of Winland Electronics had provided unsatisfactory results as they invested heavily in … Continue reading Winland Holdings Corporation (WELX)
On Thursday, 2 August 2018, Arion Bank will release its financial results for the first six months of 2018. This will be the first release of financial statements since Arion Bank completed the IPO of approximately 30% of its common shares in a secondary offering. Background to the IPO The Arion Bank IPO is interesting … Continue reading The Arion Bank IPO and what happens after?
Allan MacDonald, Senior Vice President and Portfolio Manager at Burgundy Asset Management Ltd presented at the Ben Graham Centre's 2018 Value Investing Conference. The topic of his talk was: Finding Great Investment Opportunities in New Business Models. Companies owned by their own customers One of the opportunists that Allan covers he refers to as Demutualization. The term … Continue reading The Most Profitable Industry Ever?