glider3834

https://knews.kathimerini.com.cy/en/business/€182m-deal-marks-hellenic-s-strategic-move-into-insurance-sector

@SafetyinNumbers I am just looking at this Allied World acquisition of 0.5% in Jun-23 Looks like Fairfax paid $30.6M It appears (see below) the Non-controlling interests carrying value was $27.6M - so the difference was $3M - so my take is that is P/BV of ~ 1.1x (is that right or am I missing something?)

For Grivalia there are clearly tailwinds in this luxury hotel traveller space in Greece so its a question of whether they can execute that to the bottom line https://news.gtp.gr/2024/03/29/luxury-hotels-in-greece-see-revenues-rise-in-h2-2023/- their One & Only hotel I believe is the most expensive hotel on Athens riviera so they are catering to a very specific traveller niche https://greekcitytimes.com/2024/03/27/grivalia-hospitality-athens-riviera/

https://www.reinsurancene.ws/lloyds-syndicate-ki-expands-digital-follow-capacity-with-beazley-partnership/ 'Ki’s partnership with Beazley, alongside the existing multi-year partnerships with Travelers and Aspen, and growth plans for Ki Syndicate 1618, will see Ki materially increase the follow capacity it is able to offer in 2024, the firm claimed.'

https://www.canadianunderwriter.ca/announcements/onlia-acquired-by-pe-firm-focused-on-canadian-pc-distribution-1004244415/

looks like they put most of their position on Q3'22 , Q1'23 https://www.dataroma.com/m/m_activity.php?m=FFH&typ=b not sure their avg cost but Micron was trading in a band from low 50s to low 60s - so if we assume high 50s cost & their position in MU unchanged since Q4'23, would be 2x based on AH pricing

Good question for AGM

https://www.bnnbloomberg.ca/investment-banker-turned-oil-tycoon-takes-canada-energy-patch-by-storm-1.2022426?taid=65a67416a212d8000144012c&utm_campaign=trueAnthem+Manual&utm_medium=trueAnthem&utm_source=twitter

interesting

will check this out thanks

I was hoping for a bit more guidance on how they are carrying BIAL & we got that from Prem in the annual letter so my understanding from this is that implied normalized free cash flow (ex Airport City) for the whole of BIAL is ~US$263M ie Equity value US$2.5B divided by 9.5x (assuming here that Prem is talking about Free Cash Flow to Equity Holders (FCFE) ie after interest payments) I am guessing by normalised they are assuming the airport is operating at 100% of capacity? Would that assumption be reasonable? I believe T2 is expected to hit that level ~ 2026 based on AERA consultation paper forecast.

thanks viking smaller private holding but Sporting Life/Golf town might be close to a top 30 - carrying value of US$61M (C$82M) or 4xFCF - potential market valuation?? revenues up ~50% since 2019 curious if anyone has checked out any of their team town sports stores - thoughts/feedback? https://retail-insider.com/retail-insider/2024/03/sporting-life-groups-team-town-sports-chain-expanding-national-footprint/

worth noting too they have assumed their Hellenic stake stays at 55.3% thru 2024-26 as part of their 2024-2026 guidance so there is potential upside if full takeover gets approved

https://www.livemint.com/companies/news/fairfax-india-to-invest-up-to-200-million-liquidity-support-to-iifl-finance-11709705405055.html