Viking Posted December 29, 2021 Share Posted December 29, 2021 Well… what happens when you have heavy buying of shares at a time when volumes are usually super light? +7% move in a couple of hours ($12.74). I guess this is why we all say Happy Holidays Link to comment Share on other sites More sharing options...
ICUMD Posted December 29, 2021 Share Posted December 29, 2021 Complete speculation, but could be sellers of FFH in the Dutch Auction looking to re- enter at an attractive BV discount. Low volumes driving sp. Link to comment Share on other sites More sharing options...
hobbit Posted January 4, 2022 Share Posted January 4, 2022 (edited) This will help discover true value of BIAL. First airport business to be listed in India with 64% stake in Delhi airport. I believe the demerger date is Jan 11 https://www.livemint.com/companies/news/gmr-group-gets-nclt-nod-for-demerger-of-non-airport-businesses-11640265265179.html https://investor.gmrgroup.in/pdf/GMR Demerger_Investor Presentation.pdf Could be a catalyst for FIH Edited January 4, 2022 by hobbit Link to comment Share on other sites More sharing options...
gfp Posted January 8, 2022 Share Posted January 8, 2022 The CEO of Catholic Syrian Bank - CSB - has decided to retire early due to health problems. https://www.business-standard.com/article/finance/csb-bank-md-ceo-takes-early-retirement-lender-to-set-up-panel-to-find-successor-122010800539_1.html Bloomberg has an article on it but there is probably a paywall: https://www.bloomberg.com/news/articles/2022-01-08/billionaire-watsa-backed-indian-lender-says-ceo-to-retire-early Link to comment Share on other sites More sharing options...
hobbit Posted January 12, 2022 Share Posted January 12, 2022 https://www.thehindubusinessline.com/markets/stock-markets/demerged-gmr-infra-starts-trading-in-bourses/article38241204.ece Link to comment Share on other sites More sharing options...
hobbit Posted January 20, 2022 Share Posted January 20, 2022 Thesis on Fairfax India at MOI https://moiglobal.com/jeffrey-stacey-202201/ Link to comment Share on other sites More sharing options...
Viking Posted January 20, 2022 Share Posted January 20, 2022 1 hour ago, hobbit said: Thesis on Fairfax India at MOI https://moiglobal.com/jeffrey-stacey-202201/ @hobbit thanks for posting. Solid overview of Fairfax India (i quickly went through the presentation). I will listen to the audio tomorrow. BIAL is really positioned well when get to the other side of Omicron/pandemic in another couple of months. I think international travel could spike (massive pent up demand). Fairfax India has performed exceptionally well the past year - even with 1/3 of its BV (BIAL) in a holding pattern. Looking forward to BIAL ‘taking off’. Hopefully this is one of the catalysts that finally get Fairfax India shares airborne Link to comment Share on other sites More sharing options...
ICUMD Posted January 20, 2022 Share Posted January 20, 2022 Thanks for posting. At these prices, upside is very good IMO. Share repurchases I think will remain 'safety net' to ensure mark to BV periodically. Bial continues to build out its infrastructure with construction of the Metro to its doors and terminal 2. They are also executing well on their aerocity plan. An inflationary environment should make these assets even more valuable. Not the worst way to have exposure to a emerging market, especially at current prices. Link to comment Share on other sites More sharing options...
wondering Posted January 26, 2022 Share Posted January 26, 2022 https://www.fairfaxindia.ca/news/press-releases/press-release-details/2022/Fairfax-India-to-Acquire-70-of-Jaynix--Engineering-Private-Limited/default.aspx Link to comment Share on other sites More sharing options...
Daphne Posted February 11, 2022 Share Posted February 11, 2022 Fairfax India Holdings Corporation (TSX: FIH.U) announces fiscal year 2021 net earnings of $494.5 million ($3.22 net earnings per diluted share), compared to fiscal year 2020 net loss of $41.5 million ($0.27 net loss per diluted share), reflecting increased net unrealized and realized gains on investments, partially offset by increased performance fees and provision for income taxes. The company's book value per share increased by 20.0% from $16.37 at December 31, 2020 to $19.65 at December 31, 2021, representing a compound annual growth rate of 10.3% (10.7% prior to the performance fee recorded in 2021) from the initial public offering price or $10.00 per share. Link to comment Share on other sites More sharing options...
Sullivcd Posted February 11, 2022 Share Posted February 11, 2022 28 minutes ago, Daphne said: Fairfax India Holdings Corporation (TSX: FIH.U) announces fiscal year 2021 net earnings of $494.5 million ($3.22 net earnings per diluted share), compared to fiscal year 2020 net loss of $41.5 million ($0.27 net loss per diluted share), reflecting increased net unrealized and realized gains on investments, partially offset by increased performance fees and provision for income taxes. The company's book value per share increased by 20.0% from $16.37 at December 31, 2020 to $19.65 at December 31, 2021, representing a compound annual growth rate of 10.3% (10.7% prior to the performance fee recorded in 2021) from the initial public offering price or $10.00 per share. So trading at like .6x bv, crazy. Link to comment Share on other sites More sharing options...
Viking Posted February 11, 2022 Share Posted February 11, 2022 2 hours ago, Daphne said: Fairfax India Holdings Corporation (TSX: FIH.U) announces fiscal year 2021 net earnings of $494.5 million ($3.22 net earnings per diluted share), compared to fiscal year 2020 net loss of $41.5 million ($0.27 net loss per diluted share), reflecting increased net unrealized and realized gains on investments, partially offset by increased performance fees and provision for income taxes. The company's book value per share increased by 20.0% from $16.37 at December 31, 2020 to $19.65 at December 31, 2021, representing a compound annual growth rate of 10.3% (10.7% prior to the performance fee recorded in 2021) from the initial public offering price or $10.00 per share. What makes the performance in 2021 even more impressive is their biggest asset by far - BIAL (airport) - has been suffering for 2 years. As business rebounds in 2022 BIAL will transition from a headwind to a tailwind for Fairfax India. Stock is crazy cheap, especially as the world gets to the other side of Omicron. Link to comment Share on other sites More sharing options...
Vanshon Posted February 11, 2022 Share Posted February 11, 2022 Any idea who would be selling this now? It feels like the buybacks take place around $12 but once the volume gets up and the daily limit is reached somebody is happy to sell down to $11.80. Especially after the SIB six months ago I’m surprised but happy to be able to buy it down here! Link to comment Share on other sites More sharing options...
ICUMD Posted February 11, 2022 Share Posted February 11, 2022 29 minutes ago, Vanshon said: Any idea who would be selling this now? It feels like the buybacks take place around $12 but once the volume gets up and the daily limit is reached somebody is happy to sell down to $11.80. Especially after the SIB six months ago I’m surprised but happy to be able to buy it down here! I wonder the same thing. Can't help but think there is a strong level of manipulation going on to keep the price suppressed. And it's been doing this for quite some time now. Link to comment Share on other sites More sharing options...
Crip1 Posted February 11, 2022 Share Posted February 11, 2022 While bemusedly shaking my head, I bumped up my position by 50% just now. I simply can't believe that the market price will stay this disconnected from the BV forever. Furthermore, BIAL really has to be a tailwind here...the combination is too good to pass up such that I am considering adding more. -Crip Link to comment Share on other sites More sharing options...
Vanshon Posted February 12, 2022 Share Posted February 12, 2022 This also caught my eye from the earnings release: On August 11, 2021 the company completed its substantial issuer bid, pursuant to which the company purchased for cancellation 7,046,979 subordinate voting shares for aggregate consideration of $105.0 million ($14.90 per subordinate voting share). In addition, the company continued to buy back shares under its normal course issuer bid and during 2021 purchased for cancellation 1,734,503 subordinate voting shares at a net cost of $21.9 million ($12.61 per subordinate voting share). Subsequent to December 31, 2021, the company purchased for cancellation 1,397,532 subordinate voting shares for a net cost of $18.0 million ($12.88 per subordinate voting share) under the terms of an automatic share purchase plan. The share volume and NCIB limits wouldn’t allow for nearly this volume. They must’ve purchased a > one million share position outside of the market? They really seem to be buying back whatever they can down here! Link to comment Share on other sites More sharing options...
ICUMD Posted February 12, 2022 Share Posted February 12, 2022 (edited) 9 hours ago, Vanshon said: This also caught my eye from the earnings release: On August 11, 2021 the company completed its substantial issuer bid, pursuant to which the company purchased for cancellation 7,046,979 subordinate voting shares for aggregate consideration of $105.0 million ($14.90 per subordinate voting share). In addition, the company continued to buy back shares under its normal course issuer bid and during 2021 purchased for cancellation 1,734,503 subordinate voting shares at a net cost of $21.9 million ($12.61 per subordinate voting share). Subsequent to December 31, 2021, the company purchased for cancellation 1,397,532 subordinate voting shares for a net cost of $18.0 million ($12.88 per subordinate voting share) under the terms of an automatic share purchase plan. The share volume and NCIB limits wouldn’t allow for nearly this volume. They must’ve purchased a > one million share position outside of the market? They really seem to be buying back whatever they can down here! Good catch. The claim is mysterious. I don't believe the share price has even traded that high since Dec 31, 2021. Yet they claim they bought the 1.4 million shares under an 'automatic share repurchase plan'. Is this separate from the NCIB? Are they selling to themselves ie. Fairfax to Fairfax India? Edited February 12, 2022 by ICUMD Link to comment Share on other sites More sharing options...
doc75 Posted February 12, 2022 Share Posted February 12, 2022 36 minutes ago, ICUMD said: Good catch. The claim is mysterious. I don't believe the share price has even traded that high since Dec 31, 2021. Yet they claim they bought the 1.4 million shares under an 'automatic share repurchase plan'. Is this separate from the NCIB? Are they selling to themselves ie. Fairfax to Fairfax India? It was trading that high at the beginning of January. You can check the SEDI filings for details on the purchases. On Jan 5 they bought a block of 1.2m shares @ 12.86. There's a block trade exemption on the daily NCIB purchase limit. Link to comment Share on other sites More sharing options...
ICUMD Posted February 12, 2022 Share Posted February 12, 2022 10 hours ago, doc75 said: It was trading that high at the beginning of January. You can check the SEDI filings for details on the purchases. On Jan 5 they bought a block of 1.2m shares @ 12.86. There's a block trade exemption on the daily NCIB purchase limit. Thank you. You are correct. Very positive action for the future. Link to comment Share on other sites More sharing options...
gfp Posted February 16, 2022 Share Posted February 16, 2022 Fairfax bought 5.416m additional FIH.U shares - http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220216:nGNX5mHHcC&default-theme=true Link to comment Share on other sites More sharing options...
Sullivcd Posted February 16, 2022 Share Posted February 16, 2022 The release says they bought 5% of the shares outstanding at $12 a share from two individuals. Maybe a divorce or something? I don't get it. Link to comment Share on other sites More sharing options...
longlake95 Posted February 16, 2022 Share Posted February 16, 2022 likely a fund that wanted to lighten up. Link to comment Share on other sites More sharing options...
Crip1 Posted February 16, 2022 Share Posted February 16, 2022 45 minutes ago, Sullivcd said: The release says they bought 5% of the shares outstanding at $12 a share from two individuals. Maybe a divorce or something? I don't get it. We can only speculate and, honestly, I am not as concerned about that as I am about the fact that the investor who knows FFI inside and out, arguably better than anyone, determined that $12/share was an attractive price. It could be argued that the same investor felt that FFI was more undervalued than FFH. -Crip Link to comment Share on other sites More sharing options...
Viking Posted February 16, 2022 Share Posted February 16, 2022 (edited) Looks like Fairfax is pulling a BAM… Fairfax has three levers it is using to significantly increase its ownership share in Fairfax India India over time: 1.) taking performance fee in Fairfax India shares 2.) Fairfax India buying back a significant amount of its own shares (with Fairfax not selling any of its shares of Fairfax India) 3.) direct purchase of Fairfax India shares - like today $12/share? That is crazy cheap. A VERY GOOD investment for Fairfax shareholders with book value of Fairfax India much higher. Edited February 16, 2022 by Viking Link to comment Share on other sites More sharing options...
Xerxes Posted February 16, 2022 Share Posted February 16, 2022 Great news ! on a different note, Prem need to revise his shareholder letter to add in Shopify’ 18% plunge earlier today. Link to comment Share on other sites More sharing options...
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