mhdousa Posted February 23, 2009 Posted February 23, 2009 Barrons had a nice article on this company (L) this weekend. Has anyone looked into this conglomerate at all? Thoughts? Thanks in advance. -M
dcollon Posted February 23, 2009 Posted February 23, 2009 mhdousa, Below is a presentation that management made not too long ago. It should provide some more insight into Loew's businesses. http://ir.loews.com/phoenix.zhtml?c=102789&p=irol-EventDetails&EventId=1990428
mhdousa Posted February 23, 2009 Author Posted February 23, 2009 Appreciate it. Did you listen to it? Any thoughts?
dcollon Posted February 23, 2009 Posted February 23, 2009 I have listened to it and find management to be impressive. I like the individual businesses that they own and believe that management have been good stewards of shareholders capital over time. The presentation is also nice since it provides slides to go along with the communication. I don't completely agree with the valuation that Barron's put out over the weekend, but would agree that the Loew's is certainly trading at a discount to the sum of the parts.
scottyjukebox Posted February 24, 2009 Posted February 24, 2009 Did anyone catch the jab in the article at berkshire by the author Andrew Bary. He stated something to the effect that berkshires IV is hard to calculate and probably not close to the 80k that the shares are trading at...
scorpioncapital Posted February 24, 2009 Posted February 24, 2009 There is no doubt, however, that Berkshire's record is superior to Loews as measured by growth in book value (not considering intrinsic value).
Liberty Posted October 13, 2011 Posted October 13, 2011 http://www.bloomberg.com/news/2011-10-13/loews-seeks-hotel-unit-ceo-as-tisch-cedes-role-adler-departs.html
BargainValueHunter Posted March 8, 2013 Posted March 8, 2013 ...Now compare the results of Loews' capital allocation since 2011. Loews BPS versus S&P 500 (Total return) http://4.bp.blogspot.com/-bse8-T7I3Dc/UTjXXpbQ3_I/AAAAAAAAB2k/8w7D3KoDDeM/s640/aaal+5.JPG Taken from another good write-up/ update by The Brooklyn Investor: http://brooklyninvestor.blogspot.com/2013/03/loews-adjusted-book-value-update.html On an adjusted book value basis, L grew book value +6.4% in 2012 and +11.34%/year over the past ten years. The five year figure is flat, again, due to the DO rally/spike in 2007. Notice, too, that the p/b ratio on an adjusted basis seems much more stable than the unadjusted p/b ratio. On an adjusted basis, L has traded at between 0.8-0.9x book. http://2.bp.blogspot.com/-AAl3RQ45OkY/UTjXMl3qK4I/AAAAAAAAB2M/thDR4MDK85s/s640/aaal+2.JPG Assuming all else unchanged and just updating the current stock prices of DO, CNA and BWP, the current adjusted BPS comes to $51.70/share compared to L trading now at $43.22, a 16% discount.
bargainman Posted March 10, 2013 Posted March 10, 2013 I think the 'official' Loews thread now resides here: http://www.cornerofberkshireandfairfax.ca/forum/investment-ideas/l-loews/ Might be a good idea to post this there instead?
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