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what happened with RYSAS today? - plunged 48%


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Seems like an option to buy shares during a Capital raise. 

Does that mean pre-existing shareholders can buy in at 1 lira whereas new investors have to come in at today's price of 3 lira? Company was trading at 8 Lira a few months ago. 

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I am using DEGIRO and they are not allowing any purchases of Rysas currently. They said we can’t purchase because of the rights issue, however we had been notified it was due to currency fluctuations recently. Are any others experiencing this and know when this will be resolved?

From DEGIRO 

Due to recent developments in Turkey, we have temporarily stopped the possibility to buy shares on the Istanbul Stock Exchange. With this measure in place, we will also cancel all open buy orders for the Istanbul Stock Exchange.

 

 

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$RYSKF Reysas

 

Pabrai says he bought a Turkish company when it was a $20M market cap and a $500M liquidation value.

Now it's over $100M market cap and $800 M liquidation value.

 

Reysas fits the marketcap description and timing of his purchase.

 

However, looking on TIKR I’m seeing a book value of $10M in 2019 and $80 M currently.

 

Anyone know why this discrepancy in the liquidation value?

 

I’m assuming the value of the assets such as real estate has risen considerably. Especially due to the devaluation of the Lira. 

Edited by Krapdivad
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22 hours ago, Krapdivad said:

$RYSKF Reysas

 

Pabrai says he bought a Turkish company when it was a $20M market cap and a $500M liquidation value.

Now it's over $100M market cap and $800 M liquidation value.

 

Reysas fits the marketcap description and timing of his purchase.

 

However, looking on TIKR I’m seeing a book value of $10M in 2019 and $80 M currently.

 

Anyone know why this discrepancy in the liquidation value?

 

I’m assuming the value of the assets such as real estate has risen considerably. Especially due to the devaluation of the Lira. 

 

Found how how Mohnish is valuing the liquidation value or the replacement cost of the company. 

He explains it all in this sumzero talk at 38:50 min 

 

Reysas has 12 M sq ft of warehouses

Costs $80-$100 / sq ft to replace warehouses at current steel prices 

This gives you ~$1B of assets 

- $200 M Debt 

= $800 M in liquidation value 

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