Hawks Posted October 30, 2014 Share Posted October 30, 2014 more xom this a.m. Link to comment Share on other sites More sharing options...
rpadebet Posted October 31, 2014 Share Posted October 31, 2014 Amnf ... Reports record quarter after record quarter, increases dividend like clock work (3.5% yield), grows revenue and earnings at above normal rates. Still you don't pay for growth at current price. Link to comment Share on other sites More sharing options...
gary17 Posted October 31, 2014 Share Posted October 31, 2014 Amnf ... Reports record quarter after record quarter, increases dividend like clock work (3.5% yield), grows revenue and earnings at above normal rates. Still you don't pay for growth at current price. Hi rpadebet - do you expect higher / faster growth to continue & what do you see as the moat for this business? How is it possible to do high ROA / ROE ? No competitors? Link to comment Share on other sites More sharing options...
rpadebet Posted October 31, 2014 Share Posted October 31, 2014 Amnf ... Reports record quarter after record quarter, increases dividend like clock work (3.5% yield), grows revenue and earnings at above normal rates. Still you don't pay for growth at current price. Hi rpadebet - do you expect higher / faster growth to continue & what do you see as the moat for this business? How is it possible to do high ROA / ROE ? No competitors? I think we had this discussion last year in the AMNF thread itself. My thoughts haven't changed much since then. I am not sure of a moat presence here, but they are small enough for the growth to continue a while longer. They are growing by selling the same stuff in other geographies. The exit scenario I still think is, once they have a decent sized business, some major buys them at a big premium ( operating expenses are still big part of AMNFs expenses which to a major buyer is all synergy). They made 0.036 EPS last quarter. Assume no more growth and they maintain this EPS for next year, they are @ 0.144 EPS. Stock trading at $2, so PE of <14. So you are not paying for growth and you get a very decent 3.6% dividend yield (approx 50% payout ratio) Link to comment Share on other sites More sharing options...
gary17 Posted October 31, 2014 Share Posted October 31, 2014 Amnf ... Reports record quarter after record quarter, increases dividend like clock work (3.5% yield), grows revenue and earnings at above normal rates. Still you don't pay for growth at current price. Hi rpadebet - do you expect higher / faster growth to continue & what do you see as the moat for this business? How is it possible to do high ROA / ROE ? No competitors? I think we had this discussion last year in the AMNF thread itself. My thoughts haven't changed much since then. I am not sure of a moat presence here, but they are small enough for the growth to continue a while longer. They are growing by selling the same stuff in other geographies. The exit scenario I still think is, once they have a decent sized business, some major buys them at a big premium ( operating expenses are still big part of AMNFs expenses which to a major buyer is all synergy). They made 0.036 EPS last quarter. Assume no more growth and they maintain this EPS for next year, they are @ 0.144 EPS. Stock trading at $2, so PE of <14. So you are not paying for growth and you get a very decent 3.6% dividend yield (approx 50% payout ratio) Thanks for the idea! Will watch this! Gary Link to comment Share on other sites More sharing options...
Lance Posted November 4, 2014 Share Posted November 4, 2014 ARCP Thanks, Lance Link to comment Share on other sites More sharing options...
Picasso Posted November 4, 2014 Share Posted November 4, 2014 RCAP Edit: Nevermind, I made a mistake in looking at part of their earnings. Sold what I had purchased. Link to comment Share on other sites More sharing options...
frommi Posted November 10, 2014 Share Posted November 10, 2014 Bought a small position in AUY. Link to comment Share on other sites More sharing options...
frommi Posted November 10, 2014 Share Posted November 10, 2014 And rebought some S&P puts. Link to comment Share on other sites More sharing options...
constructive Posted November 10, 2014 Share Posted November 10, 2014 Genworth at one third of tangible book value. Link to comment Share on other sites More sharing options...
crastogi Posted November 10, 2014 Share Posted November 10, 2014 Genworth at one third of tangible book value. I have not looked at this in detail, but it did catch my eye with the big drop lately. Question: How confident are you that they will be able to offset losses caused in their LT care insurance business? Any write up I can refer to understand the nuances better? Thanks Link to comment Share on other sites More sharing options...
Lance Posted November 11, 2014 Share Posted November 11, 2014 IWM Jan 2016 $115 Puts Thanks, Lance Link to comment Share on other sites More sharing options...
Lance Posted November 11, 2014 Share Posted November 11, 2014 LUKOIL Thanks, Lance Link to comment Share on other sites More sharing options...
Hawks Posted November 13, 2014 Share Posted November 13, 2014 eca Link to comment Share on other sites More sharing options...
dutchman Posted November 13, 2014 Share Posted November 13, 2014 Hawks, is encana strictly a bet on gas prices. Have you compared it to chk? Link to comment Share on other sites More sharing options...
Lance Posted November 13, 2014 Share Posted November 13, 2014 OGZPY (Gazprom) and SBRCY (Sberbank) Thanks, Lance Link to comment Share on other sites More sharing options...
LC Posted November 13, 2014 Share Posted November 13, 2014 Hawks, is encana strictly a bet on gas prices. Have you compared it to chk? Check their recent IR presentation, they've made some moves recently and are trying to transition into higher margin product. I actually think it looks interesting, the valuation seems amenable, and it showed up on Clipper's 13F recently. Link to comment Share on other sites More sharing options...
Lance Posted November 13, 2014 Share Posted November 13, 2014 LGCY (Legacy Reserves Limited Partnership) Thanks, Lance Link to comment Share on other sites More sharing options...
Hawks Posted November 13, 2014 Share Posted November 13, 2014 dutchman Not buying for the natural gas, but for their growing exposure to crude oil. With increasing gas asset sales and growing oil reserves, don't think the market yet realizes the transformation. And when some smaller crude oil companies struggle with lower crude prices, ECA will gobble them up on the cheap. Similar story as CHK but ECA is much stronger financially imo. Also bought more SSW for their growing dividend and all new vessels are fully leased once again. Link to comment Share on other sites More sharing options...
thecynic Posted November 14, 2014 Share Posted November 14, 2014 ASPS, increased to a 10% position... Link to comment Share on other sites More sharing options...
no_free_lunch Posted November 17, 2014 Share Posted November 17, 2014 OAK Howard Marks, relatively cheap, some hedging as they will do best during times of distress. I think stock is down right now because the dividend has been low for past few quarters. It is basically a bet that divvy will bounce back at some point. Certainly not my most researched stock but come on, it's Howard Marks! Link to comment Share on other sites More sharing options...
PatientCheetah Posted November 17, 2014 Share Posted November 17, 2014 ASPS Link to comment Share on other sites More sharing options...
Ross812 Posted November 17, 2014 Share Posted November 17, 2014 ASPS ASPS as well. I almost doubled my position today. Ex. OCN and Insurance kickbacks you still have ~50M in net income. This is 21x for a business growing at 25-35% yoy, a good value. Add to this any of the 100M+ of OCN related revenue (ex insurance kickbacks) and you are paying a sliding scale of 7-21x for company with a long runway of 25%+ growth in front of it. Link to comment Share on other sites More sharing options...
Fat Pitch Posted November 18, 2014 Share Posted November 18, 2014 ASPS ASPS as well. I almost doubled my position today. Ex. OCN and Insurance kickbacks you still have ~50M in net income. This is 21x for a business growing at 25-35% yoy, a good value. Add to this any of the 100M+ of OCN related revenue (ex insurance kickbacks) and you are paying a sliding scale of 7-21x for company with a long runway of 25%+ growth in front of it. What are the odds Erbey doesn't take ASPS private? I would hate to load up just to see a take-under from management. Link to comment Share on other sites More sharing options...
yadayada Posted November 18, 2014 Share Posted November 18, 2014 Wouldn't they need a lot more then 51% to do that? Seems like something like that would just attract a lot of negative unnecesairy attention in this already negative enviroment. Link to comment Share on other sites More sharing options...
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