tag:blogger.com,1999:blog-50117322024-02-07T04:44:41.639-05:00CHEAP STOCKS: Below Net Current Asset Value, Real Estate, and other Value StrategiesThis forgotten technique developed by Ben Graham can help identify potential bargain stocks. Also, Other Value Strategies, Real Estate, and more. Send feedback to:<a href="mailto:cheapstocks@verizon.net">cheapstocks@verizon.net</a>Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.comBlogger352125tag:blogger.com,1999:blog-5011732.post-85137197401857185372015-11-10T08:11:00.004-05:002015-11-10T08:13:16.725-05:00JG Boswell (BWEL) Update- 2015 Fundamental Data<h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-stretch: normal; font-weight: normal; margin: 0.75em 0px 0px; position: relative;">
<span style="font-size: 13px; line-height: 1.4;">It's been a rough year for investors of JG Boswell, one of our favorite all-time high-quality pink sheet names. The dividend was cut in half to $2.25/quarter, and shares are down 29% year to date. The drought has no doubt had an effect on the company. Sales fell 27% year over year, but the company still managed to turn a $19 million profit. We were expecting it to be much worse.</span></h3>
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<span style="font-size: 13px; line-height: 1.4;"></span></h3>
<h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-stretch: normal; font-weight: normal; margin: 0.75em 0px 0px; position: relative;">
<span style="font-size: 13px; line-height: 1.4;">Thanks to the addition
of the most recently available year-end data, we've now strung together thirteen years worth of fundamentals for JG Boswell. Below are some of the
highlight for 2015:</span></h3>
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<br />
<br />
<b>Current Data (2015 Annual, Year ended 6/30/2015)</b><br />
<b>Current Price:</b> $675.5<br />
<b>EPS (Fully Diluted):</b> $19.17<br />
<b>P/E:</b> 35<br />
<b>Price/Sales:</b> 1.59<br />
<b>Price/Book: </b>1.18<br />
<b>Revenue: </b>$430 million<b> </b><br />
<b>Net Income: </b>$19.4 million<br />
<b>Net Profit Margin:</b> 4.52%<br />
<b>EV/EBITDA:</b> 12.75<br />
<b>Indicated Dividend Yield:</b>1.33%<br />
<b>Current Market Cap:</b> $685 million<br />
<b>Current Enterprise Value:</b> $873 million<br />
<b>Cash:</b> $3.3 million<br />
<br />
Boswell remains one of deep value's greatest mysteries. What is it truly worth, and will we ever find out?</div>
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Stay tuned.<br />
<br />
<br />
*The
author has a position in JG Boswell (BWEL). This is neither a
recommendation to buy or sell any securities. All information provided
believed to be reliable and presented for information purposes only.</div>
Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-2948779380720086982015-06-16T07:21:00.001-04:002015-06-16T07:21:50.239-04:00Remembering Clyde: Revisiting One of Our Favorite All-Time Posts<b style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">Editor's Note: This post was originally published in 2007, to observe what would have been the 100th birthday of one of this site's original namesakes, my grandfather. Twenty one year's after his death, his influence is still present. His then unborn great granddaughter, whom he missed meeting by three months, is about to turn 21, and enter her senior year in college. </b><br />
<br />
<br />
<br />
<b style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">Remembering Clyde </b><br />
<br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">June
16th marks the 100th birthday of one of this site’s namesakes, my
grandfather, friend, mentor, buddy, and the list goes on. The man
exerted a great deal of influence on my life, and our time together
-including the day he passed away in my presence 13 years ago- is
forever etched in my mind.</span><br />
<br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">Today
we jettison the typical Cheap Stocks investment related drivel, and
instead pay tribute to a great man who left countless people better than
he found them. If he were alive today, he’d be puzzled by his
grandson’s website. “Value” to him had to do with doing an honest day’s
work, keeping your word, and serving others. “Growth” was about the
tomatoes and peas in his garden, and “investing” was related to the time
you spent serving others needs. The only stock he ever owned was the 20
shares of Ringling Brothers stock one of his sons purchased for him in
the 1960’s. The circus was everything to him— at an early age when the
circus was in town he’d work all day helping them to set up just for a
ticket to that evening’s show--and his canceled Ringling Brothers stock
certificate (Ringling was acquired by Mattel in the early 70’s) is
proudly displayed in my home in tribute.</span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAc56snew3-QUYgxlA05xHJUsmLyJ6E_9Utmohwtd_Vm_t1jHRvONvClyVDCs1r4g44rxckDHnPzIRnEPrl5RWlRu1OYaqRhZuD2LUebOJJWm5iYbZxcfnTievwRnqN2cljeno/s1600/ringling.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="180" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiAc56snew3-QUYgxlA05xHJUsmLyJ6E_9Utmohwtd_Vm_t1jHRvONvClyVDCs1r4g44rxckDHnPzIRnEPrl5RWlRu1OYaqRhZuD2LUebOJJWm5iYbZxcfnTievwRnqN2cljeno/s320/ringling.jpg" width="320" /></a></div>
<br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">He
never made it much past the eighth grade. That’s what happens when you
get kicked out of school for knocking your school’s principal on his
rear-end. Oh, and by the way the principal happened to be his Uncle Ed.
As the story goes, young Clyde was accused of something he did not do,
and good old Uncle Ed took a switch to him in the school office. Clyde
wasn’t standing for that, and you know the rest—down went Uncle Ed. The
incident stood with my grandfather—I recall him telling me on one of our
frequent weekend ventures to his old stomping ground in Easton, PA
about the dream he’d had the night before; here he was in his late 70’s
and he’d dreamt of urinating on Uncle Ed’s grave. The past died hard for
him. Being kicked out of school in many ways shaped his future—fueling a
success story not measured in dollars, because there weren’t many of
those, but measured instead by service to others, hard work, pride in
all that he did, and sons and grandchildren who revered him.</span><br />
<br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">He
was part of the greatest generation. During World War II the GM plant,
where he served as Master Heat Treater, made the conversion from autos
to airplanes, and his ingenuity-not learned in any classroom- earned him
awards, and helped GM build Grumman Avengers more quickly and
efficiently.</span><br />
<br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">After
moving to Ewing NJ in the late 1930’s, he and a few buddies realized
that this growing area needed a rescue squad. They became educated about
wound care and emergency medicine, bought a used Hearse to serve as an
ambulance, and The Pennington Road Rescue Squad was born. Born out of
guts, ingenuity, fortitude, and a desire to serve others. </span><br />
<br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">My
grandmother preceeded him in death, and it was then that we found out
what “investing” meant in my grandmother's eyes. It meant hiding cash
from her husband. The several thousand dollars in cash we found,
including bills from the 1930’s through the 1960’s, bore witness to
this. Evidently, the combination of living through the Depression, and
fear that my grandfather would give it all away to anyone in need
prompted my grandmother to keep a secret stash.</span><br />
<br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">You
really couldn’t blame her. A great woman in her own right, she’d seen
it all. She’d seen my grandfather stop to help a stranger who’d run out
of gas during the war, syphon it out of his tank and into the
stranger’s, then run out of gas himself a few minutes later. Anything to
help someone in need.</span><br />
<br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">My
resume' may be a lot longer than his, not that he ever had one. I had
the opportunity to graduate from college, grad school, earn other
professional designations, etc. But My grandfather, Clyde, was way
smarter, way more accomplished, more ingenious and a better "investor"
than I will ever be.</span><br />
<br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">Happy
100th birthday, Clyde. I miss you, think of you often, am grateful for
the times we had together, and for the lessons you taught me.</span>Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-63075328051626563582015-01-30T08:50:00.000-05:002015-01-30T08:50:12.676-05:00Net/Nets You Say?The net/net cupboard has been bare the past couple of years; the worst we've ever seen in the umpteen years we've been researching and writing about our favorite cubbyhole of the deep value world. That's left us with little to write about. While this site was originally devoted to net/nets, we've delved into other areas of deep value over the years (by our definition, anyway), including real estate. But value has itself has been difficult to find, there have not been many compelling ideas, and we've done what value investors do in those situations--go into hibernation.<br />
<br />
In fact, we've rarely run our favorite stock screen the past several months- the one that identifies companies trading below net current asset value, aka the ever-elusive net/net.<br />
<br />
We've been anxious to create our third experimental net/net index (the first two (<a href="http://stocksbelowncav.blogspot.com/2010/02/winding-down-cheap-stocks-21-net-net.html">Cheap Stocks 21 </a> and <a href="http://stocksbelowncav.blogspot.com/2013/09/winding-down-cheap-stocks-26-netnet.html">Cheap Stocks 26</a>) had interesting but inconclusive results; but we've been unable to identify enough candidates, and "Cheap Stocks 4" just won't do the trick..<br />
<br />
So it was with a small amount of joy earlier this week when we begrudginly ran our favorite screen, and found a whopping four net/nets with market caps in excess of $100 million. Granted, two of them are what we refer to as "perennial net/nets", seemingly always showing up. These are <a href="http://finance.yahoo.com/q?s=RELL">Richardson Electronics</a> (RELL) and <a href="http://finance.yahoo.com/q?s=TWMC">Trans World Entertainment</a> (TWMC). We also found an old friend, that has occasionally made the cut, <a href="http://finance.yahoo.com/q?s=LF">LeapFrog</a> (LF), which recently ran aground on some very bad guidance. In facts, shares fell 34% last Friday, and are down 50% since December. We plan on digging in to see if there's any meat left on the bone. It gets ugly in net/net land.<br />
<br />
Finally, there's a new kid on the block, that being retailer <a href="http://finance.yahoo.com/q?s=SHOS&ql=1">Sears Hometown Outlet Stores</a> (SHOS), which is currently trading at .92 times NCAV. Retailers are often the ugliest of the net/nets, as their current assets are typically chock full of inventory. There have been some great retail net/net success stories over the years, including <a href="http://finance.yahoo.com/q?s=FINL&ql=0">Finish Line</a> (FINL), and <a href="http://finance.yahoo.com/q?s=CONN">Conns</a> (CONN), but you have to be careful with these. <br />
<br />
SHOS shares are down 44% in the past year, and while we are skeptical of retailers, we'll be digging into this one as well, looking for any redeeming qualities, other than the fact that it trades at .62 times book value, and is a net/net.<br />
<br />
<span style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; display: inline !important; float: none; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 18.2000007629395px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">*The author has a position in Richardson Electronics (RELL). This is neither a recommendation to buy or sell any securities. All information provided believed to be reliable and presented for information purposes only.</span><br />
Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-38738993145905277952015-01-23T08:23:00.000-05:002015-01-23T08:27:17.911-05:00Tootsie Roll's Mel Gordon Dies at 95: Don't Fall for the Acquisition Hype Just YetTootsie Roll Industries (TR) has been my long-time <a href="http://stocksbelowncav.blogspot.com/2007/04/discovering-chocolate-fountain-of-youth.html">nemesis</a>. I held a position in the stock for several years, seeing what I believed to be the enormous value in the brand combined with aging insider-owners Melvin and Ellen Gordon. It seemed ripe for a takeover; a perfect acquisition for Hershey (HSY), or some other larger name seeking to expand their brand portfolio. At least that's what I believed.<br />
<br />
The problem, though was two-fold: On the fundamental front, revenues were flattening, once mid-teen net profit margins were falling, and what was a great brand seemed to be lost in the shuffle. Secondly, the aging owners, the Gordons, were not going anywhere.<br />
<br />
I finally realized the latter one day after receiving the 2007 annual report. Inside was a picture of Mel and Ellen Gordon, looking much younger than their years. The Gordon's essentially controlled the Class B voting shares, and called the shots. To me, their compensation seemed excessive, especially given the company's declining results, lack of growth and direction. But, they were not giving up this cash-cow. I, however, finally gave up.<br />
<br />
Mel's passing is sad; and it's quite amazing that he stayed engaged as long as he did. The baton now passes to Ellen Gordon, formerly the company's chief operating officer, age 83, whose family acquired the company when it ran into trouble in 1935.<br />
<br />
Shares were up 7% after the announcement of Mel's death amid new speculation that the company will be acquired.<br />
<br />
Don't hold your breath though. Ellen Gordon is only 83.<br />
<br />
We've been to this rodeo before.<br />
<br />
<span style="-webkit-text-stroke-width: 0px; background-color: white; color: #222222; display: inline !important; float: none; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; line-height: 18.4799995422363px; orphans: auto; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: auto; word-spacing: 0px;">*The author has no position in any stocks mentioned in this piece. This is neither a recommendation to buy or sell this security. All information provided believed to be reliable and presented for information purposes only</span><br />
Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-37128993862502386672014-10-22T15:20:00.003-04:002014-10-22T15:20:42.221-04:00JG Boswell (BWEL) 2014 Fundamental Data<h3 class="post-title entry-title" itemprop="name" style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 22px; font-stretch: normal; font-weight: normal; margin: 0.75em 0px 0px; position: relative;">
<span style="font-size: 13px; line-height: 1.4;">Thanks to the addition of the most recently available year-end data, we've now strung together twelve years worth of fundamentals for JG Boswell. Below are some of the highlight for 2014:</span></h3>
<div class="post-body entry-content" id="post-body-8645743036572168437" itemprop="description articleBody" style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 1.4; position: relative; width: 570px;">
<br /><br /><strong>Current Data (2014 Annual, Year ended 6/30/2014)</strong><br /><strong>Current Price:</strong> $910<br /><strong>EPS (Fully Diluted):</strong> $49.58<br /><strong>P/E:</strong> 18<br /><strong>Price/Sales:</strong> 1.57<br /><strong>Price/Book: </strong>1.48<br /><strong>Revenue: </strong>$587.4 million<strong> </strong><br /><strong>Net Income: </strong>$50.2 million<br /><strong>Net Profit Margin:</strong> 8.55%<br /><strong>EV/EBITDA:</strong> 12.1<br /><strong>Indicated Dividend Yield:</strong>1.81%<br /><strong>Current Market Cap:</strong> $921.2 million<br /><strong>Current Enterprise Value:</strong> $1.077 billion<br /><strong>Cash:</strong> $2.75 million<br /><br /><br /><strong>10 Year Averages Based on Annual Data:</strong><br /><strong>P/E:</strong> 26<br /><strong>Price/Sales</strong>: 1.67<br /><strong>Price/Book Value</strong>: 1.47<br /><strong>Net Profit Margin</strong>: 7.9%<br /><strong>EV/EBITDA</strong>: 10.6<br /><strong>Dividend Yield</strong>: 2.1%<br /><strong>Market Cap</strong>: $733 million<br /><strong>Enterprise Value:</strong> $876 million<br /><br />*The author has a position in JG Boswell (BWEL). This is neither a recommendation to buy or sell any securities. All information provided believed to be reliable and presented for information purposes only.</div>
Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-54242807874701950972014-08-25T07:39:00.000-04:002014-08-25T07:41:38.945-04:00A DIscussion on Net/Net QualityI'd never seen this clip until today; from an interview done by my friends at <a href="http://greatinvestors.tv/all-videos/">Great Investors TV</a>, which has done a phenomenal job of interviewing value investors.<br />
<br />
<a href="http://greatinvestors.tv/video/how-to-find-the-right-net-net-investments-with-jonathan-hell.html">http://greatinvestors.tv/video/how-to-find-the-right-net-net-investments-with-jonathan-hell.html</a><br />
<br />
(You can learn a lot watching a video of yourself; I learned that I am a serial head-tilter!)<br />
<br />
Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-11155024464698996732014-07-28T18:09:00.000-04:002014-07-28T18:09:27.784-04:00A Value Investors New Take On Facebook<!--[if gte mso 9]><xml>
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<div class="MsoNormal">
Following a 10-day mission trip to a small and very poor
community in the Dominican Republic, I’ll never view Facebook (FB) through the
same lens that I had previously. I’ve long had a love-hate relationship
with the company; hating the stock, but sometimes loving the application. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Now,
while I’ve grown weary of the endless stream of “look how great little Bobby
is”, “look at my awesome vacation photos”, "I just ate pancakes" or posts describing a 50-year old
friends first colonoscopy, I do understand just how wide Facebook’s reach is.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Two years ago, we met 10 year-old Jhon at our construction
site in the DR; when he learned that we had the same first name (more or less), he rarely
left my side for the next ten days, and we bonded. Young Jhon cried on our last day, and
presented me with a drinking glass from his home, which I still treasure. <span style="mso-spacerun: yes;"> </span>Last year, when I could not make the trip I was saddened, because I missed the little guy.
Jhon looked for me; when my daughter, who was able to go told him I would not be there, he cried
again.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
This year, the now 12 year old Jhon greeted me on our first work
day, and I saw him frequently as we worked. The day we left this year he did
not cry; Jhon has grown up. But he did make a request; not just from me, but several from our
team. He wanted our full Facebook names so that he could friend us. I could not
understand what he was asking me at first; he spoke no English, and I no
Spanish. But after he said “Faybuk” several times, I finally got it, and was
somewhat astonished.</div>
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<br /></div>
<div class="MsoNormal">
Here, in a very poor Dominican city, well known as one of
the most polluted cities (due to a former battery factory) in the world, a
twelve year-old, lacking most if not all of the conveniences we take for
granted living in the United States, wanted to connect on Facebook. And young
Jhon was not the only one; several other children made the same request of me
and others. <span style="mso-spacerun: yes;"> </span>If nothing else, I
dramatically underestimated how wide reaching the Facebook phenomenon is.</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
Lest you think that this value investor, however, has
completely lost his mind, my opinion of Facebook the stock is unchanged. I
still believe it is vastly overpriced, and can’t fathom the $195 billion market
cap that the market has blessed the company with. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
However, I am impressed with the companies reach and name recognition. That still does not make it a great stock, though. </div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
But what do I know; I'm just a value investor.</div>
<div class="MsoNormal">
</div>
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<a href="https://www.blogger.com/null" name="_GoBack"></a></div>
Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-65102355749325332322014-07-18T10:19:00.001-04:002014-07-18T10:20:35.613-04:00Richardson Electronics: Back in Net/Net LandIt's the slimmest of pickings this day in the net/net land, a place that no publicly traded company would go by choice. With just three U.S. companies with market caps in excess of $100 million currently trading below net current asset value, <a href="http://finance.yahoo.com/q?s=rell">Richardson (RELL)</a> appears to be the best of the bunch. The others are <a href="http://finance.yahoo.com/q?s=TWMC&ql=0">Trans World Entertainmant (TWMC)</a>, and <a href="http://stocksbelowncav.blogspot.com/2014/06/imation-back-to-netnet-land.html">Imation (IMN)</a>.<br />
<br />
Richardson currently trades at just .86 times NCAV, and the quality of the balance sheet is excellent, including $130.5 million, or $9.30 per share in cash and short-term investments.Considering the company's current $10.23 price, that's compelling. The company has no debt, and trades at .81 times tangible book value, and currently yields 2.4%<br />
<br />
While still profitable, which can sometimes be uncommon for net/nets, revenues and profits have been sliding.<br />
<br />
Richardson is scheduled to report fourth quarter and full year results on July 23rd.We'll be particularly interested in whether the company has maintained or grown its cash and short-term investment balances.<br />
<b><br /></b>
<b>Richardson Electronics</b> (RELL)<br />
Price: $10.23<br />
Market Cap: $143.5 million<br />
NCAV: $166.3 million<br />
Mkt Cap/NCAV: .86<br />
Cash: $97.2 million<br />
S/T Investments: $33.3 <br />
Tangible Book Value/Share: $12.56P/TBV: .81<br />
Trailing P/E: 85 <br />
Dvd Yield 2.4%<br />
<br /> *The author has a position in Richardson Electronics. This is neither a
recommendation to buy or sell any securities. All information provided
believed to be reliable and presented for information purposes only <br />
<br />
<br />Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-36071818891111835242014-07-16T10:31:00.000-04:002014-07-16T10:31:04.317-04:00Value Investing Congress Discount for Cheap Stocks Subscribers- 9/8 &9/9 in NYC: It's not too late!<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
<b>The
Top Benefits of Attending the Value Investing Congress </b></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
The
10<sup>th</sup> Annual New York Value Investing Congress is just weeks away
(Sept. 8-9), but there’s still time to get your seat and enjoy the
many benefits of attending the Congress in-person:</div>
<div class="MsoListParagraph" style="margin-left: 37.5pt; mso-list: l1 level1 lfo1; text-indent: -.25in;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b>Speaker Wisdom<span style="color: #1f497d;"> </span></b>–
Congress speakers explain their stock ideas with detailed, well-reasoned
analysis. But the presentations are not live-streamed or distributed
afterwards, <i>so</i> <i>only onsite attendees benefit from the brilliance of
these successful money managers.</i></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoListParagraph" style="margin-left: 37.5pt; mso-list: l1 level1 lfo1; text-indent: -.25in;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b>Audience Q&A</b> – Congress attendees are
savvy, professional investors and their insightful questions often clarify and
expand on a speaker’s investment thesis. As with speaker commentary<i>,
live Q&A is only available to onsite attendees. </i></div>
<div class="MsoNormal">
<br /></div>
<div style="margin-bottom: .0001pt; margin-bottom: 0in; margin-left: 37.5pt; margin-right: 0in; margin-top: 0in; mso-list: l1 level1 lfo1; text-indent: -.25in;">
<span style="font-family: Symbol; font-size: 11.0pt; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">Exclusive Information</span></b><i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;"> –<span style="color: #1f497d;"> </span></span></i><span style="font-family: "Calibri","sans-serif"; font-size: 11.0pt;">The Congress is closed to the media and
live bloggers-- <i>our attendees benefit first from actionable information.</i></span></div>
<div style="margin-bottom: .0001pt; margin: 0in;">
<br /></div>
<div class="MsoListParagraph" style="margin-left: 37.5pt; mso-list: l1 level1 lfo1; text-indent: -.25in;">
<span style="font-family: Symbol; mso-bidi-font-family: Symbol; mso-fareast-font-family: Symbol;"><span style="mso-list: Ignore;">·<span style="font: 7.0pt "Times New Roman";">
</span></span></span><b>Great Networking</b> – The VIC Cocktail
Reception has become a favorite among attendees for sharing new ideas, creating
new business opportunities and making friendships that can<span style="color: #1f497d;"> </span>last a lifetime.</div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
Register
now and benefit from attending the Congress in-person. But seats are
strictly limited to 275, so we encourage <b>Cheap Stocks</b> readers to
register now, before we sell out.</div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
For
a special <b>Cheap Stocks</b> <b>Discount,</b> register now with Offer Code: <b>CHEAPSTOCKS</b><span style="color: #1f497d;"> at</span> <span style="color: #1f497d;"><a href="http://www.valueinvestingcongress.com/congress/register-now-partners/" target="_blank">http://www.valueinvestingcongress.com/congress/register-now-partners/</a></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto;">
Confirmed<span style="color: #1f497d;"> </span>Speakers include:</div>
<ul type="disc">
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Leon Cooperman</span></b><span style="mso-fareast-font-family: "Times New Roman";">,<i> Omega Advisors</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Sahm Adrangi</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Kerrisdale Capital Management</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Carson Block</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Muddy Waters Research</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Andrew Left</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Citron Research</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Alexander Roepers</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Atlantic Investment Management</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Jeffrey Smith</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Starboard Value</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Amitabh Singhi</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Surefin Investments</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Guy Spier</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Aquamarine Fund</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">David Hurwitz</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>SC Fundamental</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Michael Kao</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Akanthos Capital</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Guy Gottfried</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Rational Capital Management</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Adam Crocker</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Metropolitan Capital Advisors</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Whitney Tilson</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Kase Capital</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">John Lewis</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Osmium Partners</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Tim Eriksen</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Eriksen Capital Management</i></span></li>
<li class="MsoNormal" style="mso-list: l0 level1 lfo2; tab-stops: list .5in;"><b><span style="mso-fareast-font-family: "Times New Roman";">Cliff Remily</span></b><span style="mso-fareast-font-family: "Times New Roman";">, <i>Northwest Priority
Capital</i></span></li>
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<li class="MsoNormal" style="mso-list: l2 level1 lfo3; tab-stops: list .5in;"><span style="mso-fareast-font-family: "Times New Roman";">With more to come!</span></li>
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Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-75890120151544133732014-06-16T06:17:00.001-04:002014-06-16T06:17:59.307-04:00Remembering Clyde: One of our All-time Favorite Posts<strong style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">Today we are re-running one of our favorite all-time posts, which was originally published seven years ago today. It was dedicated to my grandfather Clyde in recognition of his 100th birthday. Today would have marked 107.</strong><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><strong style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">Remembering Clyde </strong><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">June 16th marks the 100th birthday of one of this site’s namesakes, my grandfather, friend, mentor, buddy, and the list goes on. The man exerted a great deal of influence on my life, and our time together -including the day he passed away in my presence 13 years ago- is forever etched in my mind.</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">Today we jettison the typical Cheap Stocks investment related drivel, and instead pay tribute to a great man who left countless people better than he found them. If he were alive today, he’d be puzzled by his grandson’s website. “Value” to him had to do with doing an honest day’s work, keeping your word, and serving others. “Growth” was about the tomatoes and peas in his garden, and “investing” was related to the time you spent serving others needs. The only stock he ever owned was the 20 shares of Ringling Brothers stock one of his sons purchased for him in the 1960’s. The circus was everything to him— at an early age when the circus was in town he’d work all day helping them to set up just for a ticket to that evening’s show--and his canceled Ringling Brothers stock certificate (Ringling was acquired by Mattel in the early 70’s) is proudly displayed in my home in tribute.</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">He never made it much past the eighth grade. That’s what happens when you get kicked out of school for knocking your school’s principal on his rear-end. Oh, and by the way the principal happened to be his Uncle Ed. As the story goes, young Clyde was accused of something he did not do, and good old Uncle Ed took a switch to him in the school office. Clyde wasn’t standing for that, and you know the rest—down went Uncle Ed. The incident stood with my grandfather—I recall him telling me on one of our frequent weekend ventures to his old stomping ground in Easton, PA about the dream he’d had the night before; here he was in his late 70’s and he’d dreamt of urinating on Uncle Ed’s grave. The past died hard for him. Being kicked out of school in many ways shaped his future—fueling a success story not measured in dollars, because there weren’t many of those, but measured instead by service to others, hard work, pride in all that he did, and sons and grandchildren who revered him.</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">He was part of the greatest generation. During World War II the GM plant, where he served as Master Heat Treater, made the conversion from autos to airplanes, and his ingenuity-not learned in any classroom- earned him awards, and helped GM build Grumman Avengers more quickly and efficiently.</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">After moving to Ewing NJ in the late 1930’s, he and a few buddies realized that this growing area needed a rescue squad. They became educated about wound care and emergency medicine, bought a used Hearse to serve as an ambulance, and The Pennington Road Rescue Squad was born. Born out of guts, ingenuity, fortitude, and a desire to serve others. </span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">My grandmother preceeded him in death, and it was then that we found out what “investing” meant in my grandmother's eyes. It meant hiding cash from her husband. The several thousand dollars in cash we found, including bills from the 1930’s through the 1960’s, bore witness to this. Evidently, the combination of living through the Depression, and fear that my grandfather would give it all away to anyone in need prompted my grandmother to keep a secret stash.</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">You really couldn’t blame her. A great woman in her own right, she’d seen it all. She’d seen my grandfather stop to help a stranger who’d run out of gas during the war, syphon it out of his tank and into the stranger’s, then run out of gas himself a few minutes later. Anything to help someone in need.</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">My resume' may be a lot longer than his, not that he ever had one. I had the opportunity to graduate from college, grad school, earn other professional designations, etc. But My grandfather, Clyde, was way smarter, way more accomplished, more ingenious and a better "investor" than I will ever be.</span><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><br style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;" /><span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">Happy 100th birthday, Clyde. I miss you, think of you often, am grateful for the times we had together, and for the lessons you taught me.</span>Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-50672711455649464912014-06-03T13:15:00.002-04:002014-06-03T13:16:14.375-04:00Imation: Back to Net/Net LandImagine our surprise to finally identify another net/net with a market cap in excess of $100 million. Now as rare as a Phillies win over the Mets (much to my chagrin), this was a big find. Not really. We are just getting desperate for net/nets. Not really, either.<br />
<br />
Imation <a href="http://finance.yahoo.com/q?s=IMN">IMN </a>has been what we would term a perennial net/net. The company was a member of our <a href="http://stocksbelowncav.blogspot.com/2011/09/introducing-new-cheapstocks-26-netnet.html">Cheap Stocks 26 Net Net Index</a>, and perhaps the epitome of the proverbial "cigar butt". Imation has not generated a positive bottom line on an annual basis since 2009, and the main attraction- a healthy amount of cash- has dwindled from $305 million at year end 2010, to $126 million as of the latest quarter. The level of cash has stabilized in the past six quarters, a good sign, but this company still has its work cut out for it.<br />
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With $3.09 per share in cash ($2.61 net of debt), Imation currently trades at .96 times net current asset value and .63 times tangible book value. While that may appear enticing, this is a company in transition; one that generates 65% of revenue from what management terms "declining businesses". They continue to try and cut costs, and divest lower margin businesses- they sold Memorex last year- in favor of those that management believes will provide higher margins.<br />
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For the current price of $3.32, investors theoretically receive $2.61 and net cash, the fixed assets (on the books at $50 million) and call option on the company's prospects for 72 cents. That assumes that the intangible assets and goodwill are worthless.<br />
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Of course, the above is meaningless if the company resumes burning through it's cash.<br />
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While Imation is back on our radar, we've seen this story often in net/net land; and are not yet convinced that it will have a happy ending.<br />
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<b>Imation</b><br />
<b>Ticker: </b>IMN<br />
<b>Price: </b>$3.31<br />
<b>Market Cap: </b>$139 million<br />
<b>NCAV:</b> $144 Million<br />
<b>Price/NCAV:</b> .96<br />
<b>TBV: </b>$5.28<br />
<b>P/TBV: .</b>63<br />
<b>Cash: </b>$126.2 million<br />
<b>Cash/Share: </b>$3.09<br />
<b>Debt: </b>$19.8 million<br />
<b>Net Cash/Share: </b>$2.61<br />
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<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">*The
author has no positions in companies mentioned.
This is neither a recommendation to buy or sell any securities. All
information provided believed to be reliable and presented for
information purposes only</span><br />
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<br />Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-11649629207222640222014-05-22T09:13:00.001-04:002014-05-22T09:15:10.900-04:00More Action in the Wine Business- Treasury Wine Estates (TSRYY) Acquisition Bid by KKRWe like the wine business, having been attracted primarily due to vineyard acreage ownership at cheap prices. We have done well with pink sheet name <a href="http://stocksbelowncav.blogspot.com/2014/03/scheid-vineyards-in-spotlight-and-youll.html">Scheid Vineyards</a> (<a href="http://finance.yahoo.com/echarts?s=SVIN+Interactive#symbol=SVIN;range=1d">SVIN</a>) over the past couple of years.Very recently, we took a position in Australian winemaker Treasury Wine Estate, which received a buyout offer earlier this week from KKR. See more below.<br />
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<a href="http://www.thestreet.com/story/12715705/1/treasury-wine-rejects-kkrs-buyout-offer.html">http://www.thestreet.com/story/12715705/1/treasury-wine-rejects-kkrs-buyout-offer.html</a><br />
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<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18.479999542236328px;">*The author has positions in Scheid Vineyards and Treasury Wine Estates. This is neither a recommendation to buy or sell any securities. All information provided believed to be reliable and presented for information purposes only</span>Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-76467761273313290442014-05-20T06:52:00.000-04:002014-05-20T06:52:53.267-04:00Number of Net/Nets at an All-Time Low-Purgatory For Value InvestorsWhen we started this site back in 2003, it was primarily focused on stocks trading below net current asset value. Over the years, we've covered other areas of deep value, but it all started with net/nets. Interestingly, in the current environment, it would make no sense to start such a site, given the dearth of companies trading below net current asset value.<br />
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In fact, we've never so few in the umpteen years that we've been researching, writing about, and investing in net/nets. <br />
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<br />
To construct a third net/net index, in the footsteps of the <a href="http://stocksbelowncav.blogspot.com/2008/02/introducing-cheap-stocks-21-netnet.html">Cheap Stocks 21 Net/Net Index</a> which we unveiled in February of 2008 and the <a href="http://stocksbelowncav.blogspot.com/2011/09/introducing-new-cheapstocks-26-netnet.html">Cheap Stocks 26 Net/Net Index</a> which we rolled out in September of 2011, would be extremely difficult at this writing.<br />
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<br />
In fact, we currently find just two companies with market caps in excess of $100 million that are trading below net current asset value, <a href="http://finance.yahoo.com/q?s=RELL&ql=1">Richardson Electronics</a> and <a href="http://finance.yahoo.com/q?s=TWMC&ql=1">Trans World Entertainment.</a> Next in terms of market cap at $92.5 million is <a href="http://finance.yahoo.com/q?s=GENC&ql=0">Gencor Industries.</a> From there, its a mish mosh of smaller names, which may or may not deserve a deeper dive.<br />
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<br />
Suffice it to say that the net/net cupboard is bare. The reasons, in our view are the following:<br />
<strong>1. A rising tide has lifted all boats</strong>. Rising markets have lifted many companies out of net/net territory, which is typical coming out of the upheaval we saw in 2008 and 2009. But even that does not tell the whole story.<br />
<strong>2. There's also been a renewed interest in net/nets over the past several years</strong>. New buyers have entered the markets, bid up prices, and many net/nets don't stay there very long. New attention has been brought by websites and other resources that have alerted investors to the potential benefits of net/net investing. This website was one of the first. In essence, we've shot ourselves in the foot, and helped drive net/nets into extinction.<br />
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Not to worry though, a market correction will ultimately re-stock the net/net shelves at least temporarily. That's not something we wish for. In fact, despite the fact that many are calling for a correction following a five-year bull run, we don't believe the markets are extremely overvalued at this point. We are certainly struggling to find much that is interesting in terms of deep value, but don't believe there's a huge bubble. It's like purgatory for value investors.<br />
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<br /> *The author has a position in Richardson Electronics. This is neither a recommendation to buy or sell any securities. All information provided believed to be reliable and presented for information purposes only<br />
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<br />Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com3tag:blogger.com,1999:blog-5011732.post-12550649713715212014-05-16T11:19:00.002-04:002014-05-16T11:19:20.318-04:00Arctic Cat Gets Hammered<a href="http://www.thestreet.com/story/12711635/1/finding-gems-as-investors-ditch-small-caps.html">http://www.thestreet.com/story/12711635/1/finding-gems-as-investors-ditch-small-caps.html</a>Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-57160476421203065152014-05-15T12:29:00.002-04:002014-05-15T14:39:15.320-04:0010th Annual New York Value Investing Congress- September 8 & 9, 2014: Cheap Stocks Readers save 50% if registered by 6/24<div class="MsoNormal">
<b>Cheap Stocks</b> will again be a media sponsor for this year's New York Value Investing Congress, and they have been kind enough to offer our readers a discount to this year's event.</div>
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This year, seating will be limited to 275, so if you are interested in attending what we consider to be value investing's best conference, consider registering ASAP.</div>
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Regular Price: $5,995</div>
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<o:p></o:p><br /></div>
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Special Offer – Over 50% off till 6/24/14<o:p></o:p></div>
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Offer expires: 6/24/14<o:p></o:p></div>
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Discount Code: CHEAPSTOCKS<o:p></o:p></div>
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URL: <span style="color: #1f497d;"><a href="http://www.valueinvestingcongress.com/congress/register-now-partners/">http://www.valueinvestingcongress.com/congress/register-now-partners/</a><o:p></o:p></span></div>
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More information about the event:<o:p></o:p></div>
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10th Annual New York Value Investing Congress<o:p></o:p></div>
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</span></span><!--[endif]-->Date: September 8 – 9, 2014<o:p></o:p></div>
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Confirmed speakers include:<o:p></o:p></div>
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<ul style="margin-top: 0in;" type="disc">
<li class="MsoNormal">Leon Cooperman, Omega Advisors <o:p></o:p></li>
<li class="MsoNormal">Alexander Roepers, Atlantic Investment Management<o:p></o:p></li>
<li class="MsoNormal">Carson Block, Muddy Waters Research<o:p></o:p></li>
<li class="MsoNormal">Whitney Tilson, Kase Capital<o:p></o:p></li>
<li class="MsoNormal">Sahm Adrangi, Kerrisdale Capital Management<o:p></o:p></li>
<li class="MsoNormal">David Hurwitz, SC Fundamental<o:p></o:p></li>
<li class="MsoNormal">Jeffrey Smith, Starboard Value<o:p></o:p></li>
<li class="MsoNormal">Michael Kao, Akanthos Capital Management<o:p></o:p></li>
<li class="MsoNormal">Guy Gottfried, Rational Investment Group<o:p></o:p></li>
<li class="MsoNormal">John Lewis, Osmium Partners<o:p></o:p></li>
<li class="MsoNormal">Tim Eriksen, Eriksen Capital Management<o:p></o:p></li>
<li class="MsoNormal">Cliff Remily, Northwest Priority Capital<o:p></o:p></li>
<li class="MsoNormal">With many more to come!</li>
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Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-28716026388832295722014-04-24T08:59:00.000-04:002014-04-24T09:07:23.244-04:00Premier Exhibitions: 4/22 Call a Step in the Right DirectionAs a shareholder, The Premier Exhibitions (PRXI) saga has been downright painful at times. It's been the ultimate value investor's dilemma- arguably valuable assets (Titanic artifacts and intellectual property) whose value has yet to be unlocked. The company has done a poor job in managing the situation-including in the communications arena-since the April 2012 Titanic asset auction failed. Quarter after quarter, the earnings calls have been unsatisfying, and shareholder frustrations have grown.<br />
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As a result, the company has attracted little attention in recent months, and the share price has languished.<br />
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Tuesday's shareholder call, however, shed some much-needed light on the company's future plans, and was a step in the right direction. (Link to the transcript below)<br />
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<a href="http://www.sec.gov/Archives/edgar/data/796764/000117184314001820/exh_991.htm" style="font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 16.873998641967773px;">http://www.sec.gov/Archives/edgar/data/796764/000117184314001820/exh_991.htm</a><br />
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Now, Premier needs to execute.<br />
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Stay tuned.<br />
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*The author has a position in Premier Exhibitions. This is neither a recommendation to buy or sell any securities. All information provided believed to be reliable and presented for information purposes only<br />
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<span style="background-color: white; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 16.873998641967773px;"><br /></span>Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-50247401132353594622014-03-27T15:46:00.003-04:002014-03-28T06:37:47.190-04:00Scheid Vineyards in the Spotlight, and You'll Never Guess Who They've Teamed up WithHigh quality pink sheet wine company <a href="http://www.scheidvineyards.com/"><b><i><span style="color: red;">Scheid Vineyards (SVIN)</span></i></b></a> has fallen off investors' radar since the company <a href="http://stocksbelowncav.blogspot.com/2006/05/getting-around-sarbanes-oxley-scheid.html"><b><i><span style="color: red;">went "dark" in 2006</span></i></b>,</a> allowing it to remain publicly traded, while avoiding the prohibitive costs of Sarbanes Oxley, and no longer having to file with the SEC.<br />
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Scheid has long been fascinating to this site, primarily due to the companies exposure to the wine industry and ownership of vineyard acres in California. As of late 2013, Scheid owned 1575 acres, which is nearly 2.5 square miles, and leased an additional 1775.<br />
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With just 882,000 shares outstanding following a 1 for 4 reverse split in 2006, shares are difficult to come by, and average volume is just 220 shares per day. Data is also difficult to find since SEC filing is not required.<br />
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After years of admiring Scheid from a distance, and seeing shares-which traded for $56 (post-split) in 1998, and $39 in 2008- fall all the way to $8 in 2011, I finally took my initial position. I added more in the mid teens. Now trading at $27, the company is starting to get re-discovered.<br />
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Some of the attention is due to the recent partnership the company has entered into with none other than Kathy Lee Gifford, and the new <b><i><span style="color: red;"><a href="http://www.wine.com/v6/GIFFT-by-Kathie-Lee-Gifford/learnabout.aspx?winery=20186&ct=1925&iid=ProductDetail:WineryLink"><span style="color: red;">Gifft by Kathie Lee Gifford</span></a> </span></i></b>line of wines. She hawked the new venture earlier this week on <b><i><span style="color: red;"><a href="http://www.huffingtonpost.com/2014/03/25/kathie-lee-wine-line-gifft_n_5029167.html?utm_hp_ref=media"><span style="color: red;">Late Night with Seth Meyers</span></a>.</span></i></b> Yesterdays volume of 4000 gave a hint that something was happening.<br />
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That was certainly a surprise, and should be a positive for the company. As an investor, however, Scheid remains compelling for other reasons, for one the fact the company is trading at just .59 times tangible book value for share, and owns some high quality assets. Scheid Vineyards is also profitable again. Last year, the company earned $8.01 million (which included a $5.8 million gain on the sale of land) on revenue of $36.3 million.<br />
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With such a small float, due in part to the Scheid family's ownership interest in the company, the bid/ask spread is usually very wide.<br />
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But it's nice to see the company in the news.<br />
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<a href="http://finance.yahoo.com/q?s=svin&ql=1"><b><i><span style="color: red;">Scheid Vineyards</span></i></b></a><br />
<b>Ticker:</b> SVIN<br />
<b>Shares Outstanding:</b><br />
Class A: 734,917<br />
Class B: 147460<br />
<b>Price:</b> $27.00<br />
<b>Book Value Per Share</b>: $45.7<br />
<b>2013 Revenue</b>:$36.3 million (year ended 2/28/2013)<br />
<b>Market Cap:</b> $23.8 million (as of 3/26/2014)<br />
<b>Enterprise Value:</b> $81.7 million (cash/debt based on YE 2013 data): <br />
*Data From 2013 annual report<br />
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*The author has a position in Scheid Vineyards). This is neither a recommendation to buy or sell any securities. All information provided believed to be reliable and presented for information purposes only <br />
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<br />Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com2tag:blogger.com,1999:blog-5011732.post-39361440559630150432014-03-27T09:20:00.000-04:002014-03-27T09:20:04.994-04:00The Super Six Anti Value Portfolio-<a href="http://www.thestreet.com/story/12546973/1/a-difficult-quarter-for-these-six-highflying-stocks.html">http://www.thestreet.com/story/12546973/1/a-difficult-quarter-for-these-six-highflying-stocks.html</a><br />
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Unveiled this portfolio of what I believe to be six overvalued companies back in December.Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-54922832540084150052014-02-20T09:39:00.003-05:002014-02-20T09:39:43.640-05:00PICO Holdings: Still a Value Play After All These (Frustrating) Years<a href="http://www.thestreet.com/story/12405531/1/little-known-pico-showing-signs-of-life.html">http://www.thestreet.com/story/12405531/1/little-known-pico-showing-signs-of-life.html</a><br />
<br />Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-80291837743262987142013-12-11T13:25:00.000-05:002013-12-11T13:25:08.953-05:00Year-End Dumpster Diving--Finally Some Value to be Found?<a href="http://www.thestreet.com/story/12151022/1/dumpster-diving-for-stocks-and-harvesting-losses.html">http://www.thestreet.com/story/12151022/1/dumpster-diving-for-stocks-and-harvesting-losses.html</a>Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-86457430365721684372013-11-15T15:22:00.001-05:002013-11-15T15:22:40.416-05:00JG Boswell 2013 Fundamental DataThanks to the addition of the most recently available year-end data, we've now strung together eleven years worth of fundamentals for JG Boswell. Below are some of the highlight for 2013:<br />
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<strong>Current Data (2013 Annual)</strong><br />
<strong>Current Price:</strong> $880<br />
<strong>EPS (Fully Diluted):</strong> $47.89<br />
<strong>P/E:</strong> 18<br />
<strong>Price/Sales:</strong> 1.35<br />
<strong>Price/Book: </strong>1.5<br />
<strong>Revenue: </strong>$646.2 million<strong> </strong><br />
<strong>Net Income: </strong>$48.25 million<br />
<strong>Net Profit Margin:</strong> 7.47%<br />
<strong>EV/EBITDA:</strong> 9.3<br />
<strong>Indicated Dividend Yield:</strong>1.85%<br />
<strong>Current Market Cap:</strong> $886 million<br />
<strong>Current Enterprise Value:</strong> $1.025 billion<br />
<strong>Cash:</strong> $1.9 million<br />
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<strong>10 Year Averages Based on Annual Data:</strong><br />
<strong>P/E:</strong> 26<br />
<strong>Price/Sales</strong>: 1.62<br />
<strong>Price/Book Value</strong>: 1.46<br />
<strong>Net Profit Margin</strong>: 8.07%<br />
<strong>EV/EBITDA</strong>: 9.96<br />
<strong>Dividend Yield</strong>: 2.1%<br />
<strong>Market Cap</strong>: $686 million<br />
<strong>Enterprise Value:</strong> $827 million<br />
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*The author has a position in JG Boswell (BWEL). This is neither a recommendation to buy or sell any securities. All information provided believed to be reliable and presented for information purposes only.Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com4tag:blogger.com,1999:blog-5011732.post-77424405769517952802013-09-13T07:44:00.001-04:002013-09-13T13:41:04.984-04:00Winding Down The Cheap Stocks 26 Net/Net IndexToday marks the 2nd anniversary of our launch of the <a href="http://stocksbelowncav.blogspot.com/2011/09/introducing-new-cheapstocks-26-netnet.html">Cheap Stocks 26 Net/Net Index</a>, our second experiment in net/net indexing. The idea was to develop an equal-weighted index of net/nets, and see how it performed over a two year period. We used a "set it and forget it" mentality, and did not drop companies from the index once they no longer traded below net current asset value. Companies that were acquired for cash were not replaced in the index, and the associated cash was included as such once a transaction occurred. For mergers/stock deals, we kept the new entity in the index.<br />
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This time around, CS26 returned 41.8% over the past two years, beating the Russel Microcap Index, which was up 29.4%. However, unlike <a href="http://stocksbelowncav.blogspot.com/2010/02/winding-down-cheap-stocks-21-net-net.html">our last net/net index</a>, it underperformed the S&P 500, which was up 44.8%. Our previous Index beat the S&P by more than 2500bps.<br />
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Below are the original members of the CS 26 Net/Net Index:<br />
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<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Ingram Micro (IM)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">ADPT Corp (ADPT)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Benchmark Electronics(BHE)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Imation Corp.(IMN)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">RealNetworks, Inc.(RNWKD)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">ModusLink Global Solutions(MLNK) </span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Tuesday Morning Corporation (TUES)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Maxygen, Inc.(MAXY)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Volt Information Sciences, Inc (VISI)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Axcelis Technologies, Inc. (ACLS)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Kimball International (KBALB)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Opnext, Inc. (OPXT)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Advanced Battery Technologies,(ABAT)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">BigBand Networks, Inc. (BBND)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Myrexis, Inc.(MYRX)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Gencor Industries, Inc. (GENC)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Parlux Fragrances, Inc. (PARL)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Trans World Entertainment Corp (TWMC)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Heelys, Inc. (HLYS)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">RCM Technologies, Inc. (RCMT)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Trimeris, Inc. (TRMS)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">GTSI Corp. (GTSI)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Emerson Radio Corp (MSN)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Adams Golf, Inc. (ADGF)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Planar Systems, Inc. (PLNR)</span><br />
<span style="background-color: white; color: #222222; font-family: Arial, Tahoma, Helvetica, FreeSans, sans-serif; font-size: 13px; line-height: 18px;">Books-A-Million, Inc.(BAMM)</span><br />
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Still, it was another interesting experiment, and not surprisingly, the index ended with fewer companies than it started with due to buyouts. It also ended up with some new names due to takeovers:<br />
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*In April, 2012, Parlux merged with Perfumania (Perfumania remained in the Index)<br />
*In October 2011, BigBand Networks was acquired Arris for $2.24/share<br />
*In March, 2012, Adams Golf was acquired by TaylorMade for $10.80/share<br />
*In July, 2012 Opnext and Oclaro merged (Oclaro remained in the index)<br />
*In November, 2011, Trimeris was acquired by Synageva in an all stock deal (Synageva stayed in the index)<br />
*In October, 2011, ADPT changed name to Steel Excel<br />
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The biggest winner by far was Synageva (Trimeris) which was up 462%. Absent that one name, performance would have been much worse. That being said, this go-around of net/net indexing was inconclusive in terms of the success of the concept.<br />
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Other winners include Tuesday Morning (TUES, +244%), Trans World Entertainment (TWMC, +149%), Emerson Radio (GTSI, +72%), Benchmark Electronics (BHE, +72%), Kimball Intl (KBALB, +108%), and Axcelis Technolgies (ACLS, +60%).<br />
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The biggest losers included Advanced Battery Tech (ABAT, -83%), Myrexis (MYRX, -97%) and Imation (IMN, -42%)..<br />
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We'll construct a new net.net index in the near future, but truth be told, the cupboards are bare in net/net land at this writing.<br />
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<br />Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com2tag:blogger.com,1999:blog-5011732.post-58203552198884387652013-05-29T09:54:00.004-04:002013-05-29T09:55:19.250-04:00Premier Exhibitions- The Titanic Saga Continues<a href="http://www.thestreet.com/story/11935894/1/titanic-treasures-keep-value-locked-in.html">http://www.thestreet.com/story/11935894/1/titanic-treasures-keep-value-locked-in.html</a>Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-32147403318975814942013-04-30T09:30:00.001-04:002013-04-30T09:30:42.269-04:00Net/Net Horror Stories: Up in SmokeNet/Nets don't always work out well.......<br />
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<a href="http://www.thestreet.com/story/11909127/1/fat-tails-fires-and-your-investments.html">http://www.thestreet.com/story/11909127/1/fat-tails-fires-and-your-investments.html</a><br />
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<br />Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0tag:blogger.com,1999:blog-5011732.post-72407228364162575892013-04-29T19:59:00.002-04:002013-04-29T19:59:41.955-04:00A New Net/Net<a href="http://www.thestreet.com/story/11902923/2/slim-pickings-in-deep-value-land.html">http://www.thestreet.com/story/11902923/2/slim-pickings-in-deep-value-land.html</a>Jonathan Heller, CFA, Editorhttp://www.blogger.com/profile/04330933364296303215noreply@blogger.com0