American International Group (AIG) – Analysis 2016-02-06

AIG increases value for its shareholders thru buy backs and dividends. The compounded annual growth rate was 6,15% last 3 years. AIG's goal is to grow its book value by 10% a year. ROE target long term is 10%. What is this business worth? Asset value: Tangible book value per share is currently at 79,4 USD/share. If they can...

Buenaventura (BVN) – Analysis 2016-02-06

Weak gold and silver prices have pressured earnings and return on capital last couple of years. Finances are stable with a high equity ratio. CEO is a big owner of shares aligning interests with shareholders. Great upside if you believe gold and silver prices will revert up. What is this business worth? Asset value: TBVPS equals 175% upside. Earnings...

Cnooc (CEO) – Analysis 2015-09-26

Cnooc LTD (CEO) has been compounding its book at an unbelievable rate of 17,3% on average per year during the last 10 years. Include last years dividend and you get 24,54% as a total annual return. What is the value of the business? Asset value: With an annual book value growth at 17%, an annual investor requirement...

Buenaventura (BVN) – Analysis 2015-07-26

Weak gold and silver prices have pressured earnings and return on capital last couple of years. Finances are stable with a high equity ratio. CEO is a big owner of shares aligning interests with shareholders. Great upside if you believe gold and silver prices will revert up. What is this business worth? Asset value: TBVPS equals 78% upside....

Bellatrix Exploration (BXE) – Analysis 2015-04-22

Great book value growth last couple of years. Price does not reflect that growth. Also, Seth Klarman at Baupost is buying at current prices. Certainly is reassuring for me. What is this business worth? Asset value: 60% upside on tangible book. 456% upside looking at the last 5 years growth of book. Earnings power value: 41% downside...

Tethys Oil (TETY) – Analysis 2015-04-20

Financially strong and impressive book value growth last 5 years. Current oil price might be a good buy opportunity. A lot of cash on the balance sheet and have started to give cash back thru buybacks and dividend. What is this business worth? Asset value: 10 year average annual book value increase of 22,98%. 5 year average...

DFDS – Analysis 2015-04-20

Market value has more than doubled since the beginning of 2013, from 3892 MDKK to 9146 MDKK today. Valuation to high? - Continuous share buybacks at a high price. - Goodwill growing from acquisitions. - Share options diluting current shareholders - not connected to business fundamentals and no downside for the awarded employee. - Low profitability. What...

Wilh. Wilhelmsen Holding (WWIB) – Analysis 2015-03-13

2014 was not a great year but book value keeps growing at a decent rate over time. Downside protection with a valuation at 0,57 * tangible book. What is this business worth? Asset value: 76% upside on tangible book value. Last 10 years increase of book value shows an average of 10,13% yearly. 78% upside. Earnings...