tag:blogger.com,1999:blog-21495234315871686802024-03-08T15:04:43.758-05:00Oddball StocksLooking for value in the overlooked margins of the market.Nate Tobikhttp://www.blogger.com/profile/05660387777171986124noreply@blogger.comBlogger596125tag:blogger.com,1999:blog-2149523431587168680.post-72869656167255360822022-12-03T17:10:00.000-05:002022-12-03T17:10:09.238-05:00 Just Published: Issue 43 of the Oddball Stocks Newsletter <p>We just published a special "holiday <u>bonus</u> Issue" (#43) of the Oddball Stocks Newsletter. If you are
a subscriber, it should be in your inbox right now. If not, you can sign up <a href="https://gumroad.com/l/oddball">right here</a>.</p><p>Remember that we have made some back Issues of the Newsletter available à la
carte, so you can try those before you sign up for a subscription. </p><p>The past two years' back Issues are available for $139 per copy. (Links for purchase: Issues <a href="https://oddballmedia.gumroad.com/l/oddball32">32</a>, <a href="https://oddballmedia.gumroad.com/l/oddball33">33</a>, <a href="https://oddballmedia.gumroad.com/l/oddball34">34</a>, <a href="https://oddballmedia.gumroad.com/l/oddball35">35</a>, <a href="https://oddballmedia.gumroad.com/l/oddball36">36</a>, <a href="https://oddballmedia.gumroad.com/l/oddball37">37</a>, <a href="https://oddballmedia.gumroad.com/l/oddball38">38</a>, <a href="https://oddballmedia.gumroad.com/l/oddball39">39</a>, and <a href="https://oddballmedia.gumroad.com/l/oddball40">40</a>.) <br /></p><p>Our older Issues (19-31) are available for $99 per copy. (Links for purchase: Issues <a href="https://gumroad.com/l/oddball19">19</a>, <a href="https://gumroad.com/l/oddball20">20</a>, <a href="https://gumroad.com/l/oddball21">21</a>, <a href="https://gumroad.com/l/oddball22">22</a>, <a href="https://gumroad.com/l/oddball23">23</a>, <a href="https://gumroad.com/l/Oddball24">24</a>, <a href="https://gumroad.com/l/Oddball25">25</a>, <a href="https://gumroad.com/l/Oddball26">26</a>, <a href="https://gumroad.com/l/oddball27">27</a>, <a href="https://gumroad.com/l/Oddball28">28</a>, <a href="https://gumroad.com/l/Oddball29">29</a>, <a href="https://gumroad.com/l/Oddball30">30</a>, and <a href="https://gumroad.com/l/Oddball31">31</a>.)<br />
<br />
We also <a href="http://www.oddballstocks.com/2020/02/just-published-highlights-issue-of.html">published</a> a Highlights Issue in February 2020. The Highlights Issue is <a href="https://gumroad.com/l/oddballhighlights">available here for purchase</a> for only <b>$59</b> as a single Issue.
If you have been curious about the Newsletter, the Highlights Issue is the perfect
opportunity to try about <b>two Issues worth of content</b> (much of which is
still topical and interesting) at a low cost.</p><p>Also, we tweet regularly from the <a href="https://twitter.com/StocksOddball/">@stocksoddball</a> account on Twitter so be sure to follow us there.
</p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-3277095111209555632022-11-23T21:30:00.014-05:002022-11-23T21:40:05.206-05:00Happy Thanksgiving!<p>Today's <a href="https://www.reuters.com/markets/rates-bonds/substantial-majority-fed-officials-see-rate-hikes-slowing-soon-minutes-show-2022-11-23/">news</a>:</p><p><i><b>A "substantial majority" of policymakers at the Federal Reserve's
meeting early this month agreed it would "likely soon be appropriate" to
slow the pace of interest rate hikes</b> as debate broadened over the
implications of the U.S. central bank's rapid tightening of monetary
policy, according to the minutes from the session. The readout of the
Nov. 1-2 meeting, at which the Fed raised its policy rate by
three-quarters of a percentage point for the fourth straight time,
showed officials were largely satisfied they could move rates in
smaller, more deliberate steps as the economy adjusted to more expensive
credit and concerns about "overshooting" seemed to increase.</i> <br /></p><p>From <a href="http://scottgrannis.blogspot.com/2022/11/the-fed-pivotsfinally.html">Scott Grannis</a>: <br /></p><p><i><b>Thanks to today's release of the November 2nd FOMC meeting minutes, we know that the Fed has "pivoted" as expected; they are backing off of their aggressive tightening agenda</b>. Instead of hiking rates another 75 bps at their December 14th meeting, we are likely to see only a 50 bps hike, to 4.5%, and that could well be the last hike of this tightening cycle—which would make it the shortest tightening cycle on record (less than one year). And they might not even raise rates at all in December—that would be my preference. For more than two years I have been one of a handful of economists keeping an eye on the rapid growth of the M2 money supply. Initially I warned that it portended much higher inflation than the market was expecting. But since May of this year I have argued that inflation pressures have peaked: "Many factors have contributed to this: growth in the M2 money supply has been essentially zero since late last year; the stimulus checks have ceased; the dollar has been very strong; commodity prices have been very weak; and soaring interest rates have brought the housing market to its knees. All of these developments mean that the supply of money and the demand to hold it have come back to some semblance of balance." To sum it up, I think the Fed has gotten policy back on track, so there's no need to do more. In fact, the October M2 release showed even more of a slowdown than previously, thus underscoring the need to avoid further tightening.</i><br /></p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-32333166060970961662022-11-20T17:36:00.002-05:002022-11-20T17:36:46.082-05:00Just Published: Issue 42 of the Oddball Stocks Newsletter<p>We just published Issue 42 of the Oddball Stocks Newsletter. If you are
a subscriber, it should be in your inbox right now. If not, you can sign up <a href="https://gumroad.com/l/oddball">right here</a>.</p><p>Remember that we have made some back Issues of the Newsletter available à la
carte, so you can try those before you sign up for a subscription. </p><p>The past two years' back Issues are available for $139 per copy. (Links for purchase: Issues <a href="https://oddballmedia.gumroad.com/l/oddball32">32</a>, <a href="https://oddballmedia.gumroad.com/l/oddball33">33</a>, <a href="https://oddballmedia.gumroad.com/l/oddball34">34</a>, <a href="https://oddballmedia.gumroad.com/l/oddball35">35</a>, <a href="https://oddballmedia.gumroad.com/l/oddball36">36</a>, <a href="https://oddballmedia.gumroad.com/l/oddball37">37</a>, <a href="https://oddballmedia.gumroad.com/l/oddball38">38</a>, <a href="https://oddballmedia.gumroad.com/l/oddball39">39</a>, and <a href="https://oddballmedia.gumroad.com/l/oddball40">40</a>.) <br /></p><p>Our older Issues (19-31) are available for $99 per copy. (Links for purchase: Issues <a href="https://gumroad.com/l/oddball19">19</a>, <a href="https://gumroad.com/l/oddball20">20</a>, <a href="https://gumroad.com/l/oddball21">21</a>, <a href="https://gumroad.com/l/oddball22">22</a>, <a href="https://gumroad.com/l/oddball23">23</a>, <a href="https://gumroad.com/l/Oddball24">24</a>, <a href="https://gumroad.com/l/Oddball25">25</a>, <a href="https://gumroad.com/l/Oddball26">26</a>, <a href="https://gumroad.com/l/oddball27">27</a>, <a href="https://gumroad.com/l/Oddball28">28</a>, <a href="https://gumroad.com/l/Oddball29">29</a>, <a href="https://gumroad.com/l/Oddball30">30</a>, and <a href="https://gumroad.com/l/Oddball31">31</a>.)<br />
<br />
We also <a href="http://www.oddballstocks.com/2020/02/just-published-highlights-issue-of.html">published</a> a Highlights Issue in February 2020. The Highlights Issue is <a href="https://gumroad.com/l/oddballhighlights">available here for purchase</a> for only <b>$59</b> as a single Issue.
If you have been curious about the Newsletter, the Highlights Issue is the perfect
opportunity to try about <b>two Issues worth of content</b> (much of which is
still topical and interesting) at a low cost.</p><p>Also, we tweet regularly from the <a href="https://twitter.com/StocksOddball/">@stocksoddball</a> account on Twitter so be sure to follow us there.
</p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-82175345114181145692022-10-26T17:20:00.004-04:002022-10-26T17:20:57.843-04:00Bank Balance Sheets: “Risk-Free Return or Return-Free Risk?”<p>[Our Oddball Stocks Newsletter guest writer Catahoula (<a href="https://twitter.com/Catahoula_Value">@CatahoulaValue</a>, <a href="http://www.oddballstocks.com/2022/08/once-is-chance-twice-is-coincidence.html">previously</a>) writes in with thoughts about banks' results this earnings season.]</p><p><i>“At recent prices, bonds offer such low yields that an investor who buys them for their supposed safety is like a smoker who thinks he can protect himself against lung cancer by smoking low-tar cigarettes.”</i> - Benjamin Graham, The Intelligent Investor<br /><br />Back in business school, the term “Risk Free Return” signified what an investor could earn on an investment with zero risk. U.S. Treasury obligations were regarded as a proxy for “zero risk” pertaining to a “return of capital.” In other words, with a U.S. Treasury, you will get your money back at maturity in almost every conceivable circumstance. Therefore, there is no “credit risk.” <br /><br />However, another key risk was left out altogether: Inflation leading to higher interest rates, or “market risk”. The Consumer Price Index (CPI) grew at an annualized 9% rate from 1972 to 1983, but inflation has remained largely dormant for the last four decades. After the U.S. gained an upper hand on inflation by the late-1980s, average inflation rate rocked along at ~2.2% average thereafter. Before the pandemic, from 2009 to 2019, the U.S. had an even smaller average inflation rate at just 1.8% annually. <br /><br />Many bankers have never experienced this new kind of rising price environment. Inflation is a risk to bank bond portfolios, not only due to falling asset values from “market risk,” but what we see as an emerging threat: “liquidity risk.” If interest rates continue rising—and bonds continue falling—banks holding high quality bonds until maturity may not experience credit losses, as many intend to hold bonds to maturity. However, they are now experiencing sharply higher funding costs.<br /><br />We are reviewing bank earnings releases in advance of our upcoming Issue 42 of the <a href="https://oddballmedia.gumroad.com/l/oddball">Oddball Stocks Newsletter</a>, which will be published next month. Based on the last 40 years, everyone is especially attuned to credit. With good reason! In the book <a href="https://www.amazon.com/Ten-Lessons-Bankers-Never-Learn/dp/1462033245">Ten Lessons Bankers Never Learn</a>, Courtney Dufries says there are many things which can kill a bank, but in Lesson #7: “It’s almost always bad loans.” <br /><br />Share prices at the largest U.S. money center banks have dropped considerably, making them a much better bargain, but is credit quality an issue? Any cracks? Elevated delinquencies? Adverse classifications? Nope! Although rate- and market-sensitive businesses (mortgage and investment banking) are weaker, this is a revenue problem, and is not credit-related. JPMorgan Chase and Bank of America are doing well. Citigroup posted fine results, but a major shift in strategy brings execution risk. Wells Fargo still has number of regulatory consent orders outstanding, including the $2 Trillion cap on assets. <br /><br />Further down the asset-sized stack, there’s several mid-sized banks that boosted provision expenses, such as M&T Bank Corp (MTB) and Comerica (CMA), but not in a concerning fashion. We trust that MTB will get their arms around the People’s United Financial acquisition. CMA is well-managed and especially asset-sensitive, with any weakness cushioned by higher NIM and lower expense ratios.<br /><br />One of the most interesting pre-announcements was Provident Bancorp (PVBC), which sees a “likely loss” for Q322. The holding company for BankProv announced that they are repossessing crypto-currency mining rigs in exchange for the forgiveness of a $28 million loan. However, the bank has not entered into an agreement for the resale of the collateral. Falling Bitcoin hits crypto mining revenue, while electricity costs are soaring. Thus, these rigs are not likely to fetch what they once would. <br /><br /><i>“Americans are getting stronger. Twenty years ago, it took two people to carry ten dollars’ worth of groceries. Today, a five-year-old can do it.”</i> – Henny Youngman<br /><br />Inflation is an invisible monster. Fixed income investments such as annuities, pensions and bonds suffer when the “cost of living” rises. At least stocks provide some opportunity to protect against the loss of purchasing power. In an inflationary environment, although operating expenses are higher, a company can boost its revenues accordingly, maintaining or even increasing profits. This in turn supports increases in dividends and, in turn, higher share prices. <br /><br />But very few banks own equities. In the entire history of credit, there’s never been a bond issuer who has paid back more than was due. Many banks which stretched two-three years ago for longer duration bonds—even U.S. Treasuries and government-guaranteed Mortgage-Backed Securities—have bond portfolios which are starting to resemble “Return-Free Risk” rather than “Risk-Free Return”.<br /><br />Why? Deposit costs are soaring! A short primer on Federal Funds: As customers deposit money at banks, those deposits provide them with funds required for extending loans to their customers. Federal Funds are excess reserves held by banks, over and above the regulatory reserve requirements of the Federal Reserve Bank. The current Federal Funds target rate is 3.00% to 3.25%, which is set as a range between an upper and lower limit, but the actual rate is set by the inter-bank lending market.<br /><br />Banks borrow or lend their excess funds to each other on an overnight basis, since some banks have too many reserves and others have too little. This is an overnight loan, so banks maintain credit lines with many other institutions. If amounts are continually borrowed—credit lines are tapped out--counter-parties may get nervous and refuse to lend, even overnight. To balance its books, a bank is then forced to approach the Federal Reserve discount window, which is perceived as a lender of last resort.<br /><br />Since Federal Funds are a large, short duration source of funds, they introduce significant stress to a bank balance sheet. Thus, banks typically try to stretch maturity of their liabilities with longer duration products. Enter the Certificate of Deposit. Even with Federal Funds in the low 3.00% range, banks are now offering 4.5% one-year CDs—<a href="https://www.wsj.com/articles/banks-are-offering-4-5-cdsjust-not-to-regular-customers-11666553764">the highest interest rates on CDs in years</a>--through brokerage firms. But CDs can be volatile if too many leave at once. <br /><br />The most stable funding source for banks is core deposits, which include demand deposit and savings accounts. “Demand deposits” seem counter intuitive as a stable funding source, because their designation implies that they can be gone in an instant, which they can. But many DDA accounts added together on a bank balance sheet are especially stable (unless the bank itself is in danger). <br /><br />If the core deposits are in small retail accounts (which typically happens at money center banks), this is even better as a funding source because the bank doesn’t face the risk that several large depositors imperil its liquidity by walking away all at once.<br /><br />We look at the current state of the industry: very few credit problems, with Federal Funds and other funding costs rising rapidly, as starting to resemble the late 1970s and early 1980s, when higher interest rates impaired the financial structure of savings and loans who had balance sheets composed of long-term assets and short-term liabilities. <br /><br />Back then, regulators arranged mergers between failing thrifts and solvent ones (they often resembled “shotgun marriages”) to reduce the cost of resolution to the deposit insurance fund. In these mergers, the acquiring financial institution was allowed to employ the purchase accounting method, which had been rarely used in the thrift industry prior to 1980. Purchase accounting treats the difference between the purchase price and the fair market value of the acquired bank as “goodwill”. <br /><br />Under Generally Accepted Accounting Principles (GAAP), “goodwill” was the amortized over its useful life, which could be up to a maximum of 40 years. For regulatory purposes, the full amount of goodwill created by mergers (“supervisory goodwill”) was counted as capital before the FIRREA was enacted in August 1989. Therefore, the purchase accounting method enabled solvent thrifts to acquire failing ones without raising capital. <br /><br />Unfortunately, “goodwill” often had to be written off. Thrifts, emboldened with new capital, engaged in aggressive risk taking that ranged far afield from their traditional one-to-four family homes of a savings and loan. Large acquisition and development lot developments loans, speculative home construction, special use facilities such as water parks etc.—all caused large losses.<br /><br />In the present day, higher long-term interest rates have caused unrealized bond losses on bank balance sheets if they are “marked to market”. You get different reactions from an accountant, regulator, or investor. If an accountant deems a bank to be a trader, they force the institution to immediately recognize bond losses as a hit to both the income statement and retained earnings. This is rare.<br /><br />Otherwise, accountants treat unrealized losses lightly, providing two options under GAAP: “Held to Maturity” (HTM) and “Available for Sale” (AFS). Neither is recognized on the income statement. HTM merely shows up in the statement footnotes. AFS deducts losses as an adjustment both to asset values and to retained earnings through Accumulated Other Comprehensive Adjustment (AOCI).<br /><br />The regulators acknowledge that bonds are scheduled to pay 100 cents on the dollar at maturity, unless<br />there’s a credit-related impairment. The unrealized gains and losses from interest rates converge towards zero as the bond maturity approaches. Therefore, regulators don’t consider bond portfolio market losses as a hit to regulatory capital--there’s no threat to solvency. No harm, no foul?<br /><br />As an investor, if you take a similar view as an accountant or regulator, you should realize that “De Nile” is not just a river in Egypt. As a crypto meme recently wagged: “If I lost all the currency in my wallet, but I have the same amount of cash in my bank account, am I really in the hole at all?” Investors generally step past denial and realize that the bond market value losses are real.<br /><br />Indeed, many banks which stretched for yield are starting to have AOCI losses represent a substantial part of their equity capital, and in some extreme cases the AOCI loss now exceeds total bank equity altogether. This puts a bank in a pickle. It is at the mercy of the highest marginal deposit costs in the marketplace, because it literally cannot afford to sell bonds to raise cash. Meet “liquidity risk”. <br /><br />In the Savings and Loan Crisis, their effort to attract more deposits by offering higher interest rates resulted in higher cost liabilities that were not able to be covered by the lower interest rates at which they had loaned money. As a result, one-third of S&Ls became insolvent. We wonder what would happen if the regulators ever required financial institutions to adjust capital for market losses.<br /><br />On Twitter is CorpusColossus (<a href="https://twitter.com/CorpusCol">@CorpusCol</a>), who really knows banks and had two terrific tweets on this subject:</p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6ugHnXHMTua0ZSFdAC4aSqkKlfvz_UZeB-Sp9TYgxoqAIgGYyeRiycB8EOQgxDMHJ5BUBg9vJ42jlXW9t0iZDABWpeahSLFynOzT7hsDmpK7j7I12dMrjFIwwPNeMNjiAApJu5b5RHE5DJYzl2aCCPvhIw2_sB0KPrWnmtpkjXXZt6xuP7y5HSNAA/s598/Screenshot%202022-10-26%20at%2014-14-07%20CorpusColossus%20on%20Twitter.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="321" data-original-width="598" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6ugHnXHMTua0ZSFdAC4aSqkKlfvz_UZeB-Sp9TYgxoqAIgGYyeRiycB8EOQgxDMHJ5BUBg9vJ42jlXW9t0iZDABWpeahSLFynOzT7hsDmpK7j7I12dMrjFIwwPNeMNjiAApJu5b5RHE5DJYzl2aCCPvhIw2_sB0KPrWnmtpkjXXZt6xuP7y5HSNAA/w400-h215/Screenshot%202022-10-26%20at%2014-14-07%20CorpusColossus%20on%20Twitter.png" width="400" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKCu0pKfKm3JLQaaPwj3duD-rUdtWtRpNUfxWVLFWZRde8ydjC-0QEil1kAjwvkMrvIZ-va1a35u-68CNfh3Bsw_lcJ4aLbWCUxdy3A7yDLscB14Xh9dr04CIhGqCYUy3Zc5wK9HJYJjTytwtieVbZmZ4Hmju-G1ubQZeJ-jerFnldNdk3EVMHI4Da/s598/Screenshot%202022-10-26%20at%2014-14-20%20CorpusColossus%20on%20Twitter.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="268" data-original-width="598" height="179" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiKCu0pKfKm3JLQaaPwj3duD-rUdtWtRpNUfxWVLFWZRde8ydjC-0QEil1kAjwvkMrvIZ-va1a35u-68CNfh3Bsw_lcJ4aLbWCUxdy3A7yDLscB14Xh9dr04CIhGqCYUy3Zc5wK9HJYJjTytwtieVbZmZ4Hmju-G1ubQZeJ-jerFnldNdk3EVMHI4Da/w400-h179/Screenshot%202022-10-26%20at%2014-14-20%20CorpusColossus%20on%20Twitter.png" width="400" /></a></div><p></p><p>We will be writing more about this in the upcoming Issue of the Oddball Stocks Newsletter.<br /></p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-80809275737622277872022-09-29T22:33:00.001-04:002022-09-29T22:33:12.534-04:00What are the interest rate increases doing to banks?<p>In the most recent Issue of the <a href="https://oddballmedia.gumroad.com/l/oddball">Oddball Stocks Newsletter</a>, our guest writer <a href="https://somethingclever.substack.com/">"SomethingClever"</a> (on <a href="https://twitter.com/SomeCleverNews">Twitter</a>) wrote about the effect that the <a href="https://www.barchart.com/stocks/quotes/$TNX/technical-chart?plot=BAR&volume=0&data=MO&density=X&pricesOn=1&asPctChange=0&logscale=0&sym=$TNX&grid=1&height=500&studyheight=100">increase in the ten year bond yield</a> has had on banks:</p><p><i>At the end of 2021, all US banks held about $4.3 trillion of AFS securities and $2.1 trillion of HTM securities. The cumulative mark between the fair value and amortized cost on those bonds was negative $9 billion, which equates to a -0.1% mark. As of June 30th however, that mark ballooned to negative $475 billion or -7.3%, with over half of that mark hidden in the HTM bonds.</i></p><p><i>Now, you may be reading this and thinking to yourself that a 7.3% loss does not sound so bad in the grand scheme of things. In fact, there are plenty of bond funds out there with worse track records this year-to-date. But what is needed to round this picture out is that banks typically run leverage at 10:1, meaning they hold 10% of their assets in equity, and on the left-hand side of the balance sheet securities usually represent anywhere from 20-30% of assets. This means that any loss on a securities portfolio owned by a bank has a 2-3x multiplier on its impact to its equity. <b>Thus, despite the fact that the 10yr yield has yet to even scrape the levels it was at leading up to the global financial crisis (GFC), banks have taken marks that are triggering TCE ratios last seen during the 2008 downturn</b>. </i> </p><p>This is something that we have been talking about in the Newsletter for a long time. In our <a href="https://oddballmedia.gumroad.com/l/oddball19">Issue 19</a> (back in March 2018), we wrote some "Thoughts on Small Banks and Interest Rates":</p><p><i>During last year's (2017) annual report season, we looked at 33 different tiny banks with an average market capitalization of $55 million. Most of these are not SEC filing and many provide their financial statements only to shareholders.</i></p><p><i>What we found last year was that the small bank stocks had become quite expensive. The 33 banks had a combined market capitalization of $1.8 billion compared with a book value of $1.5 billion – they traded at 1.2 times book value. Another way to look at valuation is earnings: the banks earned a combined $110 million, so they traded at 16 times earnings.</i></p><p><i>At that earnings multiple the banks were cheaper than the S&P 500 which traded at 25 times. But these banks, which are very small and mostly rural, have different risk-reward characteristics than the S&P 500. From their base of $1.5 billion of book equity, they have levered up over nine-fold to own $14 billion worth of assets. Looking at each of the 33 annual reports revealed that the majority of them have chosen to boost income by buying long duration fixed income securities. It was common for them to have invested multiples of their equity in low yielding government debt with significant duration.</i></p><p><i>Imagine a bank with twice its equity in ten year treasury bonds. These will fall in value by about 9% if the yield on the ten year treasury increases by 1%. The leverage of owning twice as much ten year bonds as it has in equity magnifies the loss twofold, so book value would fall by 18 percent. Given the six percent average earning yield on the 33 banks that have reported earnings to us so far, this small interest rate move would wipe out three years of earnings. And this does not even consider the diminution in value that the loan portfolio would experience. (Although this would not show up as a loss in the financial statements, since the loans are not revalued higher or lower based on interest rate changes the way trading securities like government bonds are.)</i></p><p><i>Of course, the rising interest rate scenario we are talking about is no longer purely a hypothetical. The yield on ten year treasuries rose from a low of 1.37% in June 2016 to its current level of 2.85%. It will be very interesting to see what kind of damage this did to the small banks' equity in 2017 annual reports. (Of course, they will still report positive net income, because changes in bond portfolio values hit the balance sheet through Other Comprehensive Income.) [...] </i></p><p><i>What we see with small bank stocks is that the situation has inverted over the course of the recovery since 2009. In the beginning they were trading at big discounts to book value and the risk-reward tradeoff of their bond investments was much better. Now that bond yields are lower they are leveraging up and buying more. And meanwhile they are trading at a premium to book value.</i></p><p><b><i>Our experience with these small banks is that the people running them are the dumb money. When they are so sanguine about interest rate risk that they respond to falling yields by leveraging up a couple more turns to maintain the same interest income, it seems like the final innings of the bond bull market.</i></b></p><p>It is debatable whether the great bull market in bonds (which <a href="https://www.macrotrends.net/2016/10-year-treasury-bond-rate-yield-chart">started</a> in Autumn 1981) ended two years ago (summer 2020), but what we do know is that the small increase in rates off of the bottom has caused big losses for banks that were heavily invested in bonds. In his guest piece, SomethingClever wrote, </p><p><i>For the first time since 3Q17, and really the first time in earnest in over a decade, there are banks with negative equity capital, which admittedly is a hard thing to conceptualize. As of June 30th, there are 9 bank subsidiaries with negative equity capital. Going back quarterly, the last time there was a bank in this shape was in the third quarter of 2017: Farmers and Merchants State Bank of Argonia. Going back further on a quarterly basis, there have been 197 instances of banks ending the quarter in a negative equity position since 2000. Narrowing this down, it’s really only 151 banks in total because some banks during the crisis were in this position for multiple quarters. Of these 151 banks, 139 no longer exist, either they were acquired or absorbed by FDIC and sold off.</i></p><p><i><b>Excluding the 9 banks that ended June 30th of this year with negative equity, only 3 banks out of 142 made it through and still exist independently today. That is an appallingly low base rate of survival</b>, but of course those banks had negative capital because of credit impairments, while this recent crop has negative capital because of “temporary” losses on securities that most expect to be paid in full at maturity.</i></p><p>In addition to the 9 banks with negative equity that were mentioned in the article (all of which were private and not OTC-listed), we also had a list of public banks that lost more than a third of their equity in the first half of 2022. Some of these have probably been pushed into negative equity with the interest rate move during the third quarter, including - almost certainly - <a href="https://www.mct.bank/">Mauch Chunk Trust Financial Corp.</a> (<a href="https://www.otcmarkets.com/stock/MCHT/overview">MCHT</a>) in Jim Thorpe, PA. </p><p>This paragraph was in their second quarter of 2022 <a href="https://www.mct.bank/ContentDocumentHandler.ashx?documentId=74835">letter</a> to shareholders: </p><p></p><p><i><b>Total shareholders’ equity capital on June 30, 2022, was $838 thousand, $46.7 million less than 2021.</b> Lower equity capital this year is the result of a $50.5 million increase in accumulated other comprehensive loss associated with the change in the value of the securities portfolio resulting from an increase in the level of interest rates. This decrease was partially offset by an increase in retain earnings of $4 million. MCTFC’s capital remains well above the regulatory minimum requirements to be considered well capitalized.</i><br /><br />MCHT is an interesting case study. At the beginning of the year it had $49 million of equity, $624 million of assets, $367 million of securities ($199 million due after 10 years) and a $40 million market cap (0.83x book).<br /><br />As of June 30th, it had only $838k of equity and a $27 million market cap (33x book). They earned $1.4 million (excluding securities losses) in Q2 so that is under 5 times annualized earnings - assuming that their deposit cost doesn't go up.<br /><br />Their deposits are almost all interest bearing. Interest expense was $394k in Q1 and rose to $503k in Q2. (Cost of funds 26 bps in Q1 vs 34bps in Q2.)<br /><br /><b>Interesting to think that with a further increase in funding cost of probably less than a percent, they would no longer be profitable.</b><br /></p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-2585373522408007422022-08-30T19:57:00.000-04:002022-08-30T19:57:02.748-04:00Once is Chance, Twice is a Coincidence, Three Times is a Pattern<p>About nine months ago, Oddball Stocks Newsletter guest writer <a href="https://twitter.com/Catahoula_Value">Catahoula</a> wrote an article entitled “Put Yourself in My Shoes” on Five "Teenage" OTC-listed banks that were trading between 0.75x and 1.25x Tangible Book Value, with an efficiency ratio under 55%, net interest margin greater than 300 basis points, and were between 10 to 20 years old (hence, "teenagers"). </p><p>Today, we sat up and took notice when the <a href="https://twitter.com/Catahoula_Value/status/1564737947270017024">third</a> of those five banks, Centric Financial Corporation (CFCX) <a href="https://www.globenewswire.com/news-release/2022/08/30/2507180/0/en/First-Commonwealth-Financial-Corporation-Extends-its-Pennsylvania-Presence-with-Acquisition-of-Centric-Financial-Corporation.html">announced</a> a merger with First Commonwealth (FCF) in an all-stock transaction valued at approximately $16.20 per share.<br /><br />Over the years, we've grown fond of Centric, a solid bank that has flourished under Patti Husic, President and CEO. CFCX was founded in 2007, making it a teenager at 15 years old. Centric Bank has principal executive offices in Enola, Pennsylvania. This is the Harrisburg area about 110 miles away from Philadelphia. A major hiccup along the way occurred about a year ago when the bank suffered a $5.1 million fraud in 3Q21. Though mighty unpalatable, one loan fraud is a business risk in banking. <br /><br />CFCX has sometimes traded 85% of tangible book value, which is confounding. If you compare Centric (CFCX), which trades on OTC, with Bank of the James (BOTJ) a similarly-sized bank on the NASDAQ, Centric is more efficient and profitable. But there's sometimes been a valuation difference of <u>thirty percent</u> of tangible book value between otherwise comparable public and private (OTC-listed) banks! </p><p>We find this really fascinating because these <a href="http://www.oddballstocks.com/2021/12/oddball-stocks-newsletter-excerpt_01928971504.html">paired comparisons</a> of similarly-sized banks demonstrate a discount that arises purely by virtue of being OTC-listed instead of public. <b>If the Oddball Stocks Newsletter stands for anything, it is for harvesting this OTC valuation discount. <br /></b><br />We asked Catahoula why he thought that so many of the teenage banks he mentioned have merged. He said that a bank in its second decade often faces increasing pressures. The board and executives have tapped out their contacts in the immediate community for business. They contemplate growth through expansion, but they are not as familiar with neighboring towns. Sometimes they are reluctant to acquire acquire another bank. He also said that capital management becomes more important. As profits accumulate, banks may face pressure to pay a dividend or buyback stock.<br /><br />Often, early investors look for a a cash-out of their initial investment before two decades have elapsed. Banks initially listed on the OTC Markets usually intend to graduate to the major exchanges, hoping to uplist to NASDAQ, and ultimately the NYSE. Uplisting supports expansion of the shareholder base to include institutional investors, with a goal of eventually becoming included in the Russell 2000 or 3000 indexes. <br /><br />Whether increased valuation comes from a buyout or uplisting to a major exchange, at Oddball Stocks we like to eat steak for the price of hamburger. We will continue to bring you small, non-public companies and banks trading in the obscure corners of the market. If you are interested in the two remaining teenage banks that Catahoula identified, be sure to check out <a href="https://oddballmedia.gumroad.com/l/Oddball37">Issue 37 of the Oddball Stocks Newsletter</a>. <br /></p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com1tag:blogger.com,1999:blog-2149523431587168680.post-60914018340669648282022-08-27T18:46:00.001-04:002022-08-27T18:46:55.155-04:00Just Published: Issue 41 of the Oddball Stocks Newsletter <p>We just published Issue 41 of the Oddball Stocks Newsletter. If you are
a subscriber, it should be in your inbox right now. If not, you can sign up <a href="https://gumroad.com/l/oddball">right here</a>.</p><p>Remember that we have made some back Issues of the Newsletter available à la
carte, so you can try those before you sign up for a subscription. </p><p>The past two years' back Issues are available for $139 per copy. (Links for purchase: Issues <a href="https://oddballmedia.gumroad.com/l/oddball32">32</a>, <a href="https://oddballmedia.gumroad.com/l/oddball33">33</a>, <a href="https://oddballmedia.gumroad.com/l/oddball34">34</a>, <a href="https://oddballmedia.gumroad.com/l/oddball35">35</a>, <a href="https://oddballmedia.gumroad.com/l/oddball36">36</a>, <a href="https://oddballmedia.gumroad.com/l/oddball37">37</a>, <a href="https://oddballmedia.gumroad.com/l/oddball38">38</a>, <a href="https://oddballmedia.gumroad.com/l/oddball39">39</a>, and <a href="https://oddballmedia.gumroad.com/l/oddball40">40</a>.) <br /></p><p>Our older Issues (19-31) are available for $99 per copy. (Links for purchase: Issues <a href="https://gumroad.com/l/oddball19">19</a>, <a href="https://gumroad.com/l/oddball20">20</a>, <a href="https://gumroad.com/l/oddball21">21</a>, <a href="https://gumroad.com/l/oddball22">22</a>, <a href="https://gumroad.com/l/oddball23">23</a>, <a href="https://gumroad.com/l/Oddball24">24</a>, <a href="https://gumroad.com/l/Oddball25">25</a>, <a href="https://gumroad.com/l/Oddball26">26</a>, <a href="https://gumroad.com/l/oddball27">27</a>, <a href="https://gumroad.com/l/Oddball28">28</a>, <a href="https://gumroad.com/l/Oddball29">29</a>, <a href="https://gumroad.com/l/Oddball30">30</a>, and <a href="https://gumroad.com/l/Oddball31">31</a>.)<br />
<br />
We also <a href="http://www.oddballstocks.com/2020/02/just-published-highlights-issue-of.html">published</a> a Highlights Issue in February 2020. The Highlights Issue is <a href="https://gumroad.com/l/oddballhighlights">available here for purchase</a> for only <b>$59</b> as a single Issue.
If you have been curious about the Newsletter, the Highlights Issue is the perfect
opportunity to try about <b>two Issues worth of content</b> (much of which is
still topical and interesting) at a low cost.</p><p>Also, we tweet regularly from the <a href="https://twitter.com/StocksOddball/">@stocksoddball</a> account on Twitter so be sure to follow us there.
</p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-57942986765904577752022-08-17T11:00:00.026-04:002022-08-17T11:00:00.176-04:00Second of Catahoula's Five "Teenage" Banks Acquired<p>In November 2021, our guest writer <a href="https://twitter.com/Catahoula_Value">Catahoula</a> wrote a guest piece in the Oddball Stocks Newsletter entitled: Guest Piece: “Put Yourself in My Shoes” by “Catahoula” on Five Teenage OTC Banks. (That Issue #37 of the Newsletter is <a href="https://oddballmedia.gumroad.com/l/Oddball37">available à la carte</a>.) He writes in with an update,</p><p>-- <br /></p><p>In February, Peak Financial in Idaho (IDFB) got <a href="https://www.globenewswire.com/en/news-release/2022/02/02/2377909/0/en/UPDATE-BAWAG-Group-Agrees-to-Acquire-Peak-Bancorp.html">taken out</a>. Last week, Integrated Financial Holdings (IFHI) <a href="https://www.otcmarkets.com/stock/IFHI/news/MVB-Financial-Corp-Announces-Merger-with-Integrated-Financial-Holdings?id=368458">announced</a> a nice merger. MVBF is tech-forward and fintech-sensitive. It's an all-stock acquisition, so I might consider hanging around. IFHI built a nice platform for government guaranteed loans at West Town Bank. </p><p>From my November 2021 article in <a href="https://oddballmedia.gumroad.com/l/Oddball37">Issue 37</a>, there are three remaining teenage banks -- CFCX, USMT and CMRB. In 2Q22, CMRB's operating results continued to flag due to increased salary and bonus expenses. As "<a href="https://twitter.com/Ron284Ron">Ronbo</a>" on Twitter summarized: </p><p><img alt="" src="data:image/png;base64,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" /><br />All of the long-time holders (myself included) were unhappy about the deterioration in the operating results. I sold out my full position. As <a href="https://twitter.com/OurBank3">"Our Bank"</a> on Twitter said: </p><p><img alt="" src="data:image/png;base64,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" /><br />Although I no longer have a dog in this hunt, if CMRB can't find its footing, in my opinion it will be increasingly vulnerable to acquisition. The board owns ~20% and former CEO Herb Schnieder had 2.5% or so (the last proxy before he departed). As I mentioned in the article:<br /><br /><b>"When I look at the opportunity set among OTC banks, I identified five that have reached their second decade. I believe they are either set on a path to acquisition or a profitable long-term niche." </b><br /></p><p>--</p><p>Be sure to check out <a href="https://oddballmedia.gumroad.com/l/Oddball37">Issue 37</a> of the Oddball Stocks Newsletter and read Catahoula's piece on the three remaining "teenage" banks.<br /></p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-81398807751348170902022-08-16T15:00:00.001-04:002022-08-16T15:00:41.781-04:00Pardee Resources Co. ($PDER) Reports Q2 2022 Results<a href="https://www.pardee.com/">Pardee Resources Co.</a> (<a href="https://www.otcmarkets.com/stock/pder/overview">PDER</a>) published quarterly results (<a href="https://www.otcmarkets.com/otcapi/company/financial-report/342905/content">PDF</a>) for the period ended June 30th.
<blockquote><i>During Q2 2022, <u>Pardee Resources Company earned $9.24 per share, an increase of 211% above the $2.97 per share earned during Q2 2021</u>. EBITDA during the quarter was $14.74 per share, 144% higher than EBITDA of $6.03 earned in 2021. Supported by strong commodity prices during the quarter, our Metallurgical Coal, Timber & Surface, and Oil & Gas Divisions achieved meaningful revenue improvements over Q2 2021 results. Quarterly revenues from our Alternative Energy Division were down versus last year due to a decline in both power production and the average realized price of our renewable energy credits. Despite high summer temperatures in both California and Portugal, our table grape and almond crops remain on track for a healthy harvest season.<br /><br />Metallurgical Coal Division: Strong global coal and steel markets lifted U.S. metallurgical coal markets which were further strengthened by the fallout from the Ukraine War. While new U.S. longwall mines helped to meet demand, a limited supply response from Australia and Canada, together with equipment, labor, and transportation bottlenecks in the U.S., kept global supplies in check. As a result, 2022 domestic High Vol-A metallurgical coal contracts settled at record high prices of over $180 per ton. At Pardee, <u>a year-over-year production increase resulting from a new deep mine, coupled with stronger pricing, led to Q2 2022 Division revenues of $6.3 million, 127% higher than our Q2 2021 results</u>; while first half (H1) 2022 Division revenues totaled $11.0 million, 140% above last year’s results.<br /><br />Oil & Gas Division: During Q2 2022 natural gas prices continued their upward momentum, but not without significant volatility. LNG exports and limited gas-to-coal switching led Appalachian Basin prices higher, from a monthly average of $3.23 per MMBtu in January to $6.49 per MMBtu in May. Prices then fell from their interim highs after an explosion in early June forced a major U.S. LNG export facility offline, crimping demand and prices. Late in the quarter, prices were trending upward again as a heatwave spread across the U.S. causing a natural gas demand surge from electric power producers. <u>As a result of the strong pricing year-to-date, Pardee’s H1 2022 Division revenues reached $6.6 million, a 101% gain above H1 2021 Division revenues of $3.3 million</u>.<br /><br />Timber & Surface Division: Strong markets during the quarter sustained hardwood lumber and log prices at elevated levels. Single-family housing starts for the first six months of the year were up 8% over the prior year period, while home remodeling expenditures increased 18%. Hardwood lumber exports through May were also up 21% in dollar value versus the prior year.<u> During Q2 2022, Pardee’s realized average hardwood stumpage price was $374 per mbf, 21% higher than Q2 2021 levels</u>. Meanwhile, our Q2 2022 hardwood production was down versus last year due to harvest timing variances, while H1 production year-over-year was flat as logging operations remained challenged by shortages of labor, equipment, and trucking services. Quarterly gains from our Virginia rural real estate initiatives were $394,207, bringing the total for the first half of the year to $1.3 million.<br /><br />Alternative Energy Division: While high prices for oil, natural gas, and coal placed renewed urgency to develop solar generating capacity, U.S. installations during Q1 2022, which is the latest data available, were 21% lower than Q1 2021 and 52% lower than Q4 2021. The reduction in U.S. solar installations was due to a Department of Commerce tariff related investigation which halted solar module shipments to the U.S. from Asia, a constraint which is expected to remain through the end of 2022. Electricity production from Pardee’s renewable portfolio during Q2 2022 was 15.3% lower than during Q2 2021, due to both year-over-year weather variances and equipment-related outages. Meanwhile, our average SREC price dropped 17.5% versus Q2 2021, following the expiration of certain long-term contracts in New Jersey. Overall, quarterly Division revenues were $992,000, a 23% decline versus our Q2 2021 results.<br /><br />Agriculture Division: Despite the high summer temperatures recorded in both California and Portugal during Q2 2022, our table grapes and almond trees are developing well, and healthy harvests are expected in the fall. In California, our table grapes benefited from warm days and cool nights; while in Portugal, the plentiful water supplies allowed for irrigation sufficient to avoid the negative effects of hot weather. As reported in our Q1 2022 Report, we do not expect the current drought in the U.S. West to materially impact our table grape operations since both of our ranches have access to sufficient well water.</i></blockquote><p>Recently, we got to <a href="http://www.oddballstocks.com/2022/07/oddball-stocks-newsletter-excerpt_01637358921.html">thinking</a> about how Pardee's timber acreage per share has changed over time. At the end of 2002, Pardee had 770,196 shares outstanding. They had not yet bought their 44,000 acre “Powellton” timber tract in West Virginia (for which they paid $18 million in 2003), so their timber holdings must have been about 156,000 acres, or 0.2 acres per share. It also had a book value of $36 million, paid a total of $1.78 in dividends that year, and had $4.7 million of outstanding preferred stock at liquidation value. The shares traded for about 1.5x book value. <br /></p><p>As of the second quarter of 2021, Pardee had 660,112 shares outstanding and owns something on the order of 155,000 acres of land. Their holdings have grown to 0.24 acre per share, or a 20% increase in acreage per share, during a period of 20 years – thanks to share buybacks. Meanwhile, Pardee's book value increased by 4.3x to $155 million, it returned $15.4 million to shareholders in 2021, and it currently trades for 1.1 times book value.<br /></p><p>If you are interested in Pardee, you will find the June 2022 edition (Issue 40) of the Newsletter especially worthwhile. Guest writer Marcus Frampton's piece was titled, <b>“Pardee Resources vs. Beaver Coal – a Comparison of Two High-Yielding, Coal-Rich Land Companies”</b>. The Issue is <b><a href="https://oddballmedia.gumroad.com/l/Oddball40">available here</a></b> for purchase à la carte.</p><p>Previously, regarding Pardee Resources on the blog:</p><ul style="text-align: left;"><li> <a href="http://www.oddballstocks.com/2019/07/oddball-update-pardee-authorizes-share.html">Oddball Update: "Pardee Authorizes Share Repurchases"</a> </li><li><a href="http://www.oddballstocks.com/2020/05/pardee-resources-company-2019-annual.html">Pardee Resources Company - 2019 Annual Report</a></li><li><a href="http://www.oddballstocks.com/2020/06/pardee-resources-2019-annual-meeting.html">Pardee Resources 2019 Annual Meeting Slides</a></li><li><a href="http://www.oddballstocks.com/2020/08/pardee-resources-in-oddball-stocks.html">Pardee Resources in Oddball Stocks Newsletter</a></li><li><a href="http://www.oddballstocks.com/2020/08/pardee-resources-reports-q2-2020-results.html">Pardee Resources Reports Q2 2020 Results</a></li><li><a href="http://www.oddballstocks.com/2021/12/oddball-news-updates-gwox-pder-unif-vwtr.html">Oddball News Updates ($GWOX $PDER $UNIF $VWTR)</a> </li><li><a href="http://www.oddballstocks.com/2022/02/pardee-resources-shareholder-letter.html">Pardee Resources Shareholder Letter - February 2022</a><br /></li><li><a href="http://www.oddballstocks.com/2022/07/oddball-stocks-newsletter-excerpt_01637358921.html">Oddball Stocks Newsletter Excerpt - Pardee Resources Company (Issue 38)</a></li></ul>
We will have more about Pardee Resources in the upcoming August 2022 edition of the Oddball Stocks Newsletter, which will be our 41st Issue.
Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-1066932580870955962022-07-28T20:40:00.000-04:002022-07-28T20:40:51.179-04:00"The Family Behind Pinelawn Memorial Park Cashed in During COVID"<p>Earlier this month we <a href="http://www.oddballstocks.com/2022/07/oddball-stocks-newsletter-excerpt_01892816329.html">posted an excerpt</a> on the blog from the Oddball Stocks Newsletter about Pinelawn Cemetery. A <a href="https://twitter.com/CarsonKessler">journalist</a> from ProPublica has just published a <a href="https://www.propublica.org/article/cemetery-long-island-pinelawn-lockes-pinelawn">long exposé on Pinelawn Memorial Park</a>, which has "land share certificates" that trade on the OTC:</p><p><i>All those new graves and higher prices at Pinelawn translated into cash for the Locke family, the descendents of the cemetery’s founder. The explanation lies in an obscure but lucrative financial instrument called a “land share,” which in Pinelawn’s case dates back to 1904 and pays dividends twice a year. Those payouts more than doubled during the early months of the pandemic, from $13.65 per share in August 2019 to $28 in August 2020, before subsiding to $20.70 in August 2021.<br /><br />The <u>Locke family owns 51,964 of the 127,850 land shares</u> that were issued by Pinelawn during the presidential administration of Theodore Roosevelt, and which still circulate today. The shares are unusual in another regard: Some of the rest are traded on an over-the-counter Nasdaq market — their price has more than doubled over the past five years — and a small coterie of investors have bought shares, coveting their reliable revenue stream. No other cemetery land shares are listed on Nasdaq’s OTC Markets Group.<br /><br />Calling them “land shares” is a bit of a misnomer, since they don’t actually entail owning land. Instead, they’re an investment, originally used to fund the creation of the cemetery, that entitles the holder to dividends derived from the sales of cemetery plots. Half of the proceeds from each sale of a plot go to pay the dividends, with the other half used to take care of the property.<br /><br />The shares remain valid until the last plot is sold and the empty land at Pinelawn has been used up. That day is far off. <b><u>Of Pinelawn’s 839 acres, more than 600 remain unsold and undeveloped today</u></b>. In 2018, Pinelawn president Justin Locke said that at the current pace the cemetery wouldn’t run out of land for at least 206 years. </i><br /></p><p>That is much more unsold land than we had previously estimated. However, it seems plausible because Pinelawn has enough undeveloped land that they have proposed to develop warehouses and office buildings on some of it:<br /></p><p><i>Justin Locke was appearing before the Cemetery Board to sound them out on a new idea: <u>leasing 100 acres of Pinelawn’s property to develop into warehouses and office buildings</u>.<br /><br />Justin Locke made his case to the Cemetery Board, starting with the surprising claim that the area of the cemetery he wanted to develop was blighted. He described the 100-acre parcel as filled with “crime, trespassing, quality-of-life issues that are affecting the neighbors, complaints. It’s hurting our reputation.” (The “crime” he was describing seemed to consist largely of trespassers riding ATVs on the property.)<br /><br />Noting Pinelawn’s extensive unused land, Locke touted the potential revenues the cemetery could earn by leasing the parcel. He called it a “cake-and-eat-it scenario where we can leave the property over there, maintain control over it, but generate a substantial income off of it in the meantime.”</i></p><p>The Pinelawn certificates are now "expert market" on the OTC. Recently they have been trading in the low $500s, which is about an 8% distribution yield on the most recent two distributions.<br /></p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com2tag:blogger.com,1999:blog-2149523431587168680.post-30998568898877342292022-07-15T11:00:00.004-04:002022-07-15T11:00:00.223-04:00Oddball Stocks Newsletter Excerpt - Pinelawn Cemetery (Issue 38)<p></p><p>This is an excerpt from our Company Updates in Oddball Stocks Newsletter <a href="http://www.oddballstocks.com/2022/01/just-published-issue-38-of-oddball.html">Issue 38</a> (January 2022): </p><p><i>We recently did a deeper dive on Pinelawn Cemetery and its “purchase money certificates” that trade as PLWN on the OTC and collectively are entitled to “one-half the gross proceeds of the sale of the use of lots in Pinelawn Cemetery.” One thing that we were able to confirm is that there are 127,850 land purchase certificates outstanding. That means that the market capitalization of these interests, in total, is $67 million at $525 per share. We have a list of certificate shareholders that, while not current, shows that members of the Locke family, which control the cemetery nonprofit, owned something like 30,000 of the certificates. <b>Rather than worrying that the cemetery management would want to disadvantage the certificates, it actually appears as though their incentives are aligned with the PLWN holders. In fact, if anything the State of New York has gotten upset that too much was being paid to the certificates.</b><br /><br />Our understanding is that in 2004, Pinelawn had half of its 785 acres unsold. It is a bit difficult to tell how much is unsold now, but keep in mind that cemeteries have evolved towards denser ways of sharing the same remaining, limited space. Suppose that Pinelawn had 300 developable acres remaining. That would mean that the current “enterprise value” is $67 million divided by a half-interest in 300 acres, or $450,000 per acre. If you can fit 400 “lots” per acre on 300 acres that would be $1,000 per lot. Since the lots are worth quite a bit more than that, the back of the envelope math is there for the certificates to still be pretty attractive at this price.</i><br /></p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com1tag:blogger.com,1999:blog-2149523431587168680.post-8978307379944287352022-07-13T11:00:00.004-04:002022-07-13T11:00:00.225-04:00Oddball Stocks Newsletter Excerpt - Pardee Resources Company (Issue 38)<p></p><p>This is an excerpt from our Company Updates in Oddball Stocks Newsletter <a href="http://www.oddballstocks.com/2022/01/just-published-issue-38-of-oddball.html">Issue 38</a> (January 2022): </p><p><i>At the end of 2021, Pardee declared a nice special dividend of $15 per share, which was in addition to $7.20 of quarterly dividends during the year. (We are waiting by the mailbox to see how much more money Pardee made during the fourth quarter from metallurgical coal royalties.) Thinking about Keweenaw's sale of land, and doing the analysis for the Dorchester Minerals update in this Issue, got us to thinking about how Pardee's timber acreage per share has changed over time.<br /><br />At the end of 2002, Pardee had 770,196 shares outstanding. They had not yet bought their 44,000 acre “Powellton” timber tract in West Virginia (for which they paid $18 million in 2003), so their timber holdings must have been about 156,000 acres, or 0.2 acres per share. It also had a book value of $36 million, paid a total of $1.78 in dividends that year, and had $4.7 million of outstanding preferred stock at liquidation value. The shares traded for about 1.5x book value.<br /><br />In the third quarter of 2021, Pardee had 656,993 shares outstanding and owns 161,225 acres of land. <b>Their holdings have grown to a quarter of an acre per share, or about 20% per share increase, during a period of 20 years – thanks to share buybacks</b>. Meanwhile, Pardee's book value increased by 4.3x to $155 million, it paid $22.20 of dividends last year, and trades for only 90% of book value.</i><br /></p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-57232480421078720412022-07-11T11:00:00.006-04:002022-07-11T11:00:00.233-04:00Oddball Stocks Newsletter Excerpt - Dorchester Minerals, L.P. (Issue 38)<p>This is an excerpt from our Company Updates in Oddball Stocks Newsletter <a href="http://www.oddballstocks.com/2022/01/just-published-issue-38-of-oddball.html">Issue 38</a> (January 2022): </p><p><i>Dorchester Minearals is a publicly-traded limited partnership that owns producing and non-producing mineral, royalty, overriding royalty, net profits, and leasehold interests in in crude oil and natural gas acreage in multiple basins nationwide.<br /><br />Dorchester Minerals (DMLP) was mentioned by a participant at the February 2019 Oddball Meetup, in Catahoula's Issue 26 guest piece, “A Report from the Pasture,” his Issue 28 guest piece “Oil and Gas Royalties: Searching for Buried Treasure in the Digital Age,” in our General Commentary about “Value vs Growth” in Issue 35, and in our feature in Issue 37: “Value in 'Dying' Industries.”<br /><br />While any individual oil and gas well or field depletes over time, Dorchester's production has grown thanks to an ability to make good acquisitions. Sellers of non-operating mineral interests can trade their illiquid landholdings in a non-taxable exchange for partnership interests of Dorchester that are better diversified geographically, more liquid, and which have the potential to grow.<br /><br />At the end of 2020, when hydrocarbon prices (and therefore estimates of reserves) were lower, Dorchester had 35 million units outstanding and had proved, developed, producing reserves of 9 million barrels of oil and 34 million mcf of natural gas, giving each unit of Dorchester a proportional interest of about a quarter of a barrel of oil and one thousand cubic feet of natural gas. And that was just the resources that were currently developed and producing; there are sure to be plenty of undeveloped hydrocarbons remaining in their 3.7 million gross acres of property.<br /><br />Something interesting is that oil prices at the end of 2004 were about the same - $50 per barrel – as they were at the end of 2020. Dorchester had fewer units outstanding then (28 million) but had much lower reserves of oil: only 4 million barrels. This means that <b>even though Dorchester has been producing and selling oil for the past 18 years, and issuing new limited partnership units to make acquisitions, its reserves of oil per unit have grown from 0.14 barrels to 0.26 – nearly doubling. Over a 16 year period, oil reserves per unit grew at 4% annually instead of declining, thanks to acquisitions</b>.<br /><br />Although Dorchester Minerals has not released its annual report for 2021, they did announce that the fourth quarter 2021 cash distribution will be $0.64 per unit. On an annualized basis, this is $2.56 per unit, which is an 11% yield on the current price of $23.50 per unit.</i><br /></p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-76427370625112815402022-07-08T11:00:00.007-04:002022-07-08T11:00:00.199-04:00Oddball Stocks Newsletter Excerpt - Canadian Oil Sands (Issue 37)<p> This is an excerpt from our Feature article in Oddball Stocks Newsletter <a href="http://www.oddballstocks.com/2021/11/just-published-issue-37-of-oddball.html">Issue 37</a> (November 2021), "Value in 'Dying' Industries":</p><p><i>One of our theories is that mineral landowners (i.e. energy royalties) and pipelines are the best part of the hydrocarbon value chain. In particular, we shy away from explorers and producers, which have trouble creating as much long term value for shareholders because management's incentives are bad. They get paid to grow asset size, and they only have the money to do that at the top of the cycle when properties are expensive. An exception to this is oil producers with very long reserves. <b>If you have decades worth of oil in the ground, you can focus on producing it instead of trying to outbid other producers for new reserves. The prime examples in this category are the major Canadian oil producers</b>.<br /><br />Suncor Energy is fully integrated with oil sands, conventional oil production, refining (462k bbl/d), and retail operations. Together, Cenovus and Suncor produce about as much oil (~1.2mm boe/day) as the entire Bakken region in North Dakota, or a smaller OPEC member like Algeria or Angola. The big story with Suncor's business is the upstream (oil sands and conventional) production, which produced almost 700k barrel of oil equivalents per day in the third quarter, of which 600k was from oil sands production. Oil sand is a mixture of bitumen, sand, clay, and water. It does not flow like conventional crude oil which is a liquid; it must be mined or heated underground before it can be processed. Suncor extracts bitumen in two ways: mining and in situ.<br /><br />About 20% of the oil sand is close enough to the surface (under 200' depth) to be mined. They use large trucks and shovels to extract these, and then use hot water to separate ("extract") the bitumen from the sand. Bitumen is heated and sent to drums where excess carbon (in the form of petroleum coke) is removed. Vapors from the coke drums are sent to fractionators where they condense into naphtha, kerosene and gas oil. The end product is synthetic crude oil, which is shipped to refineries across North America to be further refined into jet fuels, gasoline, and other petroleum products.<br /><br />The other 80% of oil sands are too deep to be mined with trucks and shovels. This is extracted in situ, using Steam Assisted Gravity Drainage. Horizontal wells inject steam to heat the reservoir of underground oil sands. The heat separates the bitumen and gravity brings it into a lower horizontal well bore which collects it and pipes it to upgrading facilities.<br /><br />Suncor was founded in 1919 as Sun Company of Canada, a subsidiary of Sun Oil. In 1979, Sun formed Suncor by merging its Canadian refining and retailing interests (Great Canadian Oil Sands) and its conventional oil and gas interests. In 1995 Sun Oil divested its interest in the company and Suncor became an independent public oil company. In 2009, Suncor merged with Petro-Canada, a downstream refiner and retailer. In 2016, Suncor acquired Canadian Oil Sands, which had a 37% ownership stake in a project called Syncrude in Alberta. Together with Suncor's existing 12% ownership of Syncrude and the purchase of Murphy Oil's 5% stake, Suncor became the majority shareholder in the project, which produces 350k bbl/d from the Athabasca Oil sands outside Fort McMurray, Alberta.<br /><br />Suncor is listed on both the NYSE (SU, US$25) and the Toronto Stock Exchange (SU.TO, CAD$31.67). (As you can see, a CAD$ is equal to 0.79 US$). The market capitalization is $36 billion. (This and other figures in US$.) They have $15 billion of debt at Sept 30 and $1.9 billion in cash for net debt of $13.5 billion and an enterprise value of $49 billion. (Suncor is able to borrow long term very cheaply: their debt due in 2047 yields only 3.2%.)<br /><br />For the third quarter, Suncor's cash from operations (excluding changes in working capital) was $2.1 billion and its capital expenditures were $990 million, for free cash flow of $1.2 billion. That's just for the quarter: annualized that would be $4.8 billion. They have another metric that they call "discretionary free funds flow," which was $1.2 billion for the quarter as well.<br /><br />Keep in mind that WTI oil in the third quarter averaged $71 and WCS crude sold at an average $13.6/bbl discount to this. Crude oil is now $10 higher (low $80s) and the differential is about $16/bbl, for a crude oil realization that's about $7.5 higher. The FCF yield on the current enterprise value is 10% at a lower oil price than today. That provides room, even if oil prices were to retrace from here, to pay a 5.6% dividend ($1.36 US on $24.18 share price) and buy back significant amounts of stock, i.e. 4.4% of the market cap annually if the share price and earnings stay at this level. So no wonder they are buying back stock aggressively. You will also notice that in the third quarter they returned 83% of free cash flow to shareholders through dividends and buybacks.<br /><br />As of December 31, 2020, Suncor had proved and probable (2P) reserves, net of royalties, of 6.7 billion barrels of oil equivalent. This was calculated when oil prices were lower, which would mean that less of the resource was booked as being profitable to extract than may ultimately be extracted. At the present production rate of ~0.7 million barrels of oil equivalent per day, or 255 million barrels per year, those 2P reserves are enough to last for 26 years. And the enterprise value per 2P barrel of oil is $7, a figure about the same as Cenovus. (This also ignores the value of Suncor's refining and marketing operations.) The oil sands business spent $2.2 billion to produce about 54 million barrels of oil during the quarter, which is a production cost of $40 per barrel.<br /><br />Another Canadian oil producer is Cenovus Energy, listed on the NYSE (CVE, US$12.12) and the Toronto Stock Exchange (CVE.TO, CAD$15.34). The current market capitalization is US$24 billion and the enterprise value is $37 billion. The third quarter's CAD$1.7 billion of free cash flow, which annualizes to CAD$6.8 billion (US$5.4 billion) gives a FCF/EV yield of 15%. Thanks to the leverage and the low cost debt, Cenovus equity is trading at only about 4.4x cash available for distribution. Also impressive is the level of FCF conversion; out of $2.3 billion CAD in adjusted funds flow, $1.7 billion is "free" (in excess of capital expenditure), which is 72%. Management commented on further uses of cash flow in the Q3 conference call:<br /><br />“We finished the third quarter with net debt of about $11 billion, a reduction of $1.4 billion since the end of the second quarter. And today, we are very close to achieving our interim net debt target of below $10 billion, which takes me to our shareholder returns announcement. We have been clear that increase in shareholder returns would be our first priority, upon reaching our interim net debt target. Delivering on that commitment, our Board has approved doubling the dividend on our common shares effective for the fourth quarter dividend to $0.14 per share. In addition, the Board has approved filing of an NCIB application with the TSX for share buyback program of up to about 150 million common shares, which we expect to commence following the achievement of net debt below 10 billion. We will provide more context on how we think about capital allocation at our virtual investor day on December 8th. However, as we have said previously, when we are below 10 billion net debt, you should expect to see a more balanced approach to free funds flow application between further de-leveraging and shareholder returns. And at current commodity prices, we would expect to be able to execute our buyback plan in 2022, while achieving net debt under eight billion around mid-year.”<br /><br />Dorchester Minerals, L.P. (DMLP) was mentioned by a participant at the February 2019 Oddball Meetup, and in Catahoula's Issue 26 guest piece, “A Report from the Pasture”. It is a publicly traded partnership that owns royalty, overriding royalty, and net profits interests in crude oil and natural gas acreage in multiple basins nationwide. Unlike exploration and production companies that drill wells, Dorchester has no debt, little capital expenditures, and high margins.<br /><br />The current market capitalization of Dorchester is $631 million, and year-to-date it has earned $54 million of EBITDA. Free cash flow conversion is extremely high (actually above 100% due to the sale of some properties). The result is that the FCF yield to the enterprise value (annualizing the first three quarters' results) is about 11.9%, but of course this was in a lower oil price environment than what is prevailing now. (Dorchester distributed $48.2 million to limited partners in 2020. Their average selling prices of oil were high $40s/bbl and for natural gas a bit below $2/mcf.)</i></p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-85587322600119857532022-07-06T11:00:00.002-04:002022-07-06T11:00:00.174-04:00Oddball Stocks Newsletter Excerpt - Big Tobacco (Issue 37)<p>This is an excerpt from our Feature article in Oddball Stocks Newsletter <a href="http://www.oddballstocks.com/2021/11/just-published-issue-37-of-oddball.html">Issue 37</a> (November 2021), "Value in 'Dying' Industries":</p><p><i>Back in Issue 20, we mentioned a McKinsey & Co research piece “Could Roger Federer be as successful playing badminton?” that tracked the economic profit of the world's couple thousand largest companies over a ten year period and found that about half of firms' performance is attributable to industry. There were twelve tobacco companies in their sample, and nine of them were in the top 20% of performance. And there were twenty paper companies, but none of those were in the top quintile of performance. Overall, their conclusion was that it is better to be an average company in a great industry than a great company in an average industry.<br /><br />Investments in tobacco companies generated immense shareholder returns for more than a century, after cigarette rolling machines were introduced by James Duke in the late 19th century. The question now is whether this will continue, and do the tobacco company valuations compensate for the risk? There is a perception that the cigarette business is dying – but this has been the perception for as long as some of our subscribers have been alive, for about six decades since the U.S. Surgeon General's report on harmful effects of smoking was published. Linear extrapolation predicted that tobacco companies were doomed again because cigarette smoking dropped from 21% of American adults in 2005 to 14% in 2019.<br /><br />However, humans have been using tobacco for thousands of years, since it was first introduced into human culture by the native inhabitants of South America. The Columbian exchange quickly brought it worldwide in the 16th century. <b>Nothing about human biology has changed that would make people not want to use nicotine. The desire is there but it has been suppressed – rationally, no doubt – because of the connection between cigarettes and lung cancer. There are now far safer ways of consuming nicotine than cigarettes, such as vaping and oral nicotine products</b>. The big tobacco players (Altria, Philip Morris, and British American Tobacco; essentially a duopoly of Marlboro versus Camels) are priced at a low multiple of their current cigarette earnings, and each one is an option on potentially very valuable reduced-risk nicotine businesses.<br /><br />The most expensive big tobacco company, valuation-wise, is Philip Morris. It is also the largest by enterprise value and the most profitable. For the first nine months of 2021, revenues net of excise taxes are up 9.6% and operating profit was up 14%. Year-to-date, the company has generated $7.9 billion of cash from operations, and it spent $1.9 billion on future oriented acquisitions (Vectura and Fertin Pharma), $459 million on capital expenditures, $2 billion on debt repayment, and $5.6 billion on dividend payments. Philip Morris is the most expensive stock because it has the #1 cigarette (Marlboro) but is geographically diversified (as opposed to Altria which sells Marlboro in the U.S. only), has a popular reduced-risk heated tobacco product (the IQOS), and has not committed acquisition bungles the way that Altria did with Juul and Cronos. Philip Morris also has the least financial leverage.<br /><br />Altria, the American counterpart to Philip Morris, has more moving parts. The enterprise value is currently $100 billion, but the company owns 10% of Anheuser Busch Inbev, which is worth $10 billion or so at market price. Revenues net of excise taxes are up about 1.5% year-to-date and operating income is up 6.4%. Year-to-date, the company has generated $5.7 billion of cash from operations, and it has spent $100 million on capital expenditures, repaid $1 billion of debt, bought back $972 million of stock, and paid $4.8 billion of dividends.<br /><br />Finally, British American Tobacco is the most leveraged of the big three companies (debt/EV of 42% as opposed to 15% and 24% for Philip Morris and Altria) and has the second-best cigarette brand. The enterprise value of is currently $135 billion. For the first half of 2021, cigarette volumes were up 2% but revenues were down 3%. Note that for the tobacco companies (PM and BTI) with multinational operations, it can be difficult to untangle the effects of currency movements. At constant exchange rates, the revenue for cigarettes was actually up 6%. Non-combustibles revenue was up 20%, with "traditional" oral tobacco volume down 3% but vapor (Vuse) up 70%, heating products (Glo) up 99%, and "modern oral" (Velo pouches) up 124%. At constant exchange rates, non-combustible revenue was up 29%. Operating income was down 4% (although in constant currency it was up 5.4%).</i><br />
</p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-1160937263459891282022-07-04T17:08:00.002-04:002022-07-04T17:09:10.300-04:00Just Published: Issue 40 of the Oddball Stocks Newsletter
We just published Issue 40 of the Oddball Stocks Newsletter. If you are
a subscriber, it should be in your inbox right now. If not, you can sign up <a href="https://gumroad.com/l/oddball">right here</a>.<p>Remember that we have made some back Issues of the Newsletter available à la
carte, so you can try those before you sign up for a subscription: Issues <a href="https://gumroad.com/l/oddball19">19</a>, <a href="https://gumroad.com/l/oddball20">20</a>, <a href="https://gumroad.com/l/oddball21">21</a>, <a href="https://gumroad.com/l/oddball22">22</a>, <a href="https://gumroad.com/l/oddball23">23</a>, <a href="https://gumroad.com/l/Oddball24">24</a>, <a href="https://gumroad.com/l/Oddball25">25</a>, <a href="https://gumroad.com/l/Oddball26">26</a>, <a href="https://gumroad.com/l/oddball27">27</a>, <a href="https://gumroad.com/l/Oddball28">28</a>, <a href="https://gumroad.com/l/Oddball29">29</a>, <a href="https://gumroad.com/l/Oddball30">30</a>, and <a href="https://gumroad.com/l/Oddball31">31</a>. We lowered the price of most of our back Issues to $99 from $139.<b> </b>If you are curious about them, there has never been a better chance to try them.<br />
<br />
We also <a href="http://www.oddballstocks.com/2020/02/just-published-highlights-issue-of.html">published</a> a Highlights Issue in February 2020. The Highlights Issue is <a href="https://gumroad.com/l/oddballhighlights">available here for purchase</a> for only <b>$59</b> as a single Issue.
If you have been curious about the Newsletter, the Highlights Issue is the perfect
opportunity to try about <b>two Issues worth of content</b> (much of which is
still topical and interesting) at a low cost.</p><p>Also, we tweet regularly from the <a href="https://twitter.com/StocksOddball/">@stocksoddball</a> account on Twitter so be sure to follow us there.Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-27273335261749282042022-03-29T16:55:00.001-04:002022-03-29T16:55:48.532-04:00Ruling in Shareholders' Lawsuit Against Life Insurance Company of AlabamaWe've mentioned in <a href="http://www.oddballstocks.com/2022/03/licoa-annual-statement-for-2021-lins.html">recent</a> <a href="http://www.oddballstocks.com/2022/01/life-insurance-company-of-alabama.html">posts</a> about <a href="http://www.licoashareholders.com/">Life Insurance Company of Alabama</a> that the shareholders' <a href="https://dockets.justia.com/docket/alabama/alndce/4:2019cv01413/171407">lawsuit</a> against the company was awaiting the court's ruling on the motion to dismiss. The court dismissed the derivative claims, but the direct claims, including the claim for dissolution of LICOA, survived and will proceed in federal court.<br /><blockquote><i>This matter comes before the court on Defendants’ motion to dismiss Plaintiffs’ third amended consolidated complaint. (Doc. 57). For the reasons stated in the Memorandum Opinion issued contemporaneously with this Order, the court rules as follows.<br /><br />
The court GRANTS IN PART and DENIES IN PART Defendants’ motion to dismiss. As to the derivative claims, the court DISMISSES all Plaintiffs’ derivative claims WITH PREJUDICE because LICOA’s independent directors validly exercised their business judgment in rejecting Plaintiffs’ claims after a thorough and good faith investigation. See Roberts, 404 So. 2d at 632. If the court were not dismissing the derivative claims on that ground, the court would alternatively dismiss with prejudice any of Plaintiffs’ derivative claims arising from facts occurring before August 28, 2017—two years before the filing of Plaintiffs’ complaint—because the statute of limitations as to those claims has expired.<br /><br />
<u><b>But the court DENIES Defendants’ motion to dismiss Plaintiffs’ individual direct claims because the court finds no merit to Defendants’ challenges to those claims.</b></u><br /><br />
So the only <u>claims remaining in the case are the direct claim for dissolution</u>, brought by all Plaintiffs against all Defendants (Count 2) and the <u>direct claim for violation of shareholder rights</u>, brought by Plaintiffs Trondheim and MTP against all Defendants (Count 3).</i></blockquote>
The full order is below:
<p style="-x-system-font: none; display: block; font-family: Helvetica, Arial, sans-serif; font-size-adjust: none; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px;"> <a href="https://www.scribd.com/document/567037367/LICOA-Order-Order#from_embed" style="text-decoration: underline;" title="View LICOA Order Order on Scribd">LICOA Order Order</a> by <a href="https://www.scribd.com/user/204868340/Nate-Tobik#from_embed" style="text-decoration: underline;" title="View Nate Tobik's profile on Scribd">Nate Tobik</a> on Scribd</p><iframe class="scribd_iframe_embed" data-aspect-ratio="0.75" data-auto-height="false" frameborder="0" height="600" id="doc_76589" scrolling="no" src="https://www.scribd.com/embeds/567037367/content?start_page=1&view_mode=scroll&access_key=key-IOiqVgEmNWsIAkEAsYrc" title="LICOA Order Order" width="100%"></iframe>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-29032810411404245062022-03-28T23:14:00.003-04:002022-03-28T23:14:57.602-04:00Allied First Bancorp - Proxy Statement for Merger $AFBALast week, we <a href="http://www.oddballstocks.com/2022/03/allied-first-bancorp-being-acquired-but.html">mentioned</a> that Allied First Bancorp was being acquired, but we didn't know the price or terms. Now we have the proxy statement for the merger:
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View AFBA - Proxy Statement for Merger - March 2022 on Scribd" href="https://www.scribd.com/document/567036116/AFBA-Proxy-Statement-for-Merger-March-2022#from_embed" style="text-decoration: underline;" >AFBA - Proxy Statement for Merger - March 2022</a> by <a title="View Nate Tobik's profile on Scribd" href="https://www.scribd.com/user/204868340/Nate-Tobik#from_embed" style="text-decoration: underline;" >Nate Tobik</a> on Scribd</p><iframe class="scribd_iframe_embed" title="AFBA - Proxy Statement for Merger - March 2022" src="https://www.scribd.com/embeds/567036116/content?start_page=1&view_mode=scroll&access_key=key-tpQR43mN6WHnRLF1koT9" data-auto-height="false" data-aspect-ratio="0.6984496124031008" scrolling="no" id="doc_56877" width="100%" height="600" frameborder="0"></iframe>
<p style=" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;"> <a title="View AFBA - Merger Agreement and Fairness Opinion - March 2022 on Scribd" href="https://www.scribd.com/document/567036673/AFBA-Merger-Agreement-and-Fairness-Opinion-March-2022#from_embed" style="text-decoration: underline;" >AFBA - Merger Agreement and Fairness Opinion - March 2022</a> by <a title="View Nate Tobik's profile on Scribd" href="https://www.scribd.com/user/204868340/Nate-Tobik#from_embed" style="text-decoration: underline;" >Nate Tobik</a> on Scribd</p><iframe class="scribd_iframe_embed" title="AFBA - Merger Agreement and Fairness Opinion - March 2022" src="https://www.scribd.com/embeds/567036673/content?start_page=1&view_mode=scroll&access_key=key-FqZkrW5qX5NhTwz5jIlR" data-auto-height="false" data-aspect-ratio="0.7631133671742809" scrolling="no" id="doc_83930" width="100%" height="600" frameborder="0"></iframe>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com1tag:blogger.com,1999:blog-2149523431587168680.post-16906566626286682242022-03-27T16:52:00.002-04:002022-03-27T16:52:43.620-04:00Just Published: Issue 39 of the Oddball Stocks NewsletterWe just published Issue 39 of the Oddball Stocks Newsletter. If you are
a subscriber, it should be in your inbox right now. If not, you can sign up <a href="https://gumroad.com/l/oddball">right here</a>.<p>Remember that we have made some back Issues of the Newsletter available à la
carte, so you can try those before you sign up for a subscription: Issues <a href="https://gumroad.com/l/oddball19">19</a>, <a href="https://gumroad.com/l/oddball20">20</a>, <a href="https://gumroad.com/l/oddball21">21</a>, <a href="https://gumroad.com/l/oddball22">22</a>, <a href="https://gumroad.com/l/oddball23">23</a>, <a href="https://gumroad.com/l/Oddball24">24</a>, <a href="https://gumroad.com/l/Oddball25">25</a>, <a href="https://gumroad.com/l/Oddball26">26</a>, <a href="https://gumroad.com/l/oddball27">27</a>, <a href="https://gumroad.com/l/Oddball28">28</a>, <a href="https://gumroad.com/l/Oddball29">29</a>, <a href="https://gumroad.com/l/Oddball30">30</a>, and <a href="https://gumroad.com/l/Oddball31">31</a>. <b>We lowered the price of most of our back Issues to $99 from $139. </b>If you are curious about them, there has never been a better chance to try them.<br />
<br />
We also <a href="http://www.oddballstocks.com/2020/02/just-published-highlights-issue-of.html">published</a> a Highlights Issue in February 2020. The Highlights Issue is <a href="https://gumroad.com/l/oddballhighlights">available here for purchase</a> for only <b>$59</b> as a single Issue.
If you have been curious about the Newsletter, the Highlights Issue is the perfect
opportunity to try about <b>two Issues worth of content</b> (much of which is
still topical and interesting) at a low cost.</p><p>Don't miss our recent blog posts on Oddball Stocks, some of which contain samples of Newsletter content:</p><ul style="text-align: left;"><li><a href="http://www.oddballstocks.com/2022/03/upcoming-shareholder-meetings-for.html">Upcoming Shareholder Meetings for Oddball Companies</a></li><li><a href="http://www.oddballstocks.com/2022/03/allied-first-bancorp-being-acquired-but.html">Allied First Bancorp Being Acquired... But at What Price? $AFBA</a> </li><li><a href="http://www.oddballstocks.com/2022/03/hanover-foods-enters-consent-order-with.html">"Hanover Foods Enters Consent Order With EPA Over Wastewater" $HNFSA</a></li><li><a href="http://www.oddballstocks.com/2022/03/licoa-annual-statement-for-2021-lins.html">LICOA Annual Statement for 2021 $LINS $LINSA</a></li><li><a href="http://www.oddballstocks.com/2022/02/some-folksy-wisdom-berkshire-hathaway.html">Some Folksy Wisdom... the Berkshire Hathaway 2021 Shareholder Letter is Out</a> </li><li><a href="http://www.oddballstocks.com/2022/02/rockford-corporation-has-its-one-day.html">Rockford Corporation Has Its "One-Day" $ROFO</a></li><li><a href="http://www.oddballstocks.com/2022/02/pardee-resources-shareholder-letter.html">Pardee Resources Shareholder Letter - February 2022</a> </li><li><a href="http://www.oddballstocks.com/2022/02/duart-film-laboratories-and-biggest.html">DuArt Film Laboratories and "The Biggest Mensch in the Business," Irwin Young $DAFL</a></li><li><a href="http://www.oddballstocks.com/2022/02/bank-of-utica-2021-annual-report-and.html">Bank of Utica - 2021 Annual Report and Shareholder Meeting Details</a> <br /></li><li><a href="http://www.oddballstocks.com/2022/01/life-insurance-company-of-alabama.html">Life Insurance Company of Alabama Repurchased More Stock ($LINSA $LINS)</a></li><li><a href="http://www.oddballstocks.com/2022/01/paradise-inc-announces-final-and.html">Paradise, Inc. Announces "Final and Liquidating Distribution," Falling Short of 2019 Estimate</a></li><li><a href="http://www.oddballstocks.com/2021/12/oddball-stocks-newsletter-excerpt_01811298464.html">Oddball Stocks Newsletter Excerpt: Allied First Bancorp from Issue 36</a></li><li><a href="http://www.oddballstocks.com/2021/12/oddball-stocks-newsletter-excerpt_01928971504.html">Oddball Stocks Newsletter Excerpt: "Feature: Paired Comparisons of OTC and NASDAQ-Listed Banks" from Issue 35</a></li><li><a href="http://www.oddballstocks.com/2021/12/oddball-news-updates-gwox-pder-unif-vwtr.html">Oddball News Updates ($GWOX $PDER $UNIF $VWTR)</a></li><li><a href="http://www.oddballstocks.com/2021/12/oddball-stocks-newsletter-excerpt_0292398685.html">Oddball Stocks Newsletter Excerpt: The Goodheart-Willcox Company, Inc. from Issue 34</a></li><li><a href="http://www.oddballstocks.com/2021/12/oddball-stocks-newsletter-small-banks.html">Oddball Stocks Newsletter: "Small Banks and the OTC Discount" from Issue 34</a> </li><li><a href="http://www.oddballstocks.com/2021/12/oddball-stocks-newsletter-excerpt_01412791397.html">Oddball Stocks Newsletter Excerpt: "Delaware Chancery Corner" from Issue 33</a></li><li><a href="http://www.oddballstocks.com/2021/12/oddball-stocks-newsletter-excerpt-u-i.html">Oddball Stocks Newsletter Excerpt: U & I Financial Corp from Issue 33</a> </li><li><a href="http://www.oddballstocks.com/2021/12/oddball-stocks-newsletter-excerpt.html">Oddball Stocks Newsletter Excerpt: Allied First Bankcorp from Issue 33</a></li><li><a href="http://www.oddballstocks.com/2021/12/oddball-stocks-newsletter-excerpt-bank.html">Oddball Stocks Newsletter Excerpt: "Bank of Utica" from Issue 32</a></li><li><a href="http://www.oddballstocks.com/2021/12/oddball-stocks-newsletter-excerpt-small.html">Oddball Stocks Newsletter Excerpt: "Small Banks" from Issue 32</a></li><li><a href="http://www.oddballstocks.com/2021/11/oddball-stocks-newsletter-excerpt-small.html">Oddball Stocks Newsletter Excerpt: "Small Bank Snapshot" from Issue 31</a><br /></li></ul><p>Also, we tweet regularly from the <a href="https://twitter.com/StocksOddball/">@stocksoddball</a> account on Twitter so be sure to follow us there.</p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-75273016677537271692022-03-23T14:47:00.001-04:002022-03-23T14:47:15.712-04:00Upcoming Shareholder Meetings for Oddball Companies
<ul style="text-align: left;"><li>Southern Realty (SRLY) - Monday, April 4, 2022 - La Jolla, CA</li><li>National Stockyards Company (NSYC) - April 20, 2022 - Oklahoma City, OK </li><li>HMN Financial (HMNF) - April 26, 2022 - virtual<br /></li><li>First Resource Bank (FRSB) - April 27, 2022 - Exton, PA<br /></li><li>Keweenaw Land Association, Ltd. (KEWL) - May 9, 2022 - Ironwood, MI<br /></li><li>Pardee Resources (PDER) - May 19, 2022 - Philadelphia, PA</li></ul><p></p><p>If you would like more specifics, or to find out whether any fellow Oddball investors will be attending, please get in touch. </p><p>Also, if you are interested in any of these companies, we can point you to the <a href="http://www.oddballstocks.com/2022/01/just-published-issue-38-of-oddball.html">back Issues</a> of the Newsletter where we wrote about them.<br /></p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-83319524009806198822022-03-21T19:23:00.005-04:002022-03-21T19:23:45.661-04:00Allied First Bancorp Being Acquired... But at What Price? $AFBA<p>We have mentioned Allied First Bancorp (AFBA) in the Oddball Stocks Newsletter and on the blog:</p><ul style="text-align: left;"><li><a href="http://www.oddballstocks.com/2021/12/oddball-stocks-newsletter-excerpt_01811298464.html">Oddball Stocks Newsletter Excerpt: Allied First Bancorp from Issue 36</a></li><li><a href="http://www.oddballstocks.com/2021/12/oddball-stocks-newsletter-excerpt.html">Oddball Stocks Newsletter Excerpt: Allied First Bankcorp from Issue 33</a><br /></li></ul><p>Here is what we said in Issue 36:</p><p><i>AFBA is a standout as a very small bank with a very high return on equity that trades at a 12% discount to tangible book value as of June 30, 2021. Based in Oswego, Illinois (southwest Chicago exurbs), it started as a credit union for American Airline pilots in 1994 and converted in 2000. Our guest writer <a href="https://twitter.com/Catahoula_Value">Catahoula</a> first mentioned it in Issue 26 (August 2019) at $1 so it has returned 8.5x since. The current market capitalization is $16 million at $8.50 per share which is 88% of TBV. (We use a 1,911,892 total share count which assumes that 139,995 shares of convertible preferred stock that were issued under TARP are converted to common.)</i><br /></p><p>We just <a href="https://www.federalregister.gov/documents/2022/03/21/2022-05902/formations-of-acquisitions-by-and-mergers-of-bank-holding-companies?utm_source=federalregister.gov&utm_medium=email&utm_campaign=subscription+mailing+list">found out</a> that AFBA is being acquired:</p><p><i>ServBanc Holdco, Inc., Phoenix, Arizona; to become a bank holding company by merging with Allied First Bancorp, Inc., and thereby indirectly acquiring Allied First Bank, SB, both of Oswego, Illinois.</i></p><p>As Phil Timyan was first to <a href="https://twitter.com/TimyanBankAlert/status/1505993138095243271">notice</a>, the company did not put out a press release. Nor did the acquirer. So, there is no information about price and terms available for shareholders or investors.</p><p></p><p></p><p></p><p></p><p><img alt="" src="data:image/png;base64,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" /><br /><br />Phil also pointed out that the lack of communication was "about what you'd expect from a guy still around from a $10 2001 conversion that almost failed."</p><p>We did some digging. The "Executive Vice President - Chief Financial Officer" of the bank is Mark A. Fritz. His email is mfritz@alliedfirst.com and his phone number is 630-383-0102, but he didn't answer the phone.</p><p>Next we tried to get a hold of President Ken Bertrand, but we couldn't get a hold of him at the office either. His email is kbertrand@alliedfirst.com and he can be reached via the main switchboard at 630-554-8899.<br /><br />One of our Oddballs got in touch with the Chairman of the bank, <a href="https://www.sothebysrealty.com/eng/associate/180-a-82446-401974816/john-maxwell">John Maxwell</a>, who is a real estate agent in Hawaii. <b>This Oddball found out from Mr. Maxwell that the deal price is estimated to be $11-12 per share. The bank is refusing to give any more details about the merger besides this, but has said that a proxy statement for the merger is "in the mail."</b></p><p>So, if that information about the deal price is accurate, this AFBA idea will have returned 11x since it was mentioned in the Newsletter in 2019! <br /></p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-51068959652873588492022-03-03T14:07:00.004-05:002022-03-03T14:07:50.422-05:00"Hanover Foods Enters Consent Order With EPA Over Wastewater" $HNFSA<p>A reader sent us a heads-up about this <a href="https://www.lancasterfarming.com/news/main_edition/hanover-foods-enters-consent-order-with-epa-over-wastewater/article_6836da56-9656-11ec-982d-43685513bb3e.html">story</a>:</p><p><i>The U.S. Environmental Protection Agency is taking legal action to get Hanover Foods Corp. to address numerous alleged violations at the company’s wastewater treatment facility in Hanover, Pennsylvania, that included excessive levels of contaminants as well as floating solids and visible scum in the discharged water and receiving water.<br /><br />“The number of alleged violations observed during inspections is appalling,” said EPA Mid-Atlantic Regional Administrator Adam Ortiz. “The company needs to identify why this occurred and present a plan to fix this so that the local waters that eventually feed into the Chesapeake Bay are protected.”<br /><br />Under a consent order with EPA announced Feb. 25, Hanover Foods will conduct a study to determine the cause and how to correct these alleged water pollution violations that were identified during inspections by EPA and the Pennsylvania Department of Environmental Protection.<br /><br />EPA alleges the company has failed to comply with a state-issued National Pollutant Discharge Elimination System permit to operate its own wastewater treatment facility at 1486 York Street to treat industrial waste before wastewater is discharged to Oil Creek, a tributary of Codorus Creek that feeds into the Susquehanna River in the Chesapeake Bay watershed.<br /><br />Environmental inspections identified numerous alleged violations at the facility including discharges of water exceeding permit effluent discharge limitations, floating solids and visible scum in wastewater and receiving water, and violations of the permit’s operation and maintenance conditions.</i></p><p>We just received financial statements (embedded below) for Hanover for the quarter (second fiscal) that ended November 28, 2021.</p><p>During the <a href="http://www.oddballstocks.com/2021/11/horrible-quarterly-earnings-report-from.html">first fiscal quarter</a> (ended August 2021), Hanover lost $3 million and spent $6.4 million on capital expenditures. During the second fiscal quarter, Hanover lost a further $700k and spent a further $7.4 million on capex.</p><p>Hanover has borrowed an additional $24 million over the six months that ended November 28, 2021. Rising debt, rising capex, and flat-to-falling sales are a red flag that we have <a href="http://www.oddballstocks.com/2019/07/do-disappointing-scheid-vineyards.html">previously noted</a> at troubled companies. Remember how we described Scheid Vineyards back in July 2019, avoiding a subsequent (further) 70% share price decline:</p><p><i>"Nobody who has done an asset valuation writeup of [Scheid] has commented on the deteriorating profitability and margins, or the fact that management has responded to it by taking on more leverage to make much bigger investments in the business."</i><br /></p><p>Leverage is not <i>that </i>high yet as a proportion of assets (debt/assets 34%) or book equity, but <b>total Hanover Foods liabilities are very high compared to the <i>market </i>value of the equity</b>. Assuming a $50 share price for Hanover gives you an implied market capitalization of $36 million. So, total liabilities are 3.4x this. </p><p>Hanover shares are coming to resemble an equity stub. We will have more about this in the upcoming March 2022 Issue of the <a href="https://oddballmedia.gumroad.com/l/oddball">Oddball Stocks Newsletter</a>.<br /></p>
<p style="-x-system-font: none; display: block; font-family: Helvetica, Arial, sans-serif; font-size-adjust: none; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px;"> <a href="https://www.scribd.com/document/562425792/Hanover-Fiscal-Q2-2022#from_embed" style="text-decoration: underline;" title="View Hanover Fiscal Q2 2022 on Scribd">Hanover Fiscal Q2 2022</a> by <a href="https://www.scribd.com/user/204868340/Nate-Tobik#from_embed" style="text-decoration: underline;" title="View Nate Tobik's profile on Scribd">Nate Tobik</a> on Scribd</p><iframe class="scribd_iframe_embed" data-aspect-ratio="0.7367130008176614" data-auto-height="false" frameborder="0" height="600" id="doc_92379" scrolling="no" src="https://www.scribd.com/embeds/562425792/content?start_page=1&view_mode=scroll&access_key=key-7jtxmQg5l7pJPsR3dZ9A" title="Hanover Fiscal Q2 2022" width="100%"></iframe>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com1tag:blogger.com,1999:blog-2149523431587168680.post-61310737791189444422022-03-01T16:17:00.003-05:002022-03-01T16:17:49.128-05:00LICOA Annual Statement for 2021 $LINS $LINSA<p>Life Insurance Company of Alabama (LICOA) published its regulatory financials ("Annual Statement") for 2021 with the <a href="https://insdata.naic.org/">NAIC</a> yesterday. Both the Annual Statement and the Investment Schedule are embedded below.
</p><p>LICOA has significant unrealized gains in its investment portfolio. If you look at page 5 of the Investment Schedule below, you will see that the "Fair Value" of the common stock and bond investments is $113.7 million but the "Book/Adjusted Carrying Value" is only $105 million. So the regulatory financials understate the book value by $8.7 million, although you could haircut this for a tax accrual, and have a net number more like $6.9 million. <br /></p><p>The regulatory financials also have certain reserves ("Interest Maintenance" and "Asset Valuation"), which total $4.4 million. When estimating LICOA's book value per share, it may be appropriate to add back these reserves, and also make a market value adjustment (less a reserve for deferred taxes) to the investment portfolio, in order to better approximate the GAAP book value. </p><p>Our understanding is that there are approximately 86k voting (LINS) shares and 382k nonvoting (LINSA) shares with one-fifth the economic interest, for a total of 813k LINSA equivalents. The company's total assets less liabilities are $38.8 million, or $47.73 per LINSA equivalent share. Making the adjustments described above gives an adjusted book value of $50 million (mostly the market value adjustment to the investment portfolio), which is almost $62 per share.</p><p>The implied market capitalization of LICOA at a $26 LINSA share price is $21 million, or 30x the reported net income of $690k for 2021. The net income was a paltry 2.1% return on statutory equity. However, the adjusted book value per share grew by much more than the paltry ROE suggests, because of the <a href="http://www.oddballstocks.com/2021/11/life-insurance-company-of-alabama.html">accretive repurchase</a> as well as the investment portfolio gains that do not flow through the income statement. <br /></p><p><b>It is noteworthy that LICOA is profitable, overcapitalized, bought back 20% of its outstanding shares last year, is being sued by minority shareholders, but the nonvoting shares last traded for only 42% of adjusted book value per share.</b></p><p style="-x-system-font: none; display: block; font-family: Helvetica, Arial, sans-serif; font-size-adjust: none; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px;"> <a href="https://www.scribd.com/document/561981905/LICOA-Annual-Statement-12-31-2021#from_embed" style="text-decoration: underline;" title="View LICOA Annual Statement 12 31 2021 on Scribd">LICOA Annual Statement 12 31 2021</a> by <a href="https://www.scribd.com/user/204868340/Nate-Tobik#from_embed" style="text-decoration: underline;" title="View Nate Tobik's profile on Scribd">Nate Tobik</a> on Scribd</p><iframe class="scribd_iframe_embed" data-aspect-ratio="1.647450110864745" data-auto-height="false" frameborder="0" height="600" id="doc_45467" scrolling="no" src="https://www.scribd.com/embeds/561981905/content?start_page=1&view_mode=scroll&access_key=key-JzsjwJOyeH9CeZLZs6S3" title="LICOA Annual Statement 12 31 2021" width="100%"></iframe>
<p style="-x-system-font: none; display: block; font-family: Helvetica, Arial, sans-serif; font-size-adjust: none; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px;"> <a href="https://www.scribd.com/document/561981951/LICOA-Investment-Schedule-12-31-2021#from_embed" style="text-decoration: underline;" title="View LICOA Investment Schedule 12 31 2021 on Scribd">LICOA Investment Schedule 12 31 2021</a> by <a href="https://www.scribd.com/user/204868340/Nate-Tobik#from_embed" style="text-decoration: underline;" title="View Nate Tobik's profile on Scribd">Nate Tobik</a> on Scribd</p><p><iframe class="scribd_iframe_embed" data-aspect-ratio="0.6069986541049798" data-auto-height="false" frameborder="0" height="600" id="doc_33472" scrolling="no" src="https://www.scribd.com/embeds/561981951/content?start_page=1&view_mode=scroll&access_key=key-4eMiFkmNTjspIL7Ad6Ni" title="LICOA Investment Schedule 12 31 2021" width="100%"></iframe></p><p>Previously, regarding Life Insurance Company of Alabama:
</p><ul><li><a href="http://www.oddballstocks.com/2022/01/life-insurance-company-of-alabama.html">Life Insurance Company of Alabama Repurchased More Stock ($LINSA $LINS)</a> <br /></li><li><a href="http://www.oddballstocks.com/2021/11/life-insurance-company-of-alabama.html">Life Insurance Company of Alabama Repurchases Massive Block of Stock ($LINSA)</a> <br /></li><li><a href="http://www.oddballstocks.com/2021/05/life-insurance-company-of-alabama-2020.html">Life Insurance Company of Alabama 2020 Annual Report</a></li><li><a href="http://www.oddballstocks.com/2021/04/third-amended-complaint-filed-in-life.html">Third Amended Complaint Filed in Life Insurance Company of Alabama Shareholders' Lawsuit</a></li><li><a href="http://www.oddballstocks.com/2021/04/new-order-in-licoa-shareholders-lawsuit.html">New Order in LICOA Shareholders' Lawsuit</a></li><li><a href="http://www.oddballstocks.com/2021/03/life-insurance-company-of-alabama-lins.html">Life Insurance Company of Alabama ($LINS $LINSA)</a></li><li><a href="http://www.oddballstocks.com/2019/11/life-insurance-company-of-alabama.html">Life Insurance Company of Alabama</a></li><li> <a href="http://www.oddballstocks.com/2020/05/shareholder-activism-at-life-insurance.html">Shareholder Activism at Life Insurance Company of Alabama</a> </li><li> <a href="http://www.oddballstocks.com/2020/06/letter-sent-to-life-insurance-company.html">Letter Sent to Life Insurance Company of Alabama (LICOA) Shareholders</a></li><li> <a href="http://www.oddballstocks.com/2020/10/life-insurance-company-of-alabama.html">Life Insurance Company of Alabama Update: Shareholder Dissatisfaction and Share Repurchases</a> </li><li> <a href="http://www.oddballstocks.com/2020/10/life-insurance-company-of-alabama_19.html">Life Insurance Company of Alabama - Notice of 2020 Annual Meeting </a></li></ul><p> Be sure to check out the <a href="http://www.licoashareholders.com/">Concerned Shareholders of Life Insurance Company of Alabama</a> website as well. We will have more about LICOA in the upcoming March 2022 Issue of the <a href="http://www.oddballstocks.com/2022/01/just-published-issue-38-of-oddball.html">Oddball Stocks Newsletter</a>. <br /></p><p></p>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com1tag:blogger.com,1999:blog-2149523431587168680.post-77080658822793578472022-02-28T10:00:00.005-05:002022-02-28T10:00:00.196-05:00Some Folksy Wisdom... the Berkshire Hathaway 2021 Shareholder Letter is Out<div dir="ltr">No explanation for the $140 billion cash hoard when real interest rates are so low. <br /></div><p style="-x-system-font: none; display: block; font-family: Helvetica, Arial, sans-serif; font-size-adjust: none; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px;"> <a href="https://www.scribd.com/document/561450659/2021ltr#from_embed" style="text-decoration: underline;" title="View 2021ltr on Scribd">2021ltr</a> by <a href="https://www.scribd.com/user/204868340/Nate-Tobik#from_embed" style="text-decoration: underline;" title="View Nate Tobik's profile on Scribd">Nate Tobik</a> on Scribd</p><iframe class="scribd_iframe_embed" data-aspect-ratio="0.7676595744680851" data-auto-height="false" frameborder="0" height="600" id="doc_93099" scrolling="no" src="https://www.scribd.com/embeds/561450659/content?start_page=1&view_mode=scroll&access_key=key-lIMtxAlN8WVkxUzsBmE0" title="2021ltr" width="100%"></iframe>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0tag:blogger.com,1999:blog-2149523431587168680.post-9755792591955762452022-02-26T17:08:00.004-05:002022-02-26T17:08:39.570-05:00Rockford Corporation Has Its "One-Day" $ROFOThis <a href="https://www.prnewswire.com/news-releases/rockford-corporation-announces-definitive-agreement-for-patrick-industries-inc-to-acquire-rockford-corporation-and-the-rockford-fosgate-brand-301489684.html">press release</a> was published on Thursday:
<blockquote><i>Rockford Corporation (OTC Pink: ROFO.PK) announced today that it has signed a definitive agreement under which Rockford will become a wholly owned subsidiary of Patrick Industries, Inc. by merger. Patrick Industries (NASDAQ: PATK) is a leading component solutions provider for the RV, marine, manufactured housing, and various industrial markets – including single and multi-family housing, hospitality, institutional and commercial markets. Founded in 1959, Patrick is based in Elkhart, Indiana, with over 11,000 employees across the United States.
</i></blockquote><p>Shares were trading for around $10 last year (very thinly traded) but popped to $15.50 with the announcement. </p><p>According to a projection in the Notice of Special Meeting, common shareholders should receive an initial payment of $16.326 and a final payment (from a holdback fund) six months later of $0.331, for a total of $16.657 in consideration. </p><p>The purchase price of the company is $125 million. The most recent annual report we have is for 2018, below. Book value at the end of 2018 was $18 million, and the company had made $7.3 million of net income that year.</p><p>In 2021, ROFO paid $1.50 per share in dividends, $2.5 in 2020, $0.75 in 2019, and $1 in 2018. With 7.25 million shares outstanding, that was a total of $41.7 million ($5.75 per share) in four years. </p><p>Interestingly, it was trading for years on end at a dividend yield north of 10%. <b>Dividend yield can be a very good indicator</b>. Rockford had high free cash flow conversion on its earnings, greater than 100% of net income in 2016-2018 for example, and allocated this cash flow well. They simply returned it to shareholders.<br /></p>
<p style="-x-system-font: none; display: block; font-family: Helvetica, Arial, sans-serif; font-size-adjust: none; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px;"> <a href="https://www.scribd.com/document/561446433/Rofo-2018-Ar#from_embed" style="text-decoration: underline;" title="View Rofo 2018 Ar on Scribd">Rofo 2018 Ar</a> by <a href="https://www.scribd.com/user/204868340/Nate-Tobik#from_embed" style="text-decoration: underline;" title="View Nate Tobik's profile on Scribd">Nate Tobik</a> on Scribd</p><iframe class="scribd_iframe_embed" data-aspect-ratio="0.7729220222793488" data-auto-height="false" frameborder="0" height="600" id="doc_97855" scrolling="no" src="https://www.scribd.com/embeds/561446433/content?start_page=1&view_mode=scroll&access_key=key-ODoT19QKL53jaVeswPSe" title="Rofo 2018 Ar" width="100%"></iframe>
<p>This is the Notice of Special Meeting that was sent to Rockford shareholders:
</p><p style="-x-system-font: none; display: block; font-family: Helvetica, Arial, sans-serif; font-size-adjust: none; font-size: 14px; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal; margin: 12px auto 6px;"> <a href="https://www.scribd.com/document/561445152/Rockford-Corporation-Notice-of-Special-Meeting#from_embed" style="text-decoration: underline;" title="View Rockford Corporation - Notice of Special Meeting on Scribd">Rockford Corporation - Notice of Special Meeting</a> by <a href="https://www.scribd.com/user/204868340/Nate-Tobik#from_embed" style="text-decoration: underline;" title="View Nate Tobik's profile on Scribd">Nate Tobik</a> on Scribd</p><iframe class="scribd_iframe_embed" data-aspect-ratio="0.7637595258255715" data-auto-height="false" frameborder="0" height="600" id="doc_21079" scrolling="no" src="https://www.scribd.com/embeds/561445152/content?start_page=1&view_mode=scroll&access_key=key-TJkLEfLuJ2KNLmG7DjgC" title="Rockford Corporation - Notice of Special Meeting" width="100%"></iframe>Oddball Stocks Newsletterhttp://www.blogger.com/profile/13230080909714519789noreply@blogger.com0