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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (44291)9/20/2011 5:20:07 AM
From: Oblomov   of 78722
 
I have owned BWEL for about a year. I was able to pick some up in the 535-550 range. The dividend was recently raised to 4%. This valuation analysis appears to be accurate. My math was similarly eye-popping. The water rights are the most valuable asset, and I think its simply a matter of time before the value becomes evident. The drawbacks of holding BWEL are the complete lack of communication from management, and the lack of liquidity.

BWEL appears to attract a more patient investor, so it didn't drop much in the recent market downdraft, only briefly dipping below 680. It does correct periodically, and the decline in the price of cotton from the highs earlier this year may have weighed on the stock price. The stock is ~15% off its February high. Cotton topped out in March, and is about 40% off its high, so BWEL is weakly leveraged to the price of cotton.
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