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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (44702)9/30/2011 1:41:42 PM
From: E_K_S  Read Replies (1) of 78717
 
Hi Paul

Re: Noble Group Ltd. (NOBGF.PK)

The YOY growth in BV is encouraging. I like their their recent asset buys in Brazil;

Nobel completed the acquisition of two more operating sugar and ethanol mills in Brazil, an acquisition which we first announced in December 2010. These mills when combined with the imminent completion of the second of the two mills that we have built ourselves, means that we are now a top tier integrated sugar producer in the most competitive locations in Brazil, which is itself the most competitive producing country in the world, accounting for over 50 per cent of the seaborne exports of sugar.

These are the same things Bunge Limited Bunge Limited (NYSE: BG) and Archer Daniels Midland Company (ADM) have invested in. Nobel's ROE of 17% is much better than BG (8.4%) and ADM (12.06%) too. Their high use of debt probably helped them achieve their superior ROE number.

I like also that they have a play in the Brazil electric grid generating electricity from their bio mass plant.

They do deploy the use of a lot of debit which I would rather they would not do. The positive is that they did not get hurt too bad by that in the 2008-2009 credit freeze crash. Either they were lucky or management was able to navigate the land mines.
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I did not see anything regarding their next dividend. I believe I received a stock dividend along with some type of stock split. Do you recall reading anything about a dividend?

EKS
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