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Strategies & Market Trends : Value Investing
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To: IndependentValue who wrote (55711)7/21/2015 10:29:46 AM
From: Graham Osborn1 Recommendation

Recommended By
E_K_S

  Read Replies (1) of 78745
 
Hi IV,

So yes, I did look earlier in the month. GENC/ Gencor Industries is a highway/ construction machinery manufacturer.

Price: 10:07
NCAVPS: 11.31
My net net calc: (10M cash + 87M securities – 8M total liabilities)/ (9.6M sh outs) = 9.30/ sh
Cash&Equiv/ Mkt Cap: 1.0
EV: -1.6
D/ E: 0
P/ TB: -0.044
EV/ EBITDA: NA
EV/ FCF: -0.42
ROE: 1.1%
ROA: 1.0%
ROIC: NA
Rev Growth 10Y: -3.0%
Tbook Growth 10Y: 22% (sorry but I can't upload pics at the moment 2/2 super slow connection - nice growth up until financial crisis then levels out)

GENC is trading near all time highs to tbook since the financial crisis. The question is whether this is warranted? Tbook growth has been marginal since then, so we can depend on book expansion to raise the net-net floor? The book expansion was primarily produced by a subsidiary no longer active.

Family controlled management, aging founder CEO.

My view is if the going value of the business is limited once should demand a larger net net discount, probably 2/3 of net net value or so. So I would say wait.

Sincerely,
Graham
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