re: CPCL.
Per Jim Clarke's (ref: post 11971) link to M.J.Whitman's Q&A:
"Q: What do you think CP Clare (CPCL) is worth per share? (December 28, 2000)
A: Give this valuation a wide berth and a high beta! In a fire sale I would say $5 per share (cash plus some value for PPE and intellectual property). If some of their new products gain traction (a big if), the value of the company would easily go into the low double digits. (Answered by Curtis Jensen, Co-Portfolio Manager of Third Avenue Small-Cap Value Fund"
----------------
I'm still holding a small position with an average cost around 6. I posted on it 7/7/99. At the time, the Whitman people were positive on the stock, having established their position with buys between 7 and 12. Jensen's answer above seems to indicate that he might not be so positive now. Maybe he's liquidated or reduced his ownership.
Using Yahoo - always a dangerous thing to do -- I still see CPCL with no debt and going for somewhat more than twice cash. (If verified by the filings, to me, it would be the possible margin-of-safety aspect.)
Every year for the past several, CPCL has traded at some point at 10 or more (albeit sometimes only briefly). They design and manufacture semiconductors and specialized components like switches/relays, and I am betting that once again - at some point in the next 12 months I will see 10 in this stock as the general component/semi outlook becomes more favorable. (And if I can hold on to this thing and the stock does rise, maybe I'll be alert enough to take some profits.)
OTOH, Whitman people are pretty astute - Mr. Jensen seems negative on the stock, and regarding my picks and my logic and my predictions - I've been wrong many, many times. |
