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Strategies & Market Trends : Value Investing

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To: Paul Senior who wrote (43176)	3/31/2012 3:36:06 PM
From: Spekulatius	Read Replies (2) of 78748

SOF.BR - for those that like obscure holding companies like GBL.BR (who doesn't <g>) , Sofina (SF.BR.) may be worth a look. Sofina holds a bunch of investment in public companies like Suez, Delhaize, Mersen in addition to some unlisted companies, hedge fund investments etc and some net cash.. The attraction is the discount to liquidation value: Book value is 3.8B Euro (valued at market, I believe) with 35.5M shares outstanding, which is about 107 Euro/share. There does not appear to be any debt. The shares are currently trading for 60 Euros, which is quite a discount. For those who understand french, here is the latest report from August 2011. sofina.be Their reporting is quite terrible, but I think they are decently managed. Some of unlisted investment look interesting, they own a stake in a company offering fishing baits and lines that seem to be very profitable for example. They do buy back shares little by little and pay a dividend.

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