CAM.L - I agree with you, the report wasn't great. The biggest issue with CAM.L is that the non-AG business (Bank, Coldstorage, Industrial) are loosing money in aggregate and have been ailing for quite some time. and while I finally get some vibes from management that they are getting impatient, some action with these business is long overdue. I think they should get rid if them altogether, since I think none if them will earn much in the foreseeable future. The AG business are CAM.L core and some funds could probably be reinvested there. That AG business at creates value, albeit slowly.
CAM.L is similar to QUCT that they are asset rich (land, cash etc) and underearning based on their asset base. That is fine with me, as long as the underlying assets slowly increase in value, as I think is the case with CAM.L's and QUCT land. I regard these stocks (together with LAACZ) as and "hard asset portfolio foundation" that probably will underperform in a bull market, but most likely will outperform in a bear market and that should do great if we have inflation. I like those assets better than gold and in addition, they are all valued below NAV. |
