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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (30102)	2/18/2008 6:24:43 PM
From: Jurgis Bekepuris	Respond to of 78666

So are there any CNP shares trading in US? Grub. Just posting for grub. :)

To: Spekulatius who wrote (30102)	2/18/2008 7:01:12 PM
From: Madharry	Read Replies (1) \| Respond to of 78666

what do you mean by "speed bump"?

To: Spekulatius who wrote (30102)	2/24/2008 6:48:39 PM
From: Spekulatius	Respond to of 78666

Pargesa, NAT.BR (CNP) I decided to take the plunge and purchased a position in Pargesa at a little more than 106 CHF. I initially preferred CNP (NAT.BR) from the two, but then i realized that CNP is calculating it's NAV based on Pargesa's book value rather than the market price. this makes a difference of about 400M Euro in NAV (the market value is lower than the book value in Pargesa's case). I do not think it's "legitimate" for CNP to do so since their "look through" ownership in Pargesa is only 24.2% and they share control with Power co. Using market prices for CNP's Pargesa stake reduces CNP's NAV by 400M or about 8%. Well anyways, Pargesa's NAV is 160 CHF/share and the stock trades at 106 CHF, a 33.75% discount, so it's a pretty straightforward value, IMO. My next idea is to study the other branch of Pargesa's parent companies - PWF.TO . This seems to be an interesting holding company as well, but as of now i have no idea if PWF.TO is a value or not, also i suspect it is.