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

To: E_K_S who wrote (44785)	10/5/2011 1:10:44 AM
From: Spekulatius	2 Recommendations Read Replies (1) \| Respond to of 78682

NOBLE GROUP LTD(Other OTC: NOBGF.PK) - First time I ever picked this one up for under $1.00/share. Company is selling close to BV of $0.73/share, ROE is around 17%. Company continues to grow their BV buying productive assets all over the world. Nice pop today in Singapore due to the following newsblip I assume: reuters.com I am not sure what to make of these guys. They are wheeling and dealing a lot and are playing in man logistic chains for AG, coal, iron ore (which they call pipelines). They recently bought some sugar assets. now they want to spin of the AG assets (great timing anyone!). Their profit margins are very small - they made 343M$ in H1 2011 on 39.7B$ in revenue. They seem to have grown stated book quite nicely over the years but lately a lot of it came from secondaries that were placed at a premium to book. it's always interesting to read the credit rating file. The report seems generally positive (they compare Noble to BG and Viterra) but they did mention a higher leverage: thisisnoble.com I decided to stick with ADM and BG in the AG sector for the time being, my main reasoning is around the low profit margins.