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

To: Spekulatius who wrote (46967)	3/10/2012 4:41:24 PM
From: Paul Senior	Respond to of 78625

I've looked at it three times since September, and I've passed each time, because I can't figure its value. I'm not sure I like or understand some of its French media properties. I'm really only attracted to the conglomerate for its strong presence with port facilities in Africa. Bollore should do very well as African oil exploration and production supports the improvement in people's economic well-being there. Here too, this aspect of Bollore has been hard for me to value though. bollore-africa-logistics.com (Meanwhile, for my African interest, in addition to having shares in several oil/gas e&p companies there, I only hold etf AFK: finance.yahoo.com

To: Spekulatius who wrote (46967)	3/11/2012 8:17:17 PM
From: Madharry	Read Replies (1) \| Respond to of 78625

I will tell you a relative value stock 0200.hk it owns slightly over 1/3 of melco and sells at a large discount to the market value of its holding in Melco.

To: Spekulatius who wrote (46967)	7/14/2012 11:47:05 AM
From: Paul Senior	2 Recommendations Read Replies (3) \| Respond to of 78625

Clownbuck, fwiw, very interesting article imo about some of the associates/contemporaries of Dr. Graham (Heine&Schloss), and the "newer" generation. Specifically the Isaac family, which I've not really been attuned to. Which surprises me, since I have been a collector of articles on Heine/Schloss/Graham/Price. Anyway, Bolloré Group is discussed for one of the stocks Paul Isaac likes. "Vincent Bolloré is best-known for active positions in a number of large companies, most recently Vivendi (VIV.France), where he is joining the board. He is a talented guy. The book values of these companies compounded at a mid-teens growth rate for 20 years. Two things are attractive and overlooked. One, a very large ports and logistics operation, primarily in Francophone Africa, that will probably have an operating profit of €500 million this year. Two, the structure of the group is not generally understood. The actual economic float is significantly less than the stated float: Only 40% of the stated share count is outstanding, and they continue to shrink it." Mr. Isaac is also a holder or buyer of several French banks. "The banks have a very large retail network. Roughly 19 have outstanding nonvoting equity shares that are relatively illiquid, but do trade in France. Representative names include Credit Agricole Nord de France (CNF.France), Credit Agricole Sud Rhone Alpes (CRSU.France), Credit Agricole Ile de France (CAF.France), Credit Agricole de Normandie-Seine (CCN. France), and Credit Agricole du Morbihan (CMO.France). These trade at 20% to 40% of tangible book and three to five times earnings, with dividend yields of 8% to 9%." I may look closely at these. For now, I still am holding BNPQY, France's largest bank, and will likely make a small add to this losing position, if stock will drop back down as part of the general market volatility with Euro stocks. ----- A week or so ago, I reentered Greif (GEF) I bought the commonly traded "A" shares --- perhaps now I see it's a mistake: Paul Isaac goes for the "B" shares. "We have a sizeable position in the B shares of Greif Brothers (GEFB), a packaging company with a nice long-term track record. The A shares are in a bunch of indexes. The B shares, largely controlled by the founding family, are not only voting shares, but also are entitled to 150% of the earnings and dividends on the A shares. The B shares are nine times earnings and pay a 5% dividend. They trade at a discount because they trade at a fraction of the volume of the A shares. Greif has some interesting growth initiatives in liquid packaging. It is buying back the B shares. (I note of that old generation of value guys, back in the day, GEF was a favorite of Philip L. Carret.) To me, an interesting general comment: In talking about BOL, perhaps also referring to his earlier discussed French banks or about GEF on trading volume: "We are buying something that is really inexpensive and compounding asset value at a decent rate. This comes back to my initial point. Usually, things aren't cheap if there's a readily visible exit".