A Durable Business for 0.7x TBV and 3.9x FCF

I found a way to access Bloomberg’s no.1 competitor for 90% less. Here’s how →

Imagine buying an entire business for less than 4 years of normal cash flow.

Nearly three quarters of the equity value is backed by cash and listed securities.

The business remained profitable through COVID, supply-chain disruption and raw-material inflation.

Shareholders are being paid roughly 9% a year while they wait.

And the largest external investor controls enough votes to exert real pressure on management.

It looks like a classic Japanese value trap, except the value is already being unlocked.

Let’s take a look…