Aug. 08, 2011
http://ca.finance.yahoo.com/q?s=BAC-WTA
http://ca.finance.yahoo.com/q?s=BAC-WTB
BAC: shares: 10B. Tangible book value: $12.9 at June. 2011
1. BAC WS A: Current price below $3.
150m shares(1.5%), Strike price $13.30. Expire: Jan 16, 2019. Strike price will be adjusted when dividend > 0.01. When auctioned at Mar 3, 2010, it has a minimum bid of $7 and final auctioned price is $8.35. Chou bought at least 4.2m share for over $7.5/share.
2. BAC.WS.B: Current price $0.7.
Strike price will be adjusted when dividend > 0.32.
121.8m shares(1.2%), Strike price $30.79. Expire: Oct. 28, 2018. When auctioned at Mar 3, 2010, it has a minimum bid of $1.5. And final auctioned price is $2.35.
Urbana Corporation (Public, TSE:URB.A)
Google Finance
SEDAR Filing
Web site
Aug. 05, 2011
Recent Data
Check list:
1.Major Business.
Investing, mainly on stock exchange company and some private exchange. Generally it can be viewed as a close end fund.
2.Balance sheet.
Recent Price: $1.01 - $1.05.
NAV at Aug, 5 2011 is $1.72.
Share outstanding: 10m common share + 67m A share. 5.3m warrants at $2.5 will expire at Nov. 2011.
Market Cap: $81m
Debt: $14m
Current major positions:
(1)1.8m NYSE Euronext (NYSE:NYX) around 40% of total book value. Current price $28.55. Current dividend $1.2/share.
At Apr. 2011 Nasdaq OMX Group offer to buy NYX at $42.50 per share. However, it is abandoned for antitrust concerns.
(2)1.68m CBOE holdings (NASDAQ:CBOE) around 26% of total book value. Current price $22.56.
Current dividend $0.48/share.
SEDAR Filing
Web site
Aug. 05, 2011
Recent Data
Check list:
1.Major Business.
Investing, mainly on stock exchange company and some private exchange. Generally it can be viewed as a close end fund.
2.Balance sheet.
Recent Price: $1.01 - $1.05.
NAV at Aug, 5 2011 is $1.72.
Share outstanding: 10m common share + 67m A share. 5.3m warrants at $2.5 will expire at Nov. 2011.
Market Cap: $81m
Debt: $14m
Current major positions:
(1)1.8m NYSE Euronext (NYSE:NYX) around 40% of total book value. Current price $28.55. Current dividend $1.2/share.
At Apr. 2011 Nasdaq OMX Group offer to buy NYX at $42.50 per share. However, it is abandoned for antitrust concerns.
(2)1.68m CBOE holdings (NASDAQ:CBOE) around 26% of total book value. Current price $22.56.
Current dividend $0.48/share.
Note: This two holding together has a market value of $89.3m value which is already over URB's market cap $81m. Dividend of this two stock is around $3m a year.
(3)Setup CIHI at 2007 and Bought 308,888 Bombay stock exchange share(private company). Cost $43.5m. At 2010, it go for 13 for 1 split and come to 4m shares. URB owns 58.54% of CIHI. At 2010 setup UMI and bough 791k of BSE. In total URB owns 3.142m of BSE. BSE has total around 103.4m shares. George Soros also bought 4m share of BSE at 2010 for Rs380/share.
(1)Price used to calculate NAV at Aug. 5 by the fund.
3.Credit facility.
BMO $15m, primary +2.75. $14M outstanding at July 29, 2011
4.Financial data by years.
*Common share price, since no A share before 2006 yet.
Never paid any dividend.
5.Cost structure
N/A
6.Insider holding, options, Insider trading info, share buy back.
Thomas Caldwell(CCO): 48% of common share.
Brenden Caldwell(CEO): 10% of common share
2009: bought back 1.3m share at 1.28
2010: bought back 3.0m share at 1.32
2011 May 31: bought back 5m share: 1.23.
2011 July 29: It says 67m A share which is 2.5m less than in annual report number. Indicated that it has repurchased 2.5m share during this two month.
Mar. 2011, Thomas bought 1m common share from private holder for $1.44/share.
7.Management compensation.
It pays 1.5%(stock) and 0.5%(bond) management fee to Caldwell mutual fund. $10k for each director.
8.Employee numbers. Revenue/Employee. Compensation/Employee.
N/A
9.Industry comparison.
N/A
10.Auditor
Deloitte & Touche LLP
11.Major events.
(1)Jan 2007: First IPO, 18.5m share.at $3.10
(2)July 2007: Second IPO, 25.4m share at $3.10
(3)Nov. 2009: Third IPO: 10.5m share at $1.90.
12.Comments.
(1) The class A share has a take over protection which if an offer is made to common share. Class A share can be converted to common share.
(2) Theoretically we can short 180 share of NYX for $5139 and short 168 share of CBOE for $3790. At the same time use CAD$8085 buy 7700 share of URB. Then we will have $844 profit and have the rest of URB's holdings for free. However, there are some limitations:
(3)Setup CIHI at 2007 and Bought 308,888 Bombay stock exchange share(private company). Cost $43.5m. At 2010, it go for 13 for 1 split and come to 4m shares. URB owns 58.54% of CIHI. At 2010 setup UMI and bough 791k of BSE. In total URB owns 3.142m of BSE. BSE has total around 103.4m shares. George Soros also bought 4m share of BSE at 2010 for Rs380/share.
| Shares | Price(1) | %NAV | EPS(2) | dividend/s | book | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| NYX | 1.8m | 27.5 | 37.65% | 1.98 | 1.2 | <0 | |||||
| CBOE | 1.68m | 22.37 | 28.39% | 1.14 | 0.48 | 1.10 | |||||
| BSE | 3.14m | 6.60 | 15.67% | 0.41(3) | 0.09(3) | 4.55(3) |
(2)Based on average on past 3 years.
(3)based on 1 Indian rupee = 0.022051 U.S. dollars3.Credit facility.
BMO $15m, primary +2.75. $14M outstanding at July 29, 2011
4.Financial data by years.
| Aug 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NAV | 1.81 | 1.83 | 2.00 | 2.05 | 3.37 | 2.69 | 1.26 | 0.71 | |||
| Price(A) | 1.1 | 1.23 | 1.48 | 1.35 | 5.15 | 3.00* | |||||
| shares | 77 | 81.1 | 87.5 | 77.1 | 78.1 | 10.0 | 9.0 | 9.0 |
Never paid any dividend.
5.Cost structure
N/A
6.Insider holding, options, Insider trading info, share buy back.
Thomas Caldwell(CCO): 48% of common share.
Brenden Caldwell(CEO): 10% of common share
2009: bought back 1.3m share at 1.28
2010: bought back 3.0m share at 1.32
2011 May 31: bought back 5m share: 1.23.
2011 July 29: It says 67m A share which is 2.5m less than in annual report number. Indicated that it has repurchased 2.5m share during this two month.
Mar. 2011, Thomas bought 1m common share from private holder for $1.44/share.
7.Management compensation.
It pays 1.5%(stock) and 0.5%(bond) management fee to Caldwell mutual fund. $10k for each director.
8.Employee numbers. Revenue/Employee. Compensation/Employee.
N/A
9.Industry comparison.
N/A
10.Auditor
Deloitte & Touche LLP
11.Major events.
(1)Jan 2007: First IPO, 18.5m share.at $3.10
(2)July 2007: Second IPO, 25.4m share at $3.10
(3)Nov. 2009: Third IPO: 10.5m share at $1.90.
12.Comments.
(1) The class A share has a take over protection which if an offer is made to common share. Class A share can be converted to common share.
(2) Theoretically we can short 180 share of NYX for $5139 and short 168 share of CBOE for $3790. At the same time use CAD$8085 buy 7700 share of URB. Then we will have $844 profit and have the rest of URB's holdings for free. However, there are some limitations:
1) Each time URB change the holding of NYX and CBOE. Or repurchased its own shares. We need to re-balance the hedge position.
2) It might take a very long time for URB's price to back to normal, during this period, we might get a margin call if the short position raise in price a lot while URB stays low.
3) The holdings is traded in US$ while URB is traded in CAD$. Also commission cost could be quite a lot.
(3) The current price of 3 major holding are fairly priced. CBOE and BSE showed very solid grows during the past 3 to 4 years. If we use 10 times PE to calc the three stock prices($19.8, $11.4, $4.1), we can get $1.20 NAV value. Even we cut the 3 major holding price in half, we can get $1.02 NAV value. The downturn risk of those 3 stocks are well protected.
links:
http://www.valueinvestorsclub.com/value2/Idea/ViewIdea/64175
Apr. 15, 2017
Current Price: $3.30
The company's 2nd largest private holding which is the BSE had IPO'd Feb. 2017. The current price of BSE is around 1000 rupee which make it just close to the company's cost.
The biggest private holding is Real Matters already filed draft IPO document Apr. 10, 2017 without price given. Real Matters currently has 150m shares outstanding and 165m shares diluted. URB holds about 6.27m RM shares and is around 4.2% of total. Currently it is recorded at CAD$5.25/share in URB's book. The price should be the last round RM private placement price. Base on this price, the total RM is valued at 150*5.25=$787m or 165*5.25=$866m the most. It is quite less that the $1B reported by media previously.
Urbana's investment in RM:
Dec.20, 2013: 3.75m x $1.20 = $4.5m.
May 01, 2015: 1.25m x $2.30 = $2.875m. Total 5m shares. Cost: $7.375m. Value: $11.5m
Sept. 18, 2015: 280k x $2.50 = $700k. Total 5.28m shares. Cost: $8.075m. Value: $13.2m.
Apr. 01, 2016: 619911x$4.00= $2.479.744. Total 5,899,911 shares. Cost: $10,554,744. Value: $23,599,644.
Nov. 01, 2016: 309520*$5.25= $1.624.980. Total: 6,209,431 shares Cost: $12,179,624. Value: $32,599,513.
Jan. 13, 2017: 61991*$0= $0. Total: 6,271,422 shares Cost: $12,179,624. Value: $32,924,966.
(note: this is 1.5m shares (1%) given out by the corp of not being able to go public by 2016).
links:
http://www.valueinvestorsclub.com/value2/Idea/ViewIdea/64175
Apr. 15, 2017
Current Price: $3.30
The company's 2nd largest private holding which is the BSE had IPO'd Feb. 2017. The current price of BSE is around 1000 rupee which make it just close to the company's cost.
The biggest private holding is Real Matters already filed draft IPO document Apr. 10, 2017 without price given. Real Matters currently has 150m shares outstanding and 165m shares diluted. URB holds about 6.27m RM shares and is around 4.2% of total. Currently it is recorded at CAD$5.25/share in URB's book. The price should be the last round RM private placement price. Base on this price, the total RM is valued at 150*5.25=$787m or 165*5.25=$866m the most. It is quite less that the $1B reported by media previously.
Urbana's investment in RM:
Dec.20, 2013: 3.75m x $1.20 = $4.5m.
May 01, 2015: 1.25m x $2.30 = $2.875m. Total 5m shares. Cost: $7.375m. Value: $11.5m
Sept. 18, 2015: 280k x $2.50 = $700k. Total 5.28m shares. Cost: $8.075m. Value: $13.2m.
Apr. 01, 2016: 619911x$4.00= $2.479.744. Total 5,899,911 shares. Cost: $10,554,744. Value: $23,599,644.
Nov. 01, 2016: 309520*$5.25= $1.624.980. Total: 6,209,431 shares Cost: $12,179,624. Value: $32,599,513.
Jan. 13, 2017: 61991*$0= $0. Total: 6,271,422 shares Cost: $12,179,624. Value: $32,924,966.
(note: this is 1.5m shares (1%) given out by the corp of not being able to go public by 2016).
Paulson Capital Corp. (Public, NASDAQ:PLCC)
Google Finance
EDGAR Filing
Aug 03 2011
2011 Q1 Data
Check list:
1.Major Business.
Founded by Chester Paulson at 1971. Main business is securities brokerage and corporation finance for small business.
Brokerage commission: very stable around $15-$20m.
Corporation finance: around $3-$6m a year when stable.
Investing: very unstable.
2.Balance sheet.
Recent Price: $1.10, Tangible book value: $2.96, Share outstanding: 5.77m, Market Cap:$6.34m.
Total asset: $19.5m, Current liability: $2.4m, Debt: $0, Cash: $0.3m.
Most asset are current asset.
3.Credit facility.
not important
4.Financial data by years.
| 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | Ave | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Commissions | 15.2 | 13.5 | 14.4 | 17 | 15.7 | 16.5 | 18.3 | 16.6 | 7.6 | 7.6 | |
| Corp Finance | 3.0 | 0.5 | 0.4 | 6 | 5 | 3.3 | 11.2 | 6.8 | 0.1 | 6 | 4 |
| Invest+Trade | (1.3) | 0.9 | (23) | 4.6 | (7.7) | 18.8 | 3.4 | 4.6 | (6.8) | 11.7 | 0.5 |
| OP Income* | 0.4 | (3.8) | (3) | 3.1 | 0.4 | (5.4) | 2.5 | 1.5 | (0.2) | (4.7) | (0.9) |
| Income/s | (0.21) | (0.41) | (2.86) | 0.78 | (0.79) | 1.35 | 0.55 | 0.65 | (1.12) | 1.08 | (0.08) |
| Book | 3.00 | 3.20 | 3.54 | 6.33 | 5.63 | 6.35 | 5.27 | 4.75 | 4.11 | 5.12 | |
| Top 3** | 680k | 560k | 720k | 1.2m | 1.2m | 4.1m | 1.6m | 1m | 290k | 740k | |
| Cash |
**Compensation for top 3 executive.
5.Cost structure
The commission income and commission expense seems very related. Some of its employees are mainly commission based and more contractors. It seems the cost structure are pretty flexible
6.Insider holding, options, Insider trading info, share buy back.
Paulson family: >40%.
7.Management compensation.
Ref above.
8.Employee numbers. Revenue/Employee. Compensation/Employee.
65 at end of 2010. 27 of it are mainly commission based.
plus 68 commission based contractor.
9.Industry comparison.
Major competitors in the same industry. Whether the business is competitive?
10.Auditor
McGladrey & Pullen, LLP. Big form, seems OK.
11.Major events.
(1) March 2006: 2 for 1 split. .
12.Comments.
(1)The commission income and expense seems related. Most expense are commission related.
(2)For the past 10 years, the investment income close to zero. However, the first 5 years is noticeably better. The latest recession had a big effect on this. I view this is not permanent.
(3)The compensation for executives are very high at some years and low at some other years. Seems a lots of commission involved.
(4)Since the book value is much higher than current price. If we can expect the company will not lose too much and can make a profit in the long run, it is worth buying.
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