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There are several reasons why buy backs won't happen.
The official reason: The Board believes that share buybacks can only offer a short-term solution. To buy back
shares would increase risk concentration, as the proportion of the portfolio invested in Ocean Wilsons would increase which the Board wishes to avoid. The Board continues to provide transparency of dividend and buy back policies to shareholders in documents and presentations.
The unofficial reason: Directors are also large shareholders (Saloman family). But also that the charges are 2.02% buy backs would increase the percentage (spread among fewer shares).
The NAV is in a £3 to £3.10 range. But the look through on Ocean Wilsons is 50% discount to NAV so is worth another £0.40.
This is on a 50% discount to NAV whereas historically both Wilsons and Hansa were on a 20% discount. Suggesting there's a 65% (£1.05/share) upside, solely on the discount reverting and let alone its overlooked purpose (As driven by the Saloman family) for wealth preservation.
Is NAV around £3.08? Discount perhaps a permanent feature just liken at Ocean Wilson? However seems trend to unbundle in some markets. If that were to happen would be pay day butn seems somewhat remote chance with this and Ocean wilson.
I agree. I’m patiently holding this thing until the discount narrows and will then sell.
Isn’t it about time Hansa started buying back its own shares? At the current discount it would produce a better return than some of their investments.About time the controlling families and the supposedly independent directors injected some modern day thinking into managing this trust?
Not so long ago this was 168p to buy. Going to average up here as the rerate is underway.
The thing to remember about Hansa is that there is a double discount, or arguably even a treble. Largest holding is Ocean Wilson..and the NAV reported just reflects their market price..currently 675p. but Ocean report their own asset value..which is still around £12 a share. As well as a diversified and conservative investment portfolio, the largest holding is Wilson Sons..the Brazilian port operator..which is quoted in Brasil (currently 28 Cr) years high was 50. And they are modestly valued as a comparison to other port assets. As markets recover, the NAV should rise markedly, and the current discount, which is wider than historical should narrow. Not that William Saloman ..the largest shareholder has spent £250k buying shares in the last month or so. Buy them and go to the beach...
Hi Bev, I noticed you've been posting here since 2011 and while the asset value has risen the share price seems to have just moved sideways. Any thoughts as to possible catalysts in the next 12 months?
Buyers returning at last, waking up to the best bargain in town ie. a desirable spread of international assets , capably managed at around 35% discount. Share split may be helping and a marketing exercise is planned but this is a product that should fly off the shelf.
1:5 share split?
is this all about!?
Change of domicile has pannicked many small holders whose agents are not able to deal.
Given the asset value of 1410p now priced at under 950p for world class assets paying a decent div. this is one of the best situations I can remember in my 50 years of investing-my boots are full11
Following a lull Hansa must be attracting attention of smart arbitrage operators. Asset value is now approaching 400p ahead of share price despite an excellent year's performance. At a time when there appears to be a dearth of value opportunities this one stands out a mile and in over 50 years of watching these things I have learned that value inevitably gets recognised in time.
Today's D.T. piece should raise profile-flagging up massive discount to cracking assets.
With the asset value powering up towards 1300p thanks to surge in massive holding in Ocean Wilsons the discount at which these trade is bordering on the ridiculous-matter of time IMHO before they are picked up on market's radar.
At long last this ridiculously undervalued stock is beginning to motor. With the huge holding in Ocean Wilsons at a year's high they surely have much further to go!
I thought the Brazilian market would have its day but not this soon Hansa with its large holding in Ocean Wilsons would seem a smart play on the improving sentiment given the enormous discount they sit on.
Mr Market has so far ignored the massive disparity in the pricing of the high class assets run by smart people at Hansa. The discount of over 30% to diversified assets appears to be based on the perception that the large holding of Ocean Wilsons is a problem- being based in Brazil. I see it as an opportunity to be represented on the board of a thriving company in a good niche albeit in a challenging part of the world- personally my boots are full and I feel the only way is up.
This 'cuckoo 'is beginning to flap it's wings, aided by favourable Brazilian trade winds from Ocean Wilsons . Come the world cup it could be thinking of taking flight!
You misunderstand the point of this stock. DIvidend may be a little frugal but this is a treasure chest of assets, particularly in Brazil with the strategic holding in Ocean Wilsons. All this at a huge discount to asset value. When the time comes watch this bird fly.
Good portfolio but the yield unfortunately makes it a very poor buy at the present time -too many piled into this and it looks well over the top to me.
there have been many strange decisions over the last few years concerning finance. these may be good decisions in time. but you don't spend money on things that you can't really afford, when that money is earmarked for other things
Previous contributer has it-there appears to have been some forced selling by re-allocation of institutional holders which has driven down the price to unknown levels of discount. Rather than 30% discount, a premium would not be unreasonable for such a superb portfolio managed by astute people with a particularly interesting holding of stock at the sweet spot of the Brazilian offshore oil bonanza.
With a nearly 30% discount to nav... for a patient investor, the long term reward is compelling. Have a peek at Avesco's five year chart and see the upside from buying solid companies on a discount to tangible net assets.
i will invest 50k as we share the same name, han
Hansa is in a very interesting space with its 26% holding in Brazilian focussed Ocean Wilsons into which a director piled another £50,000 yesterday. This company is in the sweet spot of supplying the booming local offshore oil infrastructure.The other assets are largely outperforming overseas earners and the market insults them with a value at over 16% discount to these stunning assets of 1220p a share. Surely a matter of when they ignite rather than if!