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3.8x EBITDA.
0.4x Price to book value.
Company owns and rents out cranes.
There are still cheap bargains out there. Problem is buying a big enough stake...
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Singapore based crane rental business with 259m of tangible equity. Market cap only 97m despite low leverage, growing earnings and strong free cash-flow.
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Stock used to trade at nearly SGD 2/share. Now at 0.41/share.
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Thoughts are welcome. I invested 20% of my pension pot ...
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Even Warren Buffet is invested in that space.... !
https://www.sterlingcrane.ca/company-profile.php
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Marmon Crane Services, Inc. is a business sector within The Marmon Group and a Berkshire Hathaway company. The Marmon Group is an international association of about 185 manufacturing and service businesses that operate independently within 11 diverse, stand-alone business sectors, with collective revenues of approximately US $8 billion. Berkshire Hathaway and its subsidiaries engage in a number of diverse business activities including property and casualty insurance and reinsurance, utilities and energy, finance, manufacturing, retailing and services. Common stock of Berkshire Hathaway is listed on the New York Stock Exchange, trading symbols BRK.A and BRK.B.
Marmon Crane Services companies include Sterling Crane (Canada and USA); Freo Group Pty Ltd (Australia); Sterling Logistics Inc. and Procrane Sales Inc.
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Sounds too good to be true, but I'll take a look just in case. Thanks for the tip.
In the meantime, I would re-evaluate having 20% of your pension pot in there. That sounds way too high a % !
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Their run-rate quarterly EBITDA was actually approx 15m pre Covid. Once you normalize, you actually get close to 60m of EBITDA per annum bringing the multiple down to only 3x. Stock already up to 44.5p over last few days. There seems little risk here given low leverage of the company (<2x levered so could be investment grade company) so happy to have a concentrated investment strategy... Think main risk here is that it might take a few months for the stock to recover as no-one looks at these small cap stocks.
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Interestingly they discontinued quarterly reporting recently. I wonder if the founding family is laying the groundwork to pay a premium to take the company private. Their family behind their main competitor Tat Hong did the same. Nice short-term gain but I would not sell below 1x book value. United Rental (US rental business) trades at 7x EBITDA and close to 4x price to book value. What am I missing ?
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Seems like stock is rising.
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No access from the UK
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Interactive Broker does have access
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Company has delevered so much that they should look for acquisition targets (eg Boom Logistics, trades at 3x EBITDA and 40% of asset value). Would give them scale and maybe then institutional shareholders would invest...
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Stock up 13% since the first post
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Stock still down 75% from peak despite performance having improved since then...
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...
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Full figure results are posted with net income up 51%. Would expect a material rerating.
https://tiongwoon.listedcompany.com/newsroom/20210826_190728_BQM_5MDPS5D7CRRUJO9Y.1.pdf
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You’re flogging a dead horse here. The SP has gone nowhere in 20 years!
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Hi, have you ever heard of pro forma software for real estate purchase valuation? This topic is very interesting, but many people do not pay attention to this side of the business. More details can be found here