The bottom line is that LDG’s shares are being anomalously priced once you factor in the substantial cash backing, the underlying value in its four holdings and their re-rating potential. Effectively, you are getting those stakes at less than half their book value even though their intrinsic value is materially above their current market prices. That double discount is worth exploiting. Buy.
The bottom line is that LDG’s shares are being anomalously priced once you factor in the substantial cash backing, the underlying value in its four holdings and their re-rating potential. Effectively, you are getting those stakes at less than half their book value even though their intrinsic value is materially above their current market prices. That double discount is worth exploiting. Buy.