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Tangible NAV per share (i.e. the legacy loan book) was 542p at June 30th. Current SP means you get a slight discount and then the asset manager for free. A strange turn of events.
Pollen street differs quite meaningfully from a BDC following the merger of the management company and the investment trust. Investors now have partial ownership of a balance sheet of an investment assets (like a BDC/investment trust) but also an ownership stake in the management business (which manages external funds on behalf of institutions). I'd suggest looking at companies like ICG or Tikehau in the UK for a comparison or KKR in the US.
Had a dedicated piece on Burford with Artem Fokin. V good (bull side) review of the case outcome. Aired April 10th.
Good snippet on Burford from Angela Aldrich (first aired Feb 17th). 2nd half of the podcast.
Looks to me like proposed methodology is less transparent than the prior approach. Might be why the market is puking
Does seem like this space is getting more competitive based on different funds emerging in the market. I suppose that's only natural over time
It will include any and all shares held, regardless of the time they were acquired
Why are they suddenly giving guidance when they haven't before (for good reason in my view)? Seems sus.
Good point about Capital Group. I think they're positive to have onboard in a takeover scenario because they're super long-term investors and hopefully won't be thinking about a quick buck - should be helpful in making sure that, if she goes, it's at a fair price.
@Janebolacha, are you also slushycat...?
Understand Poindexter but the £15 share price was at a P/B of 4 or 5 (i.e. pricing in an awful lot of growth) even though P/E didn't look outrageous.
But that element of it has unwound so agree this SP movement is perplexing
Potentially the earnings? I think we're still below 2018 earnings levels at this point. This is supposed to be a growth stock and while a lot of metrics look v encouraging, and Burford's earnings are lumpy, there hasn't been growth there yet.
https://www.globalcapital.com/article/b1nwq1rjx0rmqb/aero-supplier-meggitt-takes-$300m-in-us-private-placements
Not seeing any news but aerospace is absolutely tanking. Anyone know why?
https://www.flightradar24.com/data/statistics
For anyone that's interested - a stronger rebound than I'd expected.
?
Don't think you've taken into account the fact that DNA2's debt is held in the form of bonds issued in the US, which would have to be restructured in the event of a payment holiday etc.. I don't think Emirates would want that kind of publicity. Also if you look at the details of the lease, Emirates need to return the planes in absolutely tip-top condition or face a $12m fee per plane for half-life re-delivery. In light of this I could see Emirates either continuing to fly them (it's one of the only airlines who has been able to operate the plane profitably) or keep them for spare parts.
https://www.flightradar24.com/data/statistics
A more robust recovery to Feb levels than I'd expected.
Didn't see it on my screens