Author Topic: CKI - Clarke Inc.  (Read 188595 times)

EliG

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Re: CKI - Clarke Inc.
« Reply #560 on: June 14, 2016, 09:36:40 AM »
we all sold too soon it turns out.

I think it's too early to tell. You want to sell on the way up while the volume is high. Leave the last 10% to the over-excited optimists.


writser

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Re: CKI - Clarke Inc.
« Reply #561 on: October 06, 2016, 09:42:56 AM »
I bought back a small chunk today. Stock hardly moved the past few months, but Terravest is up nicely, Canadian energy stocks are doing ok, Clarke received a couple of dividends and bought back quite some shares lately. Nothing spectacular, but I like what management has done so far and I don't think this should be trading at a double-digit discount.
« Last Edit: October 06, 2016, 09:51:13 AM by writser »
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cwericb

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Re: CKI - Clarke Inc.
« Reply #562 on: March 04, 2019, 05:01:16 AM »
Don't know if anyone follows this anymore, but some serious insider buying recently.
Politicians and diapers must be changed often, and for the same reason. - Mark Twain

writser

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Re: CKI - Clarke Inc.
« Reply #563 on: March 04, 2019, 05:51:40 AM »
Rapps buying ~60k shares right? Or am I missing something else.

Slightly off-topic, but I absolutely hate the Canada SEDI website. Impossible to use. Can anybody recommend a (preferably free) website to track insider transactions in Canada that's a bit easier to use?

And yeah, I still follow Clarke a bit. It's just that book value is now ~$14.50 by my calculations so I don't see much upside. The pension assets should probably be discounted a bit because there are some limitations as to what they can do with them. On top of that I used to model a ~$20m liability for capitalized overhead. Add all that together and I end up pretty much exactly at today's share price. So I don't see much upside - unless you have a strong view on Holloway / Terravest. But in that case you might be better off buying those companies directly.

On the other hand, Clarke currently does generate quite a bit of revenue to cover overhead costs so maybe my model is a bit too conservative. Not exactly clear to me what 'provision of services' entails: is this mostly ferry revenue or advisory fees for their financial services? I cannot find a split-out.

I like this company, I like what they have been doing, have sensible capital allocation and insider ownership but at current prices I just don't see much upside. Maybe Clarke deserves to trade at a huge premium to book but that's not a thesis I'm comfortable enough with to buy shares. And I have no strong views on Holloway / Terravest either. So it's probably a pass for me now but I'd be happy to hear why I am wrong. Clarke traded at much bigger discounts in the past at times of distress and I'd be happy to load up then.

FWIW Holloway will be consolidated from now on as Clarke owns ~51% of shares since the beginning of the year due to Holloway buying back shares.
When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.

cwericb

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Re: CKI - Clarke Inc.
« Reply #564 on: March 04, 2019, 06:12:04 AM »
Here you go for insider trading:

https://www.canadianinsider.com/ and it is free. you can sign up for emails on companies you are interested in to be notified every time there is an insider trade.

Clark share price has been appreciating at about 20% or so per year although they paid out the increase in special dividends for a couple of years (2016 & 2017). It has been pretty consistent for the past few years so Iím happy.
Politicians and diapers must be changed often, and for the same reason. - Mark Twain

york

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Re: CKI - Clarke Inc.
« Reply #565 on: April 29, 2019, 03:02:43 PM »
Rode them on the way up early in 2018 and hopped off last summer. Interesting to see what kind of year Holloway and TerraVest have in Western Canada. No doubt a nice special dividend coming if those cash cows produce.

Additionally, an investment that should generate a nice return for the group:

HALIFAX, April 10, 2019 /CNW/ - Clarke Inc. ("Clarke") (TSX: CKI) is pleased to announce that, together with certain parties with whom it is deemed to be a joint actor, it has acquired ownership of, and control over, 29,444,400 common shares ("Trican Shares") of Trican Well Service Ltd.("Trican"), representing 10% of the outstanding Trican Shares. Under applicable Canadian provincial securities legislation, Clarke is deemed to be a joint actor with its majority shareholder, G2S2 Capital Inc. ("G2S2"), and Clarke Inc. Master Trust ("Clarke MT"), a pension plan administered by Clarke. Each of Clarke, G2S2 and Clarke MT acquired their Trican Shares for investment purposes. Such parties may, from time to time, acquire additional Trican Shares or dispose of some or all of their current or additional Trican Shares. Trican has agreed to nominate Michael Rapps, the President and CEO of Clarke, for election as a director at Trican's2019 annual general meeting. Michael Rapps commented: "Trican is one of the largest oilfield service companies in Western Canada, has among the best balance sheets of any oilfield service company with minimal debt and has a collection of assets and businesses that, in our view, is worth significantly more than the company's current share price implies." Mr. Rapps added: "We commend Trican for taking advantage of the opportunity the market is presenting by repurchasing more than 16% of its shares over the last 18 months and we encourage the company to continue doing so as long as the market undervalues the company. We believe Trican can continue to strengthen its operations and capital structure throughout the current downturn. Together with relief from the perfect storm the Canadian energy is currently facing, these actions should result in significant value creation for all Trican stakeholders."
« Last Edit: April 29, 2019, 06:33:35 PM by york »

writser

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Re: CKI - Clarke Inc.
« Reply #566 on: August 09, 2019, 07:00:31 AM »
I guess it was happening sooner or later: Clarke is buying the remaining stake of Holloway (link). Clarke expects to issue ~5m shares to pay for the acquisition or 0.65 Clarke shares for every remaining Holloway share.
When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.

Cardboard

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Re: CKI - Clarke Inc.
« Reply #567 on: August 12, 2019, 06:10:21 AM »
Armoyan bought 10%+ stakes in both TCW and BNP. Both are deep value plays in the WCSB oil patch.

TCW has almost no debt so will survive and they are buying back shares with excess cash. Pressure pumping business is terrible in Western Canada right now or their only market.

BNP is a natural gas weighted producer that has survived for a long time and managed to reduce its debt by a lot over last few years. It has one of the lowest decline rates among its peers. However, latest AECO weakness or give away has hurt them big time and now have going concern warning. New Alberta government is working on a solution with producers for natural gas but, so far nothing.

Anyway, thought I would share as these could become multi-baggers if things ever turnaround in Western Canada.

Cardboard

cwericb

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Re: CKI - Clarke Inc.
« Reply #568 on: August 12, 2019, 03:57:57 PM »
"... if things ever turnaround in Western Canada."
 Lordy but it's painful waiting - seems like death by a thousand cuts.

I like the way these guys at Clarke operate. They have done quite well over the past couple of years and should have enough experience with Holloway by now to know what they are getting into.

The share price performance history can be misleading until you factor in the fact that they had a special dividend of $2.00 in 2016 and another $2.00 again in 2017 - those dividends were about 20% each.

Nice bounce back in the share price today in a down market.
Politicians and diapers must be changed often, and for the same reason. - Mark Twain

writser

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Re: CKI - Clarke Inc.
« Reply #569 on: August 13, 2019, 03:15:32 AM »
I hate the SEDI site so much.. I can search for G2S2 as much as I want herebut nothing shows up even though it is the 'registered holder'. Am I an idiot? Why can't I open new tabs on that website? Why doesn't the 'back' button work? I just want to do a quick search for G2S2 and see its holdings / transactions over time clearly presented. Impossible. What a piece of crap. If I look at Trican, I see that Armoyan owns three stakes in Trican: one for Clarke, one for the Clarke master trust and one for G2S2. Why aren't these insiders in their own right? I assume the Master trust is the Clarke pension fund and G2S2 is his personal vehicle?

Anyway, apart from that rant I wanted to mention that Armoyan also owns a ~15% stake (as far as I can see personally) in Temple Hotels. Perhaps interesting given that Clarke just bought Holloway. Not sure what to think of Armoyan buying stuff in his personal vehicle rather than through Clarke. Seems like a a logical move to try to fold Temple into Holloway or something but that would imply a bit of a conflict of interest.

But perhaps I am misunderstanding the SEDI filings.
When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.