Author Topic: ELF.TO - E-L Financial Corp. Ltd.  (Read 38762 times)

Rod

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #100 on: July 22, 2018, 02:46:44 PM »
Like everyone here, I'm pretty attracted by the sizeable discounts on ELF, UNC, and EVT. I'm not happy with the layered corporate structure, however, that leads to a high capital gains tax rate. Just to use ELF as an example: Think about the UNC holding. You pay tax on the stock gains within UNC. Then you pay tax on the gain in UNC within ELF. Then you pay tax on ELF if it's in a taxable account. I kinda grudgingly accept paying capital gains taxes once if necessary, but THREE times on the same gain?? Obviously, the accumulated tax liabilities to date are netted out of NAV so you don't pay that. But you do pay all the tax on future gains. I fully expect that the Jackmans will take all three of these stocks private over time. And when they do, we can be sure that the price we get will be net of all deferred tax liabilities. If the stocks go private in the next few years it will be a good deal to buy now--the discounts are large enough to ensure that. But if it takes longer the tax drag starts to take the gain out of it. For me, buying these three stocks is a guess on how soon the privatization occurs.


mjm

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #101 on: July 23, 2018, 01:19:02 PM »
Companies in which The Hon. Henry N.R. Jackman has an indirect interest, control, in the aggregate, 2,909,709 or 72.4% of the outstanding Common Shares of the Company. Although The Hon. Henry N.R. Jackman is associated with some of these companies, (including Dominion and Anglo Investment Corporation Limited) he does not control any of them and, accordingly, does not have beneficial ownership of the Common Shares of the Company held by them.

EVT owns 386K shares of  ELF also which is around 10%
« Last Edit: July 23, 2018, 02:49:19 PM by mjm »

wisowis

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #102 on: July 24, 2018, 05:26:46 PM »
I managed to enter in all the information from United and Economic's March 31st reports, and combined them with their stake in Algoma.
This accounts for 1.324 billion of the 5.323 billion net equity value listed in ELF's report.

Since March 31, 2018:
Algoma +6,220,210$
United +43,851,375$
Economic +4,539,748$

Shares outstanding: 4,019,667

Per share, these pieces of ELF went from $329.3 to $342.9 (+4.1%), or a per share increase of 13.6$.


...are there any other pieces available?

SafetyinNumbers

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #103 on: July 24, 2018, 06:49:56 PM »
Are you trying to calculate the change in book value quarter over quarter?
Top 5 positions: ELF IAM GCM.NT/GCM PIF EFR.DB

wisowis

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #104 on: July 24, 2018, 07:39:39 PM »
Current value vs. last quarter. You can check my spreadsheet here if you are interested: https://docs.google.com/spreadsheets/d/1F1Pk-vQKZVXX4X2UESABcpliKFGdki0Ip5NQCOxiTaY/edit?usp=sharing

SafetyinNumbers

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #105 on: July 25, 2018, 03:32:44 AM »
I was just curious. I would throw in at least a 10% ROE for Empire Life for the quarter and add that in.

Also, they consolidate UNC and I believe, equity account for Algoma and EVT so the changes in market value donít necessarily get captured in the book value.
Top 5 positions: ELF IAM GCM.NT/GCM PIF EFR.DB

SafetyinNumbers

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #106 on: August 02, 2018, 04:30:34 PM »
Empire Life puts up a 15.6% ROE for Q2. Another very strong indication that the NAV is understated when valuing Empire Life at book value.

http://globenewswire.com/news-release/2018/08/02/1546584/0/en/Empire-Life-reports-second-quarter-2018-results.html?ev=1

I also find it interesting that Empire Life appears to have started paying out regular dividends to ELF.

http://globenewswire.com/news-release/2018/08/02/1546588/0/en/Empire-Life-announces-dividends.html?ev=1
Top 5 positions: ELF IAM GCM.NT/GCM PIF EFR.DB

mjm

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #107 on: August 11, 2018, 02:16:14 PM »
2nd quarter results out. any input from the knowledgeable posters here? Empire life results seem to keep improving which is encouraging.