Author Topic: ELF.TO - E-L Financial Corp. Ltd.  (Read 50214 times)

wachtwoord

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #120 on: May 12, 2019, 04:12:51 AM »
What reasoning did they provide to not do a buyback? Seems like a no-brainer to buy dollars for 57 cents.

Empire building? Wanting to privately buy cheap shares?

What else would be a good reason really? I really doubt they have alternative investment opportunities with a higher ROIC :P
"Beware of he who would deny you access to information, for in his heart he dreams himself your master"


SafetyinNumbers

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #121 on: May 12, 2019, 06:35:58 AM »
What reasoning did they provide to not do a buyback? Seems like a no-brainer to buy dollars for 57 cents.

Empire building? Wanting to privately buy cheap shares?

What else would be a good reason really? I really doubt they have alternative investment opportunities with a higher ROIC :P

I think they think itís akin to financial engineering. They tried a SIB at ALC and barely bought any stock back so they donít think ďit workedĒ. Now they are doing a special dividend at ALC.

Mostly it seems they think value investing is out of favour and when it comes back in favour the discount will shrink on its own. To me that just seems like an opportunity lost.

I suggested they buy as much EVT they can at par. It would increase their ownership of the ELF shares held there and would be a quasi buyback without impacting ELF shares and then do a SIB on ELF shares.

Another shareholder suggested a normal course issuer bid and a phone number shareholders could call if they want to sell a certain amount of stock. They would have a weekly block exemption.

Another shareholder wants all the dividends passed through. ELF started taking big dividends from Empire Life last year and his argument was the dividends not paid out are only worth 57 cents on the dollar because of the NAV discount.
Top 5 positions: ELF GCM.NT/GCM.WT.B TII.V PIF AZP.PR.A

mjm

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #122 on: May 14, 2019, 07:30:13 AM »
have they been buying any more ELF in the investment funds UNC or EVT, of which they are slowly accumulating I believe?

SafetyinNumbers

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #123 on: May 14, 2019, 11:56:57 AM »
have they been buying any more ELF in the investment funds UNC or EVT, of which they are slowly accumulating I believe?

No, they haven't really used those to accumulate ELF recently. I don't think UNC has ever owned any.

EVT does own ~9.5% of ELF but they haven't added any since 2012, as far as I can tell.

ELF does slowly buy shares of UNC but that has slowed to almost nothing lately.

Top 5 positions: ELF GCM.NT/GCM.WT.B TII.V PIF AZP.PR.A

mjm

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #124 on: May 14, 2019, 12:16:55 PM »
reminds me of nwli of which i own some. 

I believe i remember ( think anyway as mind may be going) and I tried to google but could not find that Jackson at one point( think in early '90's) bought out an investment company I believe in canada that I believe he owned quite a few shares of.

SafetyinNumbers

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #125 on: May 15, 2019, 08:44:21 AM »
Duncan bought 100 shares yesterday so thatís something 🤪

https://www.canadianinsider.com/node/7?menu_tickersearch=ELF+%7C+E-L+Financial
Top 5 positions: ELF GCM.NT/GCM.WT.B TII.V PIF AZP.PR.A

SafetyinNumbers

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #126 on: May 27, 2019, 08:12:30 PM »
ELF has a website now.

It's not very useful but at least it exists.

https://www.e-lfinancial.ca/general-information
Top 5 positions: ELF GCM.NT/GCM.WT.B TII.V PIF AZP.PR.A

woodstove

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #127 on: May 28, 2019, 02:35:20 AM »
Thanks for the pointer to website.  Some good info there including annual reports for past decade.  Info previously available but helpful to have it all gathered together. 

wisowis

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #128 on: September 07, 2019, 11:13:35 AM »
They reported last month, and NAV was up to $1,397.35, with the stock trading as low as $720 in the past couple of weeks. A record discount (?) of 52% of NAV.

Continue to be shocked that they don't buyback some of their shares, would be so accretive at these levels.

SafetyinNumbers

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Re: ELF.TO - E-L Financial Corp. Ltd.
« Reply #129 on: September 07, 2019, 09:19:31 PM »
They reported last month, and NAV was up to $1,397.35, with the stock trading as low as $720 in the past couple of weeks. A record discount (?) of 52% of NAV.

Continue to be shocked that they don't buyback some of their shares, would be so accretive at these levels.

I heard a theory that they like the discount because they will avoid a bunch of taxes when Henry Jackman passes away. I think he is 87 now. I assume they already did an estate freeze once when they sold the Dominion back in 2013. The NAV was $872.45 at the end of 2013 and the share price was $725.

I have suggested that they should sell down the equity portfolio to buy back stock. It would reduce risk while being accretive to NAV and increasing our ownership in Empire Life on a per share basis.
Top 5 positions: ELF GCM.NT/GCM.WT.B TII.V PIF AZP.PR.A