Author Topic: Fairfax stock positions  (Read 18515 times)

petec

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Re: Fairfax stock positions
« Reply #40 on: November 07, 2019, 01:19:11 AM »
Thanks, Viking. This tallies with my version and you caught some CIB shares I had missed.

Couple of thoughts:
1) You're double counting Quess - it hasn't spun off from TCIL yet.
2) I think you ought to subtract the cost of exercising the SSW warrants ($8.05 per share). So the value of the warrants is 25*(11.32-8.05).

I see Exco has relisted. The stake is worth $10m. Another epic win :(


petec

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Re: Fairfax stock positions
« Reply #41 on: November 07, 2019, 01:34:07 AM »
Incidentally I see that Recipe recently bought a decent chunk of its shares from FFH, who slightly more bought from the family; the net result is FFH owns slightly more shares and has an additional 4% of the equity, getting them to 48%. Recipe has also been adding to its stake in The Keg Income Fund and now have 29%.

petec

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Re: Fairfax stock positions
« Reply #42 on: November 07, 2019, 11:10:28 PM »
Good set of results from SSW overnight. Accounting earnings were below expectations but operating results were superb (highest ever utilisation, costs down etc.) and cash flows continue to track towards $500m FCF to common excluding the big one off in q2. That puts the stock on a free cash flow yield of over 20%. Cash flows are growing as they pay down high cost debt/prefs and the company is highly liquid given the new debt facility they announced in q2, so expect them to ramp up acquisitions as they find targets that meet their requirements. Market remains tight and shipping rate commentary is positive.

thrifty

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Re: Fairfax stock positions
« Reply #43 on: November 09, 2019, 12:41:03 PM »
Pete this thread is so useful. Thank you so much.

Do you have more comments in SSW? What's their NAV for example in your calculation and what's your reason(s) to make it your biggest holding? How does it compare to cheaper names such as GSL in your opinion?

Thanks again.