Author Topic: ONEX  (Read 13028 times)

no_free_lunch

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Re: ONEX
« Reply #20 on: November 15, 2014, 06:52:47 PM »
Wow!  Thanks for the detailed response.

I actually did read your previous emails, that is what got me to the point of trying to understand their financials. :)   However I am still very stuck at valuing the company.   At this point I can't find their NAV estimates looking through their historical reports.  All they talk about is the investments they have made and the amount they are managing in the various funds.  I have seen the current estimates on the link you provided but that only goes back to December 2013.   I basically am trying to figure out how they pegged NAV in the 2006-2008 time-frame as a comparison. 


Xerxes

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Re: ONEX
« Reply #21 on: March 17, 2020, 09:26:31 AM »
The situation must be concerning for ONEX that bought Westjet for $4B or so for its fund.

K2SO

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Re: ONEX
« Reply #22 on: March 23, 2020, 06:43:50 AM »
Onex is in the eye of the storm. An airline, asset management (Gluskin Sheff), private equity, private debt.
I'm holding on as they have shown themselves to be astute investors throughout several cycles.

Xerxes

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Re: ONEX
« Reply #23 on: March 23, 2020, 06:42:44 PM »
The only thing with ONEX is that they tend to put in a larger portion of their own capital in their funds vs. Third party, so they are more “on the hook” sort of speak. They are more of an investor than asset manager.

I think Gleshkin deal was meant to help them be more fee based. Or taking step in that direction.

Xerxes

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Re: ONEX
« Reply #24 on: March 26, 2020, 09:11:44 AM »

StubbleJumper

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Re: ONEX
« Reply #25 on: March 26, 2020, 10:05:14 AM »
Letter to shareholder from Gerry S.

https://ml.globenewswire.com/Resource/Download/4bdb91ff-7bb5-4f32-b5fb-f82d4a1e2de5


Not a single word about Westjet in that letter.  I must confess that I am not familiar with Westjet's ownership structure, so perhaps it's one of Onex's funds that is exposed and not the actual parent company?


SJ

longlake95

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Re: ONEX
« Reply #26 on: March 26, 2020, 10:13:54 AM »
WestJet is held in Onex Capital Partners V, along with a new insurance company. Onex put $261M into the WJ deal. The LP's put up the rest - it was a $5B deal. Onex has a track record of sticking with their investments. Onex has cash to weather the storm and a long-term view of their assets. OCP V has an 8% CAGR hurdle. I think that's easy over time, and LP's make a satisfactory return.


StubbleJumper

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Re: ONEX
« Reply #27 on: March 26, 2020, 10:20:46 AM »
That makes sense. The investment in WJ isn't really material for Onex if they only have $261m at stake.  If WJ puts out a cash-call, presumably all partners would end up ponying up cash or diluting their position.  With a ~5% stake in WJ, a cash call wouldn't be the end of the world for Onex.


SJ

longlake95

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Re: ONEX
« Reply #28 on: March 26, 2020, 10:25:51 AM »
prior to going private WJ had $1.2B in cash. So, some breathing room. 85 Days to be exact. More when expenses are slashed. I think Onex would add cash if needed, as they too, are responsible to the LP's to make this whole thing work. WJ's revenues are not going to zero, they will be operating some flights - yes, that can change for the worse or maybe even for the better.