KEWL - Keweenaw Land Association

[ACooke]

Is anyone still following this? At first glance it look like Mai is moving things in the right direction (repurchasing shares at relatively low prices, doing some interesting deals, etc).

Not closely although i do hold a position and continue to believe it's trading at a material discount to the value of it's timberland.
I think it provides a reasonable inflation hedge but outside of that, don't see much in the way of a re-rating catalyst.
If shares are continually bought in at a material 'discount'/book, I'm happy sitting tight for the time being.

Have you got any further thoughts? Particularly on how the VULC liquidation may guide for a fair value of KEWL's assets?

[samwise]

Yes, right direction, easement sales to generate cash, increased harvesting. But no sale of large amounts of timberlands yet. I expect it to be a boring investment (watching trees grow), until he extracts value or doesn’t.

[Foreign Tuffett]

Is anyone still following this? At first glance it look like Mai is moving things in the right direction (repurchasing shares at relatively low prices, doing some interesting deals, etc).

Not closely although i do hold a position and continue to believe it's trading at a material discount to the value of it's timberland.
I think it provides a reasonable inflation hedge but outside of that, don't see much in the way of a re-rating catalyst.
If shares are continually bought in at a material 'discount'/book, I'm happy sitting tight for the time being.

Have you got any further thoughts? Particularly on how the VULC liquidation may guide for a fair value of KEWL's assets?

I was actually looking at this as a decent comp.

https://www.lymetimber.com/2019/09/16/affiliates-of-the-lyme-timber-company-lp-to-acquire-555000-acres-of-timberland-in-michigan/

My understanding is that VULC was able to get a premium for its timberland due to it being under-harvested (for lack of a better term), so I'm not sure that's a great comp