Author Topic: BWEL - J.G. Boswell  (Read 20085 times)

yadayada

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Re: BWEL J.G. Boswell
« Reply #10 on: April 29, 2014, 03:14:16 PM »
my point was, there are better bargains out there with 70k publicly traded company's. I cant find it, but i guess if you look hard enough I saw some people make a very convincing argument why their water assets aren't nearly as valuable as a lot of people seem to think. I couldn't really counter that argument, so that is why I don't think this is a bargain. I rather buy more GNMCA or OUTR then this, upside is much more certain there. Rather go after the low hanging fruit myself.

did find it
http://boards.fool.com/jg-boswell-hidden-gem-29333124.aspx?sort=whole

Quote
Oooh...we're discussing water policy for Southern California? I was raised on this stuff!

For at least the next five years, and possibly much longer, the water thesis for JG Boswell is 100% dead. This year's winter snowfall in California was so epic that our state is out of water storage. See here:

http://cdec.water.ca.gov/cdecapp/resapp/getResGraphsMain.act...

That site shows that pretty much every state reservoir in the State Water Project (SWP) is filled to the brim. In fact, they're releasing water as fast as they can without compromising downstream safety, because the expected melts coming off the mountains this year are bigger than anything seen in over a decade, and there is a possibility that a reservoir could overspill this year unless they release water like crazy in the spring.

Closer to Southern California, the Metropolitan Water District is maxing out capacity on their Inland Feeder project to fill up Diamond Valley Lake, the largest reservoir on the populated side of the San Andreas fault in Southern California. A year ago, they thought it might be a decade before Diamond Valley was full again. Now, it'll probably be full by the end of summer, and local agencies are recharging groundwater storage as fast as they can.

LA City has no need for JG Boswell water, since it uniquely has three water import sources: the water from the State Water Project through its membership in the Metropolitan Water District, the Colorado River canal, and the city's own LA Aqueduct which sources water from the eastern Sierra. The Colorado remains compromised, but the other two sources now have enough water in storage to provide security for years.

Coastal Orange County recently completed a groundwater replenishment system that takes water coming out of its sewage treatment plant and further upgrades it to nearly distilled quality. It's then pumped into the ground to prevent saltwater intrusion and to recharge freshwater storage. Years from now, the water will be re-pumped, retreated and then made available for use by utility ratepayers, reducing the need for imported water supplies by an appreciable amount. San Diego will likely build one of these facilities too since they're always last in line for California water rights.

That leaves inland Riverside and San Bernardino counties, which historically have the highest cost of water delivery. This old web site from the state shows how much lifting cost affects water delivery:

http://www.energy.ca.gov/research/iaw/industry/water.html

366 kwh/acre foot for State Water Project water to be delivered at Bakersfield, 1666 kwh for delivery to Los Angeles, and 3800 kwh for delivery to the Inland Empire.

That water cost, and the lack of appropriate storage locations west of the San Andreas Fault, left Southern California acutely vulnerable to an earthquake, since all three major water import sources -- the SWP, the LA Aqueduct, and the Colorado River aqueduct -- crossed the San Andreas, and presumably they will each be severed when the big one hits. Twenty years ago water managers in Southern California began a multi-decade plan to solve this problem. The big new reservoir at Diamond Valley Lake, which stores 800K acre feet, opened in 1999. It can supply 100% of the water needs of Southern California for a year in a business as usual scenario, and much longer under emergency rationing. The groundwater replenishment facility in Orange County opened in 2008.

And the Inland Feeder, the most recent major piece of the system, opened last year. It allows water from the SWP to flow under the San Gabriel Mountains, rather than over the Tehachapis, thus invalidating the cost figure shown above. The cost of getting SWP water to Riverside and San Bernardino County is now half what it was (meaning, equivalent to the cost for LA City), the capacity for the amount that can be moved in high discharge years like 2011 is multiplied several times, and the capacity to store it in Diamond Valley Lake and in various groundwater systems is now there. Put together, this infrastructure now allows Southern California to store water in good years to a degree never possible before, enabling it to ride out droughts with far more resiliency than ever before.

So what does this have to do with JG Boswell? It simply means that its water rights, which were always a stranded asset, have become even more of a stranded asset. In the short term, the reservoirs are all full because of this year's weather, and in the long term, Boswell's potential customers south of the Tehachapi Mountains now have alternatives that were not in place 10 years ago.

And there's no chance that the water under Boswell's land has local value in the Central Valley, where farmers are entitled to purchase water at something like 1% of the cost paid for water in California cities.

Best,
C9

Like I said, GL , but there are better bargains out there with much better catalysts and less risk of underperforming.


wachtwoord

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Re: BWEL - J.G. Boswell
« Reply #11 on: December 06, 2016, 05:23:07 AM »
Does anyone have access to annual reports for this? Also, if I were to buy a share to get access to an annual report does anyone know how to contact the business? (I haven't been able to find an e-mail address).

To go to their website (https://www.jgboswell.com/) you need a username password combination ...
« Last Edit: December 06, 2016, 05:29:48 AM by wachtwoord »
"Beware of he who would deny you access to information, for in his heart he dreams himself your master"

oddballstocks

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Re: BWEL - J.G. Boswell
« Reply #12 on: December 06, 2016, 05:54:38 AM »
Does anyone have access to annual reports for this? Also, if I were to buy a share to get access to an annual report does anyone know how to contact the business? (I haven't been able to find an e-mail address).

To go to their website (https://www.jgboswell.com/) you need a username password combination ...

OTCMarkets.com has contact info for most companies

Contact Info
101 W. Walnut St.
Pasadena, CA 91103

Phone: 818-583-3000
The ultimate edge for bank investors: http://www.completebankdata.com

wachtwoord

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Re: BWEL - J.G. Boswell
« Reply #13 on: December 06, 2016, 06:17:47 AM »
Does anyone have access to annual reports for this? Also, if I were to buy a share to get access to an annual report does anyone know how to contact the business? (I haven't been able to find an e-mail address).

To go to their website (https://www.jgboswell.com/) you need a username password combination ...

OTCMarkets.com has contact info for most companies

Contact Info
101 W. Walnut St.
Pasadena, CA 91103

Phone: 818-583-3000

Thanks!

I'm from Europe though. Will they send me an annual report by old fashioned mail? So weird when they don't have e-mail available.

I found their fax too so I might use that instead if I end up buying a share. Fax: (626) 583-3090
"Beware of he who would deny you access to information, for in his heart he dreams himself your master"

wachtwoord

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Re: BWEL - J.G. Boswell
« Reply #14 on: December 14, 2016, 03:01:16 AM »
Little update: I did fax them but did not hear back from them yet.
"Beware of he who would deny you access to information, for in his heart he dreams himself your master"

sarganaga

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Re: BWEL - J.G. Boswell
« Reply #15 on: December 14, 2016, 10:35:49 AM »
Found this comment on a facebook page that appears to be maintained by JG Boswell employees. Don't know what it means, if anything, but it seems really odd. Joe Boswell's facebook page indicates he is "Assistant to the First Lady's Chief of Staff"


Joe Boswell —This company needs a complete massive overhaul, and soon. It should also be called JJ Boswell, not JG Boswell. The Griffin needs to be dropped.

Thanks in advance.

-Joseph John Boswell
https://www.facebook.com/pages/JG-Boswell-Co/134761113242652

fareastwarriors

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Re: BWEL - J.G. Boswell
« Reply #16 on: November 15, 2018, 11:52:15 AM »
Is anyone still looking at this company?

mjm

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Re: BWEL - J.G. Boswell
« Reply #17 on: November 15, 2018, 12:49:48 PM »
been buying, so might stay away.  back to where it was 10 years ago or so.

wachtwoord

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Re: BWEL - J.G. Boswell
« Reply #18 on: November 16, 2018, 02:23:40 PM »
I own it but with a moderate size due to the underfunded pension liability.
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SI

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Re: BWEL - J.G. Boswell
« Reply #19 on: November 24, 2018, 09:45:38 PM »
That pension remains underfunded but got sharply better this year given rates, the partial move to defined contribution which sits alongside the 100mn they generated in cash flow from operations this year.

With the stock under book value, a book value which features land/water in California from 90+ years ago and the company turning on the buyback - it makes the market opinion quite strange.