Author Topic: JEF - Jefferies Group  (Read 609980 times)

Dazel

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Re: JEF - Jefferies Group
« Reply #1590 on: November 23, 2019, 04:37:17 AM »

Ian Cumming was the Leucadia wizard...interestingly it took awhile to find out as Steinberg was still around. His record was as good as Mr.Buffett yet they called security on him when he showed up at one of the companies he owned one day because he kept such a low profile. It was a pleasure to have watched him and invested in him. He will not be remembered as one of the greatest investors of all time but he was. Canadian born in Vancouver there is not 10 people in the whole country that know who he was. Just the way he wanted it.
Jeffries is in a tough business...investment banking environment is brutal right now...and the wizard is gone. I believe that National beef was his last deal at Leucadia which made 3x their money. They have not lived up to his standards but how could they this is NOT Ian Cumming’s Leucadia it’s Handlers Jefferries...there appears to be a puff left in this cigar butt as they sell off what remains of Leucadia...Home Fed was also Cumming’s baby. I have purchased this cigar butt...

Cheers to Ian Cumming! I am running out of investing mentors.

Dazel


Partner24

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Re: JEF - Jefferies Group
« Reply #1591 on: November 23, 2019, 12:05:42 PM »

Ian Cumming was the Leucadia wizard...interestingly it took awhile to find out as Steinberg was still around. His record was as good as Mr.Buffett yet they called security on him when he showed up at one of the companies he owned one day because he kept such a low profile. It was a pleasure to have watched him and invested in him. He will not be remembered as one of the greatest investors of all time but he was. Canadian born in Vancouver there is not 10 people in the whole country that know who he was. Just the way he wanted it.
Jeffries is in a tough business...investment banking environment is brutal right now...and the wizard is gone. I believe that National beef was his last deal at Leucadia which made 3x their money. They have not lived up to his standards but how could they this is NOT Ian Cumming’s Leucadia it’s Handlers Jefferries...there appears to be a puff left in this cigar butt as they sell off what remains of Leucadia...Home Fed was also Cumming’s baby. I have purchased this cigar butt...

Cheers to Ian Cumming! I am running out of investing mentors.

Dazel

Great post!

Parsad

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Re: JEF - Jefferies Group
« Reply #1592 on: November 23, 2019, 02:32:53 PM »

Ian Cumming was the Leucadia wizard...interestingly it took awhile to find out as Steinberg was still around. His record was as good as Mr.Buffett yet they called security on him when he showed up at one of the companies he owned one day because he kept such a low profile. It was a pleasure to have watched him and invested in him. He will not be remembered as one of the greatest investors of all time but he was. Canadian born in Vancouver there is not 10 people in the whole country that know who he was. Just the way he wanted it.
Jeffries is in a tough business...investment banking environment is brutal right now...and the wizard is gone. I believe that National beef was his last deal at Leucadia which made 3x their money. They have not lived up to his standards but how could they this is NOT Ian Cumming’s Leucadia it’s Handlers Jefferries...there appears to be a puff left in this cigar butt as they sell off what remains of Leucadia...Home Fed was also Cumming’s baby. I have purchased this cigar butt...

Cheers to Ian Cumming! I am running out of investing mentors.

Dazel

Great post!

+1!  Cheers!
No man is a failure who has friends!

thepupil

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Re: JEF - Jefferies Group
« Reply #1593 on: January 08, 2020, 08:30:41 AM »
a good monetization of Linkem, which generates no earnings and of which I think most shareheolders (including myself) are kind of skeptical of, would be a nice event for JEF and continue the trend of converting myeh assets to cash.

that would be about 60% of the merchant banking portfolio monetized/sold over the past 18 months or so.

Italian Unicorn Linkem Targets Milan IPO for 5G Expansion
Broadband operator says valuation is more than $1 billion
Company board hasn’t made final decision on Milan listingBy Alberto Brambilla
(Bloomberg) -- Linkem SpA, a wireless broadband operator, may go public this year to develop its 5G technology and expand in services, Chief Executive Officer Davide Rota said in an interview.
“Of all the financial tools, we are considering an IPO as the most probable,” Rota said. “We are working on it seriously. But we have no anxiety.” The discussions are at an embryonic stage and the board has yet to decide, he added. Linkem, a 2001 start-up, is now the fifth-biggest broadband operator in Italy by number of residential clients. Its valuation is more than $1 billion, according to the company, which would qualify it as one of Italy’s rare unicorns. Jefferies Group LLC, Cowen Group Inc.’s Ramius LLC and BlackRock Inc. are its main shareholders.
Revenue grew 22% to 122.5 million euros in 2018, according to a statement. In December, the company announced a deal with Swisscom AG’s Fastweb SpA, the fourth broadband operator in Italy, to deploy their respective fixed wireless access technology networks in small and medium-sized towns by 2023.
“The IPO is an issue that goes hand in hand with the need to push 5G technology investments and enter the world of smart services with third-party companies such as innovative start-ups,” Rota, who is also a founder, said.
The CEO also said:
Company hasn’t decided what Milan stock exchange segment to list on; Rota excludes the AIM market
Excludes a reverse IPO with Go Internet SpA, a provider of Internet services and fiber to the home technology, listed on the AIM
« Last Edit: January 08, 2020, 08:41:24 AM by thepupil »

benhacker

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Re: JEF - Jefferies Group
« Reply #1594 on: January 08, 2020, 12:59:43 PM »
I hope the valuation is higher, but growth has moderated, so it may be that this is what it's going to be worth now.

I think a good move to sell this one if they can get >$1B.

Progress coming slowly, but continuously.
Ben Hacker
Beaverton, Oregon - USA

thepupil

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Re: JEF - Jefferies Group
« Reply #1595 on: January 09, 2020, 06:49:59 AM »
Letter and earnings out, stock up 4%, the IB had a crappy quarter/year, but gave an optimistic outlook. we'll see. as mentioned before a good year for monetizations/capital return with more promised.


http://ir.jefferies.com/interactive/newlookandfeel/103464/2019ShareholderLetter.pdf
http://ir.jefferies.com/Cache/1500126382.PDF?O=PDF&T=&Y=&D=&FID=1500126382&iid=103464

ukvalueinvestment

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Re: JEF - Jefferies Group
« Reply #1596 on: January 09, 2020, 11:33:02 AM »
I don't think the release could be read any better and I am a happy holder today. 
@ukvalueinv

scorpioncapital

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Re: JEF - Jefferies Group
« Reply #1597 on: January 10, 2020, 05:14:19 AM »
Those who do not remember the past are doomed to repeat it. I see limitless repetition ahead.

thepupil

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Re: JEF - Jefferies Group
« Reply #1598 on: January 10, 2020, 06:18:57 AM »
Which history?

the one where they grow TBVPS by mid single digits over like 6 years....

Or the one where they return 1/3 of tangible book to shareholders in two years and tangible doesn't decline in absolute terms?

Quote
During the past two fiscal years, Jefferies has returned to shareholders in excess of $2.4 billion, or 31%
of tangible shareholders’ equity at the beginning of the period. Even after this return of nearly one third
of tangible equity to shareholders, Jefferies ended fiscal 2019 with tangible shareholders’ equity of
$7.7 billion, slightly higher than the $7.6 billion at the beginning of the two fiscal years, and parent
company liquidity of $2.2 billion. Our primary operating subsidiary, Jefferies Group LLC, also ended the
year with record liquidity.

I for one think it will be in between those numbers over the long haul, and therefore loved it at 0.6x tangible, like it here at 0.7-0.8x or whatever, and am less excited at 1x and above.

I'll be wrong to the downside if JEF reverts to the mean of the awful years of very low TVBPS growth  (2013-17). I'll be wrong to the upside if JEF is a compounder and keeps doing what it's been doing for the past 2 years (2018/2019). Much of the past two years has simply been a realization of actual value which was understated in the years of famine, so I'd argue that to bet on an "in between" scenario is actually just betting on the status quo with a little incremental improvement from having less of TBV in 0% returning assets (cash and tax asset).