Author Topic: SYTE - Enterprise Diversified  (Read 239231 times)

premfan

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Re: SYTE - Sitestar
« Reply #380 on: December 26, 2017, 11:45:28 AM »
I like what these guys are building here. That said, everyone else does too with i believe 2x BV.  A couple notes after a deeper look:

1.) There core business's are extremely scaleable. 

2.) I underestimated there access to deals.  Good vehicle for private to public arb. These guys know a lot of people. Part of the micro cap revolution. 

3.) As of now there dilution has been a value add. Using SE/ Rev growth metrics.

Things to look for:
- Mixture of GM with core business's. 
- Dilution doesn't become a value add
- how the managers deal with a recession.  The track record of the main players (public) were created  during one of the greatest bull markets ever. 

premfan





Foreign Tuffett

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Re: SYTE - Sitestar
« Reply #381 on: January 11, 2018, 02:30:02 PM »
Sitestar on the first tranche of Mt Melrose houses today. Looks like the purchase price for the entire portfolio is going to be somewhat higher than initially estimated:

original estimate vs. new estimate:

122 total houses vs 125 total houses

$8.4 million gross purchase price ($68,852 per house) vs. $9.3 million gross ($74,000 per house)

$3.5 million net purchase price vs. $3.9 million net

slkiel

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Re: SYTE - Sitestar
« Reply #382 on: January 17, 2018, 10:01:39 AM »
The 2018 Sitestar Shareholder meeting will be held on May 19, 2018 in Phoenix, AZ. We'll also be hosting an investor day that weekend for Alluvial Fund, Bonhoeffer Fund, and Bridge Reid Funds to make presentations on their funds.

We'll answer all of your questions at the meeting. We had a great crowd last year and look forward to seeing old and new faces this year!

I will post the proxy statement that will have additional information when it becomes available.

TBW

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Re: SYTE - Sitestar
« Reply #383 on: March 09, 2018, 04:16:25 AM »
Like last year, myself and others want to set up a dinner for shareholders and people in town for the meeting to gather.

All are welcome.  Please see the link below and sign up so we get an idea of numbers, then we can choose a suitable place.

http://sytedinner.com/

Was a great time last year and I expect it to be the same this year.

Broeb22

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Re: SYTE - Sitestar
« Reply #384 on: March 09, 2018, 06:15:58 AM »
I'm having a difficult time registering. It says ticket sales are closed. Am I missing something?

TBW

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Re: SYTE - Sitestar
« Reply #385 on: March 09, 2018, 10:13:15 AM »
Oops.  It is working now.  Sorry about that.  Thanks for letting me know.

LR1400

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Re: SYTE - Sitestar
« Reply #386 on: March 09, 2018, 10:53:46 AM »
As described in the announcement below and the two shareholder letters, Sitestar is welcoming Jeff Moore (ragnarisapirate) as an operating partner within the company and reorganizing his existing business into a wholly owned subsidiary of Sitestar.

http://www.otcmarkets.com/ajax/showNewsReleaseDocumentById.pdf?id=28702

http://sitestarcorp.com/wp-content/uploads/2017/12/Sitestar-Shareholder-Letter-from-CEO-Steven-Kiel.pdf

http://sitestarcorp.com/wp-content/uploads/2017/12/Sitestar-Shareholder-Letter-from-Chairman-Jeffrey-Moore.pdf


I don't agree that apartments are any worse or better of an investment than single family homes. People will rent both.

I own both, but I just got into apartments and plan to continue down the apartment path right now. The apartments get much better leverage terms and are easier to raise capital for. Apartments are also valued differently, despite them both being rent-able.

I've made close to 100% return on equity in a short amount of time with houses by small sums. And it required an appreciating market and it's obviously small sums.

slkiel

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Re: SYTE - Sitestar
« Reply #387 on: March 30, 2018, 01:58:07 PM »
Please find Sitestar's 10-K and shareholder letter below:

10-K: https://goo.gl/QxTpsF
Shareholder Letter: https://goo.gl/Z2gLSM

Keith Smith, Mike Bridge, Nathan Reid, and I will be at Fairfax and at Sanjeev's Premier/Fairfax dinner. We look forward to seeing everyone there!

CorpRaider

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Re: SYTE - Sitestar
« Reply #388 on: March 30, 2018, 02:31:23 PM »
Will read.  Thx for sharing.

Drokos

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Re: SYTE - Sitestar
« Reply #389 on: March 30, 2018, 03:50:45 PM »
Thanks for the update. I continue to have interest in the story but a few concerns make it uninvestable to me, even if shares were to trade down to a more reasonable 1-1.5x book value. Admittedly, I havenít reviewed the 10-K or the exhibits yet, but I was a little disappointed with the letter. Heavy on the folksy fluff, light on the substance or long-term plan:

1) The business is essentially a $15m investment fund/conglomerate with >$2m in operating expenses (~13% annual management fee). I donít see how we can expect any net outperformance with that kind of drag. If assets grew to $100m, this wouldnít be as big of a drag, but how do we get there? Even growing assets at a 20-25% will take a decade or two to get there. Would be nice to see management at least acknowledge they understand it is an issue.

2) I assume management is not willing to disclose the terms of their arrangements with the hedge funds, which unfortunately makes it impossible to understand what the upside is in that business segment. The profit share could be 1% of the performance fees or 50%. I would have also expected to see the AUM of each fund disclosed annually.

3) HVAC business Ė would like to hear more about what was the cause of the disappointing results. This business seemed questionable from the start. It was pitched as a high ROI lay-up type business opportunity, and now it is losing money? Thatís a huge swing, and would seem to warrant a more substantial explanation.

I wish Mt Melrose was spun off as a REIT or MLP and I could directly invest in Jeff.