Trey Henninger

Vetle,

Did you ever buy a position? The stock price has continued to crater. We’re now below $6.50 and it wouldn’t surprise me to see a sub $6 price soon. At $6.00 per share, the $0.36 annual dividend […]

Besides NACCO, I’m not sure you’re value trading at all.

Simply because you evaluate an idea with a long-time horizon doesn’t mean you actually have to hold for a long time. You hold as long as your thesis […]

Philip,

I’m a current shareholder of GameStop and have just finished accumulated my full position in the company.

GameStop leases all of their stores. They are typically leases of 1-5 years. They have been […]

Phil,

I expect that NACCO will actually buyback shares. I’ve been studying the last 25 years of their annual reports and they do have a history of steadily buying back shares. Especially over the last ten […]

Jayden,

That makes perfect sense. Thank you for the updated view point.

I agree that growth is likely to outstrip share dilution and that when bought at a good price will likely lead to adequate returns. […]

Have you made any adjustment in either of your valuation methods to take into account ongoing share dilution practices?

Projecting out 5 years is reasonable, but you would likely want to estimate total […]

Andrew,

Would you and Geoff mind sharing your thoughts from your discussions on this stock today?

Thank you Andrew. That was a good read.

My biggest takeaway: An imminent recession could be a disaster for the company.

Jayden,

I can’t recall where I read it, (Probably the 10K), but licenses do expire. However, I believe they can be renewed with the FCC for a small fee. I think management used the term “not-material” fee or […]

All,

I think there are three key statements from the CEO in the conference call:
(Quotes are paraphrased possibly)
1. “We are on or ahead of schedule in each of our plans.”
2. “Our first quarter financial […]

Daniel,

You said, “is this a capable but promotional management team that’s overly optimistic about a slowly declining industry that’s in turmoil? Or, is it an opportunity to buy into the best positioned com […]

Vetle, One thing to note. You assume 89 million shares in your write-up.

Diluted shares is about 140 million right now.

Just an FYI for when you calculate your per share valuation.

I haven’t yet been able to calculate or find that information myself Jayden.

One note for everyone: ETM is down over 20% right now today after reporting earnings. In the low $8 range.

Daniel,

That’s exactly where I am. It seems “too good to be true.” I’ve continued to do research and I can’t figure out why the stock is priced at an FCF yield in the mid to high teens. That doesn’t make any […]

As I think about this company more, to me it comes back to this issue of “is radio dying?”

First, we need to consider where most people listen to radio. I would love to know the answer to this. My best guess […]

Thank you for the write-up Vetle.

Do you have any views or insight into the capital allocation practices of the company?

Clearly the CEO is acquiring shares hand over fist. Is he backing up this action […]

For those who are interested in NACCO, there was a really good earnings call finally today.

There was one analyst on the call and they asked six questions to management clarifying different aspects of their […]

Jayden,

I consider ExxonMobil’s lower cost of production to be sustainable, because it is built on aspects of the company which aren’t easily replicated.

1. Size and Scale

ExxonMobil is the wor […]

Do you think there are any risks of New Zealand real estate prices being in a bubble?

It’s quite clear that Australian real estate prices are in a bubble, but I know less about New Zealand’s market. If much of […]

Are you willing to share your reason for not investing at this time?

My first pass analysis leads me to also not choose to invest at this time. For me, it’s a matter of opportunity cost. Simply beating the […]