bobsen

Genius

[bobsen @bobsen10]

@cullenroche I agree with that. But how do you explain the lack of difference the prior 100 years?

[bobsen @bobsen10]

@cullenroche Over such a long timeframe I would call that close to equal. I expected a much bigger difference.

[bobsen @bobsen10]

@JibbyCap Great write up. the acquisitions are actually quite a bit better than you presented. Fuel proof also contains Roll-tec safety which is the rental side of Fuel proof.

Fluid transfer group contains both Fluid transfer international and Flofuel support.

[bobsen @bobsen10]

@sertachewyjcrew @ChrisMittleman 👍 What multiple do you think they could get? 8-10 ebitda?

[bobsen @bobsen10]

@TApocalyt Congratz
Amazing results!
44% ytd might look below average but adjusting for survivorship bias its probably in the 95th+ percentile.

[bobsen @bobsen10]

@Aksel465 yes agree. But clearly someone with a lot of shares wants out. So the question of course is do he know something or is he just selling for non fundamental reasons.

[bobsen @bobsen10]

@Aksel465 I find it a bit weird. I thought it might have been a seller from the convertible bond. but he has properly sold 500k+ shares with at least 200k more to go. So that's 10%+- of shares outstanding.

[bobsen @bobsen10]

@DV_Situations Why do you think that? Personally given the choice between a passive low cost global stock fund and an active fund manager I would choose the passive fund 99% of the time. (This is more being bearish the average fund manager than being bullish passive)

[bobsen @bobsen10]

@ChrisMittleman I had similar values in mind. Was just thinking that with
20% ebitda margin for Bozzetto you might get to 10x ebitda. Anyway at sub 3 Cad/share and with a clear mandate to close the discount I think the risk/reward looks very attractive.

[bobsen @bobsen10]

@jeffmeyers72 That would imply that ebitda = free cash flow

[bobsen @bobsen10]

@CapitalShipyard Did you found out the reason behind the continues dump?
Starting to look really interesting. unless of course someone knows something.

[bobsen @bobsen10]

@ToffCap their latest nav was 156.62 on 31.dec 2024

[bobsen @bobsen10]

@finphysnerd yes but their fund own a stake in patriot. the ebitda they list for FRA in their annual reports matches those of patriot.

[bobsen @bobsen10]

@finphysnerd based on the financials I concluded their stake in FRA is through Patriot new topco. (I could be wrong). Their financials are not exactly pretty.
https://t.co/3iKUqiVy2J

[bobsen @bobsen10]

@finphysnerd Do you know if they hold common or preference shares in FRA? The common shares are almost certainly worthless.

[bobsen @bobsen10]

@DV_Situations Thanks for flagging this.
The risk/reward at just over 9 zar looks extremely compelling. Hard to believe that McConnell Dowell would trade below 10 zar in Australia.

What do you think fair value of Aveng is today?

[bobsen @bobsen10]

@jeffmeyers72 Any idea what sbc will look like in the new company? With the current level not much value left to shareholders.