Muy top compañero, gracias por compartir! La creación de valor a largo plazo de BOC parece ir a buen rumbo, la directiva es clave y no tenemos motivo para desconfiar (sí vigilar la dilución, aunque creo que ha tenido sentido). Un punto a vigilar más que me viene a la cabeza es: ¿en que proxy basarán el valor intrínseco en la próxima carta? Cambiaron de BV/share a Price/share por las A&D y el precio tampoco hace justicia al valor en términos anuales (si a largo plazo como lo ilustra François Rochon en sus cartas). Toca esperar que estos son como marmotas y solo salen una vez al año haha. Abrazo :)
La dilucción hasta ahora ha tenido sentido, sin embargo, diría que gran parte del valor del futuro es disminuir el ritmo o parar la emisión. Respecto al proxy, no sabría decirte uno. A mi particularmente me gustaría un proxy relacionado con el cash flow. Actualmente, diría que mirar los márgenes y las inversiones de BOAM reflejan la mejora de la empresa!
Thanks for reading!! Also you can contact me by DM in X (Sempiterno_Inv) to exchange investing opinions. I believe all this noise are coming from the departure of one of the CEOs but the key man in the company is staying. They closed also their funds but it was not so important. I am expecting more focus in the core of the business (fiber+insurance+billboards) plus some investments (as skyharbour), but not more segments in the foreesable future. I do think company will improve as a business over time and now you can buy it under book value
Yes, I agree it´s an attractive price. I´m more uncertain of the capital returns they have derived. Plenty of capital have been put to work, but stil looks like an average return on capital (when using cashflows - est maint.capex). That´s my only struggle with the company. What returns are they getting on their capital. They could also help investors get a sense of this, in my opinion.
Yes. They have shareholders letter where they try to explain about the business. I find them very good. Current returns are not attractive but I think they can have a cash flow cow with fiber and billboard in the future
Muy top compañero, gracias por compartir! La creación de valor a largo plazo de BOC parece ir a buen rumbo, la directiva es clave y no tenemos motivo para desconfiar (sí vigilar la dilución, aunque creo que ha tenido sentido). Un punto a vigilar más que me viene a la cabeza es: ¿en que proxy basarán el valor intrínseco en la próxima carta? Cambiaron de BV/share a Price/share por las A&D y el precio tampoco hace justicia al valor en términos anuales (si a largo plazo como lo ilustra François Rochon en sus cartas). Toca esperar que estos son como marmotas y solo salen una vez al año haha. Abrazo :)
Muchas gracias a ti por leerlo!
La dilucción hasta ahora ha tenido sentido, sin embargo, diría que gran parte del valor del futuro es disminuir el ritmo o parar la emisión. Respecto al proxy, no sabría decirte uno. A mi particularmente me gustaría un proxy relacionado con el cash flow. Actualmente, diría que mirar los márgenes y las inversiones de BOAM reflejan la mejora de la empresa!
Great article, thanks to translate I could read it. Any thoughts after the turbulent last year?
Thanks for reading!! Also you can contact me by DM in X (Sempiterno_Inv) to exchange investing opinions. I believe all this noise are coming from the departure of one of the CEOs but the key man in the company is staying. They closed also their funds but it was not so important. I am expecting more focus in the core of the business (fiber+insurance+billboards) plus some investments (as skyharbour), but not more segments in the foreesable future. I do think company will improve as a business over time and now you can buy it under book value
Yes, I agree it´s an attractive price. I´m more uncertain of the capital returns they have derived. Plenty of capital have been put to work, but stil looks like an average return on capital (when using cashflows - est maint.capex). That´s my only struggle with the company. What returns are they getting on their capital. They could also help investors get a sense of this, in my opinion.
Yes. They have shareholders letter where they try to explain about the business. I find them very good. Current returns are not attractive but I think they can have a cash flow cow with fiber and billboard in the future
True, will also be very interesting to see the return profile of Sky Harbour when most hangars are built by 2026.