Caledonia Investments Share Discussion Threads

[henchard] 31/5/2017 21:38

Well, yes, you're not going to get news flow from private companies like you do from listed companies in RNSs every other week (slight exaggeration but you know what I mean).

What you can do, though, is compare the book value of the unquoted companies (or any valuation you may care to put on them, e.g. sales or earnings multiples) and compare that with the value at which the business is held on CLDN's books.

Judging whether CLDN is a good investment at any particular point in time is all about assessing 'look-through' NAVs and 'hidden value'.

[qs99] 31/5/2017 21:10

which can be 9 months out of date when filed and even more out of date to H1 of the filed accounts!

[tiltonboy] 31/5/2017 21:07

Henchard,

I am more interested in current newsflow, trading etc than the accounts.

[henchard] 31/5/2017 20:55

tiltonboy

It's difficult to find out any real information on the private stuff ...

Companies House (free to search) is a useful source of information (including accounts) on any UK unquoted company. e.g. Gala Bingo , Seven Investment Management , etc.

[tiltonboy] 31/5/2017 20:45

It's difficult to find out any real information on the private stuff, and you are trusting in the ability of CLDN to pick good companies. I have every confidence in them, and continue to buy the shares.

[bolador] 31/5/2017 16:44

tiltonboy,

Five % is rich but then I did not use that figure but I think you will find that 2% is too low for a good clean business without problems as this one seems to be.
Rather than thinking about various valuations I would like to find out a bit more of the other unquoted investments. Any views welcome..

[qs99] 31/5/2017 14:33

great post, thanks.....helps explain how they can keep managing increases so well, lots banked away already!

[tiltonboy] 31/5/2017 14:06

I think 3-5% is very rich. I wouldn't use much more than 2%, which still represents a healthy mark-up.

[bolador] 31/5/2017 13:46

QS99, in support of your comment as follows,

An example of hidden value at Caledonia. They wholly own Severn Investment Management and value it on the books at eighty one million pounds. Now Severn manages 11 billion pounds and these sort of funds are usually valued by the industry at three to five per cent of the funds managed. Three per cent of eleven billion is three hundred and thirty million and five per cent is 550 million pounds ! As against a book value of GBP81m.
Lets assume Caledonia is sitting on a book profit of 250 million pounds over and above the declared value of 81 million then thats an extra fifteen per cent on the stated NAV of GBP33.73 or NAV38.78 pounds per share. This means that on this one value mark up the shares are on a discount of ten pounds a share or just about twenty five per cent. All these figures are readily found on the net.
Amazing..

[qs99] 31/5/2017 11:23

Bought some more, why this continues to sit at c.15% discount when it continues to deliver year on year returns and yield is a mystery when some sit at premiums! Why not this one!

anyway, xd in early July
GLA and DYOR

[qs99] 31/5/2017 08:51

IMO this should be through £30 given current NAV, growth, yield and special divi coming up....DYOR but these guys continue to deliver....GLA and IMO

[qs99] 30/5/2017 08:57

Must be breakout territory imo

[qs99] 26/5/2017 14:44

Indeed and no idea why it doesn't stand at a premium to NAV!

[topvest] 25/5/2017 20:55

Agreed. One of those hold for ever stocks. 50 years of dividend increases and on a discount. That's value.

[qs99] 25/5/2017 10:30

yup, massive discount to NAV still IMO, unwarranted given continued over performance....GLA

[noiseboy] 25/5/2017 07:26

Special Dividened - Lovely Jubbly!

[biggest bill] 07/4/2017 13:37

Caledonia have published their factsheet for March which includes the biannual revaluation of their unquoted investments. There has been another good performance from these investments.

[coolen] 19/12/2016 22:21

Biggest Bill, well done.

Great analysis of yours earlier in the year, especially the 7 October post.

[getscenic] 19/12/2016 09:59

Another great deal, but I fear the market will never fully value the un quoted element.

[biggest bill] 19/12/2016 09:45

The sale of Park Holidays at a 47% premium to the latest valuation shows the depth of undervaluation of the unquoted portfolio.

[qs99] 14/11/2016 09:16

ins due 24th November....SP showing interesting signs of perkiness IMO! Yield is still good and should get an update on private side valuations at Sept valuation DYOR etc....

[biggest bill] 07/10/2016 16:21

The biannual revaluation of the unquoted investments shows another good performance. Allowing for the £26.7m distribution during the period, Park Holidays continues to power ahead.

[biggest bill] 22/7/2016 16:28

I've looked up the result of last year's agm. Only 21% voted against the same resolution last year.

[biggest bill] 22/7/2016 16:09

The Cayzer family didn't vote on resolution 16. The vote was surprisingly close; perhaps some shareholders think the discount is too large and think that a partial offer at near to nav is desirable.

[coolen] 22/7/2016 15:27

Proxy vote on AGM Resolution No.16 is interesting.