it's leaked down a bit the past few weeks. the sad part is this noise on brazil would be a great time for them to buy back some shares and really increase the value for shareholders. but the old man won't do it or pay a dividend. as i said, sad that the stock will rally when he dies.
anyone concerned about Brazil issue should try to speak with the company. They won't tell you much but how they phrased certain answers got me comfortable. A bigger issue is interest rates and when the CEO will actually care about shareholders. But who knows maybe we will get to buy this at 150 bucks like we did a few years ago...
the 8k they released is interesting - i wonder if this is a clue that the old man is about to give up the ceo role.
i spoke with the company regarding the 10k language. it's not ideal but my read is that the brazil DOJ asked the US DOJ to get info. the copany doesn't know how long it's been sitting on the desk of the DOJ.
my sense it's all related to the other matter in brazil. but they can't confirm or deny that specific fact.
after spending some time it's clear that management does not want to sell the company especially at 29. it's not clear that they want to sell at all - but a good price they will have to think hard about. The buyer does not feel like they need or want to pay up - so we very well might be in a stale-mate.
pretty solid results in my view. don't think currency plays a big impact but perhaps it hurts business a bit. the valuation gap with peers is almost as great today as a from over a year ago i think - and we are one year closer to hopefully more rational capital management.