Isis Pharmaceuticals, Inc. Message Board
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The company authorized Steel buying the 1.4 mm shares as part of the entire deal. The deal is subject to shareholder approval- which hasn't happened yet. . I don't think Steel can be buying shares yet because the deal isn't done.
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I agree it is a good value here. But have you done any analysis to support your valuation? By the way, it isn't a homebuilder. CHCI does have some small homebuilding operations, but they don't contribute much.
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I hope you are correct,
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Do you think the stock is going to $4 because Steel is buying shares from the company at $4? I doubt it goes there. Business fundamentals need to improve. If earnings are bad Thursday then it won't matter if Steel agrees to buy some shares at #$%$ going lower.
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bump
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After proceeds of yesterday's sale and including what they had on the balance sheet prior, they now have about $25 million of cash. They also have about $4 million in investments in public and private companies, which gets you to $29 million. Let's say the remaining properties are worth $15 to $20 million. Assuming the lower end, you add $15 million to the $29 million getting you to $44 million in total assets. Now, subtract out about $12 million in debt and you arrive at an enterprise value of $32 million. There are only about 1 million shares outstanding... so the stock should trade closer to $32. We are half that right now.
I'm not taking out taxes because I don't know their NOL situation. To offset that, I'm also using a conversative (IMO) value for the remaining properties.
At any rate, I think the stock is worth double what it is trading at today even after the big move yesterday.
Thoughts? -
They have major assets related to Monty's- both a restaurant and marina. I don't believe those were included in the sale today.
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I wonder what the market value of their other properties are? Add up the value of the recent cash proceeds, existing property, and investments, subtract the debt and you still get a stock price double from here. Today's sale was a shocker of a number.