Still not buying in
Results show an intrinsic net asset value (INAV), which excludes intangible assets, of 912c per share. Yet the stock trades below 600c. Sure, a holding company typically trades at a discount, but more often that discount is around 15%, not over 30%. I am not sure if the concern is the fee structure (that certainly bothers me), the valuations of the unlisted assets, or the start-up nature of many of the assets. Whichever it is, the discount looks like an attractive opportunity. But the question is what will trigger it to narrow to a more typical 15%? Truthfully, I am not sure, and it could take ages, so I continue to stay away from this investment.