Opinions
Lorne Steinberg
Yodogawa Steel
5451-TYO
PAST TOP PICK
Jan 31, 2019
(A Top Pick Jan 30/18, Down 33%) Representative of the Japanese market. Trading for less than its working capital. This is the reason many of the buyout companies are raising tens of billions of dollars to buy Japanese companies. He think that would be a catalyst for a company like this.
N/A
Stock price when the opinion was issued
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TOP PICK
If this were trading in the US, it would be double the share price. It’s selling for half its intrinsic value. The company has been making money through good times and bad times, so they haven’t been cyclical. One reason is that they have always had zero debt. About a 3rd of the market cap is sitting in cash. The steel cycle is very strong, but the stock has not responded, it’s just lagging, and therefore this is an opportunity. Dividend yield of 2.06%.
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PAST TOP PICK
(A Top Pick Jan 29/18, Down 28%) Reflective of Japan. Cash plus receivables accounts for the entire share price, that's how cheap it is. Getting the entire business, which is profitable and pays a dividend, for free. So many incredible values in Japan. Tariffs have put pressure on, and money has fled to go into US dollar because of rise in interest rates.
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