Kingsway Financial Services (KFS.TO) Buy,…

Kingsway Financial Services (KFS.TO)

2.75

-0.10 (3.51%)

as of Dec 20, 2018, 8:29:49 am Market Open.

4 watching

SELL

Not a well managed company. She has shorted this one in the past. Have the lumpiest quarters on the planet. Every year there is always one quarter where they hugely disappoint.

SELL

Every quarterly earnings report he has seen in the last 2 years continually gets worse. Claims in their Lincoln Financial are greater than the premiums.

COMMENT

Fundamentals are not very good. A lot of analysts have been downgrading this. Chart doesn't show a lot of support. Now pulling back fairly strong and he wouldn't be surprised to see it drop another $.50. If it breaks below $2, wouldn't be surprised to see it hit $1.

COMMENT

(Market Call Minute.) High risk but could be a huge gainer.

HOLD

Now in restructuring. A dissident shareholder group has caused some changes at the board level. Made an error in acquiring Lincoln National. Parts are probably worth more than the current market price.

HOLD

Real problem has been the US operations. Has been an erosion of capital but they have been shoring it up and have made a few sales of some of their assets. Well run company for the most part.

BUY

Recently been buying more. Stock was oversold and is selling at half of BV. Historically have been this low in the past but moved up to be selling at 1.5X BV. US subsidiary Lincoln caused most of their grief and hopefully this is now over. Core underlying earnings of roughly $.40 a quarter but with write-downs this year will be flat. Expecting earnings to be well in excess of $1 maybe $1.50 next year and going forward.

SELL

(Market Call Minute.) Too complicated.

SELL

Insures bad drivers. Have had tremendous problems with their US units, particularly in taking reservations for accident claims that are inadequate.

DON'T BUY

Faced some issues in terms of write-downs and under writings that where over extended. Management is changing. Underwriting has been aggressive. Will probably have to show a couple of quarters of improving fundamentals before it will start moving forward.

SELL

(Market Call Minute.) Wouldn't touch this one now. Something is still wrong.

BUY

Have had to take all kinds of reserve hits on one of their US holdings, but the stock has been largely oversold. Has a BV of about $17.50, so is selling well under book value.

COMMENT

Getting down to a level where it is beginning to be quite interesting. FMV for the stock is quite a bit higher. Have to wait to see if there's going to be any earnings forecast breakdown.

HOLD

The problem with this company seems to be in their US operations and they have some challenges there. Give them a little bit more time to work through it.

DON'T BUY

Has had a disappointing performance, markets are tough in the US. Preference is to go with a larger cap name, although it is near book value which makes it more tempting.

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Kingsway Financial Services (KFS.TO)