Stock price when the opinion was issued
It makes high quality valves for the nuclear industry. It had a take-over offer of $13 a share and he sold at around $12.50. However there were worries that the French Government might block the sale so the stock price dropped. The nuclear valves division is based in France. However he feels that the deal will go through in the next few months at $13.00 so has been buying it back as a short-term investment with up to 30% upside.
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They remain the leader in nuclear valves. Shockingly, the French government blocked an American company from buying this small Montreal company. So, the family decided to sell the company and he expects it will be at a higher price. Their backlog and margins are growing. He still owns it. Trades below tangible book value.
Chart looks the way it does because acquisition of its very lucrative nuclear valve business by an American buyer was blocked by the French government. Illiquid stock. The family still wants to sell. Deep value, good return if patient.