Had a brief look at WAB (with which I was not previously familiar). Their latest NTA announcement says: "The portfolio includes unlisted securities at their cost of $41,632,174." Why not include these securities at fair value? This may be a reason for the substantial discount to NTA.
Also, if the directors are concerned by the large discount, why not do a share buyback?
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Smurigi, investing in companies because they have reliable dividends is probably a good strategy if you want to be able to rely on dividends for income. But using this criterion to select stocks that will yield the greatest RETURN (growth + divs) is not necessarily a wise move. If I may quote Jack Bogle from his "Little Book of Common Sense Investing":
Consider, too, this caution from John R. Minahan, director of research at New England Pension Consultants: "I am amazed by all the managers that make an assertion of the type: 'In the long run X always wins,' where X could be dividend yield, earnings growth, quality of management, a quantitative factor or mix of factors, etc.--yet are unable to cite a reason why X should be systematically underpriced by the market. The managers may be able to point to data suggesting that X has been associated with excess returns in the past, but without a plausible explanation of why X should outperform. Such data do not convince me that X is likely to outperform in the future."
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Last
$8.80 |
Change
0.010(0.11%) |
Mkt cap ! $6.815B |
Open | High | Low | Value | Volume |
$8.85 | $8.85 | $8.75 | $2.880M | 327.5K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 5100 | $8.79 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$8.80 | 46096 | 6 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 432 | 7.630 |
4 | 6421 | 7.620 |
10 | 28630 | 7.610 |
55 | 111350 | 7.600 |
5 | 2007 | 7.590 |
Price($) | Vol. | No. |
---|---|---|
7.650 | 16007 | 6 |
7.660 | 2220 | 4 |
7.670 | 3205 | 2 |
7.680 | 37046 | 4 |
7.690 | 2000 | 1 |
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ARG (ASX) Chart |