Why IMF interests me at these levels, page-15

Portfolio

I have finally had some time to look at your figures too. Particularly your 8 February 2017. Thank you for that, and all the dialogue you & Jimmy C have had. I've been so scratching my gonads about Jimmy C's posts that I've only of late got to look at your reckonings too.

Sadly I'd never paid enough attention to the director's reports, and so could only see where half your figures had come from! I know see the basis of both your figures

Furthermore as I hardly ever "work" in ROIC and MOIC, and this is a lot of the IMF-Bentham vocabulary, so I had some brushing up there too. Get my head about it...

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"Firstly the thing that attracted me to IMF was the CAGR in their book value...CAGR is really strong at 18.22% (5 yrs) 15.71% (10 yrs"

I wasn't quite sure how your derived those X two %'s ?

Over a 6 year period I have the book value ► ($201/$72) ^ 1/6 - 1 = 18.7 %.

If that is your path too, then consider that in 2014 IMF-Bentham diluted some of the equity - issuing $42 m common equity, incurring a $1.2 fee to do so and redeeming $11.2 of the preferred stock.

A net issuance of $32 after raising costs

If I take that out my guess is ► ($201-$32)/$72 ^ 1/6 - 1 = 15.2%

Still superlative growth.