Paper Tiger Investing

Steel Partners Holdings L.P., A Small Conglomerate Undervalued By At Least 38%


Steel Partners Holdings L.P. (NYSE: SPLP), is a global holding company with interests in companies across several sectors. The SPLP's holdings include diversified industrial products, energy, defense, banking, insurance, food products and services, oilfield services, sports, training, education, and entertainment industries. The company looks worse financially than it really is due to a combination of newly initiated activist minority investments and a strict adherence to GAAP measures under the equity method of accounting. The lack of analysts currently covering this stock, a controversial CEO with a large stake in the company much like Carl Icahn, and a very diversified set of investments in 'boring companies' that take some time to piece together lead to a nice 38% undervaluation....

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