As some of you may remember, I'm a big fan of strong management teams with a long history of fantastic capital allocation producing long track records of outsized shareholder returns. MFC Industrial (MIL) is one of these favorite types of stocks: strong asset allocating leader at the helm in Michael Smith, undercovered by the Street, trading below tangible book value, and holding underappreciated assets. Michael Smith has been with MFC and all of its prior iterations for 27 years and is currently the company's CEO.
The stock is access to a fantastic distressed commodity player with steady income streams coming from low acquisition prices, usually at fire-sale prices. This is a sum-of-the-parts story with several variables contributing to...
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