Seeking Alpha
Editor's notes: Despite its exposure to the publishing industry through its subsidiary, the investment thesis in RELLA.CO is largely based on its intrinsic asset interests. A fair valuation appears 80% higher.

(Editors' Note: Investors should be aware that Rella trades on the Copenhagen exchange under the ticker RELLA, with ~$380,000 average daily volume.)

Rella Holding A/S (OTC:RLLHF) is a Danish listed holding company with a market cap of almost $200 million that owns shares of Aller Holding A/S: the biggest Scandinavian publisher of weeklies with a 60% market share. While the operating business has been profitable since 2009 the most interesting aspects about Rella are the value of the cash, securities and real estate on the balance sheet in combination with not one, but two active share repurchase programs.

The share repurchase combo

Rella is using the dividends it receives from Aller to buy more Aller shares and to...

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