Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Update On Steinhoff International: Market Recognizes Value

Steinhoff International (OTCPK:SNHFY) is a holding company based in South Africa, comprised of boring, easy to understand businesses. When I first profiled shares in the summer of 2013, I thought the market was overlooking this business because of (1) the location of headquarters (South Africa) and (2) it is difficult to value given the disparate set of businesses.

While discount to net asset value investing can be frustrating at times, sometimes value just gets too compelling to ignore. In the case of Steinhoff, the market wasn't respecting the considerable value residing in its retail operations in Europe. Shares are now trading 73% higher from the recommendation price, admittedly much higher than I initially estimated, so now is a...

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