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

Dundee Trades At A Wide Discount To NAV

Discount to net asset value ("NAV") investing can be frustrating at times. Assets held under a conglomerate structure can remain undervalued due to "analyst fatigue" when evaluating a number of disparate assets.

Such is the case with Dundee Corporation (OTCPK:DDEJF), led by the renowned Canadian businessman, Ned Goodman.

(click to enlarge)

DC.A data by YCharts

Adding to the "conglomerate discount" in Dundee shares, the holding company is also levered to commodities and hard assets which are currently out of favor with investors and putting pressure on the share price.

In my view, Dundee shares are in bargain territory trading around 52-week lows. Currently valued at $900 million by the public markets, Dundee trades at a significant discount (0.5x)...

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