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PlanMaestro

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  • Acme United: Undervalued and Overlooked [View article]
    Adam, I did not know you were a poker player, maybe you can give us some lessons :)
    Jul 31 02:36 PM | Likes Like |Link to Comment
  • LNB Bancorp: Safe and Cheap [View article]
    And no facts?
    Jul 27 11:39 AM | Likes Like |Link to Comment
  • Banks in My Mind: NewBridge Bancorp [View article]
    Thanks very much!
    Jul 18 10:25 AM | Likes Like |Link to Comment
  • Banks in My Mind: NewBridge Bancorp [View article]
    Mark, anything you can share about the local economy and Newbridge's loans?
    Jul 15 10:29 PM | Likes Like |Link to Comment
  • Banks in My Mind: NewBridge Bancorp [View article]
    Looks like a strong bank but it does not pass my deep value tests
    Jul 15 10:27 PM | Likes Like |Link to Comment
  • A Bank in My Mind Gets a Buy From Wilbur Ross [View article]
    From my blog variantperceptions.wor... the first try to the post new equity valuation:


    * $100 million investment
    * The investment was made at $4.00 per share
    * The shares to be purchased by WL Ross will represent 24.9% of the Company’s outstanding common stock

    So 25 million ($100 million / $4) new shares for a new total of 48.4 million shares. Ross will get 12 million shares (48.4 million share * 24.9%) investing $48 million @$4 per share. The rest is from other investor including the Brown family.

    So, given that tangible common equity (TCE) was $9.2 per share pre-equity, we are getting approximately $6.5 of TCE per share for the new entity. $5 per share is still cheap at 0.77x TCE, given the very strong capital ratios and no TARP, but not as much as I thought (0.6x).

    Average banks are usually priced at 2x TCE and 1.3x TE. I do not think this is an average bank but that is to be proven.
    Jul 9 11:17 AM | 1 Like Like |Link to Comment
  • Charting Banking XII: The Texas Ration by Bank Size [View article]
    Would like too, but I do not have that granular access.
    Jul 8 04:18 PM | Likes Like |Link to Comment
  • Charting Banking XII: The Texas Ration by Bank Size [View article]
    Absolutely, the thing is that I have not found a good source for it. You have to go one by one.
    Jul 8 04:18 PM | Likes Like |Link to Comment
  • Thoughts on Investing in Gulf of Mexico Drilling and Ultra-Deepwater Exploration [View article]
    The tickers were added by Seeking Alpha, they were not in the original article
    Jul 3 08:07 PM | Likes Like |Link to Comment
  • Charting Banking VIII: More on Construction and Development Loans [View article]
    Thanks for the insights! I was using 30-90 delinquencies as a separate metric, but your adjustment makes sense.

    Regarding the mark-to-market charge-off, in a couple of weeks I will post the thesis for a bank that is practicing precisely that.
    Jul 3 12:04 AM | 1 Like Like |Link to Comment
  • LNB Bancorp: Safe and Cheap [View article]
    It is a legitimate issue.

    But you must also consider that a ratio of around 50%, when your delinquencies for all type of loans is below 1%, two years into a recession may actually be over-reserving.
    Jul 2 01:13 AM | Likes Like |Link to Comment
  • Insurance Sector Price to Book [View article]
    It is a beaten down sector, that manage very well the bubble, AIG and credit insurance note withstanding. It is cheap and safe, and some specific opportunities in the sector may be even cheaper and safer.It is only that I also finding value in other financial sectors like banking at some even lower historical multiples.

    seekingalpha.com/artic...
    Jun 9 08:32 AM | Likes Like |Link to Comment
  • If You're Thinking About Investing in Insurance Companies... [View article]
    Automatic spell checker hazard, thanks.
    Jun 6 12:24 PM | Likes Like |Link to Comment
  • Thoughts on Investing in Gulf of Mexico Drilling and Ultra-Deepwater Exploration [View article]
    On general terms I agree, but do do not forget the debt :)
    Jun 5 11:28 PM | Likes Like |Link to Comment
  • More on the Gulf of Mexico and Deepwater Production [View article]
    Thanks a lot for that info!
    Jun 4 08:27 PM | Likes Like |Link to Comment
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