NACCO Industries: Small And Closely Held With Interesting Unconsolidated Assets
- An odd collection of businesses thrown in together makes Nacco harder to analyze.
- The company is small with a $421 million market cap and closely held which further limits interest from potential investors.
- The company doesn't consolidate its stakes in a number of operations where it holds 100% of the equity but that have no recourse to the company.
- When adding in this income stream the company effectively trades at an EV/EBITDA ratio of 6.4x.
- The income stream from the unconsolidated mines is going to increase over the next few years as more of them come on line.