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  • Treasure Hunter Odyssey Marine Jumps on Gold Ship Recovery Agreement [View article]
    Full disclosure before you read this comment: (1) I'm long OMR, and (2) Frank Li is a pen-name (frankly, get it?), not my real name, as I'd like to remain anonymous.

    According to the WSJ, yesterday OMR announced that:
    <blockquote>Deep... explorers said Friday they have mined what could be the richest shipwreck treasure in history, bringing home 17 tons of colonial-era silver and gold coins from an undisclosed site in the Atlantic Ocean. Estimated value: $500 million.

    A jet chartered by Tampa-based Odyssey Marine Exploration landed in the U.S. recently with hundreds of plastic containers brimming with coins raised from the ocean floor, Odyssey co-Chairman Greg Stemm said. The more than 500,000 pieces are expected to fetch an average of $1,000 each from collectors and investors.</blockqu...

    The stock rose 80%. However, it seems that the market cap of the company is still only $380MM, despite the fact that this find is worth $500MM, that it has a bunch of other wrecks it's working on (for example, the Sussex wreck which it will have to share with the UK), and that it has the best technology for finding and retrieving shipwrecks.

    Can anyone explain why the valuation shouldn't be higher?
    May 19 16:58 pm |Rating: 0 0
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