Since I wrote about Genesis Land Development [(OTC:GNLAF) (GDC.TO)] ("GDC") in late January, the shares have picked up a bit of investor interest and increased volume; meanwhile, the shares have appreciated 7.5%. Readers should note that shares of GDC are illiquid over-the-counter in the US, and trade lightly in Canada.
(click to enlarge)
GDC data by YCharts
The premise behind my first narrative was that GDC is a business trading meaningfully below its earnings power and independently appraised net asset value ("NAV"), perhaps because it was historically a mismanaged enterprise. Last summer the first signs that GDC was in the early innings of a turnaround came from increased shareholder activism (and a successfully proxy battle with largest shareholder,...
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