Thanks for your post. I think you might be double counting some value here. Ascribing $30-50mn to the parent company on the basis of them being able to add debt to their loan book, but not subtracting this added debt when valuing the loan portfolio in your various scenarios is adding $30-50mn to your valuation outcomes.
- Do you see any advantage in investing in $NICK compared to Adam's other companies like $BOC or $NNI? All three are basically vehicles for capital allocation, what advantage does $NICK confer? Smaller base to start from?
- Do you see any risk in Adam being spread too think between all these companies?
Thanks for your post. I think you might be double counting some value here. Ascribing $30-50mn to the parent company on the basis of them being able to add debt to their loan book, but not subtracting this added debt when valuing the loan portfolio in your various scenarios is adding $30-50mn to your valuation outcomes.
Thanks for the post! Two quick questions:
- Do you see any advantage in investing in $NICK compared to Adam's other companies like $BOC or $NNI? All three are basically vehicles for capital allocation, what advantage does $NICK confer? Smaller base to start from?
- Do you see any risk in Adam being spread too think between all these companies?