Top member reports
Consensus community valuation
$20.42
Average Intrinsic Value
39%
Undervalued by
Active Member Straws
#Reports / Presentations
Added 3 weeks ago

05-May-2020:  Documents mailed to BKW Shareholders along with interim dividend advice/information

04-May-2020:  ASX CEO Connect Presentation 5 May 2020

Disclosure:  I usually hold SOL (Washington H Soul Pattinson, WHSP or "Soul Patts"), who own 44% of BKW, however I recently exited SOL to redeploy those funds into what I considered to be better opportunities, so I currently have no direct exposure to SOL or BKW.  BKW also own 39.4% of SOL, and SOL own 50% of New Hope Coal Corp (NHC, thermal coal, not met coal unfortunately), 25.3% of TPG Telecom (TPM), 19.3% of API, 22.9% of Clover Corp (CLV) and 23.2% of Palla Pharma (PAL, formerly TPE: TPI Enterprises), as well as investments in a number of unlisted companies, property, 30.3% of Malaysian-listed Apex Healthcare Berhad (APEX.MK) and a portfolio of copper and other mining companies (formerly "CopperChem", now known as Round Oak Minerals).  They also have smaller investments in both listed and unlisted companies that they don't generally discuss or include on their website or in their reports to shareholders because they consider those investments to be too small, so not material.  One example if that they held around 20% of Quickstep Holdings (QHL) for years, which they either sold down or allowed to be dilluted by capital raisings until they finally sold their remaining 13% of QHL in September 2019.  BKW itself have a large investment portfolio, in addition to their vast property portfolio and their brick manufacturing and marketing business.  Because BKW is regarded as a subsidiary of SOL, whenever BKW have to lodge a substantial shareholder notice for a listed company, SOL have to lodge a similar notice.  This doesn't work the other way around though, so if there are two notices (from BKW & SOL) for an identical percentage of a company, the investment has been made by BKW, and when there is only a single notice from SOL, the investment has been made by SOL, not BKW.  It can get confusing.  Currently, I like all of the exposure that BKW and SOL provide - OTHER than the thermal coal exposure that SOL have by owning half of NHC.  I don't mind met (metallurgical) coal, but I don't like having exposure to thermal (energy) coal for both ethical (climate change) and economic reasons (I think that thermal coal producers will not prove to be great investments over the next decade) so I'm on the sidelines for both BKW and SOL now, as of late April.]

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