Market cap below tangible book value. Even assuming higher bad debts knocking a bit of gloss off, you'd have to say this is getting as cheap as its been in a while.
Thorney have increased stake from 11.77% in Feb to 14.24% current. These guys and added and trimmed the position for years now. Lots of reasons to sell, only one reason for buying.
Strong director alignment and lowish leverage also gives me comfort. Nevertheless, lower income cost of living stress is playing out. Retailers downgrading and rents spiking is bad news for the loan book.
Does this thing reach for $1 again upon recession declarations and confirmed increases in bad debts?
SVR Price at posting:
$1.50 Sentiment: None Disclosure: Held
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