Having completed the customary once-a-year review of all the...

Having completed the customary once-a-year review of all the stocks my family owns, SXE is one of the stocks in our "Get Bigger or Go Home" list.

Because, at the moment, we hold a bit of a nothing position in the company.

While being only a mere five-, or perhaps six-, out of ten business, it does look fundamentally undervalued, but really hard to see what might transpire to crystallize the value upside that appears to be on offer.

I guess someone might come along and pay a control premium to acquire the company; the remaining Tomasi family stake would serve as a relatively easy-to-secure cornerstone block for any would-be acquirer, but I suspect Thorney would be a lot more exacting in relation to what it wants in exchange for its interest in the company.  

But it's never smart to invest on the basis of anticipating takeovers, because they invariably never happen when one expects.

So, while it looks cheap, it could remain that way, so I'm undecided whether I should simply sell the shares we own, or start adding meaningfully to our position (liquidity permitting).

It's a vexing one.

.