Just in case those are not aware ASX: SIV reminds me of ASX:...

Just in case those are not aware ASX: SIV reminds me of ASX: TGA

Both in lending to consumers / businesses
Both basically blew up
SIV in run off mode via gogetta
TGA too in runoff for both its Radio Rentals division & its business division

SIV has been an amazing trade for those that bought before capital return

TGA currently has free cash in excess of market cap & based on today’s quarterly should have approx free cash of over $100m (if you use today’s quarterly and times it by two to get to end of year) by end of year

TGA accounts are more complicated as the business division is seperate vehicle with non recourse debt. I basically value this at zero and only counting on cash from radio rentals.

Full disclosure I bought quite a bit of TGA today as I watched SIV and missed out after crunching the numbers.


* this is not financial advice, general advice in nature. Seek professional help