This morning on Livewire, Sebastion Evans from NAOS details why...

This morning on Livewire, Sebastion Evans from NAOS details why one of the NSC major investments (MNF) is languishing. It is a good comprehensive report on how a company which fits the NSC thesis can be treading water despite holding considerable long term value. It shows that the sum of the parts (wholesale and retail ) are greater than the whole. NSC support the theory that a demerger of the two businesses would unlock the true value in the business. Sebastion in this instance seems to be taking on the persona of an activist investor but I have to say that IMO if he is going to insist in holding a company where the market cap does not reflect either the potential or the true value then as the manager of our money and to a large extent some of his own then he has to take the activist steps towards pushing the MNF board to unlock it. Maybe this is the first step in such a process. I write this not to push the idea that the NSC SP is about to rocket or fall or give NSC any excuse for the current discount to NTA - just to point out how and why the long term strategy that NSC touts does not always play out despite a company falling neatly within it. The article gives a good insight into NSC's strategic investing. Any way Sebastion - well done as it is a good article on analysis.