@deepvalueco I've owned a couple of times in the past, when valuation got too silly. And I'm back in and think it looks more attractive than ever with their business mix + serious buybacks for once. Tariffs are a real risk, but I think the odds of Trump crippling NA auto is lower than implied

@rockcreekfreak @hallen_a @pembridge_cap Swedish investors seem to want compounders and rollups (but only if they trade at +30xFCF). Canadians hardly seem aware of IPCO, at least judging from when they post peer data on here (and always forget IPCO). I see a bastard-child discount if anything.

@deepvalueco Not sure the bull case is so much a rerating as it is increased earnings power from capex+one off costs falling off coupled with capital light growth and good capital allocation. If that falls into place, people tend to get excited (and rerate), but I wouldn't bank on that

@deepvalueco Personally, I don't mind cyclicality if management knows how to press it to their advantage. And I think these guys do. So instead of dumping a nice albeit cyclical business to get a higher multiple, better just get aggressive on the buybacks whenever mkt sours.

@rockcreekfreak Yep, same happened with Blackrod. I sold some before announcement back then, as it was well flagged. I agree MEG is attractive, despite YTD performance I just much prefer IPCO still. If one is worried about Blackrod ramp, MEG looks like the next best deal to me.

@phil_hk @oilgastourist @rockcreekfreak More like a discount so far... It's much cheaper than MEG if you roll fwd a couple of years and assume Blackrod is a good one (buybacks suggest as much).

@1_adoy What do you think about the business? And the valuation right now?

@1_adoy That's the one with Q's around sustainable margins, right?

@John_Hempton When even a public short seller ignores 23B & 11B of SBC, I get a topsy feeling

@agnostoxxx @JavierBlas Peanuts compared to Henrik Poulsen, who jumped ship in early '21 and cashed out 200m DKK... Poulsen is a great market timer, he also made a fortune on TDC, which is absolutely in shambles today

@JamieCDubya @rhomboid1MF What margin of safety? It's trading at ~3x TBV from what I can see. No clue on the business, but I don't see any balance sheet protection as indicated by 'worth more dead than alive' (per TIKR, sometimes they screw it up)

@JavierBlas Danish government should've taken a cue when Henrik Poulsen quit and sold all his shares >1200 DKK...

@ExpectingValue No clue whether Reeves gets her will, but she seems pretty determined to get stuff done and seems to listen a little to the market...

@convexititties @boujee_banker Can just disregard the above, I only saw the first part of your answer when I replied. Appreciate the help.