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SFC - Schaffer Corporation

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galumay said:
@barney there is not much free float though, very tightly held by the top 20.
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Haven't followed this since my last post back in late August, but the lack of Sellers back then has seemed to morph into a continual rise higher.

I have no idea on the Stock but well done to you guys who understand and have made a few bob out of it.

I find it amazing that a Stock worth so much is so thinly traded
 
barney said:
I find it amazing that a Stock worth so much is so thinly traded
Click to expand...

There is really no reason for any correlation between the price of a share and how much it trades. Not many shares issued, Its not got a lot of free float so that reduces the interest, its not got any institutional holders, there is no broker coverage and its not something that traders would normally look at so there is no noise about it from the HC rampers & pumpers.

Its also not a sexy business, no SaaS here, no tech, no inspiring narrative - just a funky mixture of a REIT/LIC and a leather seat maker with a concrete casting business hanging off the side of it!
 
What a difference 6 months makes!

Crap H1 2022 for my little illiquid WA car-seat/concrete-gnome/REIT/LIC, $SFC - the leather business heavily impacted by chip shortages and supply chain issues and LIC crushed by the fall in the SP of their main #shitco.




GROUP INVESTMENTS.

 
i wouldn't go as far as say 'crap ' , unexciting , i could agree with that

i glance at this from time to time but haven't bought in .. yet

DYOR

( being illiquid isn't a total turn-off for me )
 
I think crap is fair, not a reflection on the business, just on the circumstances of the half year. I suspect management would agree with me!
 

Please explain "concrete-gnome" lol especially hyphenated.
 
i threw a bid in today but the price wandered away from the target so cancelled the order , maybe another day
 
Interesting FY2022 AR from my little car seat/concrete gnomes/REIT/LIC, SFC out this morning. They have weathered the impacts on the business fairly well I believe. The accounting changes to value the property holdings at fair value will take me a bit of time to digest. The biggest single impact on income was the $32m turnaround in "Net (loss)/gain on other financial assets at fair value through profit or loss - non-current". This impacted profit by about $16m after allowing for a similar "Net gain on investment property at fair value". Might have to ask them for a bit more detail around what these non current financial assets are. The non-current bit is what I cant quite identify.

I emailed them and Jason replied explaining its simply the bag of equity and property syndicates they intend holding longer than 12 months. The impact on these valuations on earnings is really largely irrelevant anyway, my focus is on the cash in this sort of situation.

Looking through the shareholder presso, (i usually only read the actual annual report), its obvious that the holding in HTG is the main culprit.

 
A nice result for SFC, FCF much improved as well, car seats doing better, Delta more profitable than its been in all the years I have held SFC & property investments doing well.
 
A solid half from SFC, Automotive leather has had some short term issues, management very clear about what the problems are and seem confident of an improvement H2 onwards. The concrete garden gnome sector has been strong again, although management forecasting a return to the norm of break even! Not really a meaningful part of the business anyway. Group investments continuing to trundle along nicely.

 
Another solid year for SFC, the significantly lower increase in value of the Sth Jandakot development masks the strength of the results, as usual the report is clear with more detail than many companies post, presentation to investors and letter to shareholders also both high quality, clear comms, no bull****.


 
Just had a look at SFC.
Super tightly held company apparently with only 4 Sellers and 13 buyers listed.
No trades today.
 
Yes, typical of the type of company I own! Founder holds about 20% and top 5 are 50%. Hence the lack of liquidity. The secret sauce with the business when I bought was that you bought the car leather business and got the real estate portfolio for free. They have now unlocked the value of the land bank as well as expanding the RE holdings greatly and essentially running an internal equity fund.
 
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