tag:blogger.com,1999:blog-7294165939647321702.post4820766324018541165..comments2024-03-11T10:31:06.107-04:00Comments on <center><a href="http://www.barelkarsan.com">Barel Karsan - Value Investing</a></center>: ADF GroupSaj Karsanhttp://www.blogger.com/profile/04493152766022812984noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-7294165939647321702.post-76539552369211013562011-09-26T07:15:03.756-04:002011-09-26T07:15:03.756-04:00ADF Group's financial position is now even str...ADF Group's financial position is now even stronger with $0.62 per share or half of its share price in net cash. <br /><br />In this business it's impossible not to have high customer concentration. It seems like the World Trade Center is 90% of its business right now and for the next 10 months at least. <br /><br />It is very positive that management has articulated their objective to focus on profit rather than revenue and only accept orders from financially solid customers.<br /><br />With regard to the recent post on EPS manipulation, these guys have a great opportunity to do it in every quarter since they recognize revenue based on percentage of completion but aren't doing it. The last two quarters have been rounded down from 0.023 to 0.02.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-40455737816467943312011-03-09T20:16:49.675-05:002011-03-09T20:16:49.675-05:00A revenue lock-up so big even Mr Market noticed:
A...A revenue lock-up so big even Mr Market noticed:<br />ADF GROUP INC. ANNOUNCES NEW ORDERS OF $23 MILLION AT THE WORLD TRADE CENTER<br /><br />http://www.newswire.ca/en/releases/archive/March2011/09/c9122.html<br /><br />Even with conservative margin assumptions, the expected profit from this deal alone is a very substantial amount with respect to ADF's market cap over the last little while. <br /><br />And they still have stuff going on out west. <br /><br />And they should start cashing in on the currency forwards.<br /><br />Hey Karsan, your blog needs to deal with updates and recent comments better. Many value situations take month or years to develop but they tend to fall off the map after the initial spotting.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-54775619757014281342011-02-04T20:44:40.207-05:002011-02-04T20:44:40.207-05:00Well Anon, lets hope you added more in Dec. I'...Well Anon, lets hope you added more in Dec. I've been adding and adding over the past year. I'm the same Anon in post #2 and would encourage other interested ADF investors, or potential investors, to monitor activity on the ADF HR page, which is still showing many jobs to fill. Also look at Canadian Insider and note big volume spikes (will show on Google Finance or Yahoo) then reconcile with filings Canadian Insider. It's back up over $2/share and will go much much higher as business picks up, Western Canada expansions are completed and in the money USD currency hedges are utilized. In this Anon's opinion, EPS will shoot up over the next few quarters.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-81409457866182306962010-12-13T11:29:36.417-05:002010-12-13T11:29:36.417-05:00Agree, this is an interesting case. I hold some sh...Agree, this is an interesting case. I hold some shares not many but am unsure of whether to add more until they've received new orders or not. If I recall correctly they said they were bidding on a substantial amount of orders earlier this year, but nothing seems to have substantiated yet. You do have strong protection on the downside from the asset base however, and it will be interesting to see if they can grow their nuclear construction business.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-3687021253046028302010-12-04T14:55:34.019-05:002010-12-04T14:55:34.019-05:00Definitely a sleeping value play.
This ad has be...Definitely a sleeping value play. <br /><br />This ad has been up for some time now, I screen shot it every now and again for my own records. <br /><br />http://www.adfgroup.com/en/general/humanresources.html<br /><br />If I were in the east end of Canada, I would do physical scuttlebutt. Since I am not, I go with virtual scuttlebutt. <br /><br />Also, don't skip over the large amount (relative to their market cap) of in the money currency contracts they hold.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7294165939647321702.post-22333672664822955412010-10-03T22:38:15.857-04:002010-10-03T22:38:15.857-04:00no one has made any comments yet..It really seems ...no one has made any comments yet..It really seems like this stock is ''under the radar'' hahaAnonymousnoreply@blogger.com