Hi all,
yes it's a lot of time that I don't
post anything for you, beloved readers.
Today I have no 'original' post but
a link to share with you: it is about NWLI, National Western Life http://rbcpa.com/companies/NWLI_Notes.pdf
I found this post from Redfield,
Blonsky & Co., LLC, an advisor I do not know how I came to know them, but
at that time I was looking for St. Joe's investment thesis and from what I
remember it was a very deep analysis.
Why I'm looking for thesis about
NWLI?
Because it's selling at less than
half of book value (the lowest point in 10 year, with an historical average of
0.7 p/book), have (and ever had) 0 debt, and it's an historical holding of
Third Avenue Small Cap.
Here are the numbers about book
value, book value growth, ROE and some averages.
Year
|
Quarter
|
Bvps
|
YoY
Bvps Gr.
|
Roe
1Y
|
2007
|
Q1
|
263.4
|
||
2007
|
Q2
|
265.1
|
||
2007
|
Q3
|
270.6
|
||
2007
|
Q4
|
279.3
|
||
2008
|
Q1
|
283.3
|
7.5%
|
8.2%
|
2008
|
Q2
|
283.9
|
7.1%
|
7.8%
|
2008
|
Q3
|
274.8
|
1.6%
|
5.3%
|
2008
|
Q4
|
272.0
|
-2.6%
|
3.4%
|
2009
|
Q1
|
279.1
|
-1.5%
|
3.4%
|
2009
|
Q2
|
293.2
|
3.3%
|
3.3%
|
2009
|
Q3
|
303.0
|
10.3%
|
4.2%
|
2009
|
Q4
|
307.2
|
13.0%
|
4.3%
|
2010
|
Q1
|
315.7
|
13.1%
|
4.5%
|
2010
|
Q2
|
326.1
|
11.2%
|
4.5%
|
2010
|
Q3
|
334.8
|
10.5%
|
5.7%
|
2010
|
Q4
|
335.8
|
9.3%
|
6.2%
|
2011
|
Q1
|
340.3
|
7.8%
|
6.1%
|
2011
|
Q2
|
345.7
|
6.0%
|
5.3%
|
2011
|
Q3
|
351.4
|
5.0%
|
5.7%
|
Average
|
6.8%
|
5.2%
|
||
Giuseppe
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