RE:RE:RE:RE:RE:CCFYI from the jefferies report:
Consolidated revenue and earnings were better than anticipated, with both core holdings outperforming. Importantly, there were no negative marks in the portfolio for the first time since 1Q23 and mgmt continued to divest its Capital A holdings. We still believe significant value can be unlocked but not until the portfolio is cleaned up, which will take time. Our new NAV estimate is $6.33/ share, down from $6.49/share. Reiterate Buy.
Price target unchanged at $4.50. Our estimate for the NAV 12 months from now decreased modestly to $6.33/share, down from $6.49/share previously. This mostly reflects higher value on Cortland operations, which was more than offset by lower assets and liabilities at AIM's parent level. We anticipate the discount to NAV narrowing to 30% from 60% currently as integration of new assets and portfolio trends improve.