$3.33 cash / share....Amazing,
GDL in a very dificult market managed to make $1.72 / share in 2023.
It ended the year with zero LT debt, $3.33 of cash / share and net cash flows from operating
activiies was $5.03.
The stock trades at less than 3 time it operating cash flow.
Being in business for now 125 years, their assets have been depreciated to the bone.
They stand at 30% of cost and the land value must be worth more than 5 times what
it's on it's balance sheet.
They seem to be managing their inventory very well.They took it down at a low level
to end the year.
$
The pension fund is over capitalized by 15.3 million.
The company as never been that lean.Patrick Goodfellow and is team seems to be doing a very good job.
Book value is $22.88.
It could go on and on but you get my point.
Will it go pass $20 in the near future probably not but the probability of going higher
is alot stronger than lower.
The dividend is solid at $1.00 for a yield of 6.8%
I have always thought that it would make a good fit with their Delson neighbor (Stella jones) but it could also be a good fit for Taiga Building products.
But for that would would have to see the 2 goodfellow brother( more than 90 years old)( and M. Jarislowsky(98 years old) be sellers.
IF interests rates do come down in the second part of the year, this will add to sales and profitability.
In the mean time, i am happy to be a shareholder of Goddfellow and getting paid a good dividend to wait