RE:Undervalued?I have a large position in this one, and the debentures.
The three pubcliy traded MICs have all been crushed. All of released business updates stating they yes, there is uncertainty, but their loans are low loan-to-value, mostly first mortgages etc. With regards to TF, they can be seen as the most conservative of the three MICs, since more than half of their loans are to multiresidential buildings (rental apartments).
TF was trading a bit stronger than AI and FC until today, when a seller really pressured it down. We'll see if that seller finshes tomorrow.
TF closed at 6.04, 68% of NAV (8.75)
AI closed at 7.56, 70% of NAV (10.88)
FC closed at 8.82, 80% of NAV (11.07)
I'm holding TF until it's back at NAV. If this situation settles down and we return to a sense of normalcy, the hunt for yield should push it back up. Currnet yield is 11.4%.
Good luck