Blackhawk Growth (BLR)  vs Quinsam Capital (QCA)


Focus:

BLR

"Blackhawk Growth is an investment holding looking to create substantial value for its shareholders through the acquisition and development of high growth companies. It has focused its investments in the health, cannabis and cannabidiol industries in both Canada and the United States." (About BLR in NRs)

QCA

"Quinsam is a merchant bank with a focus on "small cap" investments which it believes are undervalued. "  (About QCA in NR's) Although clearly the sector of focus for QCA is the Cannabis sector, based on a review of its portfolio.




NAV/sh...:


BLR

- As at March 31, 2021, NAV per share was $0.37

https://stockhouse.com/news/press-releases/2021/06/01/blackhawk-growth-files-quarter-ended-march-31-2021-financial-reports

As of today (July 8, 2021) stock trades at $ 0.53/sh   (43% PREMIUM to NAV/sh)


QCA

"At March 31, 2021, we had net assets of $0.35 per share"

https://stockhouse.com/news/press-releases/2021/05/26/quinsam-announces-q1-2021-results-and-update

As of today (July 8, 2021) stock trades at $ 0.18/sh   (48% DISCOUNT to NAV/sh)



Investments - does size matter?:


 BLR

As at March 31, 2021, Blackhawk held $7,226,709 in current investments (see link above)

QCA

As at March 31, 2021 Investment portfolio $ 36.6M (per Sedar)


Insider buys and stock buy-backs (of late):

Seems to be much in favour of QCA wrt Insider buys (insider buys and Corp. buybacks to retire shares).

A 100% utilized  NCIB buybacks for the past two years. Another likely to start next month (if prior years is any guide).


Dividends:

QCA pays one (around 3% annualized)

BLR - does not.



News Releases:

SInce Jan 1, 2021, as measured from a count of Stockhouse NR's


BLR  22

QCA    4

Tip of the hat to BLR - they are much more SH friendly in terms of NR's.

It's interesting to compare & contrast the two Companies - as to what constitutes news!

Could this, at least partially, explain the Premium vs Discount?




Were QCA trading at the same premium to NAV/sh as BLR, the SP would be .53 (not .18) or almost 200% higher !!!!


Value investors should do what they will with this information.

Personally I hope BLR figures out a way to do a reverse takeover of the undervalued assets of QCA and works their magic (in commanding a premium to NAV/sh)  for the new list of combined shareholders.

MM