E-L Financial Corp Ltd T.ELF

Book value discount

[HermannHaller]

Why is this trading over 50% discount to equity value? It looks like it was at about a 35% discount a few years ago. Has it just expanded over time?

I'm new to this, any input is appreciated.

[chuck84]

very long story. would recommend visit "seeking alpha" and "corner of berkshire and fairfax" for much more discussion. that said, as far as NAV is concerned, there are effectively 3 NAV's: 1) that which is reported - IFRS. this is often used when discussing the discount but is borerline irrelevant 2) GAAP - the accounting methodology used throughout history up until 2010

[chuck84]

in other words, the discount is much larger than it appears. ultimately brought on by massive capitulation selling by virtually all remaining institutional holders and covid last year. the company has done everything possible to buy up everything they can. 80% of this dividend (family's ownership of the approx $300mm being paid out - ie quarter billion) will go to family holdco's to