Because of the low float and market cap of this comapny, i would bet you
that few investors know that Goddfellow land value is sitting on it's book at less than
1/13 of it's market value.
Goodfellow's own 11 locations.The best one (Delson) is located at a prime place.
It's right beside highway 15 and at 35 minutes straight drive to the N-Y USA border.
GDL land value is 6.2 million or 73 cents/ share on it,s balance sheet.
Northvolth paid 240 million for 18.5 million square feet of land in Saint Basile-Le Grand
So it paid $13 / square feet. for land that is not as well located than GDL Delson land.
The Delson land is 3.5 milion square feet.At the same value that Northvolt paid
it would be $45.4 or $5.33 / share.
Goodfellow own 10 other locations for total sqare feet of 5.8 million sqare feet.
Let say we take only half the price that Northvolt paid $6.5/ square feet instead of $13,
the balance of their land would be worth $4.39 / share.
So Delson$5.33 + all other at half the value $4.39 = $9.72 vs book value of 73 cents.
that's 13 time more than book value.
Adding $9 to GDL depriciated book value of $22.88 = $31.88
This is what i call hidden gem.
Total sq feet own by GDL is 9.3 million sq feet.Again appliying a low ball $6.5 / sq feet
on the total land own by GDL would put the value at $60 million or $7 / share VS 73 cents on
it's book.
There are land deals that went for much more than the Northvolt one.
I am no expert on land value but i can see that GDL land is worth many multiple than
were it stands on it's balance sheet.
Here is a clip of an article showing deal that went for $22 to $27 / sq feet
La pandmie et ses effets ngatifs sur les chanes d’approvisionnement ont toutefois fait bondir les prix des terrains industriels. C’est ainsi qu’ la fin de 2021, un terrain de 4,3 millions de pieds carrs situ Saint-Bruno-de-Montarville s’est envol pour 95 millions $, soit 22 $ du pied carr. Deux mois plus tard, Candiac, une transaction a t conclue plus de 27 $ le pied carr.
De son ct, Northvolt a pay environ 13 $ du pied carr.