Wall Financial Corp T.WFC

Wynner the Winner of WFC

[malx1]

*yawn*



Approximately $22.7mm funds from operations through 9mo of 2024 fiscal year
Shares O/S are 32.4mm
That's $0.70/sh FFO

Where do you find the $3 dividend was funded from hotels revenues?  
You didn't, oooops.


Here's a riddle:
If the monopoly man borrowed $100mm to pay a dividend he couldn't afford, what's the annual interest cost at 6% mortgage rates?

Answer:    Dumb BOD, smells fishy



Carrying Value

$682mm


Market Cap

$689mm


I don't like those apples.

In fact, values of these assets are set to decline as 6-7% mortgage costs start to take hold.

Precious NAV here will fade, and that may be the cause of -34% selloff.


I think WFC has another 21mm shares in the war chest.    If/when price of shares gets bloated in open market, they may seek to sell equity.


I'll repeat previous comment:    $97mm dividend was a waste of money, they needed that to pay down debt or set the stage for a $100mm share buyback

Best move would have been buyback, easy






Anyone investing serious money into public companies, they look for quality management and quality BOD.   There's been a failure here, they have the opportunity to learn from it, time will tell.

When I smell executives playing games with shareholder's capital, that's my cue to sneak out the fire exit dividend in hand.

Stock still undervalued, sure, but who knows if that will change.   Maybe this discount is because of Capital Mismanagement and concentration risk of influential shareholders here.

Not good



Maybe you can shed some light on this one........................................

Why did Bruno Wall get 400k shares at $9.97 when the share price was $16 in the open market - answer me that, Wynner.

Right after the ill-timed, ill-allocated $3 dividend....................   interesting.


That $97mm decision pays its own NEGATIVE dividend, it's called interest owed.   Shows up at about $6mm a year in extra cost to ALL SHAREHOLDERS.

DUMB

[wynner]

malx : Where do you find the $3 dividend was funded from hotels revenues?  ------------------------------------------------------------------------------------------------- The hotel, residential, and commercial properties owned by the Company provide an income stream and capital appreciation that is utilized for acquisitions, investments in development properties

[malx1]

Show me the numbers. "Show me the MONEY!!" I just showed you $0.70/sh in 9 months. That's post-pandemic funds from operations. You're quoting generic stuff from MD&A, classic boilerplate chatter. My dog quotes this stuff when he's hungry for treats. COVID was tough on all Lodging businesses, hopefully you noticed the decline in profitability during Pandemic Panic

[wynner]

They didn't pay a dividend for 4 years because of COVID.  2019 they paid $2. Not many years when they skipped. Sometimes they pay two dividends. Since 1969. I was just a boomer.  From 30cents to $3 . Less and less shares outstanding. 2024 is going to be their better year . imo. This is in my top 3 stock ideas.

[malx1]

That's all well and good. They didn't generate $97mm in surplus capital during COVID. They borrowed the money to paid a dividend. Now what's the interest cost on $97mm at 6% rates? Only about $5.8mm/yr interest expense to pay out money they didn't have. Smells funny.    I don't like it.    You also didn't explain why Mr Bruno got 400k

[wynner]

Last time I was in Vancouver I had a mask on. Justin Bieber and his wife were out for a stroll along the boardwalk at the same time as us. NO mask for them. Kelowna is where I have a relative that is about to put a condo on the market.

[malx1]

This is heartwarming, I wonder if Bieber is a shareholder of WFC. Ask him what he thinks about the $97mm debt for the dividend. Maybe he knows why Mr Bruno Wall gets shares at $10 while schmucks like myself have to pay $16 in the open market.

[wynner]

Justin has a condo of his own there apparently. Not sure about his security guys. Maybe they all stayed at the Wall Center. I hear it's very nice. Bruno is the NEW boss. Peter Wall has been giving some of his shares away looks like. His son is doing something else in The Big Apple. I have never bought any for $16.....yet.

[malx1]

JustinFlation is a big reason why we are in this mess. Vancouver and Toronto RE prices are ripe and ready for -20% selloff, maybe more. 2025-2026 is going to be a shipshow. Ask Tiff.

[wynner]

Justin Bieber is a singer. You can't go blaming him.

[malx1]

Wynner - you got your Justins mixed up there bud This guy is Horseship, only took rest of Canada 8yrs to figure it out.

[wynner]

Now don't go full on Marjorie Taylor Greene on us kid. Be more like Marj Simpson.

[malx1]

Let's not let our "feelings" for Trudeau get in the way of sound government and sound investing strategy.

[wynner]

That's right. Politics pollutes the brain. I would never invest in Ont. BC ,or Alberta if I "felt" that way. Mind you I have no investments in the other provinces . But I might do. BTW. News today that rent is increasing .