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Steel Parners Holdings

Started by Peter, December 01, 2019, 11:00:00 PM

Previous topic - Next topic

Fred93

SPLP

An unusual company.  A small conglomerate of various industrial materials mfg companies and Web Bank.

Web Bank is the bank that issues loans for the various small lending companies like Prosper and LendingClub.  You need the bank in the middle for some obscure old regulatory reason.  I always figured that was a good business, 'cause they're about the only folks doin' this.

Someone else here followed SPLP  I seem to recall.

One funny thing about the business is that about half the stock is owned by insiders, and they don't seem to run the thing to make a profit.  Earnings are a "sometimes" thing, bouncing around in a seemingly random fashion.  I believe that this is just a nontraditional motivation at the top.  They aren't driven by the usual wall street approach of drive earnings to make shareholders happy.

Meanwhile, they continue to ramp sales, and buy back shares every year.

So this looks like a possible good thing, but the darn stock price keeps goin' down.  I wonder if there's stuff I don't understand.

I've tried reading the 10k, but it is complex, due to the mix of businesses, and constant background of acquisition things going on, and while I'm pretty good at reading a straightforward 10K, I'm no accountant, so I don't believe I really understand all I see there.

Anyone have thoughts on SPLP?



rawraw

Based on your description, sounds like a hard one to invest in.  Sounds like a Japanese company

Peter

Publisher of the Lend Academy blog

See my returns here: http://www.lendacademy.com/returns


TravelingPennies

i'd like them to spin webbank, especially since those new "alt" bank charters got killed and webbank (and about 10 others) own the mkt - alternately, someone should buy it off them... i'm sure they're willing to hear offers.  for reference, cross river, which is a little bank in NJ that does similar things, has gotten major VC interest over the the years and is valued at like ~5x current mkt cap of the entirety of splp.

i note you found the preferreds;  that's the "safe" play.  but, uh, they aren't printing any more of those licences to print money nationally, so, that's... what... uh... piqured my interest in splp, proper.

TravelingPennies

Utah industrial charters are still granted as far as I know

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