Value for the Patient at Globex

I don't normally look at companies like this but Globex Mining Enterprises (GLBXF) is not what you think.  They have an incredible balance sheet with $7.5m USD cash + $13.5m in investments.  The CEO hates debt so they have none, carrying only a couple hundred grand in current payables.  

As I type, the stock is at $0.75 USD giving a market cap of $42m.  Book value is $24.3m with $20.8m of that being cash + securities.  They own their buildings outright and carry those around a million.  Add that up and the market is valuing the operating company at about $20m.  

This is where it gets interesting because Globex is really a hidden balance sheet play.  The company owns 252 mining properties and 106 mining royalties, all of which are carried at zero because the frugal CEO doesn't want to pay auditors for assessments.  Your job today is decide if you think those 252 properties and 106 royalties are worth more than $20m USD.  

Opportunity Among Disfunction at PGNT

PGNT sits at $5.70. Trading under half of book value, less than a tenth of revenue. Market cap of $9.9m with net income of $1.1m, $4.7m, $3.4m, $3.6m the past four years. $7.2m in cash + securities. Real estate worth more than the $3.3m it's carried for on the balance sheet.

You've got to be pretty hated to be that cheap.

ETCC is Executing

I first wrote up ETCC in early 2019 with the stock at $0.58, having fallen from a high around $2 a year prior.  When the company stopped filing in 2020 I held and waited.  In mid-2021, with the stock in the $0.30's, I bought more as the company released new orders and told investors they would be getting current with financials.  

With a market cap of $2m in Feb 2023 the company announced an $85m contract.  As the stock spiked 4x up to $2 I sold nothing, thinking if that contract actually follows through it's going higher.  

As the stock fell back below $0.50 I bought more.  Fast forward to now and we have the stock at $1.78 with a $17m market cap.  Backlog is $109m.  The company has earned $0.09, $0.08, $0.17 the past three quarters, totalling $5.5m. 

If you've ever wondered how Buffett found a stock at PE = 3 here it is.