Construction company for sale for one third its tangible book value

When I originally wrote about this company in the Dutch newsletter, it was trading at one-third of its tangible book value. My assertion from the beginning was that even though the stock was only trading at one-third of book value, I anticipated a doubling. This was because I expected there to be write-downs and possibly a capital increase that would erode book value.

Today, we have reached the point where, in my opinion, the majority of the write-downs have already occurred. In summary, for me, the potential for doubling remains intact, even after the write-downs and the capital increase.

This is a pure bet on the undervaluation relative to book value, which I consider in conjunction with the two other construction companies I have previously proposed. This one is the riskiest of the three.

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