tag:blogger.com,1999:blog-5389144729834496735.post861743567179330470..comments2024-03-17T05:15:55.634-04:00Comments on The Brooklyn Investor: Green Brick Partners, Inc. (GRBK)Unknownnoreply@blogger.comBlogger18125tag:blogger.com,1999:blog-5389144729834496735.post-15447278652084387062018-06-22T14:21:23.821-04:002018-06-22T14:21:23.821-04:00Is this one still on your radar? Third Point sell...Is this one still on your radar? Third Point selling on the stock offering today.... Thanks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-23198721011438785262016-02-07T11:28:04.581-05:002016-02-07T11:28:04.581-05:00kk,
It´s clear now. Thanks. Off topic here, ha...kk,<br /><br /> It´s clear now. Thanks. Off topic here, have you been looking at some new stocks in the downturn?<br />Thanks again.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-76080495265827276092016-02-06T17:55:09.135-05:002016-02-06T17:55:09.135-05:00They own a lot of land, and that's good, usual...They own a lot of land, and that's good, usually. The market may not like that now if housing slows down and their markets get hit from the oil/gas 'depression', but that is not a permanent thing, I don't think...kkhttps://www.blogger.com/profile/06299974418283948333noreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-21273263824561648422016-02-06T10:57:24.687-05:002016-02-06T10:57:24.687-05:00KK,
Thanks. OK. Sorry if i didn´t understand, ...KK,<br /><br /> Thanks. OK. Sorry if i didn´t understand, but when you said that the big factor factor is the asset value that is almost unchanged; the asset factor is more of a positive or negative in this case?<br /><br />Thank you very much.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-73933593315113456972016-02-06T07:22:20.893-05:002016-02-06T07:22:20.893-05:00Hi,
They apparently had some operational issues,...Hi, <br /><br />They apparently had some operational issues, but my initial thoughts haven't changed much. Of course, the world has changed a lot, though. Oil and some of the industrial sector is getting hit hard so I can't imagine it not having an impact in some of their markets. <br /><br />But this is more of a timing problem; whatever we thought would happen might take more time. The big factor is the asset value here, and I don't think that changes much other than some near term issues (based on the economy etc...). <br />kkhttps://www.blogger.com/profile/06299974418283948333noreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-77597099283547638742016-02-06T02:49:42.290-05:002016-02-06T02:49:42.290-05:00Hi KK,
I would like to ask you if you have s...Hi KK,<br /><br /> I would like to ask you if you have some current opinion about GRBK?<br />Thanks.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-63255707155961996902016-01-31T11:19:47.495-05:002016-01-31T11:19:47.495-05:00WMM. I am not sure what's there to "revis...WMM. I am not sure what's there to "revisit"? It's cheap, the fundamental story has not changed much except that they raised cash at a very opportune time to pay off expensive debt. There is some anxiety over real estate in Dallas as a result of energy downturn but that has been the case for some time now. The COO was fired for undisclosed reasons but appears that whatever the reasons were, they weren't material or the company would have had to legally disclose them. Guidance was lowered but not for reasons that would impair the long term or even midterm value from the co. The stock is mostly down due to lack of liquidity and a major pullback in small cap stock. I think that sums it up. What else do you want to know?<br /><br />no namehttps://www.blogger.com/profile/01180488577665672291noreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-84068786807224435692016-01-30T13:00:54.790-05:002016-01-30T13:00:54.790-05:00Have you had a chance to revisit this? Seems inter...Have you had a chance to revisit this? Seems interesting and cheep again.WMMhttps://www.blogger.com/profile/11349214056382858324noreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-52533925330729478532015-04-29T19:36:35.905-04:002015-04-29T19:36:35.905-04:00This was, hands down, one of the best explanations...This was, hands down, one of the best explanations for Einhorn's "Get Out of Jail Free" card. I had stock in both Pacific Ethanol (PEIX) (which I was able to sell last year, thank the Gods, for a small profit) and BioFuel Energy Corp, which has turned into GRBK for those shareholders who bothered to open their mail and check the box. So, thank you. I am still holding fast to Beacon Power (the flywheel guys) hoping that dog will hunt at least to my break even point. Sunnahttps://www.blogger.com/profile/09715997464279719602noreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-46227769915929723742015-02-13T16:12:56.342-05:002015-02-13T16:12:56.342-05:00Great analysis. This has looked appetizing since ...Great analysis. This has looked appetizing since I've been looking at it the last couple of years. And those DTAs will definitely come in handy down the line. Thanks again! Lukas Neelyhttp://endlessriseinvestor.comnoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-51440244988610853712015-02-11T05:28:38.133-05:002015-02-11T05:28:38.133-05:00Thank you, on behalf of myself and other oldfarts,...Thank you, on behalf of myself and other oldfarts,<br /><br />An Oldfart.Oldfartnoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-51133150413947267882015-02-08T07:31:57.109-05:002015-02-08T07:31:57.109-05:00Hi, I just cut and paste with the mouse (and then...Hi, I just cut and paste with the mouse (and then control-c/control-v) off of the html document. If it's a pdf, then I just "snip" and save as a picture whatever I need (this is a windows thing). kkhttps://www.blogger.com/profile/06299974418283948333noreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-78670826680529478932015-02-08T07:16:44.227-05:002015-02-08T07:16:44.227-05:00I apologize for the off topic question, but how do...I apologize for the off topic question, but how do you save clippings from SEC filings? I am slowly transitioning to digital note taking, and this trick would be very helpful.Oldfartnoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-87358514078418227992015-02-04T16:57:52.630-05:002015-02-04T16:57:52.630-05:00They actually own 3,289 lots and control 719 (base...They actually own 3,289 lots and control 719 (based on September financials). You can estimate costs pretty easily since they arrive before revenue (they are on the balance sheet). Most of the proceeds will be tax free so the proceeds should mostly turn into cash. This will provide the fire power for future opportunities. Key here is management (judging them on current and future deals) and capital structure which I believe can be financed with lower cost debt. The combination of Brickman/GL makes this interesting. Agreed other similar investments might not be worth the time.Anonymoushttps://www.blogger.com/profile/05163742012248686756noreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-69933806306059184802015-02-04T16:56:18.361-05:002015-02-04T16:56:18.361-05:00Yes, good point. I thought of that, but the idea ...Yes, good point. I thought of that, but the idea was "liquidation value", so you have to assume that someone can buy it and will have the capacity to develop it immediately or sell off the pieces they can't develop. That's the idea of "liquidation". <br /><br />But yeah, in reality, that's not going to happen and the value will be some sort of discounted value over time, however long it takes to develop and sell the lots. kkhttps://www.blogger.com/profile/06299974418283948333noreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-36722809065642621082015-02-04T16:43:48.397-05:002015-02-04T16:43:48.397-05:00One small note on valuing out the 3,517 lots for $...One small note on valuing out the 3,517 lots for $100,000/lot to $352 million. Expenses will definitely bring the value down, but also time. Seems unlikely they sell that many lots in a year or two. Probably not worth it to go through the trouble/headache/spreadsheet but best way to really hammer it down is estimate the expenses and rev. from lots sold per year, then do a DCF on the annual net CF steam over 3 or 5 years or whatever reasonable amount of time to sell all those lotsJaynoreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-47708498011153799502015-02-03T22:09:56.536-05:002015-02-03T22:09:56.536-05:00Good point. I guess the DTA is going to be realiz...Good point. I guess the DTA is going to be realized with a high probability (and it's an NOL DTA) so it (at least the discounted amount) can be subtracted from EV even if it's not cash. <br /><br />I was curious about funding growth opportunities; they've bought up a ton of inventory recently so hopefully they don't need more massive amounts of capital; they have to work through what they already own. I suppose equity financing for acquisitions may happen forward. kkhttps://www.blogger.com/profile/06299974418283948333noreply@blogger.comtag:blogger.com,1999:blog-5389144729834496735.post-25821392265118587882015-02-03T21:44:20.617-05:002015-02-03T21:44:20.617-05:00For your EV calc. I believe you should be subtract...For your EV calc. I believe you should be subtracting the NOL or the DTA. In that case, GRBK would appear to have a lower multiple. Another interesting aspect is that management has received and will received stock based comp at $7.49. Incentives are aligned to create value. Management also alluded to using equity to fund growth opportunities.Anonymoushttps://www.blogger.com/profile/05163742012248686756noreply@blogger.com