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Personal Buy — Taste of a Past Idea of the Month


Just a quick note to update you that I bought a small tranche of MFC Industrial (MIL) shares today, following the recent drop and their latest earnings release (the shares are down about 20% since I featured them as the “Idea of the Month” in February).

Business is a bit troubled right now, particularly with their iron ore holdings (they’ve written off their mine in India because the government shut down that mining region) and low gas prices, but I expect this to become a good long-term play on their commodities marketing business and on the undervalued natural gas assets they bought last year. The only real short-term catalyst possibility that I can picture is that they may well partner or sell some of the natural gas assets — like their processing plant, or their undeveloped exploration land — but at a 30%+ discount to book value and with a growing dividend I will look both to build on this position if the price stays appealing, and to be patient with management. More on this in the Friday File tomorrow.

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