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Biggest 4th-Quarter Buys of Donald Smith's Firm
2020-02-11 20:55
Donald Smith(Trades,Portfolio) & Co. recently announced its portfolio updates for the fourth quarter of 2019.
The firm, which was founded by Donald Smith in 1980, specializes in out-of-favor stocks that are trading at a discount to their tangible book value. The portfolio managers look for stocks with good earnings expectations and maintain concentrated funds in order to focus on their best ideas. After Smith passed away in late 2019, he was succeeded as CEO by Richard Greenberg, who is also the co-chief investment officer along with Jon Hartsel.
Warning! GuruFocus has detected 3 Warning Signs with MOS. Click here to check it out.
MOS 30-Year Financial Data
The intrinsic value of MOS
Peter Lynch Chart of MOS
As of the quarter's end, the firm's equity portfolio is valued at $2.74 billion.
The firm's top holdings are AerCap Holdings NV (AER) at 11.56%, Air France-KLM (AFLYY) at 8.53% and Gold Fields Ltd. (GFI) at 8.19%. In terms of sector weightings, it is most heavily invested in industrials, basic materials and financial services stocks.
Based on the firm's investing criteria, it established new positions in The Mosaic Co. (NYSE:MOS) and Flex LNG Ltd. (NYSE:FLNG) during the fourth quarter. It also more than doubled its existing holdings in Bonanza Creek Energy Inc. (NYSE:BCEI).
The Mosaic Co.
During the quarter, the firm invested in 1,705,224 shares of The Mosaic Co., impacting the equity portfolio by 1.35%. Shares traded at an average price of $19.84 during the quarter.
Based in Tampa, Florida, The Mosaic Co. is the world's largest producer of potash and phosphate fertilizers. Mosaic mines phosphate from land in Florida and Peru and potash from New Mexico. It is also in the process of establishing a joint phosphate venture in Saudi Arabia, which, when complete, is expected to yield the company 25% of the annual mining volume of three million tons.
As of Feb. 11, Mosaic has a market cap of $7.73 billion, a price-book ratio of 0.78 and a price-sales ratio of 0.5. According to the Peter Lynch chart, the stock is trading near its fair value.
GuruFocus has assigned Mosaic a financial strength score of 5 out of 10 and a profitability score of 7 out of 10. It has a cash-debt ratio of 0.13, an Altman-Z score of 1.78, an operating margin of 7.61% and a three-year revenue growth rate of 0.2%. Recent quarter have seen increases in revenue, but net income has plunged into the negatives, further driving down share prices.
Flex LNG Ltd.
The firm established another new position in Flex LNG, buying 1,663,941 shares. The trade had a 0.66% impact on the equity portfolio. During the quarter, shares traded at an average price of $9.91.
Flex LNG is a Bermuda-based shipping company that owns a fleet of liquid natural gas (LNG) carrier ships. Some of the company's 13-strong fleet has been completed, while the rest are expected to be completed by 2021. Thus, its profitability has not really kicked off yet, but given the increasing global natural gas trade, its state-of-the-art carrier ships show strong potential.
As of Feb. 11, Flex has a market cap of $587.8 million, a price-earnings ratio of 31.1 and a price-book ratio of 0.52. Since its debut on the New York Stock Exchange in mid-2019, shares have fallen 33.09%.
GuruFocus has assigned the stock a financial strength score of 4 out of 10 and a profitability score of 2 out of 10. The company has a cash-debt ratio of 0.08, an Altman Z-Score of 0.14, a current ratio of 1.33 and an operating margin of 41.89%. However, as the stock is fairly new, there is little past performance to base its prospects on.
Bonanza Creek Energy Inc.
The firm added 452,302 shares, or 136.51%, to its position in Bonanza Creek Energy, impacting the equity portfolio by 0.39%. Shares traded at an average price of $19.72 during the quarter.
Bonanza Creek Energy is an independent oil and gas exploration company based in Denver. It has assets mainly in the Rocky Mountain regions of Colorado. The company's guidance for 2020 earnings includes the costs for expanding its oil gathering pipeline system, which will depress earnings in the short term but significantly reduce costs in the years to come.
As of Feb. 11, Bonanza has a market cap of $371.23 million, a price-earnings ratio of 2.11 and a price-book ratio of 0.4. According to the Peter Lynch chart, the stock is trading below its fair value.
Bonanza has a GuruFocus financial strength rating of 6 out of 10 and a profitability rating of 5 out of 10. It is still in the process of recovering from heavy losses in 2016 and 2017, which has resulted in a cash-debt ratio of 0.07, an Altman Z-Score of 1.89 and significant revenue decline from pre-2016 levels.
Disclosure: Author owns no shares in any of the stocks mentioned.
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This article first appeared onGuruFocus.
Warning! GuruFocus has detected 3 Warning Signs with MOS. Click here to check it out.
MOS 30-Year Financial Data
The intrinsic value of MOS
Peter Lynch Chart of MOS
唐纳德·史密斯(Trades，Portfolio)公司最近宣布了2019年第四季度的投资组合更新。
这家公司由唐纳德·史密斯(DonaldSmith)于1980年创立，专门从事低于其实际账面价值的失宠股票。投资组合经理寻找收益预期良好的股票，并保持集中的基�宰ㄗ⒂谒亲詈玫南敕āＪ访芩乖�2019年末去世�聿榈隆じchardGreenberg)接替他担任首席执行官，�嵌�(JonHartsel)同时也是首席投资官。
警告！GuruFocus用MOS探测到3�嫘藕拧５慊锊榭础�
财政部30年财��
MOS的内在价值
马鞍山彼得林奇图
截至本季度末，该公司的股票组合价值为27.4亿美元。
该公司持有的最�菸悍ü娇湛毓晒綨V(11.56%)、法航-荷兰皇家航空公司(AFLYY)8.53%和�邢薰�(GoldField Ltd.)。(GFI)为8.19%。就部门权重而言，投资最多的是工业、基本材料和�伞�
根据公司的投资标准，它在马赛克公司设立了新的职位。(纽约证券交易所市场代码：MOS)和Flex LNG有限公司(纽约证券交易所：FLNG)第四季度。该公司还将其在Bonanza Creek能源公司的现有股份�艘槐抖唷�(纽约证券交易所：BCEI)
马赛克公司
在本季度，该公司投资了1，705，224股的摩�荆跋炝�1.35%的股票组合。该季度的股票均价为19.84美元。
总部设在�锎镏萏古恋哪ξ臼鞘澜缟献畲胤屎土追噬獭４臃锎锖兔芈车耐恋叵馇读卓履莸募胤省８霉净拐谏程匕⒗⒁患伊姿嵫魏献势坏┩瓿桑ぜ聘霉镜牟拷济磕�300�煽�25%。
截至2月11日，马赛克的市值为77.3亿美元，市盈率为0.78美元，售价与销售额之比为0.5%。根据彼得·林奇(PeterLynch)的图表，这只股票的交易价�始壑怠�
GuruFocus将马赛克的财�Ψ治种澹芰ξ种撸纸饰�0.13，阿尔特曼-Z得分为1.78，营业利��7.61%，三年营收�饰�0.2%。最近一�鹊氖杖胗兴皇找嫒慈菏徊酵频土斯杉邸�
福乐液化天然气有限公司
该公司在Flex液化天然气公司设立了另一�耐反纾郝663941股股票。该交易对股票组合的影响为0.66%。在本季度，股票的平均价�.91美元。
FLEXLNG是一家总部位于百慕�皆斯荆涤幸慌夯烊黄�(LNG)船。该公司13人的车队中，有一部分已经完工，其余的预计将在2021年完工。�挠芰姑挥姓嬲迹谌黄骋椎脑渥钕冉暮侥赶允境绷Α�
截至2月11日，Flex的市值为5.78亿美元，市盈率为31.1，市盈率为0.52。自2019年中期在纽约证券交易所上市以来，其股价已下跌33.09%。
GuruFocus将该股票的财�Ψ治�4/10和2/10。该公司的现�饰�0.08，Altman Z得分为0.14，�嚷饰�1.33，营业利��41.89%。然而，由于该股票是相当新的，没有什么过去的表现�淝熬暗幕 �
Bonanza Creek能源公司
该公司在Bonanza Creek Energy的头寸��452，302股(136.51%)，对股票组合的影响为0.39%。该季度的股票均价为19.72美元。
Bonanza Creek Energy是一家独立的石油和天然气勘探公司，总部设在丹�淖什性诳坡蘩嘀莸穆浠降厍８霉�2020年盈利指引包括扩�凸艿老低车某杀荆饨诙唐谀诮档褪找妫谖蠢醇改甏档统杀尽�
截至2月11日，Bonanza的市值为3.7123亿美元，市盈率为2.11，市净率为0.4。根据彼得·林奇(PeterLynch)的图表，该股票的交易价�诠始壑怠�
Bonanza的财�ζ兰段癎uruFocus”，为十分之六，盈利能力为十分之五。该公司目前仍在从2016年和2017年的严重�谢指矗贾孪纸饰�0.07，Altman Z得分为1.89，收入较2016年前�陆怠�
披露：�怀钟猩鲜我恢止善钡墓煞荨�
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