Author Topic: Steel Parners Holdings  (Read 244 times)

Fred93

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Steel Parners Holdings
« on: December 02, 2019, 03:38:00 PM »
SPLP

An unusual company.  A small conglomerate of various industrial materials mfg companies and Web Bank.

Web Bank is the bank that issues loans for the various small lending companies like Prosper and LendingClub.  You need the bank in the middle for some obscure old regulatory reason.  I always figured that was a good business, 'cause they're about the only folks doin' this.

Someone else here followed SPLP  I seem to recall.

One funny thing about the business is that about half the stock is owned by insiders, and they don't seem to run the thing to make a profit.  Earnings are a "sometimes" thing, bouncing around in a seemingly random fashion.  I believe that this is just a nontraditional motivation at the top.  They aren't driven by the usual wall street approach of drive earnings to make shareholders happy.

Meanwhile, they continue to ramp sales, and buy back shares every year.

So this looks like a possible good thing, but the darn stock price keeps goin' down.  I wonder if there's stuff I don't understand.

I've tried reading the 10k, but it is complex, due to the mix of businesses, and constant background of acquisition things going on, and while I'm pretty good at reading a straightforward 10K, I'm no accountant, so I don't believe I really understand all I see there.

Anyone have thoughts on SPLP?



rawraw

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Re: Steel Parners Holdings
« Reply #1 on: December 02, 2019, 04:53:32 PM »
Based on your description, sounds like a hard one to invest in.  Sounds like a Japanese company