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5i Report
Rating
B+
Review of Leon's Furniture Limited
JUL 16, 2024
- The recent CEO change does have a positive impact not only on the company’s operating results but also on LNF’s capital allocation policy. Management believes LNF has a valuable hidden asset within the company and is trying to create a vehicle with a
cost-of-capital advantage – the legacy operation and a new REIT with extra debt capacity to put more leverage. LNF’s catalysts are in progress. Although some of that upside is priced in, we think the capital appreciation potential is still there for LNF. However, to remain conservative, we are maintaining our rating at B+.
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Q: Perhaps am looking for unicorns. I have some money to deploy and I am looking for companies that have the balance sheet to ride out the current situation whether it lasts another two months or >12 months. My basic criteria were those potentially undervalued, dividend over 3%, div growth of at least 5% and a decent payout ratio. Any suggestions appreciated, thanks for your help.
Q: Greetings 5i, your analysis please of the Dec 31, 2024 results. Is the drop in share price due to results or general market uncertainty/recession fears? Any recent hint of what is happening re: the real estate spinout? Do you still believe in the favorable risk/reward outlook for Leon's? Thank you.
Q: Should we worry about those recent earnings? Still hoping the real estate spinoff is worth the wait.
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