Non-resident Canadian living a freedom life
Joined March 2020
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The most important rule everyone must learn is, 99% of people will lie to you if it is in their self-interest. Even those you love. The 1% of people who don't, who tell the hard truths, are the only people you should keep in your inner circle. Integrity is the most scarce asset.
Doubled my size on $NU. Company feels like a gift at 11.5/share.
I personally use the service and it's the best banking app I've ever had.
Every banking expert I've listened to loves the company.
It was almost 19/share not too long ago and sold off first on a Monzo takeover report Nu shut down, then down hard on the shady Lula election steal in Brazil.
13x annualized Q2 EPS
ROE: 33% (wow)
Net income: $1.06B Q2, +49% YoY (wow)
Revenue: +39% YoY
Cost to serve: ~$0.80 per active customer per month vs. $17 in revenue per active customer (wow)
Efficiency ratio: 19.5% (world class)
EPS $0.85 this year + expected $1.05-1.15 in 2027
Most exciting is, they plan to enter the US market, which will be a very interesting experiment. It will take time, but they are very good at taking clients from incumbents.
Next earnings date is Nov 12th, and the call will be interesting to hear their future plans. Their model could apply to so many new markets. $NU's future growth potential is huge.
All feedback/pushback is welcome, especially because banking is not my specialty.
J Mackay retweeted
Apenas 2 candidatos latino-americanos já estenderam, na História, o horário de votação depois de terminada a eleição: Lula e Maduro
Is there any real scenario where the IRGC doesn't end up with its Hormuz toll booth short of a full invasion of Iran?
I feel like I need to explain that tweet.
$BORR 29 premium jackups with an average age of 10 years, the youngest fleet + plus a 50% stake in 5 more.
Net debt $2.3 billion, refinanced out to 2032 and 2034. $4.21 the market values each rig at about $117 million after debt.
NAV of $8 to $9 equals about $155 to $165m per rig, or 55-65% of the $250 to $300m to build a new jackup.
$8-9/share NAV needs average day rates $150k-$155k with 26 of 29 rigs working, compared with about $134k today, easily supported by the current strip. $10 million of value per rig adds about $0.94 per share of NAV.
December 2027 Brent is at $86, a record for the contract, and the long end of the curve is calling for more supply.
Modern jackup utilization is about 92%, close to the level where dayrates historically jump.
11 jackups are under construction worldwide and about 100 aging rigs could retire over the next 7 to 8 years.
Idle rigs are already going back to work, with Joro, Norve and Natt newly committed.
Founder Tor Olav Troim has bought 12.85 million shares worth about $57 million since August, including 9.5 million in October at an average of about $4.49. He now owns 13.1% of the company and the stock trades below his October price.
Most important: January to April is generally contract award season. If Q1 2027 contracts come in at $150k or higher the market will have to re-rate $BORR
Where am I wrong here? Seems like one of the best oil beta plays.
