Leucadia
National Corporation (LUK) engages in a wide set of business activities.
Key
Information:
Liquidity:
Market
Capitalization: $6.64 billion
Average daily
volume (3-month): 342 Thousand Shares
Closing Stock
Price: $61.48
Risk
Proxies:
52-week high /
52-week low: 1.86
Beta
(3-month): 1.28
Debt/Equity:
0.317
Profitable:
Yes
Valuation:
Price/Sales:
6.38
Price/Book:
1.81
Fundamental
Analysis
The executives
at Leucadia have done a tremendous job of creating shareholder value by buying
substantial stakes in undervalued securities, and then engaging some excellent
managers to oversee turnarounds. Over the nearly 20 years that the stock
has traded publicly, it has earned a better than 30% annualized return.
The company is
headed by Ian M. Cumming, the Chairman of the Board, and Joseph S. Steinberg;
both have more than 8 years remaining on their contracts.
Institutional
Transactions
Recent
institutional transactions have been somewhat positive. 5.1 million shares
were recently bought by institutions; 4.68 million shares were sold.
Another positive for the stock are the large holdings (as a percent of
portfolio size) by Fairholme Capital Management and Beck Mack &
Oliver. The large holdings show that these institutions have great
confidence in the company's ability to deliver good results. Furthermore,
it is a positive sign that Fairholme has a large stake since the company has
been very effective in producing good long-term returns in their fund.
Shares Sold
Short
Roughly 3.2
million shares were sold short as of the 10th of March; this
represents nearly 10 days over average volume. A continued rise in stock
price may prompt some of these short-sellers to cover, pushing the stock up
rapidly.
Analyst Forecasts
No analysts
cover the stock. We believe this to be a good thing; nonexistent coverage
may lead to large market pricing errors.
Technical
Analysis
Our technical
analysis indicators are neutral for LUK.
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Key
Levels
Buy:
Market
We are
fundamentally bullish on the company; we believe the managers will continue to
deliver through good deal making and management activities.
Target:
None; hold until fundamentals change
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