tag:blogger.com,1999:blog-2080506270244832638.post4764627160035134945..comments2024-03-28T07:17:13.573-05:00Comments on Clark Street Value: PFSweb: Another Asset Sale, Cheap RemainCo SituationMDChttp://www.blogger.com/profile/10679835609782815537noreply@blogger.comBlogger63125tag:blogger.com,1999:blog-2080506270244832638.post-28981747191652414332022-11-12T06:30:42.384-06:002022-11-12T06:30:42.384-06:00Ya, agree. I finally made it through the rest of ...Ya, agree. I finally made it through the rest of the transcript last night. Last question makes it clear.bpnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-61526044622111552812022-11-11T16:17:45.887-06:002022-11-11T16:17:45.887-06:00Yeah, I had similar thoughts above, the promotion ...Yeah, I had similar thoughts above, the promotion of the COO is odd and how they congratulated him on the call. But then the last question, sounded like they were really pursuing a sale versus another type of transaction? I'm just glad they're returning most of the cash now.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-8000494077623106332022-11-11T14:41:53.506-06:002022-11-11T14:41:53.506-06:00I can't make sense of this call. You think th...I can't make sense of this call. You think they expect him to be CEO going forward or run the business if someone were to acquire it? Also, this sentence confuses me "Though the completion of our strategic evaluation has been slowed by a combination of macroeconomic headwinds and excess cash on our balance sheet and the need to complete our internal restructuring." --- all that cheddar slowing us down.bpnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-26272338202521965492022-11-09T16:50:03.081-06:002022-11-09T16:50:03.081-06:00$4.50 special dividend announced today, record dat...$4.50 special dividend announced today, record date of 12/1, payment date of 12/15. The special dividend should take the ADES style flip to being an acquirer scenario off the table.<br /><br />Strategic review continues, sounds like they're still trying to sell the company, now anticipate it'll happen in 2023. Although, it is odd that they're promoting the COO to CEO, on the call made it sound like the new CEO will be the leader beyond 2023.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-46652174533804189032022-09-02T08:49:35.025-05:002022-09-02T08:49:35.025-05:00None that I know of, maybe others share my new con...None that I know of, maybe others share my new concern that similar to ADES, PFSW turns into a buyer and not a seller.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-57970708037043283192022-09-01T19:12:01.046-05:002022-09-01T19:12:01.046-05:00Can't believe this thing is at ~9. Any scuttle...Can't believe this thing is at ~9. Any scuttle out there?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-9510143130607436592022-03-16T08:55:40.985-05:002022-03-16T08:55:40.985-05:00Oh good, thanks. I'll take a little confirmat...Oh good, thanks. I'll take a little confirmation bias, haven't seen much chatter about this idea so glad to see others see something here too.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-17918033886127387442022-03-16T08:24:56.961-05:002022-03-16T08:24:56.961-05:00Thanks. Not sure if you have a subscription, but ...Thanks. Not sure if you have a subscription, but SSI has a new writeup on the idea.<br /><br />https://www.specialsituationinvestments.com/2022/03/pfsweb-pfsw-large-capital-return-company-sale-upside-tbd/Fishwithwingshttps://www.blogger.com/profile/10830460384179126540noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-37227894536215206042022-03-11T08:53:37.064-06:002022-03-11T08:53:37.064-06:00I do still own it, I've added to it in 2022. ...I do still own it, I've added to it in 2022. The downside seems pretty limited to me, maybe now that the financials are current they can speed up the strategic alternatives process. They do have some European exposure, so that's a good point on the war impacting ecommerce. I'm not expecting this to be a home run, but seems attractively priced here to me.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-89965563673836852802022-03-11T03:29:14.358-06:002022-03-11T03:29:14.358-06:00https://www.sec.gov/Archives/edgar/data/1095315/00...https://www.sec.gov/Archives/edgar/data/1095315/000109531522000032/ex991-2021q3pressrelease.htm<br /><br />PFSW is finally current on their financials. Margins have been hit with rising costs. Despite this, guidance remains unchanged. Strategic alternatives work is still in progress. Given the war will probably cause some demand destruction from consumers and thus eCommerce, a weaker M&A market for PFSW seems plausible (especially over time). Do you still hold this?Fishwithwingshttps://www.blogger.com/profile/10830460384179126540noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-58234946898654875572022-02-11T13:45:21.293-06:002022-02-11T13:45:21.293-06:00You're right, they did make that comment, but ...You're right, they did make that comment, but I'm guessing a strategic buyer could still extract more overhead costs, I heard the comment to mean more public company costs than all overhead, likely somewhere in between.<br /><br />I don't know of a great comp, but something like $14-15 still feels right to me. That's like 8-9x EBITDA.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-74594540962778963322022-02-11T13:32:37.413-06:002022-02-11T13:32:37.413-06:00If I recall correctlly from the conference call, A...If I recall correctlly from the conference call, AEBITDA assumes the company is private and adjusts overhead costs. Fishwithwingshttps://www.blogger.com/profile/10830460384179126540noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-16109637531176995282022-02-11T12:09:16.662-06:002022-02-11T12:09:16.662-06:00I agree. Any good comps? What multiple of AEBITD...I agree. Any good comps? What multiple of AEBITDA do you think this could sell for?Fishwithwingshttps://www.blogger.com/profile/10830460384179126540noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-24163893882372003392022-02-11T03:46:39.097-06:002022-02-11T03:46:39.097-06:00May be people have given up after years of them at...May be people have given up after years of them attempting a sale and the share price flat over 4 years. And not exactly A grade assets.<br /><br />As a newb to the story, I agree with you that the timing couldn't be better right now. Much cleaner story post divestment of other biz, lots of potential buyers, I assume board are motivated sellers. <br /><br />Possibly buyers are awaiting for the company to become current on financials? And for split accounting to be completed?ARnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-78123727360371591282022-02-08T08:40:20.437-06:002022-02-08T08:40:20.437-06:00Thanks, I'm getting somewhere around 4.5x EBIT...Thanks, I'm getting somewhere around 4.5x EBITDA for the standalone company, would be cheaper for a strategic buyer who could take out the overhead costs. It's growing, what am I missing? I've added more.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-63753453766224560352022-02-07T16:19:02.386-06:002022-02-07T16:19:02.386-06:00https://www.globenewswire.com/news-release/2022/02...https://www.globenewswire.com/news-release/2022/02/07/2380340/0/en/PFSweb-Provides-Business-and-Strategy-Update.htmlAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-58048442447470645572021-11-10T12:24:28.058-06:002021-11-10T12:24:28.058-06:00Has worked very well indeedHas worked very well indeedAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-740416105375997192021-11-10T08:19:56.543-06:002021-11-10T08:19:56.543-06:00Not that I currently own, but always looking for m...Not that I currently own, but always looking for more! The strategy has worked well this year.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-27533947880735245052021-11-10T08:05:05.599-06:002021-11-10T08:05:05.599-06:00Thanks. Any names you haven't written up that ...Thanks. Any names you haven't written up that you like in the informal liquidation basket?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-49285269881636244182021-11-10T06:53:34.015-06:002021-11-10T06:53:34.015-06:00*LiveArea*LiveAreaMDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-20521426798671661812021-11-10T06:52:42.460-06:002021-11-10T06:52:42.460-06:00It's a bit of a clown show, I guess it shows t...It's a bit of a clown show, I guess it shows they were caught off guard by the LiveArena purchase, but the press release also seems to indicate strongly that they're still running a process on the rest of the business. I still expect them to sell the 3PL business, but just also for context, this is a ~3% position for me, so not huge conviction. Plenty of downside protection though with the LiveArena cash, similar to my "informal liquidation basket" as I've kind of dubbed it.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-28069809266506909212021-11-09T20:34:01.216-06:002021-11-09T20:34:01.216-06:00https://ir.pfsweb.com/news-releases/news-release-d...https://ir.pfsweb.com/news-releases/news-release-details/pfsweb-announces-timing-update-late-form-10-q-filings-reiterates<br /><br />Any thoughts on this?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-27610431909118958282021-09-22T08:20:10.151-05:002021-09-22T08:20:10.151-05:00It doesn't bother me as much post-covid, the d...It doesn't bother me as much post-covid, the dust has settled, doubt there's another huge disruption in real estate coming, we sort of know what sectors are going to struggle going forward and which are not. During covid, I did prefer the more pure play lenders, Arbor is probably best of breed on the multi-family CRE mREITs, Lument is small but also did well focusing on that segment, if you want ones to compare and contrast RMRM with.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-52455715887528604902021-09-21T16:48:45.972-05:002021-09-21T16:48:45.972-05:00Would help if I'd paid attention to the end of...Would help if I'd paid attention to the end of the sentence... I guess this was more common pre-COVIDEJLnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-82586151148375303282021-09-21T16:46:11.704-05:002021-09-21T16:46:11.704-05:00Digging in on RMRM. From the most recent earnings ...Digging in on RMRM. From the most recent earnings call: <br /><br />"With the continuing improvement in the economy and the availability of the COVID vaccine, lenders such as us are beginning to expand beyond multifamily, lab, office and industrial, which have been the preferred property types over the last year, to once again include retail and hospitality, along with niche products such as self-storage and manufactured housing."<br /><br />Underwriting outside their expertise makes my skin prickle a bit. Do you all feel similar?EJLnoreply@blogger.com