0.5x TBV and Increasing Dividends 32% pa

Also trading at 3x FCF with hidden assets alone worth the market cap.

Today’s stock is cheap to assets, cheap to earnings and has some pretty interesting growth going on with its dividends.

There are also hidden assets on the balance sheet (buildings and land) that seem to be worth the current market cap alone.

If you like cheap stocks and enormous safety margins, you might love this one.

Here are the ratios:

NCAV Ratio = 1.2

TBV Ratio = 0.5

EV/5Y FCF Ratio = 3

P/5Y FCF Ratio = 9

The TBV ratio above does not include the land and buildings value, which implies a real-world TBV Ratio of closer to 0.2.

This provides robust downside protection while also offering several routes to a nice stock-price re-rating.

The business is also cash-rich and consistently cash-flowing over the last decade.

In fact, the net-cash alone is around 62% of the current market cap.

The management team also seem quite shareholder-friendly, as they have increased the dividend regularly.

Since March 2021, the dividend amount has been increased, on average, 32% per year, with 2025 being the highest ever paid.

This really caught my eye.

After reading the reports, I get the impression that this could continue creeping higher over the coming years.

When you combine this with the downside protection and earnings consistency of the business, it looks like an asymmetric opportunity.

Let’s dive in…