2024-07-18 18:10:43 ET
Summary
- Westaim Corporation trades at a discount to NAV with consistent book value growth, yet shares have only risen 3% YTD.
- The company specializes in long-term capital for financial services, with successful investments in Skyward Specialty and Arena Investors.
- Management's excellent capital allocation skills, strong earnings, and potential in distressed credit markets make Westaim a good buying opportunity.
- Shares are a buy with a price target of $4.
Investment Thesis
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Westaim Corporation: Still Undervalued Based On NAV