AIG

Whitney Tilson's Bullish Presentation on AIG

Whitney Tilson's Bullish Presentation on AIG

Snapshot:

• American International Group, Inc. (NYSE:AIG) is a leading global multi-line insurance company with well-managed, sustainable global franchises

• AIG today is far different from the risky pre-crisis AIG

• Lingering taint from the crisis plus the overhang of US Treasury ownership result in the stock trading at a 41% discount to tangible book value

• We think AIG is worth at least 1x tangible book, and see numerous catalysts in the next year or two to close the valuation discrepancy

• As the US Treasury?s stake declines (likely in part due to Company repurchases) and the stability and growth of AIG?s core franchises become clear, the market will re-value AIG

The Basics:

• Stock price (5/7/12): $31.84

• Shares outstanding: 1.79 billion

• Market cap: $57.0 billion

• Net debt: $74 billion

• Book value: $103.5 billion

• Book value per share: $57.68

• Tangible book value per share: $53.85

• Price/book: 0.55x

• Price/tangible book: 0.59x

• Float: 40% (government owns 60% after today?s offering)

• Short interest: <1%

AIG Today:

• Today AIG is a leading, financially sound multi-line insurance Company focused on its core businesses
• Quality, market-leading franchises in both property & casualty insurance (Chartis) and US life & retirement (SunAmerica) account for ~90% of revenue

Rest in Scribd below:
T2Partners-ValueInvestingCongress-5712

Special discount for our  followers, October 4th, 2012  New York City value Investing congress: Save $2,200 Code: N12VW1 Expiration: 6/5/12  VIC Landing Page

LEAVE A COMMENT


Saved Articles
X
TextTExtLInkTextTExtLInk

The Life and Career of Charlie Munger

Charlie is more than just Warren Buffett’s friend and Berkshire Hathaway’s Vice Chairman – Buffett has actually credited him with redefining how he looks at investing. Now you can learn from Charlie firsthand via this incredible ebook and over a dozen other famous investor studies by signing up below:

  • Learn from the best and forever change your investing perspective
  • One incredible tidbit of knowledge after another in the page-turning masterpiece of a book
  • Discover the secrets to Charlie’s success and how to apply it to your investing
Never Miss A Story!
Subscribe to ValueWalk Newsletter. We respect your privacy.

Congrats! Are you a smart person?

We have an exclusive targeted for being a sophisticated and loyal reader.

Welcome in the new year by signing up up for ValueWalkPremium today and get our exclusive content for 40% off. This is our second biggest discount ever!!

Use coupon code VIP20 or click on the button below

Limited time offer only ENDS 1/31/2019 or after next 30 23 subscribers take advantage whichever comes first – please do not share this discount with others

 

0