저자: 미상 · 외국인
요약 보기
마이클 버리의 2024년 9월 기준 13F 및 영국 등록 보유 종목 11개를 분석. 바이오아트라·올렉스·아메리칸코스탈 등 저평가 종목 위주로 소개하며 각 종목의 내재가치 대비 상승여력을 언급. 다수 종목에 대해 GuruFocus 적정가와 애널리스트 목표가를 제시. 진행자는 종목별 재무지표(현금흐름, 부채, 주주환원)와 밸류트랩 가능성을 함께 설명.
다듬은 글
Michael bur owns 11 stocks in his portfolio in this video we're covering all of his biggest positions including a special bonus at the end that doesn't show on his normal filings starting with number 11 bio atla bur is the only super investor in BIO atla with a 1.7% position owning around $900,000 worth of the stock today bio atla is an $82 million market cap that's trading 47% above its 52e low this is still less than half half of its 52e high bioatla is a busted Pharmaceutical stock that went public back in 2020 since then its stock prices down 98% from its all-time high so far the company hasn't earned anything and it's steadily burning down its cash while this Burn's been shrinking in recent quarters the company may be running out of time to look at some valuations the company's well above its net asset value and its tangible Book value most of this is made up of cash on their balance sheet and it's trading for nearly three times this amount the only analyst covering bio atla has a three times upside for their stock with a $5 price Target Michael bur is an investor who runs the hedge fund cyan Asset Management he famously bet against the real estate market in 2008 documented in the movie The Big Short based on the bestselling book by Michael Lewis bur has nearly $200 million in assets under management and through his 13f and register filings we can see nearly 60% of his portfolio bur's next stock at number 10 is Olex holding he again is the only super investor with the position in the company having it make up nearly 3% of his portfolio Olex is also one of these busted stocks that went public in 2021 and since then is down more than 90% today it's a $1.4 billion company that's trading 50 cents below its 52e high as a beauty company known for its hair products there's a big difference between Olex and the last company we looked at bio ala Olex actually makes money including lots of free cash flow while they had some pull forward in demand that made their sales peak in 2023 the companies steadily built up cash on their balance sheet keep in mind recently they've been diluting shareholders even as their stock has cratered based on their cash flows an estimate of their fair value is $4.75 more than double their current stock price analysts cover this business and are bullish on it targeting $3 as a stock price that's a 40% upside American Coastal Insurance is next at number nine with a 5% position of bur's 13f he has $2.7 million invested in the company and again is the only super investor with the holding American Coastal is a $565 million insurance company in Florida that's trading smack dab in the middle of its 52- we high and low American Coastal had a restructuring in recent years and came back from an all-time low of 30 cents per share at the end of 2022 since then it's up more than 30 times the the company's recent quarters will give us the best look at the business and we can see that they've been solidly profitable and they've grown Revenue over this time they also have more cash in their balance sheet than they had a few years ago keep in mind they've deluded shareholders in 2024 to learn more about American Coastal there's a fantastic write up on the company nearly 100 pages long that argues that it's worth way more than it's currently trading for real re is the next stock on our list at number eight and again bur's the only super investor with the position this makes up 6% of his 13f and he reduced his holding in the most recent quarter the real re is a $340 million market cap that's trading in between its 52e high and low they're nearly double their low but they're less than half of their high again fitting The Narrative of busted stocks this company's trading 92% lower from where it went public from its lows just in the past year however it's up more than 79% the company's a luxury online fashion reseller that again hasn't been profitable in its past it seems bur's betting that the company can turn the corner toward profitability that's what the company's numbers have reflected for the better half of 3 years though they still have a lot of ways to go not surprising with businesses like this they've diluted shareholders and today they actually have negative shareholder Equity based on the company continuing to improve its fundamentals we can see that the numbers support an $810 valuation that's nearly four times higher than their current stock price analysts are also bullish with a $395 price Target that's 73% upside while there are huge swings from the company being extremely overvalued to extremely undervalued today a guru Focus value says the company's right at around its fair value Hudson Pacific property stock taker HPP is next on our list at number 7 and here finally bur gets him company Chris Davis also has a small holding but this makes up 11% of bur's 13f this isn't the first time bures held the stock he originally had a holding in 2023 and then sold out by the of the year in Q2 2024 he bought again more than doubling his position Hudson Pacific is a $751 million market cap that's trading very close to its 52e low the company owns Office Buildings and media properties including sound stages on the American West Coast since 2022 their stock has fallen off a cliff they're down 88% from their all-time highs hit back in 2018 the companies added on more and more leverage over this time though they still have continued to generate free cash flows that are able to support this the company's reported net income hasn't looked good for a couple of years even as their revenues have climbed higher thankfully this doesn't mean that much for the company and their free cash flows have more or less been steady Hudson Pacific looks like one of those classic Rog Hill businesses that bur loves so much it's trading extremely cheap compared to its tangible book ability to generate cash flow in its historical numbers the debt here is the big question mark and it's what you need to research Guru Focus has the company marked as a potential value trap though it does say its fair value is as much as 45% above today's stock price the numbers don't look quite as bullish with a 42% upside and less than a $7 fair value analysts are split on the business with just a 10% upside and a $533 price Target Chinese e-commerce retailer jd.com is next on our list at number six in bur's portfolio this is a 41.5 billion company that trades just $5 above its 52e low today five Super investors own JD and this is led by bur the other four are all bigname investors with small Holdings including David teer Howard marks Chris Davis and Chase Coleman interestingly bur trimmed in the last quarter while David terer and Howard marks added from its all-time highs back in 2021 JD stock is down 76% yet at the same time the company's business has trended upwards while their growth especially in their revenues has more or less stalled in the past few years they are generating a a lot of free cash flow this means their returns have improved from where they're at and they have a lot of cash on their balance sheet at the same time J's among Chinese companies returning Capital to shareholders they have a 2.84% dividend yield today and they're buying back a small amount of their shares giving them a 4% shareholder yield the numbers look like JD could be undervalued especially if they continue to grow in the future right now they're even trading below their gram number a GF value comes in at $45 per share and that's 42% above their current stock price analysts are around the same level of bullish on the company with a 44% upside and a $38 Target price all of them have either buy or hold ratings on the stock before we get into Michael bur's top five stocks if you're enjoying the video and you want to get even more fair value content you can do so on our patreon absolutely free if you want to support Global value you can also do that by either subscribing there or by becoming a channel member at number five we have BYU another Chinese Tech giant again four super investors own the company including overlap by David teer and Chris Davis bur is the biggest shareholder with 12% of his portfolio invested in the company right now BYU is a $25 billion market cap that trades exactly at its 52e low the leading search engine in China BYU is down significantly from its all-time high hit back in 2021 the company had been somewhat cyclical but had been a compounder for most of its history in the last few years it's down 76% from its all-time highs this comes as some growth has been pulled forward and looks like it has stalled in the past few years still though BYU has a ton of cash on their balance sheet and they're getting more and more profitable while not Stellar since 2021 they've improved their Returns on Capital keep in mind after having bought back some shares the company has deluded shareholders from 2021 onward that's not out of the ordinary but it was big delution in those years when it was very high stock prices almost amazing ly B's trading at its tangible Book value and it's well below its gram number again the stock looks very cheap compared to its cash flows however because of the fundamentals in this business there's a value trap warning even though a GF value is 39% above today's stock price analysts are mostly bullish and want to see the stock trade higher with a 56% upside and a $126 price Target at number four on our list we have Molina Healthcare Michael bur is one of just two super invest with the holding in the company and he bought his shares in the last quarter Molina is a19 billion company trading in the middle of its 52e range Molina Healthcare is a Medicaid insurance provider that's been a long-term compounder in its history despite this recent blip the company's earned very high Returns on Capital especially from 2018 on these are showcased by huge improvements in their numbers and they both have a ton of cash and lots of free cash flow Guru Focus as a fair value for Molina maybe around $411 per share that's % up from today's stock price surprisingly analysts are less bullish with a $365 Target price that's an 11 half% upside at number three we have shift four payments bur's one of two super investors with a holding the other being Dennis Hong of Shaw spring Partners both have around 14% of their portfolios in the company Shift 4 is just over a $4 billion company that's trading $10 below its 52- we high this is a payment processor that's posted strong results results since going public they became profitable in 2022 and since then that's continued to climb including growing free cash flows not out of the ordinary for tech companies delution is something to look out for on this business still the stock is pricing a lot of growth in its future with a $99 GF value for the company analysts think the Stock's closer to its fair value with just a 5.5% upside Chinese Tech Giant Alibaba is the top holding on Michael bur's 13f but there's a secret holding that we're going to look at next in the meantime Alibaba makes up 21% of that 13f and bur added to it in the most recent quarter nine super investors are owners of the business including David teer who has a 12% position in the company this is far from the first time that bur's been an Alibaba shareholder he's continued to add in every quarter since he bought into the company again in the third quarter of 2023 alibaba's increasingly returning more Capital to shareholders with a newly instituted dividend yield and nearly 4% share BuyBacks giving it a 5% shareholder yield in the last year Alibaba came to the attention of most value investors after Legendary investor Charlie Munger made it a major position for his portfolio in the Daily Journal Corporation but from where he bought in it's down more than 50% and he called it one of his worst investing mistakes of all time its numbers look like they both been pulled forward due to covid and they've been hurt by the weak macroeconomic environment in China including low low consumer purchasing still though alibas added a ton of cash to their balance sheet and again they're becoming more and more Capital friendly to shareholders they're returning a lot of this cash and they're trading for just single digigit free cash flow multiples on that basis the company looks potentially very attractive and trades at its gram number today today a guru Focus value for the company comes in at $98 which is 17% numbers support a stock price maybe as high as $189 per share more than doubling from their current price analysts are also bullish on the company with a $110 price target with a 35% upside now the number one stock in bur's portfolio that doesn't show in his 13f but shows through the UK registers is British American Tobacco he owns their shares traded in London under stock taker bats but it also trades in the United States under bti this is more than an $1 million holding that's on par with his position in Alibaba but just slightly bigger British Americans performed very well in 2024 with their stock up more than 30% today there's just one other super investor first Eagle Investment Management with a small holding on top of their great stock performance bti pays a huge dividend yielding 7.7% today they also buy back shares and have nearly a 9% shareholder yield despite climbing by 30% British ameran is a 77 billion market cap that's trading at its 52e highs these are up $10 from their 52e low the company's stock price peaked in 2017 and it's still down 50% up until that time it was a long-term compounder with them more than 10 Xing since the late 1990s British Amer is the second largest tobacco company in the world they have many leading Brands including Dunhill Kent camel American Spirit and Newport after its merger with RJ Reynolds the company added a ton of debt but since then they've generated a lot of free cash flow their earnings last year looked bad due to some writeoffs but the companies still steadily performed increasing their revenues and growing their cash flows Guru Focus says that the company is trading around its fair value at $29 per share these are all of the 11 stocks we know Michael bur owns which stock on this list is most surprising to you let me know in the comments below
Comments 0