Serge Belinski of Value Holdings presented his in-depth investment thesis on Orca Exploration (Canada: ORC) at Best Ideas 2018.

Orca Exploration, through one of its subsidiaries, owns a monopolistic and profitable gas producer in Tanzania. The company is run by an outstanding management team and trades at a fraction of a reasonable estimate of the value of its reserves in Tanzania, recently validated by the ongoing sale of a minority stake.

In addition to that stake, the company has a sizable net cash position, receivables that are currently being paid off, and assets in Italy.

The recent sale of the minority stake in the Tanzanian assets, combined with the payment of the company’s receivables, should help the market realize that Orca Exploration has a private market value of ~C$15 per share.

About the instructor:

Serge Belinski is a former engineer in telecom and IT turned full-time individual investor in public and private companies. He has fourteen years of experience in stock and bond investing.

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