Steven Kiel presented his in-depth investment thesis on SWK Holdings (SWKH) at Wide-Moat Investing Summit 2015.
SWK Holdings provides funding to health care-related companies in a variety of ways including royalty streams, debt financings, preferreds, and customized offerings. It trades at only 1.1x book despite having massive Net Operating Loss (NOL) carryforwards and despite receiving 13% to 15% returns on the financing they provide. The company recently received a large capital injection. Because of that, the current income statement does not fully reflect the value of the company.
About the instructor:
Steven L. Kiel is the president of Arquitos Capital Management. Mr. Kiel is also a captain and Judge Advocate in the Army Reserves and a veteran of Operation Iraqi Freedom. He has led a nonprofit consulting firm and was a major gift officer at a nationally recognized public policy organization. Mr. Kiel has been quoted in The Wall Street Journal, BusinessWeek, MarketWatch, Bloomberg, and other publications. He is a graduate of George Mason School of Law and Illinois State University and is a member of the bar in Illinois and Washington, DC. A Chicago native, he lives with his wife and two golden retrievers in Coronado, CA.
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