Revisiting Craven House $CRV.L

I haven’t look at CRV for a while, and it was recently covered by another blogger, Expecting Value, which takes the count now to two bloggers that have been skeptical of CRV. I thought I would write a post setting out my thesis again and particularly addressing the issue raised that CRV could be inflating the valuation of its balance sheet.

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Craven House Catalyst

My biggest portfolio holding is Craven House Capital (AIM:CRV), which today has a 30% weighting. It is a tiny nano-cap flying beneath the radar of most investors that I have held since 0.28p up to the current 0.47p. I still think this could double from here though and it’s been a while since I went over the stock so here is an up to date look.

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Craven House share issue

For those that aren’t aware, Craven House Capital is far and away my largest holding, and sat at 22% of my portfolio yesterday. I have no other holdings above 10% which should give you an idea of how much I like this stock.

In my previous post I spoke of how management issuing new shares at 1.25p (a premium to today’s share price) was beneficial for existing shareholders and that I expected management to drastically increase the size of the balance sheet. Well today has confirmed that assumption was correct, as they have just announced a new deal which I calculate has increased my adjusted book value from £2.6m to £3.8m, a 45% increase.

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