When emailing with John over at Portfolio 14 (I put in links to his Twitter and blog for good reason, you should check him out!), he noted to me that I may have missed one of the properties that the company owns- certainly, we are fortunate enough to live in an age where we have the ability to instantaneously carry on a conversation between 2 people who are far away- in this case, a couple of nerdy investors in Kentucky and Australia, in regard to a company company that sells plants out of its glut of real estate in Texas. Kind of an overall odd situation.
Anyway, the subject property is located in Lewisville, Texas. As it turns out, the company not only owns property there with a taxable assessment of over $100K, which I did get right, but I missed the fact that they own the property with a significant land and improvement value... Here is a screen shot- I confirmed with the company that they do in fact own the property, despite the odd name at the tax office.
So, the taxable value of the company's real estate goes up by ~$2mm dollars to come in a hair shy of $26 million dollars. Here is the updated spreadsheet:
So there you have it. I was wrong, which goes to show why I always include a disclaimer! Another big thanks go out to John at Portfolio 14, who if not for, my estimation of intrinsic value for Calloway's would be a bit less than it is now! Also, this goes to show that emailing with people can really help spread knowledge on things like this- if you have yet to, feel free to drop me a line- I'd love to chat! Thenameofthisblog@gmail.com
Disclosure/Disclaimer: I own and represent shares of Calloways. I reserve the right to change the positions at any time. This post is my nothing more than my thoughts/opinion. Always do a ton of your own research before so much as contemplating anything that I say, do, write, or even think about.