Pitch: BDC with one of the widest 40% discounts to NAV. Lack of scale, no dividends, and ⅓ of the portfolio in equities. New management in place with a track record of taking over busted BDCs and closing the gap to NAV (e.g. PTMN).
Valuation: Dec’21 NAV stands $39.5/share. If portfolio turnaround is successful, NAV remains unchanged and LRFC narrows the discount to PTMN levels (16%), then the target price is at $33/share.
Exp. gain: 40-50%
Full LRFC write-up (free guest account required):
https://valueinvestorsclub.com/idea/LOGAN_RIDGE_FINANCE_CORP/3764201311