FTM
FORTEM RESOURCES INC
stock CVE

FFH.TO is super defensive. All numbers are USD but effectively have ~$50b in cash equivalents vs a $30b market cap and ~$40b of insurance float. They also have $20b of equity like investments but not much mark to market risk as the most of the positions are equity accounted for or consolidated. They plan to buy quality stocks if there is a broad market sell off so forward ROE ticks up if we see a big sell off and ultimately a recovery. Meanwhile ROE should range between 15-25% as it has for the past 4 years all for <7x FTM earnings.
Plus there are catalysts to boost BVPS and expand the multiple faster. They might IPO Anchorage and Ki each of which would likely increase book value north of 5%. The multiple might also expand fast when it gets added to the S&P/TSX 60 which seems likely in March and seems pretty certain for this year.

FFH.TO is super defensive. All numbers are USD but effectively have ~$50b in cash equivalents vs a $30b market cap and ~$40b of insurance float. They also have $20b of equity like investments but not much mark to market risk as the most of the positions are equity accounted for or consolidated. They plan to buy quality stocks if there is a broad market sell off so forward ROE ticks up if we see a big sell off and ultimately a recovery. Meanwhile ROE should range between 15-25% as it has for the past 4 years all for <7x FTM earnings.
Plus there are catalysts to boost BVPS and expand the multiple faster. They might IPO Anchorage and Ki each of which would likely increase book value north of 5%. The multiple might also expand fast when it gets added to the S&P/TSX 60 which seems likely in March and seems pretty certain for this year.