The Company engages in the fields of initiation, construction, operation, management and sale of commercial and entertainment centers in Israel and in Central and Eastern Europe.
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Great business model in part of world with fantastic growth. Takes cash flow from buildings and invests in assorted ventures for what could be huge returns. Downside -- low volume and impossible to understand corporate structure and earnings reports. Some of their properties were bought many years ago and the books do not reflect their true value.
Update of my opinion: Difficult doing research on this stock. I have held it for a long time and it is my largest position. They have a dividend policy that will distribute 50% of their profits and they do it once a year. This company is an awesome cash machine. Downside is that their books are really hard to follow because of the different corporate entities. They are consistently buying properties - developing them and selling them years later at huge profits. Their official earnings tend to be misleading because of theirdepereciation writeoffs. Because they are so good at generating cash -- they constantly take some of this cash and invest in Israeli high tech firms that in time a few of them will end up multubillion dollar baonanza's. When I try and figure the present value of each share - I come up with far more then 100 a share. This is a very ballpark figure but is probably close. They are in markets where the real estate is gaining at 100 to 300% a year. They hold properties as they develop them for many years and this leads to huge gains. Just look at the last couple sales and the profits made.This is a truely amazing company. Even at todays prices -- this is an amazing value!
As time goes on EMITF business model is proving to be amazing. In the right place at the right time with the right business model. They have sold 3 major properties right now this year and the earnings on the 3 of them is well above 20 dollars a share. WIth their stated policy of 50% return of earnings - does this mean a 10 dollar divi. Seems like it. They are so good at what they do. They are the smartest managers I ahve ever seen. For example in their Israeli property that they developed and sold and made over 100 million on -- they were smart enough to buy options on all the land around this property so now that they developed and sold the main property(over a few years) the land around it is worth so much more so they exercised their option to buy the land and they have another asset that doesn't show on their books anywhere. They bought half the shares of many high tech companies - and just one of them in an IPO could be worth a billion dollars, Where do we see this in the books. The Island in the Danube in Budapest that they own and now have permits to develop a center is worth huge mounts of money. They are building hospitals in India for the influx of foreignors that will go to India for "cut" rate surgeries. In short AMAZING