Cranes On Sale
So far the call on BOL hasn't gone the right way. The price is still substantially below NTA: market cap of $59.4m v NTA of $245m. The gap continues to grow as the stock flounders - bit frustrating really. In my opinion, what would really help to close the gap is a solid buy-back. So instead of using cash to pay down debt and buy new cranes, it strikes me as a far better capital allocation idea to buy-back stock therefore buying assets for ~ 1/4 of the price. Maybe better still - trim back on the crane fleet and use funds to buy back shares for a superb arbitrage opportunity - just like GJT have announced.
Kristian
Disclosure: own BOL
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