BREAKING UPDATE – TWO buyout offers

Welcome to Comics Insider/ Trading Updates

We have two buyout offers to review today:

  • Teenage Mutant Ninja Turtles #1 (CGC 9.8) on Otis
  • The Incredible Hulk #181 (CGC 9.8) on Rally

Teenage Mutant Ninja Turtles #1 (CGC 9.8)

About the Asset

This is a 9.8 graded copy of Teenage Mutant Ninja Turtles #1. There are 28 others with this grade and non higher.

In this comic, we find the first appearance of all our favourite mutant turtles as well as their mentor, Splinter. Their nemeses, Shredder & the Foot Clan also make their first appearance.

About the Offer

Otis received an offer for $145k, which will net investors $29.09/share. This is 133% above the asset’s IPO price and 57% over its last trading price.

Recent Sales History and Valuation

Otis bought TMNT #1 for $61k in July 2020, and the most recent public sale was $50k in December 2019.

GoCollect values the issue at $140k.

Of course, GoCollect doesn’t know about the Otis purchase from last summer, so their inferred value is missing an important data point.

Because of that, we value it a bit higher.

Of the four recent sales, three of them are in the same ballpark, appreciation-wise. The 9.2 looks like a bit of an outlier. All averaged together, our inferred value is $172k. It’s worth noting that if you removed that outlier, the inferred value would average to $141k. Because the 9.2 sale is the most recent, though, I’m leaving it in, but I can see an argument for removing it.

Inferred value – $172k

Verdict

We recommended this asset originally but lost faith as it traded sideways for awhile. So we don’t have any skin in this game. If we did, though, we’d vote to sell.

Even if you get $172k for this at auction, you’d only net around $135k once you factor in the buyer’s premium.

The Incredible Hulk #181 (CGC 9.8)

About the Asset

This is a 9.8 graded copy of the Incredible Hulk #181, which features Wolverine for the first time. We originally recommended it when it IPO”ed in February 2021.

About the Offer

Otis received a net offer of $54,300 ($10.86 per share), which is 34% above the last trade and 14% above the IPO price. That implies the gross offer was around $57k.

Recent Sales History and Valuation

Rally paid $42k for this in December, and Otis paid $34k for theirs in autumn 2019.

GoCollect values the issue at $84k.

Of course, GoCollect doesn’t know about either purchase above, so again they’re missing some important data points.

We actually value it slightly lower at $81k.

We have a pretty tight group of sales here, and our valuation is pretty close to GoCollect, so we can be reasonably confident it’s valued between $80k and $85k.

Inferred value – $81k

Verdict

This asset is one of the assets we hold in our AA index, and I personally own some shares. We will vote no.

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Author

Wyatt Cavalier

Wyatt Cavalier

With a background in finance & intelligence analysis, Wyatt has an unhealthy obsession with finding the best blue chip investment opportunities. His previous newsletter, Fractional, resonated deeply with subscribers, bringing actionable insights and unconventional trading strategies. His rare book collection specializes in banned editions. He currently lives in Spain with his beautiful wife, three young boys, and dog Monty.

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