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An update on HC2 Holdings (HCHC)--
On 12/31/20, HCHC announced a deal for its energy subsidiary, Beyond6.

Obviously, valuing small caps is a tricky business. When I took a stab at valuing HCHC by parsing the subsidiaries, I ended up with the following numbers
Construction (DBM) $225M - $275M (HC2 own 92% of the entity)
*Insurance $115M - $150M
**Telco $100M - $125M
TV/Broadcasting $75M - $100M
Health (Pansend) $35M - $50M
***Energy (CNG stations) $35M - $50M
GSM stub $25M - $30M
Total $610M - $780M (After adjusting DBM stake, $592M - $734M)
With the back-stop offering complete, there are around 77M shares outstanding. So, with my numbers, HC2 is $7.69 - $9.53/sh

* HC2 received a non-binding offer of $90M for the segment.
** HC2 received an offer for this segment
*** This is the deal mentioned above- 61% of $169M would mean HC2's portion is ~$103M (including debt)

The Beyond6 deal is supposed to finalize in Q1 2021. Hopefully, one, or both, the other segment transactions are complete by then. It should clean up some of the valuation.

Added more HCHC on 12/31/20
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