Added to YB: 2025-12-12
Pitch date: 2025-12-10
SPLP [neutral]
Steel Partners Holdings L.P.
+2.33%
current return
Author Info
Benevolus is a value investor that takes value wherever they can find it. Most of their positions are long microcap equities. Sign up for the newsletter.
Company Info
Steel Partners Holdings L.P., together with its subsidiaries, engages in industrial products, energy, banking, defense, supply chain management, logistics, and youth sports businesses worldwide.
Market Cap
$838.3M
Pitch Price
$43.00
Price Target
N/A
Dividend
N/A
EV/EBITDA
1.70
P/E
3.60
EV/Sales
0.29
Sector
Industrial Conglomerates
Category
value
Steel Partners (SPLP) is a curious situation - Selling for 15% of its value, PE ratio of 2, P/B of 0.6, growing at 20%, but I won’t buy it.
SPLP (pass): Activist-founded industrial conglomerate + WebBank trading 85% discount to $4.9B estimated value at $0.76B EV. WebBank 18.6% Tier 1 ratio, 30% ROE justifies $1.9B alone. Risk: 83% controlled by Lichtenstein, 1.5% mgmt fees, delisted to OTC. Minority holders likely orphaned as buybacks stopped.
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