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
Table of Contents
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.
