The Trencor share price demonstrated remarkable resilience in the face of yet another set of grim results from the former shipping container powerhouse. It could be that the full set of financial statements were so complicated that traders found it difficult to work out exactly what had happened in the 12 months to December 2018. The complications were caused by structural and accounting changes implemented during the year. The changes were necessitated by the regulatory issues relating to Trencor’s treatment of its primary business, a 48% stake in US-listed and Bermuda-registered Textainer. Because of these changes the clearest way to see what’s happened to the value of Trencor is to ignore the flow of earnings between Textainer and Trencor and focus on the sum of the parts’ net asset value (NAV). PODCAST: How the construction industry contributed to its own demise. Subscribe: iono.fm | Spotify | Apple Podcasts | Pocket Cast | Player.fm It is not a pretty picture, with total NAV pe...

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