Added to YB: 2026-06-16
Pitch date: 2026-06-11
TSL.TO [neutral]
Tree Island Steel Ltd.
-0.87%
current return
Author Info
Dismissed & Asset Backed has their heads stuck in 10Ks and 10Qs of 'old world' businesses trading below tangible book value. Sign up for the newsletter.
Company Info
Tree Island Steel Ltd. manufactures and sells steel wire and fabricated steel wire products in Canada, the United States, and internationally.
Market Cap
CAD 58.5M
Pitch Price
CAD 2.30
Price Target
3.67 (+61%)
Dividend
N/A
EV/EBITDA
60.45
P/E
-9.03
EV/Sales
0.53
Sector
Metals and Mining
Category
value
Tree Island Steel (TSL) – A Canadian Wire Cannibal at 0.55x TB Fighting a Two-Front Tariff Battle
TSL.TO (overview): Canadian steel wire maker at 0.55x P/TB (6% of trading days since 2012). 2025 rev -22% to $162M, $5.3M net loss on US tariffs; dividend halted 1Q26 after 10yrs. Hidden RE values (Richmond plant $140-280M est). Catalysts: Canadian anti-dumping duties, possible Doman take-private (tried 2019), sale-leaseback. Normalization base case ~$2.94 (26% upside, 8% CAGR); M&A ~$3.67 (58%). Balanced offer—author waiting for more turbulence, doesn't own.
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