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Broyhill Asset Management Q1 Letter on Ally Financial & Subprime Auto Lending

Chris Pavese's Broyhill Asset Management is out with its first quarter letter.  In it, they note their interest in the automobile industry.  Having previously invested in General Motors (GM) and CDK Global (CDK), they've recently found another idea that they found intriguing: Ally Financial (ALLY).

Broyhill notes that Ally is trading at 70% of tangible book value and they see book value approaching $40 over the next few years.  If the stock trades back to book value, this would mean a 2x return. They're not alone in their bullishness here, as late last year we detailed how Perry Capital liked ALLY as well.

In addition to looking at Ally Financial specifically, Broyhill also takes a deeper look at the myths and realities surrounding the subprime auto lending industry as a whole in an appendix at the end of the letter.

Embedded below is Broyhill's Q1 letter on Ally Financial and the subprime auto lending industry: