NACCO (NC): Podcast Episode, Book on the Company’s History, Articles on the North Dakota Coal Industry, and Exhibit 99 of the 10-K

by Geoff Gannon


Because it’s my largest position, I get a lot of questions about NACCO (NC). Andrew and I just did a 25-minute podcast on the stock:

Episode #21: NACCO (NC)

I also get some questions from people about what exactly it is NACCO does (what is lignite coal, what is a mine-mouth power plant, will these kind of power plants be replaced by natural gas plants, etc.) that I didn’t go into detail on during the podcast. The single biggest state NACCO operates in is North Dakota. So, here are 3 articles about the North Dakota lignite coal industry (NACCO is the biggest part of that industry) that help answer those questions:

Where Coal is Found

July 2017 article on North Dakota coal industry

August 2016 article on North Dakota coal industry

I mentioned I own a book about the company’s history. Here it is:

Getting the Coal Out

Finally, as I mentioned in the podcast there’s a very important document in NACCO’s 10-K. It’s Exhibit 99.

Exhibit 99 of NACCO’s 10-K

This is a must read. It is the financial statements of the unconsolidated coal mines. These unconsolidated coal mines make up most of NACCO’s value as a company despite not contributing anything to NACCO’s revenue line.

Finally, you can read the Clark Street Value Blog post I mentioned:

Clark Street Value Blog: NACCO Industries / Hamilton Beach Brands

Talk to Geoff about NACCO (NC)