In September 2016, I thought Leucadia was worth somewhere between $27-$32. At the time, it was trading around $19, having bounced off of of lows in the summer. The company was still under-earning, although some of the winds had started to shift.
I updated my SOTP analysis, and come up with a fair value near $32.
The discount to intrinsic value has narrowed considerably from 50% ($19 versus $30 in 09/2016) to about 20% ($26/$32). The intrinsic value itself has improved marginally, mostly on the backs of improvements at National Beef and Berkadia.
The dividend has also been increased by 60% from 25c/share to 40c/share. At current prices, this implies a yield of over 1.5%.
I continue to hold.