Seeking Alpha
View as an RSS Feed

Dan Naumov  

View Dan Naumov's Comments BY TICKER:
Latest  |  Highest rated
  • A Look At BHP's Spin-Off South32 [View article]
    It's not entirely fair to compared BHP and S32 dividend yield: after the demerger, S32 payout ratio looks to be around 40% of earnings, but for BHP it is significantly higher. As for the ultimate fate of S32, I think Glasenberg would be silly to not look at it as a potential takeover candidate at these valuations. The assets fit.
    Jun 4, 2015. 04:53 PM | Likes Like |Link to Comment
  • Ensco plunges 8% following surprise dividend cut [View news story]
    Different companies, different cashflow, different amounts of debt.
    Feb 26, 2015. 04:43 PM | Likes Like |Link to Comment
  • Ensco slashes its quarterly dividend by 80% to $0.15/share [View news story]
    It matters because efficient use of capital is what drives stock market returns in the first place.
    Feb 26, 2015. 06:22 AM | 3 Likes Like |Link to Comment
  • Ensco beats by $0.32, revenue in-line [View news story]
    Uh, wow. The company better announce a share buyback program or a major acquisition soon, otherwise a 80% reduction in dividend is uncalled for.
    Feb 26, 2015. 05:15 AM | 5 Likes Like |Link to Comment
  • Ensco slashes its quarterly dividend by 80% to $0.15/share [View news story]
    They are being waaaay too conservative here. Low debt, $1.3bn in cash... a 1/3 reduction in dividend I could understand, maybe even a 50% cut, but 80%? The company better announce a share buyback program or a significant acquisition soon as a use for all that "flexibility", because it surely isn't needed for normal operations even at such low oil prices.
    Feb 26, 2015. 05:09 AM | 3 Likes Like |Link to Comment
  • BHP Billiton: A Buy, Hold Or Sell At $49? [View article]
    On what imaginary stock exchange did it trade at 40 in Jan?
    Feb 24, 2015. 07:04 PM | Likes Like |Link to Comment
  • A Sleep Well At Night REIT For All Seasons [View article]
    If only there was a residential property REIT with similar characteristics to O. It's just very hard to get excited about long-term return potential of a REIT with such a big exposure to malls and shopping centers.
    Feb 19, 2015. 07:27 AM | 12 Likes Like |Link to Comment
  • Why Ensco's 10% Dividend Is Built To Last [View article]
    A 10% yield on a $7bn company implies $700mln/year is being spent on dividends. Their CAPEX is going down by $1,6bn (which is more than twice the amount they spend on dividends) after 2015, so they should have massive free cash flow. Please explain why cutting the dividend would be a prudent move? The only valid reasons I see as valid in the case of ESV are either diverting the cash to share buybacks instead (buying back shares at a significant discount to tangible book value) or acquiring a competitor (but who would that be and why?).
    Feb 18, 2015. 04:39 AM | 2 Likes Like |Link to Comment
  • Reaffirm Buy Rating For Ensco From Credit Perspective [View article]
    Why would they reduce it? CAPEX is set to drop by almost $2bn/year after 2015 as the newrig build program finishes and the leverage ratio is the lowest among peers.
    Feb 17, 2015. 08:49 PM | Likes Like |Link to Comment
  • Why Ensco's 10% Dividend Is Built To Last [View article]
    The reason I believe that Ensco will keep it's dividend unchanged is that fact that after 2015, CAPEX is set to drop by something massive like $2bn/year and the rig build program is set to be finished. This indicates to me that the company should have little issue maintaing the dividend even if the oil price stays at low levels for a significant time.
    Feb 17, 2015. 08:45 PM | 3 Likes Like |Link to Comment
  • Philip Morris: A 5% Dividend Nugget With An Intrinsic Value Of $100+ [View article]
    "I specifically like Philip Morris, which is now 12.7 billion into its 18.0 billion share repurchase program" - you do realize the share buyback has been CANCELLED, right?
    Feb 17, 2015. 04:38 PM | Likes Like |Link to Comment
  • IBM: The Best Entry Point Is Now [View article]
    IBM's biggest problem is that nobody genuinely WANTS to be using their products and services. They are deeply entrenched in some large institutions, yes, but that isn't going to be winning them any new customers.

    The saying used to be "Nobody ever got fired for buying IBM", but today, the exact opposite is true.
    Feb 16, 2015. 01:41 PM | 8 Likes Like |Link to Comment
  • IBM: The Best Entry Point Is Now [View article]
    IBM has seen declining revenues for what, 8 quarters now? And the CEO and management have just "awarded" themselves with a huge performance bonus? Err, no thanks.
    Feb 16, 2015. 01:24 PM | 12 Likes Like |Link to Comment
  • Box sets IPO price range, aims for ~$1.4B valuation [View news story]
    I am a very heavy user of iCloud and Dropbox. I am also paying 0$/month for either. What can BOX offer me?
    Jan 10, 2015. 08:53 AM | Likes Like |Link to Comment
  • Cunningham, Berkshire Beyond Buffett [View article]
    "I can't be involved in 50 or 75 things. That's a Noah's Ark way of investing - you end up with a zoo that way. I like to put meaningful amounts of money in a few things."

    So why does Berkshire hold stakes or outright own more than 80 companies?
    Dec 29, 2014. 06:29 AM | Likes Like |Link to Comment
COMMENTS STATS
356 Comments
475 Likes