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David Schauber, Jr.

 
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  • Want To Buy Altria At 6% Yield ? Be Ready [View article]
    Hello TV,

    Thanks for your article. Great for keeping things in perspective. When talking about future dividend increases, I believe they target a payout of about 80% of adjusted EPS.

    The company is currently expecting adjusted EPS of $2.52 to $2.59. If you go by this, then the new dividend later this year should be between $2.02 and $2.07 per share, which equates to a forward yield of 5.7% - 5.8% based on the current stock price.

    Ain't nuttin' wrong with that!

    Dave
    Jan 30 01:18 PM | 4 Likes Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    You bet. I like the comparison with See's Candy!!
    Dec 30 04:04 PM | Likes Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    Nice!!!!!!!!!
    Dec 30 09:20 AM | Likes Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    Hello there,

    Thanks for your comment. I'm looking at the 2012 10-K right now, which shows a treasury stock of 25731 (not 25371 as you mentioned above) and shareholder equity of 3168. When you add those, you get an adjusted equity figure of $28.9B.

    For the net income, you are using the GAAP figure of $4.18B. I'm using the adjusted earnings of $4.48B, which strip out one-time items and other things that exist outside of the company's operations. I arrive that figure by dividing the adjusted EPS by the GAAP EPS and then multiplying that figure by the company's GAAP net income.

    Then, when you do the calculation, you arrive at an adjusted ROE of 15.5%.

    Remember that treasury stock on the balance sheet is a negative to shareholder equity. For this reason, I add it back to the equity figure in order to cancel it out.

    Hope that helps.

    Dave
    Dec 29 10:37 AM | Likes Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    You could be right, especially if the e-cigs get a really bad reception. Good point.

    As far as MJ goes, I remember talking to a couple of retired DEA agents. They told me that the federal government will never legalize it, because it would put so many people out of work.

    Dave
    Dec 18 10:11 AM | Likes Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    Thanks for your kind words. If there's anything in the article that you are having trouble understanding, please let me know.

    Thanks

    Dave
    Dec 18 09:38 AM | Likes Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    And a happy holidays to you and yours too!

    Yes, I own that book as well, and it is a wonderful read and a great source for future reference. It's always best to learn from the best!

    Dave
    Dec 18 09:38 AM | Likes Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    Thank you very much for your kind words.
    Dec 18 09:36 AM | Likes Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    Glad I could help.

    Dave
    Dec 18 09:34 AM | Likes Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    Yes, goodwill is an intangible asset, and you are absolutely right to be concerned about it. Usually, when goodwill accounts for more than 20% of a company's assets, I consider that a time to dig deeper into the sources of goodwill, and look back at the company's history when it comes to prior writedowns of goodwill if any.

    Dave
    Dec 18 09:34 AM | 1 Like Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    Thanks, Matthew.
    Dec 18 09:31 AM | Likes Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    Thank you for reading. Please see my reply to GrowthGeek above.

    Dave
    Dec 18 09:31 AM | Likes Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    Thank you. I hope that you can use it to your benefit.

    Dave
    Dec 18 09:30 AM | Likes Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    Thanks for reading.

    No, I don't think you're missing anything. If you are, then I must be too. I am also disappointed that they didn't jump out of the gate first with the e-cig. However, when the MarkTen goes nationwide, maybe Altria's brand strength will help it close the gap and maybe even take the lead. It also makes me wonder why they call it the MarkTen. I would think that having it under the Marlboro brand would make more sense and attract more people.

    Dave
    Dec 18 09:29 AM | Likes Like |Link to Comment
  • Let's Take A Drag On Altria's Balance Sheet [View article]
    Glad you liked it Joey. Like most MO investors these days, the top line concerns me more than anything else. So far, they have made up for the decline in smoking through price increases. How long they can continue with that remains to be seen. So far, so good. There has been some growth in smokeless, but that still accounts for such a small part of their business. Also, their move into e-cigs is too early to judge at this point from where I sit. I also read somewhere, where the domain "altriacannabis.com" was registered recently. I wouldn't get too excited over that though, although it would be spectacular if they could do something there :).

    As far as doing another article with RAI and LO, stay tuned :).

    Dave
    Dec 17 07:33 PM | Likes Like |Link to Comment
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