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Labutes IR

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  • H&M: Q1 Gross Margin Disappoints And Overvaluation Remains [View article]
    I sold my position at the beginning of June, more because of Inditex (it was a pair trade though CFD's). Retail sales in Spain collapsed and I became a little afraid, although earnings were very good but I still think they will be hit by the very bad macro outlook there.
    Jul 31 10:42 AM | Likes Like |Link to Comment
  • Portugal Telecom: Despite Dividend Cut, Still Yields 9% [View article]
    Yes you're right, it is 25% but as Adamgalas commented in one of my previous articles "If you live in the US, which has a tax treaty with Portugal, you can get a special code from your bank and only have 15% withheld in Portuguese taxes".
    Jul 12 10:47 AM | 2 Likes Like |Link to Comment
  • 3 Stocks Yielding Over 9% [View article]
    Thanks for the comment. Regarding Telefonica, without taking into account extraordinary results the last year payout ratio was slightly below 100%. In previous years the average was much lower at only 55% and based on cash flow the dividend seems much more sustainable.

    However, I agree that increasing the dividend in the next two years may not be possible, unless the macroeconomic activity in Europe picks-up more rapidly than expected.
    Jul 6 10:22 AM | Likes Like |Link to Comment
  • Dividend Yield Stocks From Portugal [View article]
    Nice article. Also thanks for your reference on my articles.
    Jul 5 10:07 AM | Likes Like |Link to Comment
  • Analysis Of Petrobras Dividend Quality [View article]
    Thanks for the comment,
    Indeed, it seems only the government will profit from the Brazilian oil given their protectionist rules. Galp also has assets in Angola and Mozambique but much smaller than the Brazilian reserves.
    Jun 29 04:32 AM | Likes Like |Link to Comment
  • Analysis Of Petrobras Dividend Quality [View article]
    I will look into Sete, what is the company's ticker?
    Jun 28 04:05 PM | Likes Like |Link to Comment
  • Analysis Of Petrobras Dividend Quality [View article]
    Thanks for the comment,
    If your bearish view is right then Galp is really a good alternative to consider.
    Jun 28 03:10 PM | Likes Like |Link to Comment
  • Galp Energia: An Alternative For Petrobras Shareholders To Play The Brazilian Oil Story [View article]
    Thanks for the comment,
    I agree ENI has good potential for growth but based on sell-side price targets the upside potential for ENI's shares is about 25% and for Galp is 70%...
    Jun 22 04:45 AM | Likes Like |Link to Comment
  • German Opportunities With Yields Over 6% [View article]
    Yes, but that capacity has to be replaced by other sources, such as wind or coal. Over the long-term the hit should be less severe.
    Jun 10 05:07 PM | Likes Like |Link to Comment
  • H&M: Q1 Gross Margin Disappoints And Overvaluation Remains [View article]
    Thanks for the comment. Over the long-term the fundamentals are sound, let's see if over the next quarters the gross margin stops falling.
    Jun 10 05:05 PM | Likes Like |Link to Comment
  • Oi's Dividend Policy Supports Portugal Telecom's 17% Yield [View article]
    adamgalas, thanks for the comment. In PT's website they say is 25%, but its for foreign investors generally.
    Jun 5 05:59 AM | Likes Like |Link to Comment
  • Portugal Telecom: Neglected Stock With A 15.82% Yield [View article]
    Ok I see your point on market share.
    But instead of just focusing on market share also consider dominant position and no close substitutes for costumers. Additionally, monopolist companies (legal, natural or de facto) should have a strong price advantage.
    What I'm saying is that PT doesn't satisfy those criteria in the domestic market. I'm from Portugal and my mobile phone is from PT but my cable TV and Internet are supplied by competitors.
    May 24 10:49 AM | Likes Like |Link to Comment
  • Portugal Telecom: Neglected Stock With A 15.82% Yield [View article]
    To a certain extent that is correct, telecommunication revenues are a lot correlated to GDP growth. The Portuguese GDP had 6 consecutive quarters of negative growth, but in Q1 2012 the number was only -0,1% from Q4 2011 and much better than the -1% QoQ expected. Can be to early to say but it seems the Portuguese economy has already saw its worst days.
    May 24 10:30 AM | Likes Like |Link to Comment
  • Portugal Telecom: Neglected Stock With A 15.82% Yield [View article]
    Not quite. It isn't just defined by market share.

    "Nonetheless, we believe that the expression "de facto monopoly" has been simply used as opposed to "legal monopoly", and it actually refers to a market structure where there is a single participant and no close substitutes for consumers."

    "the expression "de facto monopoly" includes those situations which are not a monopoly but can be assimilated to a monopoly (what the European Union considers a "near monopoly") and that refer to highly concentrated market (around 90 % of the market share) segments or structures that are presumed to have the same or very similar negative impacts, as a monopoly of a 100% market share."
    May 24 10:18 AM | Likes Like |Link to Comment
  • Portugal Telecom: Neglected Stock With A 15.82% Yield [View article]
    Bull market? not for Portuguese market! PT generates more than half of its EBITDA in Portugal that had a bailout last year...which led to a lot of austerity measures. Revenues and EBITDA in the domestic business are falling around 10% YoY.

    "In the most recent quarter, revenue grew by 82.27% compared to Q1 2011 to €1.716 billion." this was because PT in Q1 2011 PT didn't take Oi revenues into account because only in April PT bought Oi's equity stake.
    May 24 09:56 AM | Likes Like |Link to Comment
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