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The Value Investor

 
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  • Goldman Sachs - Strong Results By This Well-Managed Banking Franchise [View article]
    Long time ago this article.

    PE's are lagging given the structural headwinds for the industry including regulation, higher capital ratios limiting the return on equity and the valuation through the cycle (potential for a bad year wiping out year's of cumulative earnings).
    Aug 13 03:20 PM | 1 Like Like |Link to Comment
  • King Digital - Could The Near Capitulation Of Investors Create Opportunities? [View article]
    It was mentioned during the CC, but little attention was indeed paid to it.
    Aug 13 12:43 PM | Likes Like |Link to Comment
  • King Digital - Could The Near Capitulation Of Investors Create Opportunities? [View article]
    Thanks and good luck out there.
    Aug 13 09:06 AM | Likes Like |Link to Comment
  • King Digital - Could The Near Capitulation Of Investors Create Opportunities? [View article]
    a lot of the comments you make above are fair.

    Except that the company/industry has not been around that long, with popularity/long term monetization trends being highly uncertain.
    Aug 13 07:29 AM | Likes Like |Link to Comment
  • King Digital - Could The Near Capitulation Of Investors Create Opportunities? [View article]
    Thanks for your compliments and spotting the mistake.

    Difficult to say. Let's say $2.2bn in annual revenues are attainable and margins are 25% after tax. With 40% of bookings being ex candy crush, this results in a $900 million annual business with annual earnings of $200-$250mn.

    with operating assets at about $3.7bn after backing out cash, this values all other games at some 16 times earnings, assuming 0 contribution from Candy Crush.

    The long tail for Cany Crush will indeed by make or break, but I lack the expertise in this area to make a very meainingful comment about that.
    Aug 13 07:01 AM | Likes Like |Link to Comment
  • Cerner: Very Nice Deal, Yet No Overall Appeal [View article]
    Thank you for the kind words. Typically a scenario in which people might be confusing a great company with a potential lousy investment. I liked the deal a lot, but it does not move the needle enough to change my opinion.
    Aug 13 02:39 AM | Likes Like |Link to Comment
  • CBS - Hoping For A Better Entry Point With Momentum And M&A As Key Potential Drivers [View article]
    You are correct CBS Outdoor split-off reduces share count by 45mn but this occurred after the quarter. Of course that number is more relevant now.
    Aug 13 01:40 AM | Likes Like |Link to Comment
  • Synchrony Financial - Relative Appeal At This GE Capital Split-Off [View article]
    I think we are misunderstanding each other.

    GE's shareholders don't have any claim on SYF shares at the moment. This 15% is in the hands of those participating in the IPO.

    What I imply to stay is that if GE will spin-off the remaining 85% stake, investors might receive 0.849 shares in SYF for every GE share they own assuming both companies have an equal number of shares outstanding.
    Aug 12 01:52 PM | Likes Like |Link to Comment
  • Synchrony Financial - Relative Appeal At This GE Capital Split-Off [View article]
    http://1.usa.gov/1sNVdyy

    page 232:
    states that GE will own 84.9% of the shares of Synchrony excluding the greenshoe option.

    page 248:
    Potential Future Sale or Distribution of Common Stock Held by GE
    After the completion of this offering, GE will beneficially own 84.9% of our outstanding common stock, assuming the underwriters’ option to purchase additional shares of common stock from us is exercised. GE has indicated that after this offering it currently is targeting to complete its exit from our business in late 2015 through the Split-off and may exit our business through another Separation transaction.

    Given that GE only owns 84.9% post IPO, investors in the company will obtain their ratio in Synchrony shares * 84.9%
    Aug 12 12:55 PM | Likes Like |Link to Comment
  • Viacom - Soft Operational Performance Creates Longer Term Opportunities [View article]
    50% in one name is quite a lot!
    Aug 12 12:46 PM | Likes Like |Link to Comment
  • Dean Foods - Short-Term Pain, Well-Positioned For Normalization [View article]
    Sure it is a pure play on milk prices.

    I am not an expert on soy milk health concerns unfortunately. Good luck.
    Aug 12 09:33 AM | Likes Like |Link to Comment
  • Synchrony Financial - Relative Appeal At This GE Capital Split-Off [View article]
    What I read indicates that shareholders of GE get a proportionate share of SYF at 85% given that GE's shares in the company has dropped to 85% post-IPO. But please correct me if I am wrong.
    Aug 12 08:34 AM | Likes Like |Link to Comment
  • Synchrony Financial - Relative Appeal At This GE Capital Split-Off [View article]
    thanks for the suggestion, I will keep an eye on them.
    Aug 12 01:18 AM | Likes Like |Link to Comment
  • Synchrony Financial - Relative Appeal At This GE Capital Split-Off [View article]
    As a GE shareholder you will receive a shareholding in SYF at an equivalent ratio at which you are a shareholder in GE * 85%.
    Aug 11 03:52 PM | Likes Like |Link to Comment
  • Synchrony Financial - Relative Appeal At This GE Capital Split-Off [View article]
    I believe investors in GE will see a spin-off of the Synchrony assets in which it still holds a 85% stake.

    As such a current GE owners will own their current share in GE and a shareholding in Synchrony at some point in the future.
    Aug 11 03:30 PM | Likes Like |Link to Comment
COMMENTS STATS
1,562 Comments
391 Likes