Labutes IR's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.com/user/1104021/comments http://seekingalpha.com/article/1455551/comments?source=feed#comment-19152321 19152321 Thu, 23 May 2013 04:45:21 -0400 http://seekingalpha.com/article/1232571/comments?source=feed#comment-19121451 19121451 Wed, 22 May 2013 12:21:56 -0400 http://seekingalpha.com/article/1232571/comments?source=feed#comment-19116091 19116091 Wed, 22 May 2013 10:22:15 -0400 http://seekingalpha.com/article/1325241/comments?source=feed#comment-17326191 17326191 Sun, 07 Apr 2013 15:00:16 -0400 http://seekingalpha.com/article/1232571/comments?source=feed#comment-15799451 15799451
Another point, don't you think 5 stocks is not enough to construct a diversified portfolio? Although I also don't like to buy a lot of stocks, I usually target at least 10-15 stocks (long and short) for my portfolio. ]]> Mon, 04 Mar 2013 10:36:54 -0500
Another point, don't you think 5 stocks is not enough to construct a diversified portfolio? Although I also don't like to buy a lot of stocks, I usually target at least 10-15 stocks (long and short) for my portfolio. ]]> http://seekingalpha.com/article/1232571/comments?source=feed#comment-15794831 15794831
Based on my data, and as I said before, VOD has its dividend amply covered by free cash flow. For 2013 it will have £0.1485 and £0.157 for 2014. Dividends per share will be around £0.11...Regarding FTE, I'm sorry I was using €1.40 dividend per share. With €0.80 dividend per share, its free cash flow coverage is slightly higher than for VOD. However, I think FTE has less earnings visibility than VOD and analysts may adjust downwards their estimates over the next few months.
]]> Mon, 04 Mar 2013 09:17:17 -0500
Based on my data, and as I said before, VOD has its dividend amply covered by free cash flow. For 2013 it will have £0.1485 and £0.157 for 2014. Dividends per share will be around £0.11...Regarding FTE, I'm sorry I was using €1.40 dividend per share. With €0.80 dividend per share, its free cash flow coverage is slightly higher than for VOD. However, I think FTE has less earnings visibility than VOD and analysts may adjust downwards their estimates over the next few months.
]]> http://seekingalpha.com/article/1232571/comments?source=feed#comment-15792251 15792251 My data source is Bloomberg (professional terminal instead of website) so we may be using different data and thus reaching different conclusions because of that. I'm not an American as you can see on my profile, and I don't have access to Merrill research...

I calculate free cash flow yield as FCF/Enterprise value. I use free cash flow to firm (before interest and dividend payments). From the data I collected, VOD has a higher FCF yield than FTE for 2012 and 2013 (Bloomberg estimates). Its coverage based on FCF (FCF share / Dividend per share) is also higher for VOD, at 135% in 2012 and 143% in 2013 versus 89% and 95% for FTE. All calculations were performed by myself, based on the data I've taken from Bloomberg.

Moreover, as you can see from my article I do consider VOD to be a better choice than FTE based on business fundamentals. FTE is too much reliant on its domestic market, which is facing a price war because of Iliad (a new competitor).]]> Mon, 04 Mar 2013 08:40:49 -0500 My data source is Bloomberg (professional terminal instead of website) so we may be using different data and thus reaching different conclusions because of that. I'm not an American as you can see on my profile, and I don't have access to Merrill research...

I calculate free cash flow yield as FCF/Enterprise value. I use free cash flow to firm (before interest and dividend payments). From the data I collected, VOD has a higher FCF yield than FTE for 2012 and 2013 (Bloomberg estimates). Its coverage based on FCF (FCF share / Dividend per share) is also higher for VOD, at 135% in 2012 and 143% in 2013 versus 89% and 95% for FTE. All calculations were performed by myself, based on the data I've taken from Bloomberg.

Moreover, as you can see from my article I do consider VOD to be a better choice than FTE based on business fundamentals. FTE is too much reliant on its domestic market, which is facing a price war because of Iliad (a new competitor).]]> http://seekingalpha.com/article/1232571/comments?source=feed#comment-15786061 15786061 It's not just for telecom companies that you have to look for cash flow generation instead of earnings.Dividends are paid with cash but usually management is very reluctant to cut it even if earnings or the cash flow decline substantially. To see if it is sustainable, you should look for a medium to long-term series, instead of just one data point. The reason is that on one year cash flow may not be enough to cover dividends, but if it is due to cyclical factors much probably mana
gement will keep
the dividend unchanged. However, this will mean that cash on the balance sheet will decline or that debt will increase, which overtime isn't sustainable.
Regarding FTE and VOD, currently VOD has a 6.7% free cash flow yield versus 5.8% for FTE but over the last few years FTE had a slightly higher average yield than VOD.]]> Mon, 04 Mar 2013 05:34:08 -0500 It's not just for telecom companies that you have to look for cash flow generation instead of earnings.Dividends are paid with cash but usually management is very reluctant to cut it even if earnings or the cash flow decline substantially. To see if it is sustainable, you should look for a medium to long-term series, instead of just one data point. The reason is that on one year cash flow may not be enough to cover dividends, but if it is due to cyclical factors much probably mana
gement will keep
the dividend unchanged. However, this will mean that cash on the balance sheet will decline or that debt will increase, which overtime isn't sustainable.
Regarding FTE and VOD, currently VOD has a 6.7% free cash flow yield versus 5.8% for FTE but over the last few years FTE had a slightly higher average yield than VOD.]]> http://seekingalpha.com/article/1232571/comments?source=feed#comment-15673621 15673621
http://seekingalpha.co...]]> Fri, 01 Mar 2013 05:32:36 -0500
http://seekingalpha.co...]]> http://seekingalpha.com/article/1232571/comments?source=feed#comment-15630971 15630971 Thu, 28 Feb 2013 10:25:50 -0500 http://seekingalpha.com/article/1232571/comments?source=feed#comment-15628471 15628471 Thu, 28 Feb 2013 09:49:11 -0500 http://seekingalpha.com/article/1232571/comments?source=feed#comment-15628211 15628211 Thu, 28 Feb 2013 09:45:41 -0500 http://seekingalpha.com/article/1232571/comments?source=feed#comment-15621261 15621261 Thu, 28 Feb 2013 07:39:53 -0500 http://seekingalpha.com/article/1232571/comments?source=feed#comment-15620801 15620801 Regarding data traffic, it is the main revenue growth source telecom companies have in matured markets.
However, as technological evolution is very fast, they have to invest a lot of resources on improved infrastructures. Although it can be postive for revenue and profits, it will be negative for cash flow generation at least in the short-term.]]> Thu, 28 Feb 2013 07:28:53 -0500 Regarding data traffic, it is the main revenue growth source telecom companies have in matured markets.
However, as technological evolution is very fast, they have to invest a lot of resources on improved infrastructures. Although it can be postive for revenue and profits, it will be negative for cash flow generation at least in the short-term.]]> http://seekingalpha.com/article/1232571/comments?source=feed#comment-15618551 15618551 Thu, 28 Feb 2013 06:38:36 -0500 http://seekingalpha.com/article/1217651/comments?source=feed#comment-15463371 15463371 Mon, 25 Feb 2013 05:59:09 -0500 http://seekingalpha.com/article/1216431/comments?source=feed#comment-15463291 15463291 see this article by Guraaf:
http://seekingalpha.co...]]> Mon, 25 Feb 2013 05:52:52 -0500 see this article by Guraaf:
http://seekingalpha.co...]]> http://seekingalpha.com/article/1216431/comments?source=feed#comment-15463151 15463151 Mon, 25 Feb 2013 05:48:52 -0500 http://seekingalpha.com/article/1216431/comments?source=feed#comment-15463111 15463111 Mon, 25 Feb 2013 05:47:46 -0500 http://seekingalpha.com/article/1216431/comments?source=feed#comment-15409041 15409041 Sat, 23 Feb 2013 09:01:00 -0500 http://seekingalpha.com/article/1217651/comments?source=feed#comment-15409001 15409001 I agree with your take on France, I think this government (socialist) is taking a wrong route with its populist measures. However, I think before France will be a problem Spain has to fall, only then politicians will recognize that everything isn't fixed...]]> Sat, 23 Feb 2013 08:59:22 -0500 I agree with your take on France, I think this government (socialist) is taking a wrong route with its populist measures. However, I think before France will be a problem Spain has to fall, only then politicians will recognize that everything isn't fixed...]]> http://seekingalpha.com/article/1156551/comments?source=feed#comment-14636161 14636161 very good points. More than headlines, we live for the short-term, nodoby cares about more than a few months down the road. That's why we still are in this mess (Europe and elsewhere) after 5 years from the global financial crisis.]]> Wed, 06 Feb 2013 06:25:53 -0500 very good points. More than headlines, we live for the short-term, nodoby cares about more than a few months down the road. That's why we still are in this mess (Europe and elsewhere) after 5 years from the global financial crisis.]]> http://seekingalpha.com/article/1156551/comments?source=feed#comment-14636131 14636131 Wed, 06 Feb 2013 06:24:25 -0500 http://seekingalpha.com/article/600161/comments?source=feed#comment-13769131 13769131 Daimler's dividend frequency is annual. The last dividend paid was in April 2012, the next payment should also be next April-May.]]> Wed, 16 Jan 2013 06:16:41 -0500 Daimler's dividend frequency is annual. The last dividend paid was in April 2012, the next payment should also be next April-May.]]> http://seekingalpha.com/article/1084461/comments?source=feed#comment-13140361 13140361 Mon, 31 Dec 2012 05:23:38 -0500 http://seekingalpha.com/article/1084461/comments?source=feed#comment-13140341 13140341 Thanks for your comment. Indeed, dividend yields mentioned should be adjusted for withholding taxes. I usually don't refer it because it depend on each investors' fiscal domicile...]]> Mon, 31 Dec 2012 05:22:36 -0500 Thanks for your comment. Indeed, dividend yields mentioned should be adjusted for withholding taxes. I usually don't refer it because it depend on each investors' fiscal domicile...]]> http://seekingalpha.com/article/1038501/comments?source=feed#comment-12982921 12982921 Wed, 26 Dec 2012 05:55:26 -0500 http://seekingalpha.com/article/404881/comments?source=feed#comment-12982911 12982911 Wed, 26 Dec 2012 05:51:22 -0500 http://seekingalpha.com/article/1033131/comments?source=feed#comment-12770571 12770571
See this link:
http://bit.ly/xBxMtJ]]> Wed, 19 Dec 2012 09:48:11 -0500
See this link:
http://bit.ly/xBxMtJ]]> http://seekingalpha.com/article/1065981/comments?source=feed#comment-12673131 12673131 Mon, 17 Dec 2012 05:44:38 -0500