Gewinnerbranchen der Jahre 2006 bis 2040 (Seite 8029)

[Pontiuspilatus]

@clearasil

wie wärs mit taausch von cds in autonomy?

[Pontiuspilatus]

Autonomy profit nearly doubles
Monday July 21, 5:28 am ET

UK software maker Autonomy says 2nd-quarter profit nearly doubled

LONDON (AP) -- Software-maker Britain's Autonomy Corp. said Monday that second-quarter profit nearly doubled on strong revenue growth.

Net profit rose to US$30.5 million in the three months through June 30, from US$16.5 million in the same period a year earlier, the Cambridge, England-based company said in a statement. Sales gained more than 70 percent to US$125.6 million.

"Our performance during this period has been driven by strong organic growth across all areas of our business," Chief Executive Mike Lynch said in a statement.

Autonomy's customers include eBay Inc., Toyota Motor Corp., Fox Media Group, and several international defense and intelligence agencies.

Shares in the company jumped 5.7 percent to 1,065 pence (US$21.29) on the London Stock Exchange.

[Pontiuspilatus]

Why I Own Altria
posted on: July 11, 2008 | about stocks: MO
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PM USA estimates that total cigarette industry volume declined approximately 4% in the first quarter. For the full-year 2008, PM USA estimates a total cigarette industry volume decline of approximately 3%.


Altria Group’s (MO) tobacco manufacturing and distribution business, PM USA expects this trend to continue, with industry shipment volume declining 2.5% - 3.0% annually over the next few years.

So, why would anyone own Altria Group?

I do, and here’s why:

Altria dominates the U.S. tobacco industry with powerful brand names. The company has a commanding 50.9% share of the cigarette retail market. Marlboro boasts a 41.5% share. Acquired last December, John Middleton placed Altria in a leading position in the machine-made large cigar market with a 26.8% share. Middleton’s key Black & Mild brand controls 25.9% of that market.

Altria has a fortress balance sheet with lots of cash and low debt. The company ended this year’s first quarter with $4.8 billion in cash and cash equivalents, and long-term debt as a percentage of total capital of 13.5%.

Altria has always been and still is a cash machine. Right out of the box post spin-off the company delivered free cash flow of $1.9 billion in the first quarter.

Management is implementing a strategy that should support earnings growth in a shrinking market. The strategy calls for: cutting expenses at rates that exceed declines in cigarette volume; growing market share; and extending product lines and leveraging distribution through acquisitions and internally developed products.

Here’s how the company is performing so far:
Management plans to slice $1 billion out of the company’s cost structure by 2011. Selling, general and administrative expenses will drop by $600 million. Corporate headquarters functions have been restructured, including the relocation to Richmond, Virginia from New York, and should yield annual savings of $250 million starting next year. Another $156 million will come from the closing of the Cabarrus, North Carolina manufacturing facility and subsequent consolidation with the Richmond, Virginia facility by 2010.
Market share grew in the first quarter from a year ago. The company’s share of the cigarette retail market gained 0.5% on the back of Marlboro’s 0.7% increase.
John Middleton is in a segment of the industry that’s growing 4% - 5% per year. Middleton posted a first quarter volume gain of 8.2% with Black & Mild increasing its market share by 3 points.
New products have not worked out so well. Marlboro Ultra Smooth, a high tech filter cigarette, was recently pulled from the marketplace due to low acceptance. Other failures include a cigarette with a battery-powered holder to heat the tobacco, and a spit free chewing tobacco. I believe that shareholders would be better served if management would abandon this part of their strategy and redeploy these resources on what they know and already are doing best.
Altria has started 2008 with a solid earnings performance. Earnings per share (adjusted for one-time items and from continuing operations) came in at $0.37 in the first quarter, up 12.1% from the same year earlier period on a 2.8% gain in net revenues. Management affirmed their forecast for 2008 earnings per share at $1.63 - $1.67, for an increase of 9% - 11% off of a 2007 base of $1.50, and set an objective of growing earnings 8% - 10% over the next few years. Projections by Street analysts are at the high end of these ranges.

Altria has a 28.6% ownership interest in SABMiller, the world’s largest brewer. At the end of the first quarter, Altria’s investment in SABMiller was carried on the books at $4.1 billion and had a recent market value of nearly $10 billion.

The company is returning cash to shareholders. The Board of Directors set the initial quarterly dividend at $0.29 per share, and is targeting a 75% payout ratio. They also approved a $7.5 billion share repurchase program to be completed over 2 years. The company began buying back shares in April.

Altria’s shares are attractively valued with a price / earnings ratio and yield that compare favorably with the S & P 500. The shares’ price / earnings ratio, at 12.9x 2008 earnings per share of $1.63, is below the S & P 500’s 14.5x based on S & P’s earnings estimate of $88.04 for this year. The shares also offer a fat 5.5% yield, well above the S & P 500’s 2.4%.

[Pontiuspilatus]

Is Tobacco a Safe Haven in the Current Market?
posted on: July 16, 2008 | about stocks: BTI / ITY / LO / MO / PM / RAI / SWM / UST / UVV / VGR
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The table above (click on the image for a full-screen view) highlights a global tobacco income index which screens for companies with market caps of greater than $200 million which pay regular cash dividends to shareholders. All companies which are majority-owned subsidiaries of another entity or foreign holding companies of the major tobacco companies such as Philip Morris International (PM) and British American Tobacco (BTI) were excluded from this index. The index is composed of 23 companies from across the world and is weighted by a formula which combines both market cap and trailing 12-month dividend yield. The trailing 52-week weighted return for the index is -6.6% with a weighted dividend yield of 4.4%, which compares favorably to the overall market as measured by the S&P 500 (SPY) exchange-traded fund [ETF] which is down 19.1% with a 2.2% yield. The overall return for the global tobacco income index is comparable to the consumer staple ETFs on the market with an overall loss of 2.2% versus an average total return of -2.1% for the three consumer staple ETFs highlighted in the table (XLP, VDC, KXI).

Despite the ongoing threat of litigation and growing ban of public smoking, the tobacco industry seeks growth in many emerging and frontier markets, as evidenced by the spin-off of the faster-growing Philip Morris International (PM) from Altria (MO). With an abundance of low earnings multiple stocks and above-average dividend yields, the tobacco industry offers investors a safe-haven during the current market turmoil and economic uncertainties. Although I have never used tobacco products and would not encourage others to do so; millions of people worldwide choose to make tobacco a daily ritual and the industry offers investors a reliable, low-risk option with above-average income in the form of dividends.

[investival]

Antwort auf Beitrag Nr.: 34.549.751 von investival am 21.07.08 11:57:46

...deutlich rentierlicher und inflationsgeschützt anlegen

[investival]

Antwort auf Beitrag Nr.: 34.549.627 von investival am 21.07.08 11:46:27

Vielleicht will Roche Genentech ja gar nicht komplett übernehmen, sondern nur seine cashequivalents deutlich rentierlicher anlegen,

[investival]

Antwort auf Beitrag Nr.: 34.549.627 von investival am 21.07.08 11:46:27

AlCon - sorry,

[investival]

Antwort auf Beitrag Nr.: 34.549.312 von Pontiuspilatus am 21.07.08 11:14:54

Naja, bei PFE habe ich gerade bzgl. shopping trotz deren gegenteiliger Bekundung so meine Bedenken ...

NVS hat im übrigen ja auch jüngst recht ordentlich aquiriert ... Und der deshalb erfolgte Kurseinschnitt erweist sich zunehmend als idealer Einstiegszeitpunkt -

Immerhin aquiriert Roche ein ihm 100 % bekanntes Unternehmen - 'da weiß man, was man hat' bzw. bekommt bzw. wo die Schmerzgrenze zu sein hat.
Und betriebswirtschaftlich wird Roche wohl durchgerechnet haben, ob DNA oder 20 Mrd inflationsanfälliger(/kursgefährdeter) Zinsanlagen eine höhere Rendite bringen,

Die Roche-Bilanz ist bisher (ebenfalls) über jeden Zweifel erhaben:
Nettobarvermögen = 24 Mrd cash+equivalents - 7 Mrd Schulden = 17 Mrd
goodwill = 15 % von 78 Mrd Aktiva - also gut ausbaufähig,
EKQ = 65 %
free cf = 8 Mrd
... - Ich sage mal ohne genau gerechnet zu haben, die Bilanz sieht hernach so aus wie die von NVS nach Algon-Konsolidierung - nämlich immer noch sehr gut.
PG, PFE und auch JNJ haben da größere Sachen gestemmt,

Btw: Grundsätzlich finde ich es positiv, aquirieren ASS-Aktien noch dieses Jahr,

[investival]

Antwort auf Beitrag Nr.: 34.547.512 von seaplane am 20.07.08 22:58:49

PPDI:
Schließe mich Pontius' Urteil an.
Die Insiderverkäufe kamen (und, sieht man die geplanten Verkäufe, kommen) im übrigen wohl nicht nur vom Firmengründer.

Sicher ist die F+E in der Pharmabranche hoch, aber der return daraus in Form von free cf immer noch höchst auskömmlich. Und Outsourcing kostet schließlich auch Geld,
Ich denke, PPDI hat sich hier aber als Kompetenzpartner etabliert.

Nach weiterer Konsolidierung oder Korrektur nicht minder interessant als SIAL (mit zwar verhaltenerem Wachstum, aber eindeutig besserem free cf).

[Pontiuspilatus]

dna notiert bereits jetzt leicht über dem 89 $ gebot