ABFI: 100 Prozent-Chance - 500 Beiträge pro Seite

[ajuga]

ABFI wurde am Montag in einem Artikel der NY Post angegriffen. Die Vorwürfe richteten sich unter anderem gegen das Bilanzierungssystem.
Das Unternehmen konterte mit einem News-Release und stellte einige Sachen richtig. So ist das Bilanzierungssystem beispielsweise in der Branche weit verbreitet.

Der Rückschlag seitens ABFI stellt den ganzen Artikel in Frage. Nach einem Kursrutsch auf unter 9 $ kehrt nun das Vertrauen der Anleger zurück und die Aktie bewegt sich Richtung 11 $.

Der Buchwert liegt bei über 25 $! Das Unternehmen steigert laufend seine Dividendenzahlungen und kauft eigene Aktien zurück! Klarer Kauf auf diesem Niveau!!! Die Höchststände aus dem letzten Jahr sollten wieder erreicht werden können. Das wären dann + 100 Prozent.

Die Aktie ist in folgendem Musterdepot enthalten:
http://www.usmusterdepot.de/


ajuga

[ajuga]

Das ABFI-News-Release:

American Business Financial Services Responds to New York Post Coverage

3/26/2002 8:42:00 AM

BALA CYNWYD, Pa., Mar 26, 2002 (BUSINESS WIRE) -- In response to what it considers inaccurate and misleading information contained in an article in yesterday`s New York Post, management at American Business Financial Services, Inc. (ABFI) expressed serious concern regarding a variety of issues and the deleterious effect the story can have on its borrowers and investors.

Anthony J. Santilli, Chairman and Chief Executive Officer of ABFS said, "We are extremely surprised--and I might say disappointed--not only in the lack of accuracy, but in the seemingly malicious tone of the Post story."

American Business Financial Services makes loans secured by home equity or other real property to homeowners and small business operators who may not qualify for credit from conventional lenders. The Post suggested that ABFS is in the business of making loans to people who often can`t pay them back.

"There is not a single allegation made in the New York Post story which could not have been clearly explained if the reporter had simply taken the time to call the company or read the company`s public filings," Santilli said.

The creditworthiness of the company`s customers can be seen in the delinquency rates of its portfolio. In the sub-prime industry, delinquency rates--in cases where payments are 30 days or more overdue--average more than nineteen percent. At ABFS delinquency rates are running just over six percent.

ABFS` delinquency rate is only slightly higher than the four percent rate experienced by lenders to the most credit-worthy borrowers.

ABFS` Santilli takes strong exception to the Post story`s characterization of his borrowers as "deadbeats." "To call our borrowers `deadbeats` is misleading and downright insulting, given our delinquency rate of just over six percent. Many of our customers use our loans to pay down debt and, in the process, make themselves better financial consumers. They represent the core of America`s $1 trillion non-conventional mortgage industry."

The Post story falsely implied that ABFS aggressively markets its investment notes to unwary investors. ABFS uses no salespeople to market its investment notes and decisions are made independently by the investors, based on a detailed, comprehensive prospectus filed with the U.S. Securities and Exchange Commission which contains details risk factors.

The company has had a program of offering investment notes for more than twelve years and has never missed an interest or principal payment.

The Post story used the incorrect term "securitized loan obligations" and qualified it with the term "so-called," implying that this practice was in some way unusual. In fact, securitization transactions are generally accepted financing tools and some of the largest financial institutions in the country routinely securitize their loans.

Testament to the quality of ABFS loan packages is the fact that they are marketed by some of the most prestigious investment bankers in the world, and purchased by quasi-governmental agencies and large institutional investors. In fact, on March 21, ABFS completed a $320 million securitization transaction, bringing its total securitizations to $4 billion.

The New York Post inaccurately characterizes the use of cash and ignores the fact that over the past three-and-a-half years ABFS invested more than $300 million to build a servicing portfolio now approaching $3 billion. This portfolio creates substantial new cash and revenue streams, which will propel the company toward achieving its near-term goal of realizing positive cashflow from operations.

The writer also questioned widely-used gain-on-sale accounting practices. He appeared to be unaware that gain-on-sale accounting is entirely consistent with generally accepted accounting principles (GAAP) and is used by many of America`s most prominent financial institutions.

Santilli said, "We believe that the New York Post has done a disservice to our borrowers, to our investors and to its own readers. Newspapers clearly have a responsibility to be accurate in their reporting."

American Business Financial Services, Inc. is a diversified financial services organization operating throughout the United States. The Company originates business purpose loans and first and second mortgage loans through a combination of channels, including a national processing center located at its centralized operating office in Bala Cynwyd, Pennsylvania, and a retail branch network of offices.

[ajuga]