Not exact matches
Important factors that could cause actual results to differ materially from those reflected in such forward - looking statements and that should be considered in evaluating our outlook include, but are not limited to, the following: 1) our ability to continue to grow our business and execute our growth strategy, including the timing, execution, and profitability of new and maturing programs; 2) our ability to perform our obligations under our new and maturing commercial, business aircraft, and military development programs, and the related recurring production; 3) our ability to accurately estimate and manage performance, cost, and revenue under our contracts, including our ability to achieve certain cost reductions with respect to the B787 program; 4) margin pressures and the potential for additional forward losses on new and maturing programs; 5) our ability to accommodate, and the cost of accommodating, announced increases in the build rates of certain aircraft; 6) the effect on aircraft demand and build rates of changing customer preferences for business aircraft, including the effect of global economic conditions on the business aircraft market and expanding conflicts or political unrest in the Middle East or Asia; 7) customer cancellations or deferrals as a result of global economic uncertainty or otherwise; 8) the effect of economic conditions in the industries and markets in which we operate in the U.S. and globally and any changes therein, including fluctuations in foreign currency exchange rates; 9) the success and timely execution of key milestones such as the receipt of necessary regulatory approvals, including our ability to obtain in a timely fashion any required regulatory or other third party approvals for the consummation of our announced acquisition of Asco, and customer adherence to their announced schedules; 10) our ability to successfully negotiate, or re-negotiate, future
pricing under our supply agreements with Boeing and our other customers; 11) our ability to enter into profitable supply arrangements with additional customers; 12) the ability of all parties to satisfy their performance requirements under existing supply contracts with our two major customers, Boeing and Airbus, and other customers, and the risk of nonpayment by such customers; 13) any adverse impact on Boeing's and Airbus» production of aircraft resulting from cancellations, deferrals, or reduced orders by their customers or from labor disputes, domestic or international hostilities, or acts of terrorism; 14) any adverse impact on the demand for air travel or our operations from the outbreak of diseases or epidemic or pandemic outbreaks; 15) our ability to avoid or recover from cyber-based or other security attacks, information technology failures, or other disruptions; 16) returns on pension plan
assets and the impact of future discount rate changes on pension obligations; 17) our ability to borrow additional funds or refinance debt, including our ability to obtain the debt to finance the purchase
price for our announced acquisition of Asco on favorable terms or
at all; 18) competition from commercial aerospace original equipment manufacturers and other aerostructures suppliers; 19) the effect of governmental laws, such as U.S. export control laws and U.S. and foreign anti-bribery laws such as the Foreign Corrupt Practices Act and the United Kingdom Bribery Act, and environmental laws and agency regulations, both in the U.S. and abroad; 20) the effect of changes in tax law, such as the effect of The Tax Cuts and Jobs Act (the «TCJA») that was enacted on December 22, 2017, and changes to the interpretations of or guidance related thereto, and the Company's ability to accurately calculate and estimate the effect of such changes; 21) any reduction in our credit ratings; 22) our dependence on our suppliers, as well as the cost and availability of raw materials and purchased components; 23) our ability to recruit and retain a critical mass of highly - skilled employees and our relationships with the unions representing many of our employees; 24) spending by the U.S. and other governments on defense; 25) the possibility that our cash flows and our credit facility may not be adequate for our additional capital needs or for payment of interest on, and principal of, our indebtedness; 26) our exposure under our revolving credit facility to higher interest payments should interest rates increase substantially; 27) the effectiveness of any interest rate hedging programs; 28) the effectiveness of our internal control over financial reporting; 29) the outcome or impact of ongoing or future litigation, claims, and regulatory actions; 30) exposure to potential product liability and warranty claims; 31) our ability to effectively assess, manage and integrate acquisitions that we pursue, including our ability to successfully integrate the Asco business and generate synergies and other cost savings; 32) our ability to consummate our announced acquisition of Asco in a timely matter while avoiding any unexpected costs, charges, expenses, adverse changes to business relationships and other business disruptions for ourselves and Asco as a result of the acquisition; 33) our ability to continue selling certain receivables through our supplier financing program; 34) the risks of doing business internationally, including fluctuations in foreign
current exchange rates, impositions of tariffs or embargoes, compliance with foreign laws, and domestic and foreign government policies; and 35) our ability to complete the proposed accelerated stock repurchase plan, among other things.
Many factors could cause BlackBerry's actual results, performance or achievements to differ materially from those expressed or implied by the forward - looking statements, including, without limitation: BlackBerry's ability to enhance its
current products and services, or develop new products and services in a timely manner or
at competitive
prices, including risks related to new product introductions; risks related to BlackBerry's ability to mitigate the impact of the anticipated decline in BlackBerry's infrastructure access fees on its consolidated revenue by developing an integrated services and software offering; intense competition, rapid change and significant strategic alliances within BlackBerry's industry; BlackBerry's reliance on carrier partners and distributors; risks associated with BlackBerry's foreign operations, including risks related to recent political and economic developments in Venezuela and the impact of foreign currency restrictions; risks relating to network disruptions and other business interruptions, including costs, potential liabilities, lost revenues and reputational damage associated with service interruptions; risks related to BlackBerry's ability to implement and to realize the anticipated benefits of its CORE program; BlackBerry's ability to maintain or increase its cash balance; security risks; BlackBerry's ability to attract and retain key personnel; risks related to intellectual property rights; BlackBerry's ability to expand and manage BlackBerry ® World ™; risks related to the collection, storage, transmission, use and disclosure of confidential and personal information; BlackBerry's ability to manage inventory and
asset risk; BlackBerry's reliance on suppliers of functional components for its products and risks relating to its supply chain; BlackBerry's ability to obtain rights to use software or components supplied by third parties; BlackBerry's ability to successfully maintain and enhance its brand; risks related to government regulations, including regulations relating to encryption technology; BlackBerry's ability to continue to adapt to recent board and management changes and headcount reductions; reliance on strategic alliances with third - party network infrastructure developers, software platform vendors and service platform vendors; BlackBerry's reliance on third - party manufacturers; potential defects and vulnerabilities in BlackBerry's products; risks related to litigation, including litigation claims arising from BlackBerry's practice of providing forward - looking guidance; potential charges relating to the impairment of intangible
assets recorded on BlackBerry's balance sheet; risks as a result of actions of activist shareholders; government regulation of wireless spectrum and radio frequencies; risks related to economic and geopolitical conditions; risks associated with acquisitions; foreign exchange risks; and difficulties in forecasting BlackBerry's financial results given the rapid technological changes, evolving industry standards, intense competition and short product life cycles that characterize the wireless communications industry.
$ value destroyed equals the difference between implied
price and acquisition
at current market
price plus net
assets / liabilities.
It looks
at the
current conditions of an
asset and decides, based on past experience, if the
price will remain largely unchanged or if it will rise or fall.
Difficulties happen in the «real economy» when
current assets have a difficult time getting financed, and consumer durable purchases and capital investments get delayed because financing is not available
at reasonable
prices.
It always seemed, and still seems, ridiculously simple to say that if one can acquire a diversified group of common stocks
at a
price less than the applicable net
current assets alone — after deducting all prior claims, and counting as zero the fixed and other
assets — the results should be quite satisfactory.
Among these are avoiding companies with too much debt; looking for a margin of safety, such as over - 2.0
current ratio (
current assets dividend by
current liabilities); and seeking stocks trading
at low
price - earnings ratios and low
price - to - book - value ratios.
G&D point to the attraction of acquiring common stocks
at prices below liquidating value, especially
prices below net, net
current assets.
They define net - nets as a common stock available
at a
price that represents a discount from a company's
current assets after deducting all book liabilities, both short - term and long - term.
If the department store is to be liquidated, merchandise inventories are indeed a
current asset, convertible to cash within 12 months
at prices that conceivably could be close to book value, although much less than book value may be realized if the merchandise is disposed of in a Going Out of Business sale.
Net - net
asset value: Companies, where the sum of the
current assets (adjusted to reflect liquidation value) exceed the sum of all its short and long term debt obligations with
at least 30 %, can be characterized as net - nets if the sum of this calculation exceeds the
current market value / trading
price.
Deep Value: John focuses on Benjamin Graham's net nets: those companies that are offered
at a
price below the value of its
current assets after all liabilities have been honored.
Now, I can see how it may take some capital to realize value on the Titanic
assets, but equity
at current prices seems a bit of a steep
price to pay.
It is not uncommon to see informed investors, such as a company's own officers and directors or other corporations, accumulate the shares of a company
priced in the stock market
at less than 66 % of net
current asset value.
Common characteristics associated with stocks selling
at less than 66 % of net
current asset value are low
price / earnings ratios, low
price / sales ratios and low
prices in relation to «normal» earnings; i.e., what the company would earn if it earned the average return on equity for a given industry or the average neti ncome margin on sales for such industry.
As you rightly point out, you could sell your
current home
at a reduced list
price but selling an
asset in a down market and buying in a more expensive market doesn't sound like great personal finance advice.
What I can say from a strategic perspective is that 1) I like a purchase of
assets at historically low
prices, 2) MFC has some expertise in the commodity business so this isn't completely outside their playing field, 3) perhaps, worst case, there could be a strategy to purchase the
assets in bulk
at a distress sale and then sell them off piecemeal for a profit, and 4) while this may be a role of the dice (who knows where gas
prices will be a year from now) MFC is not betting the ranch; the total investment will be about CDN $ 75 million ($ 33 for the outstanding shares, $ 8 million for the warrants, $ 30 million additional investment and I've estimated $ 4 million for transaction costs), or less than 25 % of MFC's
current cash hoard.
At yesterday's closing price of $ 0.44, VVTV is trading at a 50 % discount to its net current asset value alon
At yesterday's closing
price of $ 0.44, VVTV is trading
at a 50 % discount to its net current asset value alon
at a 50 % discount to its net
current asset value alone.
Further research by Tweedy, Browne has indicated that companies satisfying the net
current asset criterion have not only enjoyed superior common stock performance over time but also often have been
priced at significant discounts to «real world» estimates of the specific value that stockholders would probably receive in an actual sale or liquidation of the entire corporation.
When analyzing my portfolio I look
at each individual
asset and ask myself; is the
current price an excellent value, does it provide a margin of safety?
Famous value investor Ben Graham actually created Net
Current Asset Value as a way of understanding intrinsic value and whether or not a company was trading
at a fair
price.
The net
current assets investment selection criterion calls for the purchase of stocks which are
priced at 66 % or less of a company's underlying
current assets (cash, receivables and inventory) net of all liabilities and claims senior to a company's common stock (
current liabilities, long - term debt, preferred stock, unfunded pension liabilities).
even when a company has little ongoing business value, investors who buy
at a
price below net - net working capital are protected by the approximate liquidation value of
current assets alone.
[NB: i) Church House's Argo stake is held by the Deep Value Investments Fund, managed by Jeroen Bos — if you haven't read it already, I can highly recommend his recent book «Deep Value Investing», ii) XXX Capital Management is a well - known European hedge fund, which hasn't publicly disclosed a holding in Argo to date, hence the redaction — Argo management are obviously aware of their shareholding & support, and iii) the letter was based on a GBP 14p share
price & a higher GBP / USD rate —
at the
current 13.875 p
price and exchange rate, Argo now trades
at a 36 % discount to net cash and investments, and a 47 % discount to net tangible
assets.]
At the risk of oversimplifying a complex analysis, Siegel's bottom line is that while there are not enough younger generation Americans to absorb the Boomers stock and bond assets at current prices, investors in emerging countries, like China and India, will more than make up for that and will end up buying the Baby Boomer's paper assets as the Boomers sell them off to fund their retirement
At the risk of oversimplifying a complex analysis, Siegel's bottom line is that while there are not enough younger generation Americans to absorb the Boomers stock and bond
assets at current prices, investors in emerging countries, like China and India, will more than make up for that and will end up buying the Baby Boomer's paper assets as the Boomers sell them off to fund their retirement
at current prices, investors in emerging countries, like China and India, will more than make up for that and will end up buying the Baby Boomer's paper
assets as the Boomers sell them off to fund their retirements.
Under the SEC proposal, an ETF would be defined as a registered open - end management investment company that: • Issues (or redeems) creation units in exchange for the deposit (or delivery) of basket
assets the
current value of which is disseminated per share by a national securities exchange
at regular intervals during the trading day; • Identifies itself as an ETF in any sales literature; • Issues shares that are approved for listing and trading on a securities exchange; • Discloses each business day on its publicly available web site the prior business day's net
asset value and closing market
price of the fund's shares, and the premium or discount of the closing market
price against the net
asset value of the fund's shares as a percentage of net
asset value; and • Either is an index fund, or discloses each business day on its publicly available web site the identities and weighting of the component securities and other
assets held by the fund.
Without the balance sheet expansion that sits
at the heart of the
current cycle's
price appreciation, it would be foolish to take up large positions in riskier
assets.
The potential for immediate cost cuts, ARGO's specialized skill set & experience, and its PE / hedge fund fee structure more than justify a 3.75 % of AUM
price tag — which is
at a significant discount to other PE / hedge fund
asset managers»
current market valuations.
However, realize that stock
prices factor in future earnings, while book value just looks
at current assets.
Rackable Systems Inc (NASDAQ: RACK) is a new undervalued
asset play with a plan to repurchase almost 40 % of its stock
at current prices.
Mike Piper from Oblivious Investor presents Benjamin Graham on
Asset Allocation, and says, «Should your asset allocation depend at all upon current interest rates or stock market price levels?&r
Asset Allocation, and says, «Should your
asset allocation depend at all upon current interest rates or stock market price levels?&r
asset allocation depend
at all upon
current interest rates or stock market
price levels?»
While,
at the overall index level,
current corporate fundamentals remain resilient and defaults are not expected to pick up significantly, the trend in leverage, profit margins and interest coverage suggests the
pricing of spread
assets should become more discriminatory as winners and losers are separated in an aging bull market.
«From our platform with clients in the main mining jurisdictions in the world some of our overseas clients see the
current situation as an opportunity for them to acquire
assets at attractive
prices or secure sources of production,» said Baker & McKenzie partner Howard Burshtein in an interview.
Futures trading is when you place an order to buy or sell an
asset at a future
price, rather than the
current price.
Going short involves borrowing an
asset from a broker, then immediately selling the
asset at the
current price.
A futures contract is an agreement to sell or buy an
asset at a specific time in the future for the
current price.
This bridge loan program is another example of Montegra's Colorado Hard Money lending programs that assist its borrowers with taking advantage of
current opportunities to pick up
assets at discounted
prices today.
Historically, all the monies of which I am aware have either had some nonmonetary value, the best example being gold; were convertible into
assets with nonmonetary value
at a fixed
price, such as notes issued by banks that were convertible into gold; or were issued by or on behalf of government, such as our
current Federal Reserve notes.