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.
Debt leveraging inflates property
prices, creating (6) hopes for capital gains, prompting buyers to take
on even more debt in the speculative hope that rising
asset prices will more than cover the added interest, which is paid out of capital gains, not out of
current income.
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.
Higher oil
prices would reinforce
current market trends based
on reflation: rising long - term bond yields and a shift out of perceived safer
assets — bond proxies and low - volatility stocks — and into cyclical
assets such as EM.
Mr. Rajan added that the public may choose to look through
current «unnatural»
asset price inflation induced by unconventional monetary policies and instead exercise prudence in risk management
on concerns of future volatility.
Scenario 2 — Reinvest To 2015 Levels: If, instead of buying back stock, GE could quickly redeploy the capital from the sale of the financial
assets and earn the same ROIC
on that capital, it would generate enough cash flow to justify the
current stock
price.
asset will expire above or below the
current price and you put your wager
on that.
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.
Rather, the
current economic downturn is likely to focus its damage
on asset prices - the U.S. dollar, home values, low and mid-quality debt, and equity
prices (largely through the combination of narrowing profit margins and lower valuations).
As we stated in our last article, for reasons we presented in our charts, we are quite confident that the real major move in gold and silver
prices in this
current bull are ahead of us, not behind us, and that this
current price drop in gold and silver
assets will eventually provide a solid point to get
on board for the second rise of gold and silver in US dollar denominated
assets.
Secondly, the YTM for your bond fund is calculated
on the fund's net
asset value, not the
current price of the ETF.
Posted in About, Net
Current Asset Value, Stocks, Value Investment, tagged NCAV, Net
Current Asset Value,
Price - to - book Value
on December 16, 2009 3 Comments»
Most interestingly, there is a quote from Warren Buffett which is perhaps the most quantitative statement he has made in recent years
on interest rates and
current asset prices: «Warren Buffett, the most famous disciple of Ben Graham, said this week that stocks would look cheap in three years» time if interest rates were one percentage - point higher, but not if they were three percentage points higher.»
Based
on current positioning, we expect the All
Asset strategies to benefit from the following return tailwinds: a stable to rising breakeven inflation rate, appreciating EM currencies, convergence of EM - to - U.S. cyclically adjusted
price / earnings (CAPE) ratios toward longer - term averages, and appreciation of global value stocks from today's elevated discounts toward longer - term norms.
If I had to be anywhere in equities, however, I'd start in the cheapest decile of the market
on a
price - to - book basis and work my way through to those with the highest proportion of
current assets.
Since the book value of stocks doesn't change that often (because it represents the
price the company sold it for, not the
current value
on the stock market, and would therefore only change when there were new share issues), almost all changes in total
assets or in total liabilities are reflected in Retained Earnings.
On the other hand Class A, fully - leased income - producing office buildings tend to be
current assets, probably an area where
price agreement can be reached via one phone call.
By swapping those
assets that are currently trading below the purchase
price (due to a rise in interest rates, deteriorating credit situation, etc.) you can reduce or eliminate the capital gains you would otherwise have paid
on your other profitable transactions in the
current tax year.
Net -
Current - Asset Value We feel on more solid ground in discussing these cases in which the market price or the computed value based on earnings and dividends is less than the net current assets applicable to the common
Current -
Asset Value We feel
on more solid ground in discussing these cases in which the market
price or the computed value based
on earnings and dividends is less than the net
current assets applicable to the common
current assets applicable to the common stock.
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.
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.
For this
price you have: average net income
on a 10 year basis of 215 millions usd (nearly a 10 y P / E average of 1) Total
current asset — total liabilities = 358 millions usd.
Forward P / E > 0
Price / Cash < 3
Price / Free Cash Flow < 15 Debt / Equity <.4
Price / Book < 1
Current Ratio > 3 Return
on Assets > 0 % Return
on Equity > 0 % Annual EPS Growth Next 5 Years > 0
The fair value of these securities has been estimated by management based
on assumptions that market participants would use in
pricing the
asset in a
current transaction, which could change significantly based
on market conditions.
[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.]
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.
Abbey (ABBY: ID): Based
on current RoE, and the safety of the B / S, I've set the Target
Price equal to the Net
Asset Value.
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?»
Depending
on the
current situation of your business, you may need to bring in someone who can immediately adapt to your company and will be an
asset from day one rather than a training burden, but this luxury certainly comes with a higher
price tag.
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.