To quantify the qualitative factors affecting deep
value stock price performance.
Not exact matches
Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which United Technologies and Rockwell Collins operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity
prices, interest rates and foreign currency exchange rates, levels of end market demand in construction and in both the commercial and defense segments of the aerospace industry, levels of air travel, financial condition of commercial airlines, the impact of weather conditions and natural disasters and the financial condition of our customers and suppliers; (2) challenges in the development, production, delivery, support,
performance and realization of the anticipated benefits of advanced technologies and new products and services; (3) the scope, nature, impact or timing of acquisition and divestiture or restructuring activity, including the pending acquisition of Rockwell Collins, including among other things integration of acquired businesses into United Technologies» existing businesses and realization of synergies and opportunities for growth and innovation; (4) future timing and levels of indebtedness, including indebtedness expected to be incurred by United Technologies in connection with the pending Rockwell Collins acquisition, and capital spending and research and development spending, including in connection with the pending Rockwell Collins acquisition; (5) future availability of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope of future repurchases of United Technologies» common
stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash, including in connection with the proposed acquisition of Rockwell; (7) delays and disruption in delivery of materials and services from suppliers; (8) company and customer - directed cost reduction efforts and restructuring costs and savings and other consequences thereof; (9) new business and investment opportunities; (10) our ability to realize the intended benefits of organizational changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of changes in political conditions in the U.S. and other countries in which United Technologies and Rockwell Collins operate, including the effect of changes in U.S. trade policies or the U.K.'s pending withdrawal from the EU, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory (including among other things import / export) and other laws and regulations in the U.S. and other countries in which United Technologies and Rockwell Collins operate; (17) the ability of United Technologies and Rockwell Collins to receive the required regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the merger) and to satisfy the other conditions to the closing of the pending acquisition on a timely basis or at all; (18) the occurrence of events that may give rise to a right of one or both of United Technologies or Rockwell Collins to terminate the merger agreement, including in circumstances that might require Rockwell Collins to pay a termination fee of $ 695 million to United Technologies or $ 50 million of expense reimbursement; (19) negative effects of the announcement or the completion of the merger on the market
price of United Technologies» and / or Rockwell Collins» common
stock and / or on their respective financial
performance; (20) risks related to Rockwell Collins and United Technologies being restricted in their operation of their businesses while the merger agreement is in effect; (21) risks relating to the
value of the United Technologies» shares to be issued in connection with the pending Rockwell acquisition, significant merger costs and / or unknown liabilities; (22) risks associated with third party contracts containing consent and / or other provisions that may be triggered by the Rockwell merger agreement; (23) risks associated with merger - related litigation or appraisal proceedings; and (24) the ability of United Technologies and Rockwell Collins, or the combined company, to retain and hire key personnel.
The
performance goals upon which the payment or vesting of any Incentive Award (other than Options and stock appreciation rights) that is intended to qualify as Performance - Based Compensation depends shall relate to one or more of the following Performance Measures: market price of Capital Stock, earnings per share of Capital Stock, income, net income or profit (before or after taxes), economic profit, operating income, operating margin, profit margin, gross margins, return on equity or stockholder equity, total shareholder return, market capitalization, enterprise value, cash flow (including but not limited to operating cash flow and free cash flow), cash position, return on assets or net assets, return on capital, return
performance goals upon which the payment or vesting of any Incentive Award (other than Options and
stock appreciation rights) that is intended to qualify as Performance - Based Compensation depends shall relate to one or more of the following Performance Measures: market price of Capital Stock, earnings per share of Capital Stock, income, net income or profit (before or after taxes), economic profit, operating income, operating margin, profit margin, gross margins, return on equity or stockholder equity, total shareholder return, market capitalization, enterprise value, cash flow (including but not limited to operating cash flow and free cash flow), cash position, return on assets or net assets, return on capital, return on inv
stock appreciation rights) that is intended to qualify as
Performance - Based Compensation depends shall relate to one or more of the following Performance Measures: market price of Capital Stock, earnings per share of Capital Stock, income, net income or profit (before or after taxes), economic profit, operating income, operating margin, profit margin, gross margins, return on equity or stockholder equity, total shareholder return, market capitalization, enterprise value, cash flow (including but not limited to operating cash flow and free cash flow), cash position, return on assets or net assets, return on capital, return
Performance - Based Compensation depends shall relate to one or more of the following
Performance Measures: market price of Capital Stock, earnings per share of Capital Stock, income, net income or profit (before or after taxes), economic profit, operating income, operating margin, profit margin, gross margins, return on equity or stockholder equity, total shareholder return, market capitalization, enterprise value, cash flow (including but not limited to operating cash flow and free cash flow), cash position, return on assets or net assets, return on capital, return
Performance Measures: market
price of Capital
Stock, earnings per share of Capital Stock, income, net income or profit (before or after taxes), economic profit, operating income, operating margin, profit margin, gross margins, return on equity or stockholder equity, total shareholder return, market capitalization, enterprise value, cash flow (including but not limited to operating cash flow and free cash flow), cash position, return on assets or net assets, return on capital, return on inv
Stock, earnings per share of Capital
Stock, income, net income or profit (before or after taxes), economic profit, operating income, operating margin, profit margin, gross margins, return on equity or stockholder equity, total shareholder return, market capitalization, enterprise value, cash flow (including but not limited to operating cash flow and free cash flow), cash position, return on assets or net assets, return on capital, return on inv
Stock, income, net income or profit (before or after taxes), economic profit, operating income, operating margin, profit margin, gross margins, return on equity or stockholder equity, total shareholder return, market capitalization, enterprise
value, cash flow (including but not limited to operating cash flow and free cash flow), cash position, return on assets or net assets, return on capital, return on invested
The view in designing and using OSUs was that they struck a balance between
stock options and RSUs; they are
performance - based and present significant upside potential for superior
stock price performance while sharing some attributes of traditional RSUs by offering some
value to the recipient, even if the
stock price declines over the three - year measurement period.
The future
value of our Class A common
stock will depend to a large degree on our business and financial
performance, and we can not assure you that the
price of our Class A common
stock will equal or exceed the
price at which our securities have traded on these private secondary markets.
The Compensation Committee believes that options to purchase shares of our common
stock, with an exercise
price equal to the market
price of our common
stock on the date of grant, are inherently
performance - based and are a very effective tool to motivate our executives to build stockholder
value and reinforce our position as a growth company.
Pursuant to the policy, as revised in February 2009, at each annual meeting of our stockholders, provided that the director has served on the Board for at least six months prior to the annual meeting, a non-employee director would be granted RSUs having a
value equal to $ 225,000 divided by the lesser of (i) the trailing average closing trading
prices of our common
stock for the 180 - day period preceding and ending with the date of the RSU grant or (ii) such number of RSUs as the Board may determine based on additional criteria such as business conditions and / or company
performance, outside director compensation practices at peer companies and advice from outside compensation consultants.
This continuous
pricing and the ability to place limit orders — means the ETF's
performance for any given time period is based largely on the market
price return during the holding period, rather than on the ETF's net asset
value (NAV)-- the
value of the
stocks held by the ETF.
Because there is no public market for our common
stock, our board of directors determined the common
stock fair
value at the
stock option grant date by considering several objective and subjective factors, including the
price paid by investors for our preferred
stock, our actual and forecasted operating and financial
performance, market conditions and
performance of comparable publicly traded companies, developments and milestones in our company, the rights and preferences of our common and preferred
stock, the likelihood of achieving a liquidity event, and transactions involving our preferred
stock.
Nonstatutory
Stock Options, or NSOs, will provide for the right to purchase shares of our common stock at a specified price, which may not be less than fair market value on the date of grant, and usually will become exercisable (at the discretion of the administrator) in one or more installments after the grant date, subject to the participant's continued employment or service with us and / or subject to the satisfaction of corporate performance targets and individual performance targets established by the administr
Stock Options, or NSOs, will provide for the right to purchase shares of our common
stock at a specified price, which may not be less than fair market value on the date of grant, and usually will become exercisable (at the discretion of the administrator) in one or more installments after the grant date, subject to the participant's continued employment or service with us and / or subject to the satisfaction of corporate performance targets and individual performance targets established by the administr
stock at a specified
price, which may not be less than fair market
value on the date of grant, and usually will become exercisable (at the discretion of the administrator) in one or more installments after the grant date, subject to the participant's continued employment or service with us and / or subject to the satisfaction of corporate
performance targets and individual
performance targets established by the administrator.
• Actual
value relative to target based on
performance against corporate goals and
stock price performance
The dollar
values of the long - term compensation targets were then converted to shares of Company common
stock using the
stock price on the date of grant for the
Performance Share awards.
We believe that such equity awards provide an effective
performance incentive because executive officers obtain increasing
value from their options and RSUs if our
stock price increases (which would benefit all stockholders) and they remain employed with us beyond the date that their options or RSUs vest.
The
performance of
value strategies can thus be significantly improved by explicitly controlling for quality when selecting
stocks on the basis of
price.
On the other hand,
value - weighted indexes seek not only to avoid the losses due to the inefficiencies of market - cap weighting, but to add
performance by buying more of
stocks when they are available at bargain
prices.
Across the globe, the majority of the
performance gap between
value and growth can be attributed to the higher
price / earnings (P / E) multiples of growth
stocks.
Recommending investing in local / regional
stocks seems to me to be countering the goal of diversification, because you're already significantly exposed to your local economy just by living there: Your job ties you to the
performance of a local company, the
value of your house is dependent on local factors, and your groceries reflect a local
price level.
The
performance reflects the swing of investor preference from large - cap growth
stocks to attractively
priced value stocks.
Similarly, in 1992, finance professors Eugene Fama and Kenneth French documented the strong
performance of bargain -
priced value stocks — and noted that this couldn't be explained by volatility,
As we discussed yesterday in Testing the
performance of
price - to - book
value, various studies, including Roger Ibbotson's Decile Portfolios of the New York Stock Exchange, 1967 — 1984 (1986), Werner F.M. DeBondt and Richard H. Thaler's Further Evidence on Investor Overreaction and Stock Market Seasonality (1987), Josef Lakonishok, Andrei Shleifer, and Robert Vishny Contrarian Investment, Extrapolation and Risk (1994) and The Brandes Institute's Value vs Glamour: A Global Phenomenon (2008) all conclude that lower price - to - book value stocks tend to outperform higher price - to - book value stocks, and at lower
value, various studies, including Roger Ibbotson's Decile Portfolios of the New York
Stock Exchange, 1967 — 1984 (1986), Werner F.M. DeBondt and Richard H. Thaler's Further Evidence on Investor Overreaction and
Stock Market Seasonality (1987), Josef Lakonishok, Andrei Shleifer, and Robert Vishny Contrarian Investment, Extrapolation and Risk (1994) and The Brandes Institute's
Value vs Glamour: A Global Phenomenon (2008) all conclude that lower price - to - book value stocks tend to outperform higher price - to - book value stocks, and at lower
Value vs Glamour: A Global Phenomenon (2008) all conclude that lower
price - to - book
value stocks tend to outperform higher price - to - book value stocks, and at lower
value stocks tend to outperform higher
price - to - book
value stocks, and at lower
value stocks, and at lower risk.
Poor
performance could be a measure indicating that terrific
values in the portfolio became even more terrific as the common
stocks of strong businesses with large long - term potentials became even more attractively
priced than when they were acquired initially.
The company's failed to remotely qualify as a
value stock for years now, but has been perfectly content to rub our noses in it with superlative operating & share
price performance.
The
performance of
value strategies can thus be significantly improved by explicitly controlling for quality when selecting
stocks on the basis of
price.
I've found that it is difficult to impossible to find any research examining the
performance of
stocks selected on the basis of
price - to - tangible book
value.
The white paper
Performance of Value Investing Strategies in Japan's Stock Market examines the performance of equal - weight and market capitalization weighted quintile portfolios of five price ratios — price - to - book value, dividend yield, earning - to - price, cash flow - to - price, and leverage - to - price — excluding the smallest 33 percent of stocks by market capi
Performance of
Value Investing Strategies in Japan's Stock Market examines the performance of equal - weight and market capitalization weighted quintile portfolios of five price ratios — price - to - book value, dividend yield, earning - to - price, cash flow - to - price, and leverage - to - price — excluding the smallest 33 percent of stocks by market capitaliza
Value Investing Strategies in Japan's
Stock Market examines the
performance of equal - weight and market capitalization weighted quintile portfolios of five price ratios — price - to - book value, dividend yield, earning - to - price, cash flow - to - price, and leverage - to - price — excluding the smallest 33 percent of stocks by market capi
performance of equal - weight and market capitalization weighted quintile portfolios of five
price ratios —
price - to - book
value, dividend yield, earning - to - price, cash flow - to - price, and leverage - to - price — excluding the smallest 33 percent of stocks by market capitaliza
value, dividend yield, earning - to -
price, cash flow - to -
price, and leverage - to -
price — excluding the smallest 33 percent of
stocks by market capitalization.
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.
If anyone knows of any study explicitly examining the
performance of
stocks selected on the basis of
price - to - tangible book
value, please shoot me an email at greenbackd at gmail or leave a comment in this post.
Yuliya Plyakha, Raman Uppal and Grigory Vilkov examine the
performance of equal -,
value -, and
price - weighted portfolios of
stocks in the major U.S. equity indices over the last four decades (note that here «
value» weight is used in the academic sense, meaning «market capitalization weight»).
An investor could look for «beaten down»
stocks that have had poor recent
price performance in order to find
value, which is typically the most common method for searching for
value.
While his
Value Model selects
stocks with relative
price - to - sales in the 30th percentile or lower, Kirkpatrick's testing of relative
price - to - sales ratio percentile rankings indicated optimal
performance in percentiles greater than 17 but not higher than the 42nd percentile.
Going for the Gold
Valuing Foreign Currencies Estimating the Long - Term Return on
Stocks The Importance of Measuring Returns Peak - to - Peak Hussman
Price / Peak - Earnings Ratio Featured in Barron's Magazine The Two Essential Elements of Wealth Accumulation Mutual Fund Brokerage Fees and Trading Costs The Use (and Abuse) of Short - Term
Performance Bear Market Insights How and Why Options Should be Expensed from Corporate Earnings
They describe themselves as looking «for
stocks of good businesses that are selling at
value prices in an effort to achieve above average
performance with below average risk.»
Novy - Marx's The Other Side of
Value paper showed that a simple quality metric, gross profits - to - assets, has roughly as much power predicting the relative performance of different stocks as tried - and - true value measures like book - to - p
Value paper showed that a simple quality metric, gross profits - to - assets, has roughly as much power predicting the relative
performance of different
stocks as tried - and - true
value measures like book - to - p
value measures like book - to -
price.
OnePlus smartphones have become the smartphone to buy if you
value sleek looks,
stock Android, astounding and unbeatable
performance, and a
value - driven
price tag.
Compensation committees and boards determined that executives should not be fully rewarded for the overall increases in REIT share
prices, but with the utilization of
performance shares and
stock options, executives have the opportunity to earn more significant
value for sustained long - term
performance.