巴菲特班洪瑞泰 (Michael On) - Powered by Discuz! Board

標題: Us stock FDO [打印本頁]

作者: tcf127 時間: 2014-4-3 00:22 標題: Us stock FDO

Profit increasing over 10 years, ROE stable and > 15, except year 06.Dividend paying and share buyback!

作者: mikeon88 時間: 2014-4-3 07:32

Why you recommend this stock ?

作者: Josephchu0616 時間: 2014-4-3 11:48

我個人是把他看成全聯(但不賣生鮮），FDO主要的目標客群是中低收入戶，百分之七十以上的收入來自賣消費品，只收現金不收信用卡，不打廣告，全力專注於價格，跟控制成本。折扣商店是很競爭的市場，但也是持續成長的產業，全美大約29,000家商店，FDO有8,000家。一般而言，市場上會把DLTR，DG當成FDO的直接競爭對手而WMT，TGT是間接競爭對手。
WMT努力要開小Walmart來競爭這塊市場，但年初有分析師推薦WMT直接買下FDO是更聰明的選擇。這篇報導可以大概解釋一下這個巿場的概況。
http://www.fool.com/investing/general/2014/02/28/6-more-reasons-why-wal-mart-should-buy-family-doll.aspx
FDO是S&P500成份，規模也不小。而前年我看過的一篇文章，一個美國網友挑了16家經營著非常無聊的生意但卻帶來了非凡的報酬，而FDO也是其中之一，1972年到2012年40年來帶來了每年15.9%的驚人報酬。
http://www.fool.com/investing/general/2012/11/27/16-painfully-boring-companies-with-extraordinary-l.aspx

作者: mikeon88 時間: 2014-4-3 11:58

謝謝Joseph桑教導，
很高興多了解一家公司。

作者: Friendk 時間: 2014-4-3 12:44

又長知識了, 謝謝Joseph桑.

QUOTE:

原帖由 Josephchu0616 於 2014-4-3 11:48 發表
我個人是把他看成全聯(但不賣生鮮），FDO主要的目標客群是中低收入戶，百分之七十以上的收入來自賣消費品，只收現金不收信用卡，不打廣告，全力專注於價格，跟控制成本。折扣商店是很競爭的市場，但也是持續成長 ...

作者: mikeon88 時間: 2014-4-4 22:43

買了FDO 168股@59.19元，
謝謝Joseph桑和tcf桑。

作者: mikeon88 時間: 2014-4-4 22:47

目前買了33支。

作者: Josephchu0616 時間: 2014-4-5 14:36

看起來Mike的零售事業又擴張了。
再介紹一家目前價錢也不錯的零售通路：Bed Bath & Beyond(NASDAQ :BBBY)，美國家居用品零售通路龍頭，有一千多家分店，同時是NASDAQ100和S&

500成份，也是財星500大的公司。有點像IKEA和HOLA ，有人把他翻譯成"家中一切"，我覺得很貼切。可以上他的網站看看，品項比IKEA多很多，真的是家中一切。http://www.bedbathandbeyond.com/
這是我老婆介紹給我的第一支美股，剛開始聽到時覺得賣床單、毛巾有什麼搞頭，按過盈在表才發現是家好公司。老美的生活習慣和我們不同，常常喜歡換床單，被單，有些名模還說天天換床單，所以消耗量很大，不像勤儉台灣有很多人還在用老媽嫁妝的被單。而王永慶強調他的毛巾一用幾十年，在老美的眼中是相當不衛生的習慣。

在美國，BBBY沒有規模相近的直接的競爭對手，但零售業一定會跟WMT，TGT槓上，除了ROE比這兩家巨人高一些外，BBBY還有一個特色就是淨利率比這兩家高一倍以上。多年前有一個朋友，他在大型量販店當採購主管，告訴我他的主要KPI有兩個，營業額跟毛利，量販店用消費品、生鮮衝營業額，用紡織品守毛利。為什麼？他說：衛生紙、洗髪精、蔬菜是高度價格敏感，能有幾%的毛利就衝了，而紡織品很難比較所以可以有2，30%的毛利。我猜BBBY因為專注於家用紡織品所以淨利率較高。年初The Motley Fool也推薦BBBY，裏面有專業的分析http://www.fool.com/investing/general/2014/01/23/3-reasons-why-bed-bath-beyond-is-leading-the-way-i.aspx

零售業也重視另一個指標：坪效。跟另一家規模較小的家俱店Pier1 Imports(NYSE

IR)相比，這是可能是因為家俱賣的比較多佔地方，所以BBBY的每坪營業額是PIR的兩倍。
BBBY不配息，但持續有股票購回，過去三年平均流通股數下降了12.5%。一般美國網友對BBBY的疑慮是1.成長速度放緩，2.如果房巿不好會有影響，3.Amazon的競爭。不過想想，巴爺也是有B太太的家俱店，也沒聽說有事。我個人覺得最大的風險是下單時少一個B不小心按成BBY買到Best Buy就悲劇了。

作者: mikeon88 時間: 2014-4-5 14:48

謝謝Joseph指導，
又多了解一家公司，太棒了。

作者: hotdog914 時間: 2014-4-5 14:54

看完真的又要趕快匯錢來買了美股真的好多好公司~~

作者: mikeon88 時間: 2014-4-5 15:07

作者: Josephchu0616 時間: 2014-4-5 16:17

Mike，Pier 1 imports是PIR，因為我是用ipad所以沒辦法幫忙貼盈在表。辛苦你了。這支最近也跌很多，但我目前是沒買。

作者: mikeon88 時間: 2014-4-5 16:21

啊！抱歉，我太無知了。

作者: JILL(軒) 時間: 2014-4-5 16:22

[quote]原帖由 mikeon88 於 2014-4-4 22:47 發表
目前買了33支。

恩~~~~還差67隻XD

作者: Josephchu0616 時間: 2014-4-5 20:48

剛剛又看了一遍The Motley Fool的分析，再補充一點呼應他的第一點，BBBY 有廣而多樣的產品線，跟我們做投資一樣，我覺得這點對零售業很重要，因為金融海嘯時再不濟，BBBY的ROE還有15%，而PIR產品大多是家俱，相當集中，當年就大賠了，一年內股價最低跌了99%(當然如果那時買現在賺165倍，是倍不是%，神話看看就好）。發表意見最大的好處是可以幫自己整理思緒。

[ 本帖最後由 Josephchu0616 於 2014-4-5 20:50 編輯 ]

作者: mikeon88 時間: 2014-4-5 20:55

前幾個月通路股都大幅回檔，如BBBY、PIR、FDO...，
不知為什麼？

作者: Josephchu0616 時間: 2014-4-5 21:15

QUOTE:

原帖由 mikeon88 於 2014-4-5 20:55 發表
前幾個月通路股都大幅回檔，如BBBY、PIR、FDO...，
不知為什麼？

有一說是年初大雪，大家不出門，現在結果出來了。這些公司都集中在美國，很少有在外國。了。http://www.nytimes.com/2014/02/14/business/economy/retail-sales-fall-and-economists-blame-the-weather.html?_r=0
但我看Amazon也跌，所以真的不知。Costco也跌了一些，TSCDY也是。

[ 本帖最後由 Josephchu0616 於 2014-4-5 21:24 編輯 ]

作者: mikeon88 時間: 2014-4-5 21:26

fortune1115 發表於 2014-4-5 21:22

Pir 我有買我是看巴爺爺持有才進場買的巴爺爺買的很便宜好像15元就進場了

作者: Josephchu0616 時間: 2014-4-5 21:30

酷！不知巴爺有買。因為過去有跌到3元(台幣）的記錄，所以不敢下手，不知現在體質改變了沒，我去努力硏究一下，太感謝Fortune同學的分享了！

作者: mikeon88 時間: 2014-4-5 21:36

作者: fortune1115 時間: 2014-4-5 21:49 標題: 請教

M大請教這表示巴爺爺pir賣光了嗎......

作者: JILL(軒) 時間: 2014-4-6 13:33

QUOTE:

看完這些資料有些受到衝擊
自認為大量回購庫藏股的公司
回報率就會很高
反而不如家庭美元樹
謝謝同學的分享

作者: JILL(軒) 時間: 2014-4-6 13:34

資料多數是手打, 若有不正確之處, 請多包涵

作者: mikeon88 時間: 2014-4-6 13:46

抱這麼會漲的股票哪會痛苦無聊？！

作者: mikeon88 時間: 2014-4-6 21:47

作者: mikeon88 時間: 2014-4-6 22:10

作者: mikeon88 時間: 2014-4-6 22:20

作者: Tony0513 時間: 2014-4-7 07:39

謝謝同學報加牌長知識了
^^
棒~~~
快來買，跟上車

作者: JILL(軒) 時間: 2014-4-7 08:01

沒有15%^^可緩緩

作者: kuenhsieh 時間: 2014-4-7 09:25

都好公司筆記中.........

作者: Josephchu0616 時間: 2014-4-7 11:53

Hi Mike,有兩個地方想麻煩你看一下，
1.DLTR的EPS，盈在表2015t為1.8但2014實際為2.7，市場預估，我看過也都在3以上，出入很大。
2.BF.B的盈在表2013股息為4.97，但我看過財報好像差很多。
謝謝。

To Jill同學，
一般翻譯
Family Dollar(FDO)：家庭美元
Dollar Tree(DLTR): 美元樹

這是兩家不同公司

作者: JILL(軒) 時間: 2014-4-7 11:58

好的, 謝謝.....沒注意到, 再修正Family Dollar(FDO)：家庭美元

[ 本帖最後由 JILL(軒) 於 2014-4-7 12:03 編輯 ]

作者: Friendk 時間: 2014-4-7 14:10

我終於可以體會拜家走進名品店的感覺. 已經破表還想再買下去.

救救.......,

作者: picenight 時間: 2014-4-7 14:27

感謝同學分享，增長知識。

作者: mikeon88 時間: 2014-4-7 16:06

QUOTE:

原帖由 Josephchu0616 於 2014-4-7 11:53 發表
Hi Mike,有兩個地方想麻煩你看一下，
1.DLTR的EPS，盈在表2015t為1.8但2014實際為2.7，市場預估，我看過也都在3以上，出入很大。
2.BF.B的盈在表2013股息為4.97，但我看過財報好像差很多。
謝謝。

To Jil ...

公式不同
EPS = (常利 – 特別股息) / 年底股數

http://mikeon88.blogspot.tw/2009/08/blog-post_23.html

作者: Mimi 時間: 2014-4-7 21:42

請問JILL(軒)同學，另外15家"痛苦非凡的無聊公司"
是哪些?
感恩

作者: Brian 時間: 2014-4-7 22:38

QUOTE:

原帖由 Mimi 於 2014-4-7 21:42 發表
請問JILL(軒)同學，另外15家"痛苦非凡的無聊公司"
是哪些?
感恩

不就在前一頁嗎??

作者: Tony0513 時間: 2014-4-8 07:39

跟進FDO 成交 57.88

作者: hence 時間: 2014-4-9 08:00

Dear 各位,
請教一個問題, FDO一直有買入庫藏股的作法, 如下2005年EPS為1.30. 但隔年股數從167M ->155M. 每股淨值也從8.66->7.97M.
我的問題是:
1. 如果公司的ROE可以像FDO一樣維持在25%以上, 為什麼仍要花公司盈餘來買庫藏股減少股數呢? 留在公司持續讓股本增加. 讓股價因: 淨值 x ROE x 12 PE 上升不是對股東更有利嗎?
2. 從數據上FDO 2006年是把前年的盈餘全去買庫藏股了還倒貼. 這點不知各位前輩有沒有想過其原因呢?

作者: kweit2013 時間: 2014-4-9 09:31

問一個跟樓上原先疑問無關的小問題，
樓上的資料是從哪個網站看到的啊?
可以一下看到這麼長時間的資訊

作者: tcf127 時間: 2014-4-9 09:35

Let me share a little bit about my insight - 1. First, when i buy stocks, i want those business which is economic proof, meaning to say even during crisis, the business still able to run.
2. I checked past 10-20 years, if their ROE stay around 15-20 stably, with either dividend payout or share buyback, even better if both.
3. The company is significant player in the industry.
IMHO, the most importantly is 产业地位不变（Thank you Mike and Joe teaching us this!), then there is a potential business for the company.

The board of director and CEO should know what are they doing. That's the reason they are doing their job, not me, not you.

If anything happen, the board of director will question them, and most importantly, they will fix or even change the CEO. As long as business potential is there, board of director can still hire good CEO to rescue the company.

I believe board of director normally has better experience than the CEO.

One thing about US companies is their dividend tax is high, so share buyback can save the money on taxation. That's the reason BRK never pay dividend.

Back to your questions, i do not know and maybe the best way to answer you is to email their IR.

I have to admitted that i have no enough time to consider so much and check on all these details, so i have to do it in a simpler way.

Hope you get your answer soon!

Good luck on investing! Have fun!

[ 本帖最後由 tcf127 於 2014-4-9 09:37 編輯 ]

作者: Friendk 時間: 2014-4-9 10:51

Dear tcf127 桑:Would you share your method to dig out stocks? Or share how did you find FDO? Thanks.

作者: hence 時間: 2014-4-9 12:44

QUOTE:

原帖由 kweit2013 於 2014-4-9 09:31 發表
問一個跟樓上原先疑問無關的小問題，
樓上的資料是從哪個網站看到的啊?
可以一下看到這麼長時間的資訊

我是使用Firstrade的網站看的...

作者: kweit2013 時間: 2014-4-9 13:23

Hence桑,

謝謝回覆~~

作者: Josephchu0616 時間: 2014-4-9 13:43

QUOTE:

原帖由 hence 於 2014-4-9 08:00 發表
Dear 各位,
請教一個問題, FDO一直有買入庫藏股的作法, 如下2005年EPS為1.30. 但隔年股數從167M ->155M. 每股淨值也從8.66->7.97M.
我的問題是:
1. 如果公司的ROE可以像FDO一樣維持在25%以上, 為什麼仍 ...

1. 淨值*ROE=EPS=淨利/流通股數，所以淨值增加和流通股數減少都在同一個式子裏，一樣有利，沒有優劣之分。
2. 當年股票回購金額>淨利。也就是舉債回購股票，這是常態。有美國網友認為，只要資產負債表上有負債還在做股票回購即視為舉債回購股票。幾乎全部的公司都是如此。
分享一個美國網友的看法，看一下老美對回購股票的觀點，但我找不到原始網站，憑記憶把他的重點描述一下：
對"存續股東"而言，股票購回跟用資本併購公司而言是一樣的，只是併購的對像為自己的公司，而這種併購不會產生排斥，也不會有生意重疊的部份，不會有合併失敗的可能。強調是存續股東，因為在股票回購過過程被洗掉，那就跟你無關了。

作者: tcf127 時間: 2014-4-9 14:11

QUOTE:

原帖由 Friendk 於 2014-4-9 10:51 發表
Dear tcf127 桑:Would you share your method to dig out stocks? Or share how did you find FDO? Thanks.

I am a subscriber of fool.com, i normally search here,
http://financials.morningstar.com/ratios/r.html?t=kss&region=USA&culture=en-us

Replace kss with the ticker name you looking for, eg FDO
First thing i look is their ROE stability, if average >15(10 for banking area), i will consider. If any of two years making loss, i will not consider. It is considerable if you made a loss for a year, not for the second year.
Then i will use excel to check if it is good/cheap price to buy.
Joe shared with me, even it is cheap, but PE>15, we will not buy. There are still plenty of choice out there, so we can always get one easily.
Hope this explained a little bit.
Again, i am thankful to know Mike and Joe via google in my life.

作者: Friendk 時間: 2014-4-9 15:59

Thanks tcf127 桑.

作者: hence 時間: 2014-4-9 20:37

QUOTE:

原帖由 Josephchu0616 於 2014-4-9 13:43 發表

1. 淨值*ROE=EPS=淨利/流通股數，所以淨值增加和流通股數減少都在同一個式子裏，一樣有利，沒有優劣之分。
2. 當年股票回購金額>淨利。也就是舉債回購股票，這是常態。有美國網友認為，只要資產負債表上有 ...

多謝Josephchu0616 桑.
我的問題是營再表折現估價時是以期末的EPS X 12 倍作為賣出價, 再以IRR求解. 考慮兩種情況

Case 1. 不購回庫藏股時: 淨值(因EPS 持續累積而增加), ROE又保持在一定數值 ==> 期末EPS = 淨值 (持續增加) * ROE (穩定, ex 25%) 而變得非常高. 股價也會被高EPS被拉高. (如中碳)

Case 2. 購回庫藏股 (同時淨值減少) 時: 期末EPS 同樣= 各期淨值 (淨值因市值購回庫藏股減少) * ROE (穩定) 的累績. 但會比Case 1 的期末EPS 少很多. ( 如多數美股 FDO )

所以若是以Case 1 的計算方式來做折現, 有可能高估預期報酬率. 不知道這樣的解讀是否正確呢?

PS: 由於非財經科班出身, 能在這裡和各位討論真的很好.

作者: mikeon88 時間: 2014-4-9 20:52

若保證可以維持高ROE，當然不配息，股東的投資報酬率會較大，
可是一直不配出息(或買回庫藏股)來，不容易維持高ROE。

作者: katehow 時間: 2014-4-11 00:05

新浪財經訊北京時間4月10日晚間消息，美國折扣零售商family dollar stores inc ()周四表示，為扭轉銷售額和利潤下滑的局面，計劃進行裁員，關閉旗下370家業績欠佳的店面，並下調部分商品的價格。
該公司當天發布的財報顯示，截至3月1日的第二財季盈利下降35%，從上年同期的2.20億美元，合每股1.90美元，降至1.69億美元，合每股1.47美元。營收下降6.1%，至27.2億美元，低於接受湯森路透調查的分析師平均預期的27.7億美元。同店銷售額下降了3.8%。

作者: hana2126 時間: 2014-4-11 23:06

那請問大家建議繼續持有？還是賣出呢？

作者: hence 時間: 2014-4-14 13:53

美國通路股都來到相對低點, 由其FDO 股價是難得的低點, 由價格面來看應該持有. (如果公司體質沒有變差的話).

作者: hence 時間: 2014-4-14 13:57

QUOTE:

原帖由 mikeon88 於 2014-4-9 20:52 發表
若保證可以維持高ROE，當然不配息，股東的投資報酬率會較大，
可是一直不配出息(或買回庫藏股)來，不容易維持高ROE。

請問Mike,
若是買進庫藏股才能維持高ROE or 竸爭力的話. (由其買進金額比前一年的盈餘多). 這是不是另一種高盈再率呢?

作者: mikeon88 時間: 2014-4-14 14:34

why ???

作者: hence 時間: 2014-4-14 14:51

QUOTE:

原帖由 mikeon88 於 2014-4-14 14:34 發表
why ???

Dear mike,
我的想法是:
Case 1: 公司盈餘 --> 高額投資for 未來竸爭 --> 才能持續獲利或維持高ROE. (Ex: 面版廠 AUO)
Case 2: 公司盈餘 --> 高額資金買進庫藏股 --> 才能持續高ROE. (Ex: 美股FDO)

以上的比諭有點極端...不過大約是這個意思.....

作者: mikeon88 時間: 2014-6-7 19:12

http://www.marketwatch.com/story/carl-icahn-discloses-94-stake-in-family-dollar-2014-06-06-181032016?siteid=yhoof2

Carl Icahn reported a 9.4% stake in Family Dollar Stores Inc. FDO +0.70% , calling the stock undervalued and saying he plans to agitate for changes.
Icahn said he plans to seek discussions with the retailer’s management to discuss “strategies to enhance shareholder value,” potentially including the “exploration of strategic alternatives.” The billionaire investor made the statement in a filing Friday with the Securities and Exchange Commission.

消息一出，今天盤後漲了11%。
看來Icahn應該有在看本討論區Joseph桑的分析，以及按盈再表。

作者: Josephchu0616 時間: 2014-6-9 09:09

本來想把FDO拿來慢慢燉成人蔘雞湯,沒想到被Icahn要拿去大火快炒宮保雞丁
下文指出,除了Icahn外還有其他兩個大咖想吃宮保雞丁,市場派目前共佔22%股份
而目前CEO是創辦人兒子,抵死不賣祖產
看來未來又是一場公司派大戰市場派的戲碼
Icahn不愧是精明的投資人,當市場普遍認為17倍的本益比不便宜,但他用行動告訴市場:你們算錯了!
http://seekingalpha.com/article/2257713-family-dollar-let-the-bidding-begin

Family Dollar: Let The Bidding BeginJun. 8, 2014 11:46 AM ET | About: Family Dollar Stores Inc. (FDO), Includes: DG
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. (More...)

作者: Josephchu0616 時間: 2014-6-20 16:49

Icahn 找人家吃飯，並恐嚇一番。(AH+2.7%）
如果現有董事，不立即把公司賣掉，他會直接訴諸股東（就是我們），把他們都炒了，換成願意執行股東命令的人。
除了FDO，他老人家在HLF還有幾席董事，他應該也是巴班同學。

Brendan McDermid/Reuters
Carl Icahn, the billionaire activist investor.
Updated, 6:38 p.m. | The activist investor Carl C. Icahn has turned up the heat on Family Dollar Stores, the discount retailer in which he holds a 9.39 percent stake.

In a letter to Howard R. Levine, Family Dollar’s chief executive, Mr. Icahn urged the company to put itself up for sale “immediately,” and he demanded that three of his representatives be added to Family Dollar’s board. If the company does not cooperate, Mr. Icahn said, he plans to go directly to shareholders with an effort to throw out the entire board.

Shares of Family Dollar rose 2.7 percent in after-hours trading.

The letter was the first public indication of Mr. Icahn’s plans for his new investment in Family Dollar, which he disclosed earlier this month. The billionaire has a long record of aggressively lobbying corporate boards and management, most recently at Apple, eBay and Dell.

His strategy with Family Dollar appears to be pulled straight from that playbook.

“We believe there would be significant interest from strategic and financial buyers who could recognize massive synergies from an acquisition of the company,” Mr. Icahn said in the letter. “And it is clear that now is a perfect time to sell, given the advantageous stock market and interest rate environment.”

Rick Wilking/Reuters
A Family Dollar store in Arvada, Colo.
Family Dollar has fortified its defenses. The company adopted a one-year shareholder rights plan, also known as a poison pill, after Mr. Icahn disclosed his stake.

Family Dollar said in a statement that members of its board and management had “recently met with Mr. Icahn, and, as we expressed in the meeting, we are always open to constructively communicating with our shareholders with the shared goal of enhancing value.”

The company added that, during a review of its business, it would “continue to take immediate, strategic actions as appropriate to improve our performance. We are confident that these steps will position Family Dollar to deliver stronger returns for our shareholders.”

But Mr. Icahn indicated that Mr. Levine, the chief executive, resisted his ideas during a dinner on Wednesday.

“Although we appreciated the cordial nature of our discussion at last night’s dinner, it was apparent that we have a strong difference of opinion as to the future of our company,” the investor said.

Mr. Icahn pointedly noted the company’s disappointing financial results, saying its stock had lagged that of rivals. He said that “consolidation” in the company’s industry was “inevitable” and that “the company has been in limbo for far too long.”

To kick off a sale process, Mr. Icahn said he wanted his three board candidates to join a committee to search for interested buyers. He told Mr. Levine that his first choice would be to achieve this “in a friendly and collaborative manner with you.”

But he added: “If we cannot achieve this collaboratively, we intend to take this matter directly to shareholders by commencing a written consent solicitation within the next few weeks to remove all of the members of Family Dollar’s board of directors and replace them with individuals that will have a shareholder mandate to sell the company.”

This is not the first time a Wall Street investor has tried to persuade Family Dollar to pursue a deal. In 2011, Nelson Peltz, another prominent investor, made a bid for the company after amassing a 7.9 percent stake. But Family Dollar resisted, and Mr. Peltz eventually abandoned the effort when the company agreed to name his partner to its board.

Mr. Icahn apparently thinks his luck will be better.

http://dealbook.nytimes.com/2014/06/19/icahn-urges-family-dollar-to-sell-itself/?_php=true&_type=blogs&_r=0

作者: mikeon88 時間: 2014-6-20 16:56

昨天看到這則新聞，
覺得Icahn這老傢伙未免太狠了，
直接去逼宮，
要人家把祖產賣掉。

還是老巴比較溫良，
不同意KO的經理人薪水太高，
仍然很婉轉。

作者: Josephchu0616 時間: 2014-6-20 17:05

上次他進OUTR董事會，一進去就説Redbox佔OUTR好像8，90%業績，那幹嘛有2個CEO？OUTR的CEO立馬把Redbox CEO炒了，並要求擠出現金，回購股票。

作者: mikeon88 時間: 2014-6-20 17:06

有請Icahn桑介入COH。。。。

作者: mikeon88 時間: 2014-6-20 17:15

作者: polyperry 時間: 2014-6-20 19:45

上次他進OUTR董事會，一進去就説Redbox佔OUTR好像8，90%業績，那幹嘛有2個CEO？OUTR的CEO立馬把Redbox CEO炒了，並要求擠出現金，回購股票。<--不太懂,Redbox占OUTR的8-90%業績,要炒也應該炒另一個CEO.怎麼會把占主要業績的CEO炒了?

作者: Josephchu0616 時間: 2014-6-20 20:32

QUOTE:

原帖由 polyperry 於 2014-6-20 19:45 發表
上次他進OUTR董事會，一進去就説Redbox佔OUTR好像8，90%業績，那幹嘛有2個CEO？OUTR的CEO立馬把Redbox CEO炒了，並要求擠出現金，回購股票。<--不太懂,Redbox占OUTR的8-90%業績,要炒也應該炒另一個CEO ...

當董事會決定Perry桑和你下屬(他管理90%業務）只能留一個，請問Perry桑要炒誰？

只能硬著頭皮學林總裁，跟他説：只要有理念，半k也能活！

作者: polyperry 時間: 2014-6-20 20:52

所以雖然名義上有兩個CEO,但實際上負責Redox業績的CEO是因為業績占比高才特別給他CEO位置的.所以當OUTR大難臨頭,只好找他犧牲了.

作者: mikeon88 時間: 2014-7-28 18:29

Dollar Tree buying Family Dollar for $8.5 billionDollar Tree buying peer Family Dollar Stores for approximately $8.5 billion

5 minutes ago

NEW YORK (AP) -- Dollar Tree is buying rival discount store Family Dollar in a cash-and-stock deal valued at about $8.5 billion.
Stockholders of Family Dollar Stores will receive $59.60 in cash and the equivalent of $14.90 in shares of Dollar Tree for each share they own. The companies put the value of the transaction at $74.50 per share.
The boards of both companies have unanimously approved the deal, which is expected to close by early next year.
Shares of Family Dollar Stores Inc., based in Charlotte, North Carolina, spiked 20 percent before the opening bell Monday. Shares of Dollar Tree Inc., based in Chesapeake, Virginia, are up almost 4 percent.

作者: mikeon88 時間: 2014-7-28 18:42

作者: mikeon88 時間: 2014-7-28 18:46

因轉成DLTR的預期報酬率剩6%不到，
所以準備把FDO賣掉。

謝謝Joseph朱桑和tcf桑報的明牌。

作者: hotdog914 時間: 2014-7-28 18:59

FDO報酬率還有12 MIKE大要出手終結他的命運

作者: Joe 時間: 2014-7-28 19:27

這個收購持有 FDO 股票要等到 2015年才能拿到 $74.5，遇到這種現金收購我習慣在消息公布時，直接在市場賣出
省去最終要同意收購文書流程

[ 本帖最後由 joe 於 2014-7-28 19:44 編輯 ]

作者: mikeon88 時間: 2014-7-28 19:35

謝謝宥聰桑指導。

今年4月4日買FDO，現在賣，4個月賺26%，
若明年才完成，變成1年賺26%，
年化報酬率差很多。

作者: hotdog914 時間: 2014-7-28 19:43

感謝joe桑指導~~馬上賣~~~

作者: Josephchu0616 時間: 2014-7-28 20:21

我也趕快來賣，謝謝Mike和Joe指導。對了，還有謝謝Icahn前輩，最近他幫忙很多。

作者: mikeon88 時間: 2014-7-28 20:30

MW Icahn gets richer off Family Dollar

Jul 28, 2014 08:09:00 (ET)

By Tomi Kilgore
The rich get richer, as activist investor Carl Icahn made at least $149 million in less than two months from his investment in discount retailer Family Dollar
Late on June 6, Icahn disclosed in a tweet that he owned a stake of more than 9% in Family Dollar shares (FDO). At the June 6 closing price of $60.53, the 10,691,011 shares that Icahn owned were worth $647,126,895.83.
At $74.50, the price Dollar Tree (DLTR) is paying for each of Family Dollar's shares, Icahn's stake is worth $796.480,319.50. That's a cool $149,353,423.67, or 23% increase, in 52 days.
It wasn't a smooth ride higher for Family Dollar's stock, however. After jumping 13% on June 9 after Icahn's stake was disclosed, the stock dropped 12% to close Friday at $60.66.
With so much at stake, it's no wonder Icahn was pushing for Family Dollar to be bought out.
Family Dollar shares rose 24% to $75.25 in premarket trade early Monday, while Dollar Tree's shares climbed 7.8% to $58.45. At Friday's closing prices, the shares were down 6.6% and 3.9%, respectively, year to date.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com

作者: 凱元.. 時間: 2014-7-28 20:46

謝謝MIKE老大..宥聰哥指導

謝謝Joseph和tcf同學的明牌

小弟跟著屁股又輕鬆賺了..

作者: TigerDTC945 時間: 2014-7-28 21:01 標題: 賣出FDO!!!

已賣出 FDO --- $76.1

作者: TigerDTC945 時間: 2014-7-28 21:37

今天第一次賣美股，感覺真爽，報酬率31%(4月買入)；感謝Mike和Joe指導，以及巴菲特班的同學。(有巴菲特班真好)!!!

作者: mikeon88 時間: 2014-7-28 21:41

我也賣掉FDO，74.4元。
今年4月4日買，4個月含息共賺了28%。

目前買了37支，
本金 15,103,769元台幣，
股票部位總共賺了25%。

作者: Mimi 時間: 2014-7-28 21:50

感謝Mike 老師與各位同學，這是我第一支出脫的美股
獲利率28%
賺了台幣29000元
真是太感恩了!

作者: Raimu 時間: 2014-7-28 22:45

我也有跟到這次謝謝各位大大無私的奉獻
小賺25%

作者: kevin2013 時間: 2014-7-28 22:48

跟進賣在73.74 獲利

26.73% 感謝MIKE，上周才小捐款出去一些台幣，沒想到今天就

漲

等數量的美金給我，下次捐多一點好了，反正能30倍奉還。

作者: jenfuhung 時間: 2014-7-28 23:21

感謝Mikeon和Joseph大的指導和推薦，看到時晚了，不過從4月進場也賺了25%出場，謝謝！
現在困難的反而是下一隻要選什麼，呵~

[ 本帖最後由 jenfuhung 於 2014-7-28 23:23 編輯 ]

作者: katehow 時間: 2014-7-29 00:17

賣在75，不到4個月績效就有32.7%。同學，有你們真好

另外，我想請問，由於有勾選股利再投資，導致還有不到1股的零股，要怎麼處理呢？

作者: vivian（景月） 時間: 2014-7-29 11:04

跟著Mike的腳步收割FDO，26%，開心。
感恩Joseph和Tcf同學的名牌。
謝謝Mike和Joe以身作則的教導。

作者: kevin2013 時間: 2014-7-29 21:33

昨日打完就去睡覺了，沒感謝到Joseph和Tcf同學，今日補感謝一下!

作者: alvinchu 時間: 2014-7-29 22:20

剛剛才看覺得奇怪，怎麼股價沖那麼高，馬上來討論區看，原來大家都賣了，趕快跟進賣，慢了一天賣, 還好不會差太多

作者: Tony0513 時間: 2014-7-30 07:01

謝謝Mike和Joe的指導
感謝Joseph和Tcf同學的分享。
謝謝^^跟進賣出
約賺28%
目前持股1/2

[ 本帖最後由 Tony 於 2014-7-30 07:05 編輯 ]

作者: dagunding0407 時間: 2014-7-30 08:43

謝謝Mike和Joe的指導及感謝Joseph和Tcf同學的分享。跟進賣出約小賺26%(因為買的股數不多，所以是小賺

)
這個感覺真好!!

作者: chenleon1 時間: 2014-7-30 09:06

Recent Transaction

Carl Icahn sold 3.82M FDO shares at $75.39.
Carl Icahn One-Year Return: 28.93%
Family Dollar Stores, Inc. is a national discount store chain. The Company operates stores located throughout the United States that offer merchandise that includes consumables, home products, apparel and accessories, seasonal and electronics. More

作者: kweit2013 時間: 2014-7-30 09:09

謝謝Mike、Joe的指導以及Joseph、Tcf同學的分享
頭一次感受到被收購的威力!
看到一天的漲幅可以這麼大真的覺得美股是很驚人的一個市場

作者: mikeon88 時間: 2014-7-30 09:23

Icahn桑也在看巴菲特班討論區？

作者: Joe 時間: 2014-7-30 13:32

　新浪財經訊北京時間7月30日上午消息，在美國折扣連鎖店家多樂(74.5, -1.24, -1.64%)(Family Dollar)同意以85億美元被美元樹(Dollar Tree)收購之後的第二天，基金投資者卡爾-伊坎週二大幅減持該股，將持有的9.39%的家多樂股份減持到6.03%，從而也讓出了第一大股東的位置。

伊坎表示，他「決定」處理部分家多樂股票，而不是等待該筆收購交易完成或等待更高價格的出現。
伊坎週一曾表示，如果家多樂不同意出售的話，將會有「一批潛在買家」給出更好的價格。伊坎減持後，截至7月27日持有公司8.17%股份的家多樂CEO Howard Levine，成為公司第一大股東。
家多樂拒絕立即置評
http://finance.sina.com.cn/world/20140730/100519860962.shtml

作者: angusleo 時間: 2014-7-30 22:11

要不要開個被收購的置頂標題阿。我也是今天才賣

作者: chenleon1 時間: 2014-8-19 15:55

Family Dollar bidding war: Dollar General offers nearly $10 billion http://www.syracuse.com/news/index.ssf/2014/08/dollar_general_bids_10_million_family_dollar.html

GOODLETTSVILLE, Tenn. (AP) -- There's now a bidding war for Family Dollar, with Dollar General offering about $9.7 billion for the discounter in an effort to trump Dollar Tree's bid.
Dollar General Corp. said Monday that it would pay $78.50 per share in cash, 3 percent higher than Family Dollar Stores Inc.'s Friday closing price of $76.06.
Last month Dollar Tree Inc. made an $8.5 billion bid for Family Dollar. It offered to pay $59.60 in cash and the equivalent of $14.90 in shares of Dollar Tree for each share they own. The companies put the value of the transaction at $74.50 per share at the time. Including debt and other costs, the companies estimated the transaction to be worth more than $9 billion.
Dollar General said that its offer would create a business with almost 20,000 stores in 46 states and sales of more than $28 billion. The Goodlettsville, Tennessee, company anticipates annual savings of $550 million to $600 million three years after the transaction closes.
Representatives for Dollar Tree and Family Dollar did not immediately respond to requests for comment.
The jockeying to secure Family Dollar comes as discounters look to fend off competition from companies such as Wal-Mart Stores Inc., which has been stepping up its courtship of lower-income customers.
Dollar stores grew during the recession as people across income groups searched for cheaper options. To attract a broader array of customers, they also expanded their offerings to include more groceries and brand-name products, instead of just the party favors and other knickknacks people often associated with them.
More recently, however, sales at dollar stores have been suffering because the lower-income customers who go to them are facing persistent job instability and slow wage growth in the aftermath of the recession. Wal-Mart Stores Inc. and Kroger Co. also have been opening smaller store formats to directly compete with dollar stores.
Dollar General and Family Dollar sell products are various prices. At Dollar Tree, everything at its stores costs just a buck.
Family Dollar has come into play because of its business struggles. The Charlotte, North Carolina company has been shuttering stores and cutting prices in hopes of boosting its financial performance. In June investor Carl Icahn urged the company to put itself up for sale.
Dollar General said that it believes it can quickly and effectively address any antitrust issues and is willing to divest up to 700 of its stores in order to get the necessary approvals for the transaction. Dollar Tree had agreed to divest 500 of its U.S. stores for its proposed deal.
If a deal goes through, Dollar General said that Chairman and CEO Rick Dreiling has agreed to postpone his retirement until May 2016 in order to help with the integration of the two companies. Dreiling has also agreed to remain as a director -- and would be willing to serve as chairman -- if asked by the board and elected by shareholders.
Dollar General said that Goldman Sachs and Citigroup Global Markets Inc. have agreed to provide committed financing, which would include the $305 million termination fee due to Dollar Tree if Family Dollar chooses a deal with Dollar General instead.
Dollar General's board unanimously approved the Dollar Tree deal. Its stock rose $5.04, or 8.8 percent, to $62.50 in premarket trading.
Shares of Dollar Tree, which is based in Chesapeake, Virginia, fell 60 cents to $55 before the market open.

作者: Joe 時間: 2015-2-24 14:54

Cheng 桑來信

Joe您好,
我是之前上課的同學 Paula.有件事請教您.
最近幾個月一直收到Family Dollar寄信來要股東vote, 裡面的內容落落長都是英文,實在不知道要怎麼辦, 看起來好像跟收購有關,請問應該如何處理,還是要賣掉.
謝謝

歡迎光臨巴菲特班洪瑞泰 (Michael On) (http://mikeon88.freebbs.tw/)