Velká dividenda

[Honzajs]

Palm (Nasdaq: PALM), maker of the Treo smartphone, will sell 25% of its business to private-equity group Elevation Partners for $325 million. The deal will give Palm new leadership, including the brains behind Apple's iPod and the extra cash that will be necessary to contend with the mounting
competition in the smartphone industry.

The company will also pay a $9-per-share dividend (51%) using the investors' payment, cash on hand, and $400 million in new debt.

[Honzajs]

Books-a-Million (Nasdaq: BAMM), the nation's third-largest book retailer, will pay a $3-per-share special dividend (18%) on July 5 to shareholders of record on June 20. The ex-dividend date should be Monday, June 18.

[jonatanus]

The company will also pay a $9-per-share dividend (51%) using the investors' payment, cash on hand, and $400 million in new debt.

tak tomuto moc nerozumiem. firma potrebuje peniaze na rozvoj, preda 25% podiel za 325$mil a zaroven vyplati $940mil dividendu, na ktoru si zobere este $400mil pozicku? takze vysledok tejto genialnej operacie je -$615mil?

[Honzajs]

tak tomuto moc nerozumiem. firma potrebuje peniaze na rozvoj, preda 25% podiel za 325$mil a zaroven vyplati $940mil dividendu, na ktoru si zobere este $400mil pozicku? takze vysledok tejto genialnej operacie je -$615mil?

Jde o optimalizaci kapitálové struktury společnosti a lepší využití vlastního jmění, které je nyní zbytěčně vysoké. Raději přebytek vyplatí akcionářům.
Kromě běžných závazků z obchodní činnosti nemá totiž PALM prakticky jiné dluhy.

[jonatanus]

Jde o optimalizaci kapitálové struktury společnosti a lepší využití vlastního jmění, které je nyní zbytěčně vysoké. Raději přebytek vyplatí akcionářům.

ale preco predavali tych 25%? bud potrebujem peniaze a potom nepredavam podiel koli tomu aby som vyplatil dividendu, alebo peniaze nepotrebujem a potom nemam dovod predavat....

navyse to predali pod cenu, 325*4 vychadza na $12.6 per share.

[Honzajs]

Odpověď je ukrytá zde:
http://investor.palm.com/releasedetail. ... eID=246860

Firma vydává novou emisi prioritních akcií za cenu o něco vyšší, než je očakávaná cena kmenová akcie po dividendě.

Vzhledem k neexistenmci standardních dividend se jedná o vrácení části kapitálu investorům a zároveň tím dochází k žádoucí změně kaiptálové struktury společnoszi + získání velkého spolupracujícího akcionáře.


MNĚ SE TA OPERACE LÍBÍ A ZVÁŽÍM NÁKUP AKCIE.

[Honzajs]

Fundamentální ukazatele:

aktuální P/E: 27, P/S 1,2

Po takovéto dividendě bude patřičně snížena cena akcie. Nová cena bude cca 9. Nyní má společnost zhruba 103 mil akcií, nově přibude dalších 38 mil. Počet akcií tak stoupne o 37%.

Tedy:

Celková kapitalizace společnosti bude 0.5 * 1,37 = cca 0,7 stávající kapitalizace. Díky tomu klesnou o 30% i všechny poměrové ukazatele.


Nové P/E tak bude cca 19, nové P/S pak 0,85.

A jedna personální noticka:

Partnerem v Elevation patrners je Fred Anderson, který se stal CFO Applu, když firnma byla ve velkých problémech. Na svou funkci rezignoval v roce 2004, když Apple již rosl (akcie vykazoval azisk 400% ze dobu jeho působení). Z jeho kůry a dobrých produktů těží Apple do dnes.

Členem Boardu PALMu se stane jak on, tak i Jon Rubinstein, který v Apple vedl divizi iPODu.



P.S.
V reakci na tuto zprávu akcie vyskočila o 10%

[jonatanus]

tak toto je presne priklad akcie, ktoru by som nekupil.

- docela saturovany trh (kdo to dneska nema?)
- obrovska konkurencia (blackberry, iphone, milion smartphones, nepriamo notebooky..), tlak na (uz aj tak nic moc) gross margin
- firma uz nerastie, potrebuju nove uzasne produkty, estimaty lt growth rate ~10% - to je na tech bieda

pozitivim vidim snad akorat ze toto vsetko je uz (mozno - nemam cas to teraz pozerat podrobne) zaratne v cene, takze firma moze prekvapit len smerom hore, ale.... kedy, ak vobec...

[Honzajs]

Jiný pohled na totéž (PALM):

Special Dividends To Get Deals Done: Did Disney and Palm Do Right By Shareholders?

Philip Frank, PhD submits: Merger proxies are quite revealing. I have closely read the merger proxy in which ABC Radio Business is to be spun off from Disney (DIS) to Disney shareholders and then merged into Citadel Broadcasting (CDL). This deal was structured as a reverse Morris trust which enabled both the shareholders of Disney and Disney to escape any taxation.

But to structure a reverse Morris Trust, it is necessary that a larger entity be merged into a smaller entity. Pre-merger Citadel's equity was valued more highly than ABC radio stations. So, how did the companies manage to structure this deal as tax free? A special dividend will be paid to only Citadel shareholders prior to the merger with the ABC Radio Business, thus increasing debt and shrinking Citadel's equity and enabling Disney to have a greater than 50% equity interest in the merged Citadel-ABC entity.

Earlier this week I did some work on the $325 million investment of a private equity firm into Palm (PALM) in return for a 25% interest in Palm. Here also a special dividend was paid out to Palm shareholders, at the same time that their equity interest was reduced to 75%. This special dividend was promoted as being very shareholder friendly by both providing shareholders with a cash payout while allowing them to retain an interest in the new entity's equity.

In reality, though, the special dividend functioned to shrink shareholder equity of Palm so that the private equity firm would have to pay less than it would have otherwise for a comparable percentage stake in the entity. Had the special dividend not been instituted, in order to gain a 25% stake in Palm, the private equity firm would have had to pony up some $550 mn, as opposed to the $325 mn it did pay.

So in both these cases the aim was to shrink existing shareholder equity: In the first case so that the parent spinning off a subsidiary would avoid tax, and in the second case so as to make it cheaper for a PE firm to gain a large voting interest in a public company. In both cases the special dividends were promoted as being shareholder friendly. In both cases, I believe the special dividends were structured so as to enable transactions to proceed. After all, shareholders could simply have sold their shares to raise cash had they so desired.

Since the special dividends served to foist increased debt on both companies, other than in providing the discipline that all debt forces on managers, I can see no particular benefit to the shareholders involved other the lesser tax owed on dividends than capital gains. Still, I think these tax benefits to shareholders were not the primary motivation: Getting the deals done was the primary motivation. A company choosing an innovative deal structure in order to get a deal done does not in of itself make that company a long or a short. At Insight, we believe though that understanding the structure of deals is important to understanding valuation which is key for investment decisions.

Zdroj: Seeking Alpha

[Honzajs]

A shareholder group is pressuring British telecom giant Vodafone (VOD) to spin off its 44.4% stake in Verizon Wireless (VZ) and return nearly $80 billion in cash to shareholders in the process. The move could be great news for shareholders of Verizon, and investors may have the opportunity to pick up one of the biggest special dividend payments in history. Vodafone will address the issue at its July 24 annual meeting.

[Honzajs]

Home Depot (HD) reportedly received two $10 billion bids for its supply unit that the company previously put up for sale. According to Bloomberg, Bain Capital LLC, Carlyle Group, and Clayton Dubilier & Rice Inc. make up one group, and the other includes Thomas H. Lee Partners LP and CCMP Capital Advisors LLC. Final bids are due today. Shares rose 1.3% on the news. Given that Home Depot generates more than $7 billion from operations annually... and only spends half that amount on capital investment... it seems very likely this capital will be returned to shareholders, either via a large one-time cash dividend or through share buybacks.

Home Depot pays a regular 90-cent-per-share dividend (2.4%). Adding both the regular dividend and the potential future return of capital, we could see Home Depot's common stock yield 15% this year. Meanwhile, the stock is trading for less than eight times operating earnings.



To grab or not to grab? Auto insurer Progressive Corp. (PGR) will use $3 billion in excess capital to pay a $2 dividend and buy back up to 100 million shares over the next two years. Shares gained more than 6%, $1.45, on the news. Progressive has not set specific dates for the payment. Another possible grab... The Chicago Mercantile Exchange (CME), sweetening its bid for CBOT Holdings (BOT), added a $9.14 dividend payable to all CBOT shareholders.