segunda-feira, fevereiro 27
Acções em Destaque - 27/02/2012
A seguinte lista foi gerada por um screener proprietário, e consiste em empresas de qualidade cujas acções estão a transaccionar a preços atractivos:
- American Eagle Outfi (AEO)
- Cubic Corp (CUB)
- DeVry Inc. (DV)
- J2 Global Communicat (JCOM)
- Microsoft (MSFT)
domingo, fevereiro 26
quarta-feira, fevereiro 22
terça-feira, fevereiro 21
Piada Racista
- Como te chamas? - pergunta a professora a um rapaz negro.
- 'Kinaxixi' - responde o puto.
- Estamos em Portugal e não há cá Kinaxixis, isso era lá em Angola. Daqui para a frente chamas-te 'Joaquim' - diz a professora.
À tarde, Kinaxixi volta para casa.
- Correu-te bem o dia, Kinaxixi? - pergunta a mãe.
- Já não me chamo Kinaxixi, mas sim Joaquim, porque agora vivo em Portugal.
- Ah, tu tens vergonha do teu nome, da tua raça e renegas os teus pais! - A mãe fica danada e enfia-lhe uma galheta bem aviada.
Chega o pai a casa e faz a mesma pergunta:
- Correu-te bem o dia, Kinaxixi?
- Já não me chamo Kinaxixi, mas sim Joaquim, porque agora vivo em Portugal.
Diz o pai:
- Ah, tu tens vergonha do teu nome e da tua raça? Então, até renegas os teus pais...
Kinaxixi oferece a outra face e leva mais uma galheta.
No dia seguinte quando chega à escola, a professora, reparando nas marcas dos dedos na cara do miúdo, pergunta:
- O que foi que te aconteceu, Joaquim?
- Bem, professora, mal me tornei português... fui logo agredido por dois pretos!...
- 'Kinaxixi' - responde o puto.
- Estamos em Portugal e não há cá Kinaxixis, isso era lá em Angola. Daqui para a frente chamas-te 'Joaquim' - diz a professora.
À tarde, Kinaxixi volta para casa.
- Correu-te bem o dia, Kinaxixi? - pergunta a mãe.
- Já não me chamo Kinaxixi, mas sim Joaquim, porque agora vivo em Portugal.
- Ah, tu tens vergonha do teu nome, da tua raça e renegas os teus pais! - A mãe fica danada e enfia-lhe uma galheta bem aviada.
Chega o pai a casa e faz a mesma pergunta:
- Correu-te bem o dia, Kinaxixi?
- Já não me chamo Kinaxixi, mas sim Joaquim, porque agora vivo em Portugal.
Diz o pai:
- Ah, tu tens vergonha do teu nome e da tua raça? Então, até renegas os teus pais...
Kinaxixi oferece a outra face e leva mais uma galheta.
No dia seguinte quando chega à escola, a professora, reparando nas marcas dos dedos na cara do miúdo, pergunta:
- O que foi que te aconteceu, Joaquim?
- Bem, professora, mal me tornei português... fui logo agredido por dois pretos!...
segunda-feira, fevereiro 20
Acções em Destaque - 20/02/2012
A seguinte lista foi gerada por um screener proprietário, e consiste em empresas de qualidade cujas acções estão a transaccionar a preços atractivos:
- Applied Materials (AMAT)
- Canon Inc. (CAJ)
- FOREST LABORATORIES (FRX)
- PORTFOLIO RECOVERY A (PRAA)
- Synopsys (SNPS)
domingo, fevereiro 19
sábado, fevereiro 18
quinta-feira, fevereiro 16
terça-feira, fevereiro 14
segunda-feira, fevereiro 13
Economistas e as estimativas
Q: Why do Economists provide estimates of inflation to the nearest tenth of a percent? A: To prove they have a sense of humour.
Acções em Destaque - 13/02/2012
A seguinte lista foi gerada por um screener proprietário, e consiste em empresas de qualidade cujas acções estão a transaccionar a preços atractivos:
- Applied Materials (AMAT)
- FOREST LABORATORIES (FRX)
- PORTFOLIO RECOVERY A (PRAA)
- Synopsys (SNPS)
- WESTERN DIGITAL CORP (WDC)
domingo, fevereiro 12
sábado, fevereiro 11
quinta-feira, fevereiro 9
quarta-feira, fevereiro 8
segunda-feira, fevereiro 6
Acções em Destaque - 06/02/2012
A seguinte lista foi gerada por um screener proprietário, e consiste em empresas de qualidade cujas acções estão a transaccionar a preços atractivos:
- Applied Materials (AMAT)
- DeVry Inc. (DV)
- FOREST LABORATORIES (FRX)
- Synopsys (SNPS)
- WESTERN DIGITAL CORP (WDC)
sábado, fevereiro 4
sexta-feira, fevereiro 3
quinta-feira, fevereiro 2
Mason Hawkins sobre a ACS
"Headquartered in Madrid, ACS is one of the world’s
largest global infrastructure engineering firms providing
construction and management of utility networks,
transportation systems, airports, waste facilities, and similar
large projects. Through its own business and its stakes in
Hochtief and Leighton, the company’s unique capabilities and
experience provide an advantage in pursuing large civil works
projects. CEO Florentino Perez owns 13%, and other board
members hold an additional 40%. The company sells for
approximately half of our valuation because the market
oversimplifies this as a Spanish business with optically high
leverage. In addition, many question ACS’ strategy around its
19% ownership of Iberdrola, Spain’s #1 utility and the largest
owner of renewable assets in the world. In fact, less than half
of ACS’ direct operating exposure is to Spain, and most is
outside of Europe when looking through their 50% ownership
of Hochtief. The debt, which financed the stakes in Iberdrola
and Hochtief, is extended through 2015, and, importantly, is
non-recourse to ACS. A recent court victory gives ACS
increased rights at Iberdrola, making it easier to pursue a
significant and profitable investment outcome. Over the next
few years without any Spanish or European economic
recovery, ACS should generate a stable earnings coupon from
its long-dated concession contracts, build construction
projects around the world, and monetize assets when buyers
are willing to pay fair prices for high-yielding infrastructure as
they did in 2011 with some of ACS’ wind, solar, and toll road
assets. Although strapped municipalities have made the
market bearish on infrastructure spending, projects that
physically must be done will have to be private-public
partnerships, aided by today’s low interest rates. ACS is a
world leader in privatized infrastructure projects. The
company’s current free cash flow yield based on expected
2012 FCF is 16.8%, and if adjusted for sold assets and assets
held for sale, is over 30%."
Retirado do relatório "Longleaf Year-End Letter to Shareholders" referente 2011.
NOTA: O autor é accionista da empresa ACS.
largest global infrastructure engineering firms providing
construction and management of utility networks,
transportation systems, airports, waste facilities, and similar
large projects. Through its own business and its stakes in
Hochtief and Leighton, the company’s unique capabilities and
experience provide an advantage in pursuing large civil works
projects. CEO Florentino Perez owns 13%, and other board
members hold an additional 40%. The company sells for
approximately half of our valuation because the market
oversimplifies this as a Spanish business with optically high
leverage. In addition, many question ACS’ strategy around its
19% ownership of Iberdrola, Spain’s #1 utility and the largest
owner of renewable assets in the world. In fact, less than half
of ACS’ direct operating exposure is to Spain, and most is
outside of Europe when looking through their 50% ownership
of Hochtief. The debt, which financed the stakes in Iberdrola
and Hochtief, is extended through 2015, and, importantly, is
non-recourse to ACS. A recent court victory gives ACS
increased rights at Iberdrola, making it easier to pursue a
significant and profitable investment outcome. Over the next
few years without any Spanish or European economic
recovery, ACS should generate a stable earnings coupon from
its long-dated concession contracts, build construction
projects around the world, and monetize assets when buyers
are willing to pay fair prices for high-yielding infrastructure as
they did in 2011 with some of ACS’ wind, solar, and toll road
assets. Although strapped municipalities have made the
market bearish on infrastructure spending, projects that
physically must be done will have to be private-public
partnerships, aided by today’s low interest rates. ACS is a
world leader in privatized infrastructure projects. The
company’s current free cash flow yield based on expected
2012 FCF is 16.8%, and if adjusted for sold assets and assets
held for sale, is over 30%."
Retirado do relatório "Longleaf Year-End Letter to Shareholders" referente 2011.
NOTA: O autor é accionista da empresa ACS.
Mason Hawkins sobre a DELL
"Dell: Based in Austin, Dell has transformed its business by
offering a combination of servers, services, storage, and
software to provide enterprise solutions which now dominate
and complement the desktop and laptop computing segment.
As the world becomes “unplugged,” demand for solutions to
manage hardware, software, and security will grow. With
Dell’s product mix change, the company has delivered
substantially higher margins and earnings. Michael Dell,
founder and CEO, is a multi-billion dollar owner and has been
a major insider purchaser over the last year. The market
continues to focus on the “dying” PC business even though it
is only 35% of our appraisal value, and analysts persist in
evaluating the company against the consumer market which
represents only about 10% of revenues. In assigning a
multiple to the earnings, most analysts also disregard the
large net cash that generates virtually no earnings and equals
over a quarter of the share price. As long as the market
ignores the growing free cash flow coupon, Dell should
continue to use much of it to repurchase shares and build
value even faster. Using expected 2012 FCF, the company’s
FCF yield is 16.2%, but adjusted for the net cash, is over 20%."
Retirado do relatório "Longleaf Year-End Letter to Shareholders" referente 2011.
NOTA: A DELL é uma das empresas recomendadas no âmbito da rubrica "Misses"
offering a combination of servers, services, storage, and
software to provide enterprise solutions which now dominate
and complement the desktop and laptop computing segment.
As the world becomes “unplugged,” demand for solutions to
manage hardware, software, and security will grow. With
Dell’s product mix change, the company has delivered
substantially higher margins and earnings. Michael Dell,
founder and CEO, is a multi-billion dollar owner and has been
a major insider purchaser over the last year. The market
continues to focus on the “dying” PC business even though it
is only 35% of our appraisal value, and analysts persist in
evaluating the company against the consumer market which
represents only about 10% of revenues. In assigning a
multiple to the earnings, most analysts also disregard the
large net cash that generates virtually no earnings and equals
over a quarter of the share price. As long as the market
ignores the growing free cash flow coupon, Dell should
continue to use much of it to repurchase shares and build
value even faster. Using expected 2012 FCF, the company’s
FCF yield is 16.2%, but adjusted for the net cash, is over 20%."
Retirado do relatório "Longleaf Year-End Letter to Shareholders" referente 2011.
NOTA: A DELL é uma das empresas recomendadas no âmbito da rubrica "Misses"
quarta-feira, fevereiro 1
Miss Fevereiro: Research In Motion Limited (RIMM)
Este mês a nossa recomendação é a Research In Motion Limited.
Indicadores
P/E (ttm): 3.92
Price/Book (mrq): 0.86
Dividend Yield: N/A
Return on Assets (ttm): 14.36%
Return on Equity (ttm): 24.43%
Operating Margin (ttm): 15.16%
Profit Margin (ttm): 11.23%
Capitalização bolsista: $8.58B
Percentagem nas mãos de insiders: 10.62%
Percentagem de acções em Short: 7.09%
52-Week Change: -72.79%
S&P500 52-Week Change: 0.64%
Crescimento anual do EPS nos últimos 5 anos: 32.43%
(fonte dos dados Yahoo! Finance)
DISCLAIMER: O autor não possui acções da empresa recomendada.
Indicadores
P/E (ttm): 3.92
Price/Book (mrq): 0.86
Dividend Yield: N/A
Return on Assets (ttm): 14.36%
Return on Equity (ttm): 24.43%
Operating Margin (ttm): 15.16%
Profit Margin (ttm): 11.23%
Capitalização bolsista: $8.58B
Percentagem nas mãos de insiders: 10.62%
Percentagem de acções em Short: 7.09%
52-Week Change: -72.79%
S&P500 52-Week Change: 0.64%
Crescimento anual do EPS nos últimos 5 anos: 32.43%
(fonte dos dados Yahoo! Finance)
DISCLAIMER: O autor não possui acções da empresa recomendada.
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