Investir en bourse

Date de l'analyse:27/03/2017 Cours: 9,45 $ Nb d'actions: 170 792 645 Preferred stocks D (7,375%): 1 815 000 shares at liquidation preference of 250 $ ( can be redeemed any time ), market value: 238,9 $ Preferred stocks E (6,625%): 690 000 shares at  liquidation preference of   250 $ ( as from 12 October 2017, may be redeemed ), market value: 231 $ Market cap: 1 613 990 495 $ Net debt: 4 950 000 000 $ (includes non consolidated debt) Net debt  + preferred = 4 950 000 000  + 626 250 000 = 5 576 250 000$ EV: 1 613 990 495 +  626 250 000 (total preferred )  + 4 900 000 000 = 7 140 240 495$ Sources for analysis: 10K 2016, presentation March 2017 and Q4 2016 conf call. For the rest of the analysis, I will consider the preferred stocks as debt. Business CBL &Associates properties is a REIT of class B malls in US. Class B malls usually refers to malls with sales below $500/sqf.  The company divides its properties into Tiers:...

Date de l'analyse:13/03/2017 Cours: 38.075 EUR Nb d'actions: 287 699 000 (plus 14 198 000 treasury shares that I don't include) Market cap: 10 954 139 000 EUR Net debt: 1 927 000 000 EUR EV: 12 881 139 000 EUR Business From the annual report 2016: " Wolters Kluwer provides essential information, software, and services to doctors, nurses, accountants, lawyers, and audit, compliance, and regulatory professionals. We enable our customers to provide worldclass service and maximize their potential." Having started the shift from the paper based information distribution to a software company a few years ago, they are successfully replacing and even outpacing the legacy paper based business with software. Digitial and services represent now 85% of the revenues of the portfolio. 77% of the revenues are recurring. They grow organically in the low single digit area, and they also grow by acquisition. The strategy consists of buying software comp...