Kodak
- Creatore Discussione adolar
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Scritto da adolar
segnalato con un p\e a 11, 0,6 volte i ricavi e un dividendo del 6,5%Credo sia da seguire baillame vario sulla foto digitale permettendo
Vero, ma il dividendo quest'anno verra' tagliato del 70% (la segnalazione su Bloomberg mi pare vecchiotta) e l'indebitamento è altissimo .
Paolo
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Ciao, Adolar.
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-- To help payfor its shift from the languishing film and camera business to digital technology, Eastman Kodak, the world's No. 1 name in photography, slashed its semiannual dividend 72%, to 25 cents a share from 90 cents -- the first reduction since it initiated dividends in 1902. The cut had been widely anticipated, but the amount was a shocker. Respective payment and record dates are Dec. 12 and Nov. 3. Kodak's stock plunged to a 20-year low of 20.39. Its pre-cut yield of 6.67% had been the highest among its Dow Jones Industrials brethren (that distinction now belongs to Altria Group). The $375 million in annual savings from the dividend reduction will help Kodak meet its goals of investing as much as $3 billion in digital markets over the next three years and pay down debt to $2.1-$2.4 billion from $3 billion by the end of 2003.
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Il dividendo attuale di 25c$ (Kodak lo paga 2 volte all'anno) corrisponde a circa 2.4% di yield.
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-- To help payfor its shift from the languishing film and camera business to digital technology, Eastman Kodak, the world's No. 1 name in photography, slashed its semiannual dividend 72%, to 25 cents a share from 90 cents -- the first reduction since it initiated dividends in 1902. The cut had been widely anticipated, but the amount was a shocker. Respective payment and record dates are Dec. 12 and Nov. 3. Kodak's stock plunged to a 20-year low of 20.39. Its pre-cut yield of 6.67% had been the highest among its Dow Jones Industrials brethren (that distinction now belongs to Altria Group). The $375 million in annual savings from the dividend reduction will help Kodak meet its goals of investing as much as $3 billion in digital markets over the next three years and pay down debt to $2.1-$2.4 billion from $3 billion by the end of 2003.
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Il dividendo attuale di 25c$ (Kodak lo paga 2 volte all'anno) corrisponde a circa 2.4% di yield.
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Re: Re: Re: Kodak
Si tratta pur sempre di stime, tieni presente che cmq il rating sul debito è stato declassato ad un livello appena sopra quello di junk bond, il che comporta altri guai finanziari per Estman.
Paolo
Scritto da adolar
l'eps atteso per il 2004 è molto alto rispetto al 2003
Si tratta pur sempre di stime, tieni presente che cmq il rating sul debito è stato declassato ad un livello appena sopra quello di junk bond, il che comporta altri guai finanziari per Estman.
Paolo
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Kodak is coming late to a crowded market.Kodak shares dive 18% Friday sep-26
Kodak is over reliant on traditional photography Shares in photography giant Eastman Kodak plunged18% after it revealed its new strategy to adapt to the growing trend for film-free digital cameras.
Investors rushed to sell the shares after they learned Kodak plans to fund its switch to digital products by cutting its dividend pay-out to shareholders by 70%. Kodak has cut thousands of jobs this year and watched profits fall as it struggled to cope with the popularity of new, digital photography.
But analysts warned that Kodak's decision - until now - to cling to its focus on its traditional markets of film, non-digital cameras and paper-based photographic printing means it is coming late to a crowded market.
'Declining market' Kodak, famous for making cheap Brownie cameras in the early days of photography, said it would spend $3bn on acquisitions and investments to develop new, digital business. It also plans to use the money saved by cutting the dividend, traditionally one of the US stock markets' steadiest and most lucrative payouts. In 120 years, Kodak has never before trimmed its dividend. "We are acting in the knowledge that demand for traditional products is declining, especially in the developed markets," said Kodak chief executive Daniel Carp. He set out ambitious targets to lift total group sales to $16bn (£9.6bn) by 2006, and $20bn by 2010. Kodak's second quarter 2003 sales were $3.35bn, unchanged from year earlier; quarterly sales have come in at roughly $3bn for the last year. Doubts
But analysts believe that rivals like Canon, Sony, Dell and Hewlett-Packard are already far ahead of Kodak in developing digital photography. Credit ratings agency Standard & Poor's cut its rating on Kodak's short and long term debts after the presentation, though it said the outlook for the stock was stable. S&P said Kodak's past track record had been "mixed, and the company really needs to do a much better job of getting costs out to maintain very strong profitability and cash flow". "They have a lot to do, and I don't know if they can do it," said Leslie Fineberg of American Capitol Investors.
Kodak cut its dividend by 50 cents from $1.80. Its shares closed down, $4.84, or 17.9% lower, at $22.15. The stock price fall contributed to the fall in the Dow Jones industrial average on Thursday, which closed down nearly 1%.
Kodak is over reliant on traditional photography Shares in photography giant Eastman Kodak plunged18% after it revealed its new strategy to adapt to the growing trend for film-free digital cameras.
Investors rushed to sell the shares after they learned Kodak plans to fund its switch to digital products by cutting its dividend pay-out to shareholders by 70%. Kodak has cut thousands of jobs this year and watched profits fall as it struggled to cope with the popularity of new, digital photography.
But analysts warned that Kodak's decision - until now - to cling to its focus on its traditional markets of film, non-digital cameras and paper-based photographic printing means it is coming late to a crowded market.
'Declining market' Kodak, famous for making cheap Brownie cameras in the early days of photography, said it would spend $3bn on acquisitions and investments to develop new, digital business. It also plans to use the money saved by cutting the dividend, traditionally one of the US stock markets' steadiest and most lucrative payouts. In 120 years, Kodak has never before trimmed its dividend. "We are acting in the knowledge that demand for traditional products is declining, especially in the developed markets," said Kodak chief executive Daniel Carp. He set out ambitious targets to lift total group sales to $16bn (£9.6bn) by 2006, and $20bn by 2010. Kodak's second quarter 2003 sales were $3.35bn, unchanged from year earlier; quarterly sales have come in at roughly $3bn for the last year. Doubts
But analysts believe that rivals like Canon, Sony, Dell and Hewlett-Packard are already far ahead of Kodak in developing digital photography. Credit ratings agency Standard & Poor's cut its rating on Kodak's short and long term debts after the presentation, though it said the outlook for the stock was stable. S&P said Kodak's past track record had been "mixed, and the company really needs to do a much better job of getting costs out to maintain very strong profitability and cash flow". "They have a lot to do, and I don't know if they can do it," said Leslie Fineberg of American Capitol Investors.
Kodak cut its dividend by 50 cents from $1.80. Its shares closed down, $4.84, or 17.9% lower, at $22.15. The stock price fall contributed to the fall in the Dow Jones industrial average on Thursday, which closed down nearly 1%.
Kodak plunges after dividend cut
Company refocuses strategy on digital technology
By CBS.MarketWatch.com
Last Update: 4:23 PM ET Sept. 25, 2003
CHICAGO (CBS.MW) -- Shares of Eastman Kodak tumbled 18 percent Thursday after the company said it was slashing more than two-thirds of its payout to shareholders in favor of investments in the digital markets.
Shares (EK: news, chart, profile) finished the session as the biggest drag on the Dow Jones Industrials' at $22.15, wiping out $4.84, after the New York-based announced a sweeping restructuring that will refocus the business on digital technology while scaling back the traditional film business.
Shares bottomed at $21.96 in intraday trading to the lowest share price in more than 15 years.
Kodak said it would cut its semiannual dividend to 25 cents from 90 cents -- it's first cut in more than a century. That will free up about $1.3 billion in cash that the company will use to maintain financial flexibility and restructure debt for the transformation.
The film and photographic supplies manufacturer expects the shift in priorities will generate $16 billion in annual revenue by 2006 and $20 billion in revenue by 2010. As a result, Kodak sees earnings swinging from about $1.79 a share to $3. Kodak said it sees a $385 billion "info-imaging" market. Kodak is targeting earnings growth of 5 percent to 6 percent annually.
"Becoming a growth company demands that we invest money to harness the opportunities afforded by digital markets," said Kodak's chief financial officer, Robert Brust.
The company expects to achieve its revenue goals by cutting at least $200 million in costs; managing its consumer film and paper businesses for cash and manufacturing share; strengthening its commercial, consumer and health businesses; and building new businesses in commercial work-flow management, mobile imaging and flat-panel and flexible film displays. Kodak's also on track to jump into the competitive, yet highly profitable, ink-jet printer business.
Speaking to analysts and investors, Chief Executive Dan Carp said he expects to grow the company with innovation and acquisitions. He plans to spend $600 million this year and as much as $2 billion over the next five years on new companies. He'll also reallocated research and development funds out of the film business and into digital.
"The fact of the matter is that the historical business is shrinking and we have to step up to that," he said. Overall, he said, the consumer film business is declining by about 7 percent while the rest of the company was growing at 13 percent.
He expects the traditional film business will keep its sales at its current $8 billion range, "but with a lot of change." He has put teams in place to take costs out of that business while beefing up other divisions, particularly digital imaging.
"It's a little complicated with part of the company going down and part of the company growing," he said. "The strategies seem to be working."
Analysts were taking a skeptical view of the changes and peppered Kodak executives with questions about taking other, less risky strategies. Among them was to shrink the company, retire a significant chunk of outstanding shares and maintain the film business.
"That would take the core asset of the company and just let it go away," Carp said. "That's not a strategy that would drive more value for shareholders."
"That doesn't mean we're going to lean out and do a Boy Scout lurch about something we don't know anything about. We're talking about very targeted acquisitions that are nestled very neatly up against our skills and our customer sets," he added.
That might be true, but it will take some time to translate that to the bottom line, said Lehman Brothers analyst Caroline Sabbagha. By management's own assessment, it will take at least two years for Kodak to achieve profitability from the digital side.
"The stock could face more prolonged pressure," Sabbagha said because the current investor base is likely to change. Large institutional investors, for example, tend to choose value over growth stocks and may be less attracted to a company that has cut dividends.
"Kodak's new areas for investment are competitive and its strategies in those areas will take significant time to play out," Sabbagha said in a note to clients.
Though the dividend cut was considerably larger than expected, Merrill Lynch analyst Jay Vleeschhouwer called it "a necessary and even gutsy step to free up funds for reinvesting in the business."
Company refocuses strategy on digital technology
By CBS.MarketWatch.com
Last Update: 4:23 PM ET Sept. 25, 2003
CHICAGO (CBS.MW) -- Shares of Eastman Kodak tumbled 18 percent Thursday after the company said it was slashing more than two-thirds of its payout to shareholders in favor of investments in the digital markets.
Shares (EK: news, chart, profile) finished the session as the biggest drag on the Dow Jones Industrials' at $22.15, wiping out $4.84, after the New York-based announced a sweeping restructuring that will refocus the business on digital technology while scaling back the traditional film business.
Shares bottomed at $21.96 in intraday trading to the lowest share price in more than 15 years.
Kodak said it would cut its semiannual dividend to 25 cents from 90 cents -- it's first cut in more than a century. That will free up about $1.3 billion in cash that the company will use to maintain financial flexibility and restructure debt for the transformation.
The film and photographic supplies manufacturer expects the shift in priorities will generate $16 billion in annual revenue by 2006 and $20 billion in revenue by 2010. As a result, Kodak sees earnings swinging from about $1.79 a share to $3. Kodak said it sees a $385 billion "info-imaging" market. Kodak is targeting earnings growth of 5 percent to 6 percent annually.
"Becoming a growth company demands that we invest money to harness the opportunities afforded by digital markets," said Kodak's chief financial officer, Robert Brust.
The company expects to achieve its revenue goals by cutting at least $200 million in costs; managing its consumer film and paper businesses for cash and manufacturing share; strengthening its commercial, consumer and health businesses; and building new businesses in commercial work-flow management, mobile imaging and flat-panel and flexible film displays. Kodak's also on track to jump into the competitive, yet highly profitable, ink-jet printer business.
Speaking to analysts and investors, Chief Executive Dan Carp said he expects to grow the company with innovation and acquisitions. He plans to spend $600 million this year and as much as $2 billion over the next five years on new companies. He'll also reallocated research and development funds out of the film business and into digital.
"The fact of the matter is that the historical business is shrinking and we have to step up to that," he said. Overall, he said, the consumer film business is declining by about 7 percent while the rest of the company was growing at 13 percent.
He expects the traditional film business will keep its sales at its current $8 billion range, "but with a lot of change." He has put teams in place to take costs out of that business while beefing up other divisions, particularly digital imaging.
"It's a little complicated with part of the company going down and part of the company growing," he said. "The strategies seem to be working."
Analysts were taking a skeptical view of the changes and peppered Kodak executives with questions about taking other, less risky strategies. Among them was to shrink the company, retire a significant chunk of outstanding shares and maintain the film business.
"That would take the core asset of the company and just let it go away," Carp said. "That's not a strategy that would drive more value for shareholders."
"That doesn't mean we're going to lean out and do a Boy Scout lurch about something we don't know anything about. We're talking about very targeted acquisitions that are nestled very neatly up against our skills and our customer sets," he added.
That might be true, but it will take some time to translate that to the bottom line, said Lehman Brothers analyst Caroline Sabbagha. By management's own assessment, it will take at least two years for Kodak to achieve profitability from the digital side.
"The stock could face more prolonged pressure," Sabbagha said because the current investor base is likely to change. Large institutional investors, for example, tend to choose value over growth stocks and may be less attracted to a company that has cut dividends.
"Kodak's new areas for investment are competitive and its strategies in those areas will take significant time to play out," Sabbagha said in a note to clients.
Though the dividend cut was considerably larger than expected, Merrill Lynch analyst Jay Vleeschhouwer called it "a necessary and even gutsy step to free up funds for reinvesting in the business."
