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  • Due nuove obbligazioni Societe Generale, in Euro e in Dollaro USA

    Societe Generale porta sul segmento Bond-X (EuroTLX) di Borsa Italiana due obbligazioni, una in EUR e una in USD, a tasso fisso decrescente con durata massima di 15 anni e possibilità di rimborso anticipato annuale a discrezione dell’Emittente.

    Per continuare a leggere visita questo LINK
vorrei fare una domanda, e magari offrire uno spunto di riflessione. la strategia del blackdog è conclamatamente indirizzata al dividendo (tranne se non sbaglio la holding di BRKB).

in questa ottica, che valore assume l'acquisto di qualche titolo che si prevede darà dividendo in un futuro di medio periodo? e per voi che sicuramente ne bazzicate da molto più tempo di me (ho 27 anni); quando un'azienda diventa matura, dà pressochè sempre dividendo?

vi faccio un esempio: sono abbastanza profondo conoscitore delle aziende FB e GOOG usandole per lavoro.. c'è poco da spiegare, sono business ad alto margine per via della loro posizione quasi duopolistica. ora, in questo momento storico mi aspetto che abbiano bisogno di soldi da investire, ma è anche vero che le loro disponibilità liquide stanno raggiungendo livelli imbarazzanti, tali che ne necessitano in quantità assai piccola in confronto. in questo caso ho due domande:

a) è lecito aspettarsi che prima o poi vadano a pagare dividendo?
b) ha senso indirizzarsi su queste aziende, comprarle anche pre-dividendo aspettandosi poi una cedola in futuro?
c) che ne pensate di questa strategia?

(premetto che le ho prese perchè, conoscendole e ipotizzando il loro successo continuativo nei secoli dei secoli (cit.) in ogni caso ne andrei a guadagnare, ma il discorso del dividendo è comuqnue affascinante)
 
investingadventure ha scritto:
vorrei fare una domanda, e magari offrire uno spunto di riflessione. la strategia del blackdog è conclamatamente indirizzata al dividendo (tranne se non sbaglio la holding di BRKB).

in questa ottica, che valore assume l'acquisto di qualche titolo che si prevede darà dividendo in un futuro di medio periodo? e per voi che sicuramente ne bazzicate da molto più tempo di me (ho 27 anni); quando un'azienda diventa matura, dà pressochè sempre dividendo?

vi faccio un esempio: sono abbastanza profondo conoscitore delle aziende FB e GOOG usandole per lavoro.. c'è poco da spiegare, sono business ad alto margine per via della loro posizione quasi duopolistica. ora, in questo momento storico mi aspetto che abbiano bisogno di soldi da investire, ma è anche vero che le loro disponibilità liquide stanno raggiungendo livelli imbarazzanti, tali che ne necessitano in quantità assai piccola in confronto. in questo caso ho due domande:

a) è lecito aspettarsi che prima o poi vadano a pagare dividendo?
b) ha senso indirizzarsi su queste aziende, comprarle anche pre-dividendo aspettandosi poi una cedola in futuro?
c) che ne pensate di questa strategia?

(premetto che le ho prese perchè, conoscendole e ipotizzando il loro successo continuativo nei secoli dei secoli (cit.) in ogni caso ne andrei a guadagnare, ma il discorso del dividendo è comuqnue affascinante)
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In origine ... Apple e Microsoft non staccavano dividendi ..ma poi la liqudità è diventata enorme ed ingestibile... e ora lo fanno ..e staccano pure ottime cedole rispetto alla quotazione di qualche anno fa. Quindi credo proprio che sia possibile.
La stessa Berkshire Hataway non lo ha escluso in caso dovesse continuare ad accumulare liquidità.
 
Astm e Sias: approvato piano strategico di gruppo 2017-2021

I consigli di amministrazione di Astm e Sias hanno approvato il piano strategico di gruppo per il periodo 2017-2021. Gli obiettivi finanziari al 2021, secondo quanto si apprende da un comunicato congiunto, sono: per Astm ricavi aggregati per circa 3,8 miliardi di euro, Ebitda per 1,8 miliardi e una crescita media annua del dividendo pari al 7%, mentre per Sias ricavi aggregati per 2,6 miliardi, Ebitda di 1,7 miliardi e sempre una crescita media annua del dividendo pari al 7 per cento.
Il piano, si legge nel comunicato, è stato implementato seguendo quattro pilastri strategici che puntano a massimizzare la creazione di valore per tutti gli stakeholders e i territori in cui il gruppo opera, in coerenza con le competenze industriali maturate in Italia e nel mondo. I quattro driver strategici chiave sono: crescita ed internazionalizzazione, efficienza e semplificazione, partnership strategiche, e infine remunerazione degli azionisti.
 
nemo17 ha scritto:
In origine ... Apple e Microsoft non staccavano dividendi ..ma poi la liqudità è diventata enorme ed ingestibile... e ora lo fanno ..e staccano pure ottime cedole rispetto alla quotazione di qualche anno fa. Quindi credo proprio che sia possibile.
La stessa Berkshire Hataway non lo ha escluso in caso dovesse continuare ad accumulare liquidità.
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Concordo con quanto hai appena scritto...e l'esempio riportato di Apple e Microsoft è emblematico.
Google...assieme a Facebook, Netflix ed Amazon (i cosiddetti FANG) hanno raggiunto ormai una capitalizzazione enorme ed il loro peso è tale che da sole riescono ad influenzare in modo determinante l'andamento della borsa statunitense..
Che siano aziende leader non v'è alcun dubbio...che attualmente non quotino a prezzi molto convenienti è un'altro..
Personalmente diluirei l'acquisto nel tempo...poichè in caso di correzione dei corsi azionari (ipotesi affatto remota dopo i continui rialzi degli ultimi anni)...si potrebbero presentare interessanti finestre di entrata negli anni a venire..
 
Spice Maker McCormick Adds French’s Mustard to Its Shelf in $4 Billion Deal - WSJ

Turns out, there is some appetite for all that packaged food for sale. McCormick & Co. said it agreed to acquire Reckitt Benckiser Group PLC’s food division, whose brands include French’s mustard, for $4.2 billion, the latest in a wave of deal activity in the global packaged-foods sector. The transaction comes three months after the U.K. company put its food unit up for sale. Analysts at the time estimated that it could be worth $2.5 billion to $4 billion. The agreement also comes amid a flurry of M&A activity in an industry looking to cut costs to insulate itself from slowing sales. Many companies are trying to change product mixes as consumers move to healthier or locally produced options. Low inflation has made it difficult to raise prices to make up for sluggish volume growth in many markets.
That has triggered a number of strategic reviews among big food firms. Unilever PLC, the Anglo-Dutch consumer-goods behemoth that earlier this year rejected Kraft Heinz Co.’s $143 billion takeover bid, has said it is planning to unload its margarine-and-spreads business. Switzerland’s Nestlé SA last month put its U.S. confectionery business up for sale. All of those assets on the market—at a time when the global packaged-food industry is facing headwinds on several fronts—raised questions about whether sellers might be able to unload their businesses at attractive prices. But recent deals—including Wednesday’s agreement—suggest there are still plenty of strategic buyers willing to pay top dollar for good assets.In April, cereal giant Post Holdings Inc. agreed to buy Weetabix Food Co., maker of the breakfast brand, for £1.4 billion ($1.83 billion). Post faced several other bidders for the brand, which China’s Bright Food Group Co. and Baring Private Equity Asia had put on the block. Bright bought its 60% stake in Weetabix in 2012 for £1.2 billion but never succeeded in turning it into a hit in Asia. Still, the price Bright ultimately got from Post translated into a higher multiple over adjusted earnings than some had expected. Reckitt’s food business, called RB Foods, was seen as one of the most attractive on the block in recent months. French’s is America’s best-selling yellow mustard. RB Foods other brands include Frank’s RedHot sauce and Cattlemen’s barbecue sauce. Reckitt said it wasn’t core, as it puts more emphasis on its home and personal-care offerings. In February, Reckitt agreed to acquire baby-food maker Mead Johnson Nutrition Co. for $16.6 billion. RB Foods generated just £411 million ($536 million) of Reckitt’s overall revenue of £9.89 billion in 2016. But its operating margins—considered close to 27% last year—are considered high for packaged food. Sparks, Md.-based McCormick, whose current brands include Lawry’s and Grill Mates, said it expects combined 2017 annual net sales of about $5 billion. It also projects the deal will generate cost savings of around $50 million, the majority of which will be achieved by 2020. Though McCormick’s leverage ratio will increase because of the deal, the company plans to maintain its dividend policy but curtail its share-buyback program in an effort to maintain its investment-grade credit rating, it said. Reckitt said it intends to use the proceeds from the deal to reduce its debt.
 
Leite ha scritto:
Spice Maker McCormick Adds French’s Mustard to Its Shelf in $4 Billion Deal - WSJ

Turns out, there is some appetite for all that packaged food for sale. McCormick & Co. said it agreed to acquire Reckitt Benckiser Group PLC’s food division, whose brands include French’s mustard, for $4.2 billion, the latest in a wave of deal activity in the global packaged-foods sector. The transaction comes three months after the U.K. company put its food unit up for sale. Analysts at the time estimated that it could be worth $2.5 billion to $4 billion. The agreement also comes amid a flurry of M&A activity in an industry looking to cut costs to insulate itself from slowing sales. Many companies are trying to change product mixes as consumers move to healthier or locally produced options. Low inflation has made it difficult to raise prices to make up for sluggish volume growth in many markets.
That has triggered a number of strategic reviews among big food firms. Unilever PLC, the Anglo-Dutch consumer-goods behemoth that earlier this year rejected Kraft Heinz Co.’s $143 billion takeover bid, has said it is planning to unload its margarine-and-spreads business. Switzerland’s Nestlé SA last month put its U.S. confectionery business up for sale. All of those assets on the market—at a time when the global packaged-food industry is facing headwinds on several fronts—raised questions about whether sellers might be able to unload their businesses at attractive prices. But recent deals—including Wednesday’s agreement—suggest there are still plenty of strategic buyers willing to pay top dollar for good assets.In April, cereal giant Post Holdings Inc. agreed to buy Weetabix Food Co., maker of the breakfast brand, for £1.4 billion ($1.83 billion). Post faced several other bidders for the brand, which China’s Bright Food Group Co. and Baring Private Equity Asia had put on the block. Bright bought its 60% stake in Weetabix in 2012 for £1.2 billion but never succeeded in turning it into a hit in Asia. Still, the price Bright ultimately got from Post translated into a higher multiple over adjusted earnings than some had expected. Reckitt’s food business, called RB Foods, was seen as one of the most attractive on the block in recent months. French’s is America’s best-selling yellow mustard. RB Foods other brands include Frank’s RedHot sauce and Cattlemen’s barbecue sauce. Reckitt said it wasn’t core, as it puts more emphasis on its home and personal-care offerings. In February, Reckitt agreed to acquire baby-food maker Mead Johnson Nutrition Co. for $16.6 billion. RB Foods generated just £411 million ($536 million) of Reckitt’s overall revenue of £9.89 billion in 2016. But its operating margins—considered close to 27% last year—are considered high for packaged food. Sparks, Md.-based McCormick, whose current brands include Lawry’s and Grill Mates, said it expects combined 2017 annual net sales of about $5 billion. It also projects the deal will generate cost savings of around $50 million, the majority of which will be achieved by 2020. Though McCormick’s leverage ratio will increase because of the deal, the company plans to maintain its dividend policy but curtail its share-buyback program in an effort to maintain its investment-grade credit rating, it said. Reckitt said it intends to use the proceeds from the deal to reduce its debt.
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Ciao leite credo che sarebbe molto più di aiuto un piccolo sunto in italiano che il copia/incolla dell articolo, perché tanto c'è il link
 
Che ne dite di Unieuro...?
Il bilancio non è "malaccio"...ed a Settembre staccherà un dividendo di 1 euro per azione...che al prezzo attuale del titolo corrisponde ad uno yield di oltre il 6%
La cosa che mi piace poco è che l'azienda sia attiva unicamente in Italia...
 
anche diageo torna al buyback:
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Diageo, the world’s biggest distiller, said it would buy back £1.5bn in shares as it raised its profitability targets on the back of a 25 per cent rise in full-year pre-tax profits. The UK company, which makes Johnnie Walker scotch and Smirnoff vodka, has been through a difficult three-year turnround under chief executive Ivan Menezes. It demonstrated a newfound confidence on Thursday by raising its targets for savings and profit margins, in addition to the buyback. Shares rose 6 per cent to £24.10 in London morning trading to an all-time high, and bringing the total gain over the past 12 months to 13 per cent. Kathryn Mikells, finance director, said the buyback would not stop the group from making acquisitions, such as the purchase last month of $1bn Casamigos premium tequila, a brand co-founded by actor George Clooney. “We can do the buyback while keeping plenty of powder dry to make acquisitions,” she said. Stronger cash flow generation and improved financial results had “brought our leverage down below where we want it to be,” said Ms Mikells, explaining the thinking behind the buyback decision.
Diageo is the latest consumer goods company this year to launch a share buyback. Last month, Nestlé, announced it would buy back up to SFr20bn in shares, just days after US activist investor Daniel Loeb took a stake in the world’s biggest food company and called for a shake-up. Unilever’s €5bn share buyback announced in April, was triggered after it fended off an unwelcome $143bn takeover approach from Kraft Heinz, the US food company. Edward Mundy, analyst at Jefferies, referring to the appointment of Javier Ferrán, private equity specialist, as Diageo’s chairman this year, said: “We had expected new chairman Ferrán to bring greater rigour on costs, however the upgrade has come sooner than expected.” Diageo reported higher revenues and profits in all regions, although vodka sales in the US continued to suffer from stiff competition, while its mango-flavoured Cîroc vodka had not sold as well as its previous apple variant. Pre-tax profits of £3.6bn in the year to June 30 were 25 per cent higher than the previous year, thanks in part to the weakening of the pound after last year’s Brexit vote and fewer exceptional charges. Like-for-like operating profit was 5.6 per cent higher.
Diageo now aims to generate £700m in savings, two-thirds of which will be reinvested, up from £500m previously. The target for its operating profit margin, which rose to 29.5 per cent in the year to June 30 from 27.1 per cent the previous year, was raised to 1.75 percentage points of expansion over the next three years, from 1 point previously. Mr Menezes said: “I’m very pleased with these results. Our productivity work is delivering ahead of expectations allowing us to reinvest in our brands, drive margin improvement and generate consistent strong cash flow.” Adjusted net debt fell to 2 times earnings before interest, depreciation, taxation and amortisation in the year ending June 30 — below the group’s target of 2.5–3 times. Net sales grew by 15 per cent but, excluding the favourable exchange rate, organic net revenues were 4.3 per cent higher. Diageo forecast exchange rates would boost operating profit by £70m in the new financial year but would hit revenues by £80m.
Rival drinks maker Anheuser-Busch InBev, the brewer behind Budweiser and Stella Artois, also reported better than expected half-year results on Thursday that sent its shares 5 per cent higher. The Belgium-based group, which has been battling a sharp slowdown in Brazil, one of its biggest markets, reported a 4 per cent rise in revenues to $27.1bn in the six months to June 30, while earnings before interest, tax, depreciation and amortisation increased by 9 per cent to $10.2bn. It said the integration of SABMiller, the brewer it bought last year for £79bn, was “progressing well”. The brewer generated $335m in synergies from the SABMiller deal in its second quarter, which was almost $100m higher than expectations. In March, AB InBev raised its target for synergies from the deal to $2.8bn from $2.45bn previously.
 
Nestle’s Slow Growth Plays Into Dan Loeb’s Hands - WSJ

If activist Dan Loeb’s hopes for food giant Nestlé are to bear fruit, he needs support from other investors. Weak second-quarter results reported Thursday may push a few more in his direction. Like other consumer-goods groups, Europe’s most valuable company is struggling to grow at the healthy clip investors once took for granted. Unlike other consumer-goods groups, Nestlé isn’t offsetting its growth problem with a more radical approach to trimming costs. Second-quarter organic sales, which strip out the effects of acquisitions and currencies, were up just 2.4% year-over-year, barely above the first-quarter growth rate despite a boost from a late Easter. Management once again massaged down expectations, suggesting full-year growth would be in the lower half of the 2% to 4% range unveiled by new Chief Executive Ulf Mark Schneider in February.
U.K. peer Unilever , still smarting from an unsolicited takeover approach from Kraft Heinz in February, last week posted slightly disappointing second-quarter sales growth of 3%, but big margin gains. Yoghurt-maker Danone pulled off the same trick Thursday, helped by initial cost savings from the acquisition of U.S. peer WhiteWave. Nestlé had nothing comparable to offer. Its underlying operating margin was all but flat at 15.9%; cost savings were offset by rising commodity prices. Mr. Loeb argued in an open letter last month that management should set a formal margin target of 18% to 20% by 2020, as Unilever has done. Since taking the reins in January, Mr. Schneider has stressed the need to balance margin gains with reinvestment in innovation and other sources of top-line growth. Nestlé’s stellar long-term track record has earned it loyal investors. The stock, which set a new record after Mr. Loeb’s intervention, dipped less than 1% Thursday morning. But each quarter of mediocre growth undermines the company’s exceptionalism. Mr. Loeb may be onto something.

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poi uno dice la birra analcolica:
European Beer (and Near Beer) Sales Lift Heineken - WSJ

Heineken NV has lifted sales in Europe—but the extra beer isn’t all going to drinkers’ heads. The Dutch brewer posted higher profit for the first half of 2017, fueled by strong sales in Europe—including double-digit revenue growth for no- and low-alcohol drinks there. The lift represents an early vote of confidence after an investment push into the sector by Heineken and its competitors.
Heineken joins the world’s largest brewer, Anheuser-Busch InBev, in reporting better-than-expected results, thanks in part to a rebounding European beer market. Last week, AB InBev said sales grew by double digits across Western Europe—a market that has lagged in recent years amid a stop-and-start recovery after the global financial crisis.
“It was a really good performance of Europe, with the growth coming from a number of countries,” Chief Financial Officer Laurence Debroux said. “It was pretty balanced.” The world’s second-largest brewer by sales said profit growth was strongest in Europe, as beer volumes rose in France, Italy, Spain and Portugal, helped by warmer weather.
Global beer sales have been hit in recent years by a shift among drinkers toward wine and spirits. Consumers in the developed world have also pivoted to healthier drinking options, putting added strain on the market. That has led the world’s biggest brewers to invest heavily in a product that has been hit-or-miss for decades: non-alcoholic or lower-alcohol beer. In May, Heineken launched an alcohol-free version of its flagship lager and results “already look promising”, including in the U.K. and France, the company said. Brewers earn fatter profit margins from nonalcoholic beer because of the absence of excise tax and the fact that these beers often sell at a premium. But various products have proved tough sells, in large part due to consumer complaints about taste. Despite the upturn in Europe, Heineken said low- and no-alcohol sales around the world fell slightly, to 6.1 million hectoliters from 6.2 million last year. It blamed weakness in malt products in Nigeria and Egypt.
However, overall beer volumes, revenue and profits grew on a like-for-like basis in all four of its regions, with turnarounds in Africa and the Americas after a slow start to the year. Net profit rose 49% to €871 million ($1.02 billion) on the comparable period in 2016 when the company booked an impairment charge on its business in the Democratic Republic of Congo. Revenue rose 5.7 % on an organic basis to €10.48 billion. Consolidated beer volumes rose 2.6% organically in the period, beating analyst expectations of a 1.7% rise.

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Alcohol-Free Beer Could Give Brewers a Buzz - WSJ

Near-beer may finally be quitting its niche as a pity-inspiring barbecue drink for drivers and pregnant women. That’s better for big brewers than you might think, though any benefit will take time. Heineken said this week that its European low and no-alcohol ranges grew at a double-digit clip in the first half. More and more Western consumers want healthier drinks that won’t affect their energy levels at work or the gym, while beer companies have gotten better at extracting alcohol from beer without extracting all of the taste. Having dabbled with alcohol-free versions of its smaller brands, in May, Heineken launched a zero-percent version of its signature brew. Chief Executive Jean-François van Boxmeer hopes Heineken 0.0, as it is called, will help beer infiltrate social occasions it has lost over the years, such as drinking at lunchtime.
He isn’t the only one. Last year, Heineken’s key competitor Anheuser-Busch InBev said it wanted a fifth of its beer sales to be in low or no-alcohol form by 2025, up from about 7% at the moment. Such ambitious targets are partly about public relations: Big brewers need to make clear they are committed to responsible drinking, and last year, AB InBev was in the process of acquiring its next largest competitor SABMiller—a deal that attracted intense regulatory scrutiny. But pushing alcohol-free beer also makes business sense. Because it sells at a similar price point to regular beer, but carries less tax, a rising share of zero-percent sales will increase brewers’ margins. AB InBev wants drinkers to ditch alcohol for the same reason Philip Morris International wants smokers to ditch conventional cigarettes: It pleases both regulators and investors.
The question then is whether they can really sell the stuff. Companies need to inject glamour into avoiding alcohol without cannibalizing sales of real beer. Heineken has probably been boldest. A major ad campaign last year featured women despairing of various drunk men before finding one with the courage to turn down a bottle of Heineken. The implication was that too much beer makes men less, not more attractive. To what extent low-alcohol beer really is already taking off is also hard to pin down. Heineken’s alcohol-free beers may have boomed in the first half, but this was masked in the published numbers by falling sales of malt—a kind of unfermented beer—in economically struggling Nigeria and Egypt. Global statistics do show growth, but are skewed by country-specific anomalies. The high share of low-alcohol beers in China reflects the weak alcohol content of cheap beer rather than active consumer choice, for example. Trevor Stirling at brokerage Bernstein thinks getting Western consumers to drink alcohol-free beer in situations where they might currently buy a Coke or bottled water—the dream scenario for big-beer executives—will require a major “mind-set change.” The trend is in its infancy and investors shouldn’t expect a profit bonanza soon. But near beer should, in time, be good for the industry’s health.

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Leite ha scritto:
poi uno dice la birra analcolica:
European Beer (and Near Beer) Sales Lift Heineken - WSJ

Heineken NV has lifted sales in Europe—but the extra beer isn’t all going to drinkers’ heads. The Dutch brewer posted higher profit for the first half of 2017, fueled by strong sales in Europe—including double-digit revenue growth for no- and low-alcohol drinks there. The lift represents an early vote of confidence after an investment push into the sector by Heineken and its competitors.
Heineken joins the world’s largest brewer, Anheuser-Busch InBev, in reporting better-than-expected results, thanks in part to a rebounding European beer market. Last week, AB InBev said sales grew by double digits across Western Europe—a market that has lagged in recent years amid a stop-and-start recovery after the global financial crisis.
“It was a really good performance of Europe, with the growth coming from a number of countries,” Chief Financial Officer Laurence Debroux said. “It was pretty balanced.” The world’s second-largest brewer by sales said profit growth was strongest in Europe, as beer volumes rose in France, Italy, Spain and Portugal, helped by warmer weather.
Global beer sales have been hit in recent years by a shift among drinkers toward wine and spirits. Consumers in the developed world have also pivoted to healthier drinking options, putting added strain on the market. That has led the world’s biggest brewers to invest heavily in a product that has been hit-or-miss for decades: non-alcoholic or lower-alcohol beer. In May, Heineken launched an alcohol-free version of its flagship lager and results “already look promising”, including in the U.K. and France, the company said. Brewers earn fatter profit margins from nonalcoholic beer because of the absence of excise tax and the fact that these beers often sell at a premium. But various products have proved tough sells, in large part due to consumer complaints about taste. Despite the upturn in Europe, Heineken said low- and no-alcohol sales around the world fell slightly, to 6.1 million hectoliters from 6.2 million last year. It blamed weakness in malt products in Nigeria and Egypt.
However, overall beer volumes, revenue and profits grew on a like-for-like basis in all four of its regions, with turnarounds in Africa and the Americas after a slow start to the year. Net profit rose 49% to €871 million ($1.02 billion) on the comparable period in 2016 when the company booked an impairment charge on its business in the Democratic Republic of Congo. Revenue rose 5.7 % on an organic basis to €10.48 billion. Consolidated beer volumes rose 2.6% organically in the period, beating analyst expectations of a 1.7% rise.

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