hola compañero, gracias por el tip
sin duda la mirare porque las spinoffs son un terreno muy fertil
esta semana estoy que no paro estaba terminando de analizar la spinoff de SAIC por que promet mucho sobre todo la parte "mala" creo que tiene un 50-70% de potencial inmediato
pero la de nov me gusta por ser spinoff y porque creo que conzoco mas o menos bien la industria del petroleo
un saludo
Pego lo único que tengo
National Oilwell Varco announced that it plans to spin off the majority of its distribution operations into a separate company in early 2014. The new company would generate around $4.3 billion in annual revenue and $230 million in operating profits (a 5.4% operating margin), by our estimates. Close peer MRC Global generates around $5 billion in revenue, has slightly higher margins around 7%, and has an enterprise valuation of around $3.75 billion. However, National Oilwell Varco's distribution profitability has topped 8% in the past, and we expect that long-term margins will be closer to 8%, particularly as the company realizes cost savings from its latest acquisitions.
We believe the rationale for the spin-off is fairly straightforward. The company probably believes that investors underappreciate the strengths of its distribution business and perhaps are not fans of its margin-dilutive properties today. Spinning off the distribution arm could serve to better highlight the strengths of the remaining rig equipment and petroleum services segments. In contrast, we've largely been fans of the operations because we consider the business to enjoy a strong moat based on cost advantage and network effect, and returns on capital can be quite attractive.
We also think National Oilwell Varco sees an opportunity to obtain capital from the distribution business through a special dividend. Distribution operations generally enjoy very healthy cash flows, which allows them to be leveraged up quite a bit; MRC's debt/EBITDA is about 2.6 times. We estimate that National Oilwell Varco could extract around $1 billion of capital for use in funding attractive acquisitions with a relatively limited impact on its own balance sheet.
Hola Mateazo, cre que entre Solrac, Helmz y Magnus ya te han respondido, no pinta mal, pero ten en cuenta que puede tardar 1 año en materializarse.
Como suele decir Charlie Munger cuándo habla Buffett, "I have nothing to add".
Un saludo,
Cesc
Y mientras yo me pensaba entrar a 68 la cagué a base de bien.
hola
al parecer creo que todavia no han publicado el FORM 10 ( ya no va a hacer falta aprobación de accionistas) hasta entonces yo mantendria el tema en la nevera, ya que sin saber los números pro-forma con balances separados es difícil saber.
Ademas en el form 10 se habla mas en particular del negocio y te puedes hacer una idea de como quedara la cosa.
un saludo
National Oilwell Varco NOV announced that it plans to spin off its distribution segment as a separate company in early 2014. The new distributor's sales account for a bit under 20% of NOV's current revenue, though distribution operating margins are perhaps only a third of NOV's corporate average. In other words, the distributor likely accounts for 10% or less of NOV's current market cap. Management's decision appears to be based on a belief that investors underappreciate the distribution business as part of NOV. The spinoff will be facilitated by the recent acquisitions of Wilson Supply and C.E. Franklin, which bolstered the distributor's competitive position. It seems unlikely that this transaction will have much of an impact on NOV's intrinsic value, although I am a little discouraged that NOV could end up more exposed to the rig construction cycle without the stabilizing effect of distribution.
si he visto el hecho relevante en la sec
http://www.sec.gov/Archives/edgar/data/1021860/000119312513376212/d602686dex991.htm
normalmente el form 10 saldra 3 meses antes al menos. Como aquí la empresa padre no va a cambiar mucho si representa solo el 10% de la matriz, no creo que haya grandes movimientos en el precio de la matriz por este hecho. De momento como decis el negocio es muy atratactivo solo queda ver que precio de salida le dan.
