questions and considerations on the commentary he published a few days after publication of the results of 2009.
As followers of the blog know, I do not usually make individual responses mainly by the time it would entail. However on occasion I have, on this occasion I will make a couple of details of the commentary and the comments that readers have seen fit to make.
The comment indicated that I still own the company some time and I've posted several comments on the blog recommended by this circumstance to the contents of the above comments, it made no sense to repeat all the points already made. Having said that I would like to discuss:
- Possibility of Opa and his account of the valuation. Already commented in the first comment in December 2008 and therefore I agree with what a reader noted in his commentary, however noted that this fact is not generally considered when analyzing a company, since this is not a decision which necessarily have to produce, so I have considered the fact but not the value and thus, if any, is a plus. This is when I say in the commentary that I believe that there is value did not include this factor.
- Dividend. I've posted a comment about it and as I say in it, I hope to write in more detail on dividends in general.
- Sale of part of Santander. It is obviously not good news but not necessarily a determinant, as indicated in my remarks investment decisions are individual and Santander will have reason to have taken such an investment.
- Ratios standard. I quite agree, shades apart, with the assessment; not use exactly standardized results, try to do my estimates based on what would normally be to build the company's financial data to analyze, trying to eliminate normalemnte data are unlikely to be repeated at least in the short term. I think if you read carefully my analysis can understand what it indicates.
- 95% of trading volume. I can not say yes or no, the reader can take right but the fact is that this is the volume and I fear that trading is not porpio of the great national values \u200b\u200bbut that occurs in all markets to a greater or lesser extent.
- Increased income and therefore results following types of rate rise interest. The company operates a cash amount (guarantees provided by third parties, etc) huge in the current circumstances rate produces no significant effect on the income statement, think about what happened only last a couple of years with much more attractive rates .
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