Methylphenidate Price Walmart

VALUATION, VALUATION (Cont. 2)

In September 2009 started the comments about this company. Last few dates presented 2009 results and update them based on the study.

From the results, it is worth noting the following: • EBITDA 2374

Mill / Euros. • 1314 Net
Mill / Euros.
• Cash flow from operations 2321 Mill / Euros. Considering

capitalization to 18 / 3 or whatever it is the same as 48.25 Euros per share, we have the following ratios:

- EV / EBITDA 11.7 times.
- PER 21.1. First

indicate that the figures have surprised me positively, have nothing more to do my first comment where estimated lower values \u200b\u200bin all cases. Noted, however, that in the case of cash flows, estimated fundamental parameter in my assessments must take into account that 300 million are the result of improved working capital and complicated that I think could be improved again recurrently; reason that it would take 2021 mill / Euros. Taking these into account is trading at 13.7 times the flows generated.

Based on these results I've been reading the price rise goals and recommendations for various home purchase and analysis of investment banks. Specifically GOLDMAN now fixed its price target at 63. You know what I think about other comments.

In 2009 the company started activity in 343 new stores.

Despite these numbers, I still think the same, at current prices is best not to be, I believe that there is sufficient margin. Furthermore if you read my previous comments, I indicated that would not surprise me to see the company trade at prices around 50 Euros (saying this simply because the ability to generate cash and grow ratios based on historical average), but we obfuscate growth rates of 10% is not perpetual. Today there are more interesting options.

As always stated, this is not a recommendation INDITEX sale but rather an assessment of the margin that we have to recoup an investment in INDITEX the prices of 50 Euros to the trades today.

What Is The Word Boqnspe At Poptropica

PULEVA EBRO. NI NI PULEVA EBRO.

may more than one would have missed the title of the commentary, but it is curious, this company until recently enclosed to some extent in its corporate name to the heart of its business and its brands, ie sugar and milk as the other part is normal. Well today is no more sugar and milk, after the preliminary agreement reached with the French group Lactalis, ceased to exist.


therefore recommend to their managers with a change of name that corresponds to the current strategy of your business. I'm not going to give ideas as these are charged, do not you think?.


But it's not the name of the company that brings me to publish this comment. Until recently it was more or less clear what price was reasonable to be and another not, can that many of you do, too. The situation has changed and I think it requires a reflection on the situation of the company and the valuation that the market for it.


The capitalization of the company at 8 / 3 was of 2094 mill / Euros with a share price of 13.61.


Considering these data and recently published results for the year 2009, we can obtain various ratios:


• The PER taking into account the ongoing business benefit (ie not including the results of the sugar business and of course capital gain from the sale thereof) would be 15.4. If we consider the overall result this ratio would fall to 11.6.

• THE EV / EBITDA is 8.6 times. This ratio would then 9 after the sale of milk. Assuming that is not invested the proceeds from the sale of new business.

• The market is paying for the company just under 11 times operating cash flows in 2009.

also worth noting that following the sale of dairy business, the company is left with 2 rice and pasta businesses, in both occupies an important position worldwide and revenues are also highly diversified, not depending on where despite SPAIN its strong presence weighted income below 30%.


But the question is, Is it interesting to be in the company?.


To situate ourselves, we also consider what has already commented:


1) The company has agreed a sale price of the dairy business which means multiplying by 11 the average EBITDA last 3 years.

2) If we apply this ratio to businesses that currently the company would obtain a price per share of 16.5 Euros environment. Please note that the company will go from having a net debt to have a net cash position.

sure many of you are thinking of 13.6 to 16.5 is almost 3 euros or whatever it is the same just over 20%. Should we go then?. This decision must be taken before UDS but reflect on the following:


a) What will the company do?, You going to reduce its size or going to invest?.

b) All indications are that at least part of the sale is going to spend to buy new business, but what that business?.

In other words we are dealing with a company that is not face value but there are going to experience moments of uncertainty.


Clearly we are dealing with experienced management and seems to know how to manage, but I wonder Was the investment in the dairy business and was too late to enter it?; The answer is complicated but the truth is that they have known monetize and sell at a reasonable price.


is a time for me to be careful if you are not staying out unless the potential and thus increase the safety margin that I demand, otherwise you just prefer to see the sale and Decisions are made a posteriori. For those who already believe that any price in the vicinity of 15 should make us settle and wait.


As always, remember that I have not tried to make a decision but only to try to guide them in managing risk within what I mean by financial security.

Pain Neutralization Techniques Buy

PESCANOVA. Seafood.

Pescanova is dedicated to the exploitation of marine resources to catch fish frozen for distribution in markets. Result of the ever-increasing regulation of the catch along with increasing consumption, the company has diversified its business by entering the breeding of some species in the sea itself. It is therefore a totally integrated from production to catch up the process of distributing their products.

has recently published its 2009 results, which I should mention:

• Considering its capitalization to 26 / 2, the results represent a PER in the vicinity of 9.3 times.

• The EV / EBITDA multiple is slightly higher than 8 times. • Listed

slightly below its book value.

• Maintains its growth trend in sales, operating income and net income.

With these data all point to the company that holds value and that the market is punishing, but before conclusions, I would like to highlight some circumstances that must be taken into account before expressing a position.

1) The company presents a high-leverage its balance sheet, in fact, its net financial costs consume nearly 40% of its operating income. The average cost of these resources is also high and I think that is a consequence of the size of the company, which must be added that the situation is the capital market. The maturities are concentrated mostly between 2010 and 2013.

2) operates in a defensive sector where it is leading and Portuale SPAIN, although it has diversified and the balance of its sales outside the peninsula representing approximately 50% of their income. It is important to note that 12% of its sales are carried out in E. Together.

3) Continue with a policy of expansion and growth that makes you need funding to complete the generation of cash to bring operations.

4) Approximately 60% of the capital is in hands that can be considered stable, although it should be noted that the 60% to 25% belongs to 2 Savings and now may be tempted to sell to get cash. A sale of an important package presumably would involve a change in the spot price, although the prices quoted do not see too much risk for what I consider an attractive price input.

think it is important to note that the Company intends to issue convertible bonds amounting to 110 million / EUR with a coupon of 6.75% and 5-year period, the conversion would take place at 28 Euros. I've heard some analysts suggest that this may adversely affect the price for their dilutive effect. I do not attempt to guess and therefore if the issue does not affect the c / p or not, another thing is this is my opinion and should not affect that decision is correct since the p. of v. finance, including for the following reasons:

a) For the time managed to increase the period of repayment of liabilities.

b) may reduce the leverage provided that at maturity the holders exercised the conversion option.

c) I see no dilution when the company listed at this time in the environment 22 and the conversion price being proposed is 28. Should be analyzed in any case the income account for 2015 and the return of capital at that time, but with today it said.

UDS now I think they have some more information to reflect and think about whether the company at 22 euros is an investment option. What do I think I?, Because what this interesting choice of a history of business growth in a defensive and not likely to come down but with excessive leverage that managers should redirect it to the current situation of the markets are taking risks and possibly paying a premium in the financing. In any case I believe that the current price value and that there is scope for good returns, a hint ... think he pointed to the conversion price is well suited for minimally reflect the current value.

When's The Next Nintendo Event

ALMIRALL. PHARMACEUTICAL TO WATCH.

end of November 2009 began the series of comments about this company. The 25 / 2 last published the results of 2009, being the reason I moved to update the comment.

Considering the published data and daily cap 24 / 2, would have the following ratios:

1) PER slightly above 11 times.

2) EV / EBITDA in the 6.8 environment.

3) The capitalization is just over 8 times free cash flow.

From my p. of v. remain in force the comments he made last November, adding however: "Interesting

disiminución of commercial and administrative expenses but everything has a limit.

-Rationalization of production decreasing the number of plants.


-Growth in sales in 9 of the 10 most important products it sells. If we mean business areas in all major growing less in the nervous system.
Moreover
indicates that society expects similar numbers in 2010.

therefore nothing to show to the comments in November on the potential investment interest, just note that since then it has risen by about 10% deducted from both the margin of safety.

Several readers have made