Otro spinoff de un dividend champion en este mes de Mayo…
Dover announced that its board of directors formally approved the separation of Apergy Corporation from Dover through a distribution of all of the common stock of Apergy held by Dover to Dover shareholders. In connection with the approval, the board has also set the distribution ratio, record date and distribution date for the spin-off.
Apergy is a leading provider of highly engineered technologies that help companies drill for and produce oil and gas efficiently and safely around the world. The company’s principal products consist of artificial lift equipment and solutions, including rod pumping systems, electric submersible pump systems, progressive cavity pumps and drive systems and plunger lifts, as well as polycrystalline diamond cutters for drilling. As a result, the following will occur: • The distribution is expected to be made at 12:01 a.m. ET on May 9, 2018 to Dover stockholders of record as of 5:00 p.m. ET on April 30, 2018, the record date for the distribution. • On the distribution date, Dover stockholders will receive one share of Apergy common stock for every two shares of Dover common stock held as of the record date. • Following the distribution, Apergy will be an independent, publicly traded company, and Dover will retain no ownership interest in Apergy.
Shares of Dover common stock will continue to trade “regular-way” on the New York Stock Exchange (NYSE) under the symbol “DOV” through and after the May 9, 2018 distribution date. A “when-issued” public trading market for Apergy’s common stock is expected to begin on or about April 27, 2018 on the NYSE under the symbol “APY WI” and continue through the close of trading on the day prior to the distribution date. Beginning on May 9, 2018, “when-issued” trading under the symbol “APY WI” will end and Apergy will begin “regular-way” trading on the NYSE under the symbol “APY.”
“And Dover, which manufactures all sorts of engineered components for just about every large-scale industrial and aerospace company, is one of the best stocks that never gets any attention. Since 1985, it has compounded at a rate of 12.5%, turning every $10,000 investment into almost $475,000 today.”
Este es el cuarto spinoff que me como en apenas dos años:
HCP/QCP
JCI/ADNT
PNR/NVT
DOV/APY
Aunque tradicionalmente los spinoffs casi siempre han resultado ser excelentes inversiones la verdad es que QCP y ADNT los vendí de forma inmediata por no pagar dividendo. Con NVT y APY voy a ser bastante más paciente, me da la sensación de que tienen bastante potencial. De hecho quería ampliar NVT si bajaba hasta los 20$ pero ha tenido una trayectoria fulgurante desde que empezó a cotizar el 1 de Mayo.
Por otro lado este tema de los spinoffs me trae bastantes quebraderos de cabeza ya que fiscalmente aquí en España se trata como si fuera una ampliación de capital liberada. Por ejemplo, para un spinoff 1:4 (1 acción de la compañía nueva por cada 4 de la vieja) si antes tenías 200 acc. de X a 50 $ (10.000 $ en total) ahora tienes 200 acc. de X + 50 acc. de Y y el precio medio de todas es 10.000/250 = 40$. Los brokers extranjeros sin embargo hacen los cálculos de forma muy distinta y el “cost basis” no coincide.
Es una operación que me da muchos quebraderos de cabeza ya que la forma en
Ninguna ironía. Soy un accionista muy satisfecho desde el 2015. Los vaivenes en el EPS son los habituales de una empresa en el sector Industrial. Fíjate lo rápido que se recuperó después de la crisis del 2009. 10 años más tarde el eps y el dividendo no han dejado de crecer, el payout sigue siendo bajo y encima han ido recomprando acciones.
¿Qué más se le puede pedir a una acción DGI? No vale responder el yield de AT&T, que os veo venir
Ok. Gracias. Me habían despistado los puntos.
A mí me parecían buenos datos y me gusta su negocio. El único problema es su rpd inicial pero sus números son muy buenos por eso la metí en mi radar.
For the third quarter ended September 30, 2019, revenue was $1.8 billion, an increase of 4.5% over the prior year. The increase in the quarter was driven by organic growth of 5.6% and acquisition growth of 1.0%, partially offset by a 1.6% unfavorable impact from foreign exchange (“FX”) and 0.5% due to dispositions.
Earnings from continuing operations of $206.0 million included acquisition-related amortization costs of $25.6 million and rightsizing and other costs of $3.0 million, representing $0.17 and $0.02 of diluted earnings per share from continuing operations (“EPS”), respectively. Excluding these items, adjusted earnings from continuing operations for the quarter were $234.6 million (+15% over the comparable period in 2018), and adjusted EPS was $1.60 (+18% over the comparable period in 2018).
Year to Date 2019 Financial Results:
For the nine month period ended September 30, 2019, revenue was $5.4 billion, an increase of 3.4% over the comparable period in the prior year. The increase was driven by organic growth of 5.5% and acquisition growth of 0.8%, partially offset by a 2.5% unfavorable impact from FX and 0.4% due to dispositions.
Earnings from continuing operations of $509.8 million included acquisition-related amortization costs of $78.5 million and rightsizing and other costs of $11.2 million, representing $0.53 and $0.08 of EPS, respectively. In addition, the period included a $46.9 million, or $0.32 of EPS, non-cash after-tax loss on assets held for sale related to Finder Pompe S.r.l. (a supplier of pumps to the upstream oil & gas industry), which was sold on April 2, 2019. Excluding these items, adjusted earnings from continuing operations for the period were $646.4 million (+19% over the comparable period in 2018), and adjusted EPS was $4.40 (+24% over the comparable period in 2018).
Compre dos paquetes de acciones: uno en Enero del 2016 a 35.37$ y otro en Agosto del 2018 a 81.58$.
Ahora mismo el Unrealized Profit es del 123% con un YOC del 4.15%. Lo que se dice una “rara avis” en mi cartera.
Cotizando a PER 21, con un yield casi un 20% por debajo del valor medio de los últimos 5 años (2.30%) y habiendo aumentado el dividendo un pírrico 2% en este 2019 la verdad es que no tengo intención de poner más carne en el asador.
Me podría volver a interesar en el entorno de los 80$ siempre y cuando el dividendo retome la senda del crecimiento por encima del 5%
Full year 2020 Guidance
In 2020, Dover expects to generate GAAP EPS in the range of $5.48 to $5.68 (adjusted EPS of $6.20 to $6.40), based on full year revenue growth of 2% to 3%. A full reconciliation between forecasted GAAP and forecasted adjusted measures is included as an exhibit herein.
For the quarter ended March 31, 2020, Dover generated revenue of $1.7 billion, a decline of 4% (-3% organic) compared to the first quarter of the prior year.
GAAP net earnings of $176 million increased 67%, and GAAP diluted EPS of $1.21 was up 68%.
On an adjusted basis, net earnings of $203 million grew 11%, and adjusted diluted EPS of $1.39 was up 12% versus the comparable quarter of the prior year.
2020 guidance update:
Due to the COVID-19 pandemic and the resulting negative impact to the global demand environment we are unable to forecast with certainty the effect on Dover’s financial and operational results, which could be material, and as such, Dover’s previously communicated guidance for full year 2020 revenue growth and adjusted EPS has been suspended. Our objective is to reinstate guidance for the remainder of the year with our Q2 2020 earnings announcement.
Que raro, si no estoy equivocado pagaba dividendo el pasado viernes día 15 y en IB no me lo han abonado, alguien más sigue sin cobrar el dividendo? Imagino que lo abonaran hoy pero me ha extrañado mucho, IB no me había fallado nunca con acciones USA.
