Para los bolsistas fundamentales

Pues es muy de tu estilo, dio pérdidas en 2012! Artistazo!! :-)

Abrazo

Gracias, no pasa nada, iva a largo, ahora voy a muy muy largo, no hombre no, si el Ibex sube no se a 9000 Santander subirá y telefónica y quizá pueda deshacer posiciones con unas minusvalía pequeñas, pues el Santander daría plusvalía, no descarto seguir bajando la media del san, pienso que de aquí a 3 años estar en torno los 7€, aunque estoy buscando otras empresas con buenas pespetiva y que no sea teleco ni financiera

Por si te sirve de algo

We are leaving Santander's fair value estimate at $9 per ADR.

In our view, Santander still has to face plenty of loan losses, with net charge-offs of around 1.7% and 1.3% of loans in 2013 and 2014, respectively (versus 1.5% in late 2012). In the long term, we expect the bank's loan losses will hover around 0.7% of loans. This is slightly higher than the 0.5% historical average because of the bank's increased focus on emerging markets and loans to individuals. We think this exposure to the developing world can afford it an above-average internal asset growth rate of 7%-8% per year in the future. Still, we anticipate expansion will be somewhat muted in the next couple of years. We think the bank will keep its efficiency ratio below 60%. Elevated charge-offs in the next few years will command high provisions for loan losses, which will put a damper on the bottom line and hinder profitability. Lower earnings could make it difficult for Santander to generate enough equity to fund future acquisitions and maintain very strong capital ratios at the same time. Thus, we think there could be an equity offering to boost the company's capital position. In the long run, however, we expect the bank will outearn its 13% estimated cost of equity with relative ease.

Our downside scenario incorporates more severe loan losses and the need for much more capital given significantly slimmer earnings. These factors trim roughly 50% off our base-case fair value.

Our sovereign distress scenario incorporates a meaningful haircut on Santander's sovereign debt securities on top of the downside scenario conditions. By our estimates, Spanish sovereign debt makes up around 70% of the firm's core equity. Thus, we think that any write-downs on these holdings would surely mar Santander's capital position. As a result, the bank would likely be forced to raise equity at a distressed price, which would prove quite dilutive, in our view.

We weigh our base-case fair value of EUR 10 (1.30 times book value) at 50%, the downside fair value of EUR 5 (0.65 times book value) at 20%, and our sovereign distress fair value of EUR 3.5 at 30%. Using an exchange rate of $1.30 per euro (as of March 20, 2013) and a 1 to 1 ADR conversion factor, our weighted-average EUR 7 per share fair value (0.9 times book value) equates to $9 per ADR.

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We are maintaining our fair value estimate of $18 per ADR. We have reduced our revenue projections for 2013 to a decline of 5.6% from a drop of 2.7%. We now expect the firm's problems in Spain to remain severe throughout this year and next. We expect Telefonica's revenue to fall a bit further in 2014 until the growth in Latin America is sufficient to offset slowing declines in Spain starting in 2015. While we expect Latin America's subscriber growth to slow, we think increasing data revenue usage will enable revenue growth to continue in Latin America. We also suspect the firm's other European operations will also decline in 2013. We think 2012 was the low point for Telefonica's margins and it will be able to continue to cut costs, allowing a slow rebound to about 35.2% by 2017. We are using an exchange rate of EUR 0.7513 to the dollar as of June 14, 2013, versus EUR 0.7801 previously. A 10% weakening of the euro would lower our fair value estimate to $16 per ADR, while a 10% appreciation would increase it to $20.

Coincidimos en estas: Medtronic, General Dynamics y Stryker

BMW la tuve en su dia.

El resto las he mirado todas por ser buenas empresas, pero por una cosa o por otra no entre.

Tendre que dar un vistazo a Baidu, Varian, IMI, Vedanta, Waters, Dover y Emerson ya que no se que tal andan.

Viendo la seleccion de acciones que has echo, seguro que son buenas. El problema es, como te decia, que esto "parece" que se esta poniendo algo caro.

Hola,en mi opinión no están para entrar ninguna, si ya las tienes, por temas de costes de transacción (y por ausencia de cosas mejores) mantener (o recortar y mantener si son posiciones grandes) todo lo más. Slds

tienes un privado en tu correo.

te debe de estar entrando la respuesta...

pero si ya te he contestado!!! mira otra vez tu correo.