Re: Si KFN entra en los planes de fusión con WMIH el obstaculo está eliminado
Si KFN tiene ruedas, no es una empresa, es que es una abuelita que no puede caminar..... Ya te vale.
Si KFN tiene ruedas, no es una empresa, es que es una abuelita que no puede caminar..... Ya te vale.
Jajajaja este ya no sabe a quien meter, como a tantas otras empresas nombradas falsamente por pumpers americanos. Y Susman a seguir facturando en denuncias que no llegaran a nada como la de GS, pero su minuta siempre se cobra del saldo de la finca. Aii MrSimpson estás más quemado con tu inversión siempre alcista que la moto un gipi amigo jajaja.
Saludos
Simpson buena compra a 2$
KKR Looks to Get More Bang for Its Buck in Strategy Shift
BY Antoine Gara Follow |
10/17/14 - 01:46 PM EDT |
NEW YORK (TheStreet) – KKR (KKR) , one of the inventors of modern-day private equity, is trying to move in a new direction by investing larger sums of its own money in buyout deals.
The strategic shift is over a decade in the making, according to some top executives, and is aimed at increasing KKR's earnings and dividend payouts while keeping the firm's returns on equity consistently above 20%. Scott Nuttall, head of global capital and asset management, is the face of KKR's shift after spending much of 2014 explaining the new strategy to stockholders and limited partners.
While analysts and investors like the shift, it doesn't yet appear to be reflected in KKR's stock price, which has shed over 16% year-to-date, exclusive of dividend payments.
KKR's changed thinking is simple to explain, even embedded within the firm's fairly complex business model, which has spawned nearly a half-dozen valuation methods among stock analysts since it went public in 2010.
Here's how it works: In a $1 billion buyout deal, KKR would hypothetically look to invest $250 of its own money, while giving its private funds something like a $500 million stake and an outside investor a remaining piece of the deal. That would contrast with KKR's "old" business model, which was to raise that $1 billion through a fund, which it would then invest with a small management fee and a 20% share of the fund's investment gains, something called 'carry.'
KKR's new model would reduce its management fees and carry-related earnings by about 50% on the $1 billion deal. But what KKR would gain is a new source of capital markets revenue as it finances and syndicates its own deals, in addition to investment gains that flow to the firm's balance sheet, similar to Berkshire Hathaway (BRK.A) , which is valued by Warren Buffett on a book value basis.
Had the model been in place for some of KKR's best deals like Dollar General (DG) it might have generated billions in extra profit for the firm and book value growth, however, failed deals such as Energy Future Holdings would have created damaging write-downs.
KKR is already making deals under its new model.
In June, KKR invested $700 of its balance sheet in a $3.5 billion recapitalization of First Data while sourcing the remaining part of the deal to its investment funds and outside investors such as mutual funds, pensions and even wealthy individuals. KKR's about 40-person capital markets business placed the deal with investors, generating fees for the company.
"First Data is a good example of using our entire business model: third-party funds, our balance sheet and our capital markets business to generate more upside for our firm and our fund investors and more cash flow for all of us," Nuttall said last quarter.
Other KKR deals such as its acquisition of investment firm Prisma and the creation of its real estate fund have worked in a similar manner. KKR will need to do more deals that look like the First Data recapitalization, which could soon be an early barometer on whether the firm is successful or not.
The strategy is also a bit of a change in tone for KKR after the it emphasized success in fundraising in recent years. KKR's message now isn't about raising increasingly large sums of money to invest, but instead, about being more efficient.
KKR Sees 20% RoE, Omega Has Confidence
KKR's Nuttall has said the firm use of its balance sheet could help double its cash flow from current levels while keeping the firm's return on equity above 20%. He also believes it will differentiate KKR from its peers, which include Blackstone Group (BX) , Apollo Global (APO) , Carlyle Group (CG) , Och-Ziff (OZM) and Fortress (FIG) .
Investors and analysts are supportive of KKR, even as it remains unclear how the firm's near-term earnings results will be impacted.
"We are highly supportive of KKR management and trust them to do the right things on behalf of all the stakeholders," Leon Cooperman, head of Omega Advisors, said in an e-mail to TheStreet when asked about KKR's balance sheet-driven investment model.
Omega owns 1.22% of KKR's outstanding shares, data compiled by Bloomberg show. Cooperman was also supportive of KKR's recent acquisition of its specialty finance arm, KKR Financial, in a deal that increased the firm balance sheet and was a key element in laying the foundation for its new strategy.
Simpson no se como tienes vergüenza de postear nada, vienes cantando subidas desde 3 dólares la acción y solo se ha desplomado desde entonces, cuanto mas baja mas recomiendas comprar, por suerte te conoce hasta la portera de Rankia.
Al duo sacapuntas que lo ve todo negro... solo os digo 2 cosas
¿cerrasteis vuestros cortos en WMIH y DAX? buajajajajajaja
Rebote del gato muerto... ¡pardillo! jajajajaja
Que disfruteis del finde chicos... yo se de uno que está con una sonrisa de oreja a oreja...
Eres la pera Simpson, la acción ha caído un 30% y hablas como si hubiera subido. Buajajajaja
Te recuerdo que he comprado nuevo paquete a $2... pero para que darte explicaciones
¿Gato Muerto? jejejejejejeje miauuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuuu