Cobas AM: Nueva Gestora de Francisco García Paramés

El nombre de su prometida empieza por A? jajajaja

menos mal para Paramés que tiene la sede en Madrid; Aryzta cierra la fábrica de los panecillos del McDonalds en Barcelona, se le plantan los sindicatos en la puerta si llega a estar allí (o si es alguna fábrica en Madrid la que cierran).
Solo falta una alianza contra-natura de partícipes y sindicatos protestando en la puerta de José Abascal...
https://www.lavanguardia.com/vida/20200925/483650815900/la-empresa-aryzta-comunica-su-intencion-de-cerrar-la-planta-de-olesa.html
"La dirección del grupo Aryzta ha comunicado a los sindicatos su intención de cerrar definitivamente la planta de Olesa de Montserrat (Barcelona), en la que trabajan 73 personas. "
" CCOO sostiene que mientras la planta catalana ha seguido parada se ha incrementado la producción en una planta de Madrid y en los últimos meses se ha producido en otras que el grupo tiene en Polonia y en Alemania. Incluso, señala, se ha recurrido a producción de una empresa de la competencia. "

Stifel’s Ben Nolan commentary.... Target $19 

 

September 25, 2020 Maritime 

Summary 

 

Yesterday the IPO of Hygo Energy Transition (HYGO) which is 50% owned by Golar was delayed after an announcement of an investigation of the CEO for bribery at a previous company dating back to 2011. We expect given the extremely transparent nature of the Brazilian power market, that there is little risk of any wrongdoing on the part of the company, but the overhang is likely to have an impact on the valuation of Hygo and potentially their ability to win incremental business. Even at a lower multiple, we estimate there is still nascent value in GLNG shares that could be 3x the current price, but the path to realization could be longer with increased risk given the need to refinance debt and partners preferred equity. Despite the increased risk, we believe the upside potential is substantial and would remain buyers. 

 

Key Points 

 

Investigation. Brazilian authorities have launched an investigation into Golar Power/Hygo CEO Eduardo Antonello’s activities while an executive at Seadrill allegedly paid bribes worth 1.5% of the $2.7 billion in Petrobras contracts. While there is no suggestion that Golar has done anything wrong, nor that there was any impropriety with any of Golar's Brazilian contracts, Golar will undertake an internal review in an “abundance of caution.” Ultimately, the Hygo IPO is likely delayed on this news, which should act as an overhang for Golar until at least the internal investigation is complete. Limited direct risk. The Brazilian power market is perhaps the most transparent in the world, and having been to the Sergipe facility (see note with cool pictures) and over the years having done channel checks, we expect this risk of actual impropriety on the part of Golar Power to be extremely remote. Indirect Risks. Hygo needs money and a good reputation to grow. Currently, there is a land grab taking place in LNG development and timing is everything. Thus a delay in the Hygo IPO and subsequently the capacity to fund growth could cause the company to loss potential new business. Furthermore, the taint of impropriety, even if proven wrong, could have an impact on Hygo valuation which then impacts its value to Golar. Similarly, until the stigma is removed it could be challenging signing new business and push growth across the finish line further impacting value. Credit Risks. 

 

There are three major credit events for Golar. We view the first two as relatively insignificant, but the convertibles due in early 2022 are more sensitive. 1. Golar has a $150M term loan due in Nov-20. This should be no problem at all to refinance 

as the current cash flow is not in question. 2. On June 2021, Stonepeak's $100M worth of Hygo preferred shares matures, increasing 

the dividend from 8.5% to 11.5% and the cumulative cost to convert the preferred shares to common increases from $180M to $200M. A slowdown in the timing of an IPO could GLNG 

become more expensive relative to Golar's position. 12Volume (Mil.) Price (USD) 3. Golar has $402 million converts due in Feb-22. A solidly proven value of the assets with a 10Hygo stake worth $800M-$1.2B would likely not only increase the value of Golar but also 

8reduce credit risk and make refinancing relatively simple. No IPO and questions about the 6value of Hygo make refinancing more challenging. 4Thinking about valuation. The current weakness in shares could be an absolute gift to buyers, 2but again there could be unrepairable value destruction as well. Even after adjusting for this value destruction, we are hard-pressed to come to a sum-of-the-parts less than $20/share. 

 

The three catalysts to close the value gap are 1) Hygo IPO, 2) Hilli contract extension, 3) Gimi Price Volume 

contract clarity. While Hygo is certainly more of a question market, the second two are very much still in play. The primary risk is that none of the three are resolved before the converts come due. At <$7/share, that is a risk we like.

Buenas. 
Alguna idea sobre el efecto que tendrá la próxima puesta en circulación del yuan digital?
A mi se me escapan las implicaciones que esta nueva moneda pueda traer en la economía, pero creo que su efecto no será neutro.
De entrada en las criptomoneda descentralizadas. Creo que se popularizaran más aún? O el yuan digital les quitará cacho?
En el tipo de cambio con el dólar. Este último de debilitará?
En un crecimiento del flujo de dinero que va a comercios online?
O que muchos comercios no online lo tendrán que ser a partir de ahora? Al menos para aceptar transacciones de esta moneda que serán de aceptación obligatoria.

Groso modo veo para una cantidad de dinero dada, más porcentaje de el yendo a las empresas tecnológicas debido a la irrupción de esta moneda. Y que a este movimiento seguirá el del dólar y el euro digital.

Alguna opinión respecto a este acontecimiento y sobre todo su efecto en empresas cartera cobas? Algo a ganar ahí?

Saludos a todos

 

No te equivoques yo no tengo que convencer a nadie de nada, sobre todo con lo que se ha escrito esta semana y siguen sin enterarse…, mas bien lo que me interesa es que haya unos cuantos comentando, eso siempre es bueno, comentando a toro futuro, a toro pasado ya vamos servidos, fíjate hoy los resúmenes de prensa 

A Págame en la panadera le han robado la merienda. Aquí lo puede ver:

https://twitter.com/Vivianolala/status/1308888154045321216

MI futura prometida es una Dama y yo un Caballero. No puedo revelarles el nombre hasta que todos la hayan visto vestida de blanco y pasada por el altar.

veo que no me has entendido , no pretendo que me convezcas ,  simplemente quiero que lo pongas antes de que suceda para ver su fiabilidad  , ya que siempre nos estas recordando cuando se deberia haber vendido y comprado nada mas ,  entiende  que para un inversor que haya hecho lo contrario a lo que marcan tus graficos  y haya perdido , pues como que le tocaria sus partes  ver tus graficos  ...