tag:blogger.com,1999:blog-8152901575140311047.post4461525620660313489..comments2024-03-18T10:18:19.736-04:00Comments on Musings on Markets: Financial Alchemy: David Einhorn’s “value” play for AppleAswath Damodaranhttp://www.blogger.com/profile/12021594649672906878noreply@blogger.comBlogger81125tag:blogger.com,1999:blog-8152901575140311047.post-70999712110411017522014-05-16T13:28:19.175-04:002014-05-16T13:28:19.175-04:00SEO in Faridabad
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Based on your analysis, if a preferr...Hi professor,<br />Based on your analysis, if a preferred stock were issued, the price and/or value of call options will go down. Therefore, if you wanted to benefit from it, you must hold the underlying. <br />Am I right? <br />Thank you and regards<br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-19363633822581451862013-02-13T17:04:24.892-05:002013-02-13T17:04:24.892-05:00Great post, Professor, as always. Wouldn't an ...Great post, Professor, as always. Wouldn't an added benefit of a common share dividend be that it would lower the beta of AAPL from its level of 1.05 by providing smoother returns in the form of dividends (which are uncorrelated with broader market moves)? In that sense, wouldn't a common dividend actually be creating "value" for the firm? And that is before we consider the many new investors who might join (pension funds?) for the extra dividend.Anonymoushttps://www.blogger.com/profile/14585262891899234624noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-23029416974049355512013-02-12T02:23:09.985-05:002013-02-12T02:23:09.985-05:00My comment might be seen as irrelevant as your pos...My comment might be seen as irrelevant as your post is on Apple. However, I think investors should look to Samsung,now as its truly offering the company some competition. I would love to see you assigning a value to SAMSUNG given its potential of growth in the Emerging Markets and European Countries.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-67940457151312324452013-02-11T14:33:39.174-05:002013-02-11T14:33:39.174-05:00Wonder what you think of the preferred stock idea ...Wonder what you think of the preferred stock idea in the context of being eligible for the 15% tax rate for Institutional holders (I assume this why Einhorn suggesting preferreds versus other ideas) and how that would increase PV per share ?shoulhttps://www.blogger.com/profile/04146715765771669008noreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-81567353685418509702013-02-11T13:00:15.074-05:002013-02-11T13:00:15.074-05:00or how about 100 for 1 stock split? It will become...or how about 100 for 1 stock split? It will become truly widely held and will rise in price quickly.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-21168112660898491082013-02-11T12:57:30.895-05:002013-02-11T12:57:30.895-05:00or, to unlock price Apple could just do a 10 for 1...or, to unlock price Apple could just do a 10 for 1 stock split and watch the price soar to new heights. This would be the easiest and quickest method to unlock price. It would also cost Apple nothing.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8152901575140311047.post-49795200076156775822013-02-11T11:27:24.760-05:002013-02-11T11:27:24.760-05:00Professor,
Most of your value appears to be comi...Professor, <br /><br />Most of your value appears to be coming from a trending down of your cost of capital to 8%. If you remove that assumption, you would arrive at a stock value pretty close to the current price. <br /><br />Are you trending the cost of capital down because you are making an implicit assumption that the company will lever up?<br /><br />I agree with you that Apple issuing pref. shares would be a daft strategy for Apple or its shareholders right now. If people care so much about the cash, then Apple should declare a one-time dividend on its common shares.Zainhttps://www.blogger.com/profile/05379731782600731758noreply@blogger.com