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Sears Holdings - SHLD
Cette discussion a été fermée.
Réponses
(Je suis bien content davoir vendu il y a quelques jours)
Il faut croire que le cours ne prend pas en compte les 3,5 milliards qu'ils vont avoir de plus et tout le reste de l'immo qu'il reste à liquider.
Les gens ont simplement perdu confiance dans les ventes et dans le retail. C'est une crise qui est loin d'être terminé, SHLD marche sur des oeufs et il faut comprendre les actionnaires d'être frilleux.
Pour ma part, je vais reprendre position au alentour des 10-15$ :P
Encore une fois, Buffett investit dans un secteur que plusieurs considèrent comme étant en décroissance.
http://www.chicagobusiness.com/article/20160511/NEWS07/160519971/sears-ceo-our-loyalty-program-has-fallen-short?
The first half of the year did not begin well for SHLD – although 2Q did have modest improvements in the margin rate and pace of cash burn, but the overall story remains unchanged. We expect this to be the 7th consecutive year of free-cash-flow losses for SHLD and believe that monetization of assets will become increasingly difficult given 1) the number of assets already sold, 2) the potential for liabilities that may arise as a result of fraudulent conveyance laws, and 3) the difficulty in determining the appropriate purchase price of non-real estate assets given the limited distribution outside of Sears retail outlets and uncertainty regarding the future size of the Sears brand…
SHLD continues to “explore alternatives’ for Kenmore, Craftsman, and Diehard, but has not found a buyer; we do not believe the brands are likely to realize proceeds in excess of the $2.1B pension deficit. The problem with monetization of the Sears Home Services business is similar to that confronted by the potential bidders for the Sears Auto Center and Warranty business several years ago. It is difficult to determine the value of something with ‘Sears’ as part of the brand identity given SHLD is waning by the moment. Moreover, if the future of the brands is outside of Sears, we aren’t convinced it makes sense for a bidder to pay a premium for assets sold at a retailer that is in terminal decline, when these brands can potentially be purchased later at a more significant discount. Sears Hometown and Outlet (SHOS) has been a separate company since 2012, and its comps have been negative for three years as Sears’ advertising spend drops and customers associate SHOS with store closures and the poor shopping experience of the main Sears brand. The easier assets to monetize have been, and likely will remain, owned real estate given SHLD still retains 319 owned Sears locations and 95 Kmarts.
http://www.businessinsider.com/sears-failing-stores-closing-edward-lampert-bankruptcy-chances-2017-1
"Because of the program [inscription au programme de loyauté], Kmart cashiers went from scanning 18 items a minute to just five, according to a former assistant manager at one store who left in 2012 after 12 years with the company. Some frustrated customers abandon their shopping carts, forcing employees to return all the goods back to shelves."