t********m
发帖数: 54 | 1 I'm shocked to BA's balance sheet. Ford's CEO Mulally doesn't have a
good background. BA has negative book value in its balance sheet of
2008.
* Total equity=($1.294 billion)
* Current ratio=25,964:30,925
* Goodwill and other intangibles rose from $5.2 to $6.3 billion
* Short term investments went from $2.3 billion to practically zero
* Pension plan assets tumbled from $5.9 billion to nothing
* Pension plan liabilities soared from $1.2 to $8.4 billion
* tangible equity dropped from $2.7 to a min | t********m
发帖数: 54 | 2 Nobody read balance sheet in investment board?? | K****D
发帖数: 30533 | 3 What about GM? @_@
【在 t********m 的大作中提到】
: I'm shocked to BA's balance sheet. Ford's CEO Mulally doesn't have a
: good background. BA has negative book value in its balance sheet of
: 2008.
: * Total equity=($1.294 billion)
: * Current ratio=25,964:30,925
: * Goodwill and other intangibles rose from $5.2 to $6.3 billion
: * Short term investments went from $2.3 billion to practically zero
: * Pension plan assets tumbled from $5.9 billion to nothing
: * Pension plan liabilities soared from $1.2 to $8.4 billion
: * tangible equity dropped from $2.7 to a min
| h*******y
发帖数: 864 | 4 So what a company has negative book value? There're lots of companies have
negative book value: Yum, Ford, Quest, GM and AMD, to name a few.
If you have a point, make it.
【在 t********m 的大作中提到】
: Nobody read balance sheet in investment board??
| s******e
发帖数: 696 | 5 maybe because ba has a lot of orders on the pipeline.
they need to deliver those planes. those orders worth something.
【在 t********m 的大作中提到】
: I'm shocked to BA's balance sheet. Ford's CEO Mulally doesn't have a
: good background. BA has negative book value in its balance sheet of
: 2008.
: * Total equity=($1.294 billion)
: * Current ratio=25,964:30,925
: * Goodwill and other intangibles rose from $5.2 to $6.3 billion
: * Short term investments went from $2.3 billion to practically zero
: * Pension plan assets tumbled from $5.9 billion to nothing
: * Pension plan liabilities soared from $1.2 to $8.4 billion
: * tangible equity dropped from $2.7 to a min
| t********m
发帖数: 54 | 6 Why all other stock with negative book value is under $5. But BA and YUM is
still high, isn't a short opportunity? Actually I already shorted BA. Thanks
for your info about YUM. Might be one more good short opportunity.
【在 h*******y 的大作中提到】
: So what a company has negative book value? There're lots of companies have
: negative book value: Yum, Ford, Quest, GM and AMD, to name a few.
: If you have a point, make it.
| d*****z
发帖数: 114 | 7 Does BA have liquidity issue? Bankruptcy risk? I would say no. Then it makes
very less sense looking at book value. And it makes very little sense to
use book value as the major FA indicator to short a long-track-record money-
making company.
Why? There are two ways to determine value of companies. First is
liquidation value, which is more or less related to book/net tangible value.
Second is discounted cash flow, which has nothing to do book value. People
do look at both, but put different focu
【在 t********m 的大作中提到】
: I'm shocked to BA's balance sheet. Ford's CEO Mulally doesn't have a
: good background. BA has negative book value in its balance sheet of
: 2008.
: * Total equity=($1.294 billion)
: * Current ratio=25,964:30,925
: * Goodwill and other intangibles rose from $5.2 to $6.3 billion
: * Short term investments went from $2.3 billion to practically zero
: * Pension plan assets tumbled from $5.9 billion to nothing
: * Pension plan liabilities soared from $1.2 to $8.4 billion
: * tangible equity dropped from $2.7 to a min
| a***h
发帖数: 1222 | 8 book value本身不是特别重要，但是对于波音，book value反映了公司存在的突出问题
，主要是退休和健保相关的债务过高，这对于一个资本密集型企业是一个非常大的威胁
。目前波音的债券价格还比较稳定，说明资本方普遍对他还比较有信心。如果未来某个
时间债券价格出现重大波动，说明债主对其信心降低，那时候企业的坠落会是很快的，
就像现在的GM一样。
【在 t********m 的大作中提到】
: I'm shocked to BA's balance sheet. Ford's CEO Mulally doesn't have a
: good background. BA has negative book value in its balance sheet of
: 2008.
: * Total equity=($1.294 billion)
: * Current ratio=25,964:30,925
: * Goodwill and other intangibles rose from $5.2 to $6.3 billion
: * Short term investments went from $2.3 billion to practically zero
: * Pension plan assets tumbled from $5.9 billion to nothing
: * Pension plan liabilities soared from $1.2 to $8.4 billion
: * tangible equity dropped from $2.7 to a min
| t********m
发帖数: 54 | 9 Current asset is 25.9 B but current liability = 30.9B
Within 1 year from 12/31/08, BA must raise 5 B cash to pay debt. Which bank
will lend money to a company whose asset can't cover liability? I don't
think BA will bankrupt, at least government will bail out. If that happened,
BA still there but stock holder will be wiped out.
makes
money-
value.
People
condition
【在 d*****z 的大作中提到】
: Does BA have liquidity issue? Bankruptcy risk? I would say no. Then it makes
: very less sense looking at book value. And it makes very little sense to
: use book value as the major FA indicator to short a long-track-record money-
: making company.
: Why? There are two ways to determine value of companies. First is
: liquidation value, which is more or less related to book/net tangible value.
: Second is discounted cash flow, which has nothing to do book value. People
: do look at both, but put different focu
| d*****z
发帖数: 114 | 10 I think if BA wants to borrow money, no matter 5B or 10B, tons of banks
would like to extend credit line. It is like applying credit card: bank
always wants to know how much the applicant can earn every year, and not
really care about his/her net asset.
Next several years will be BA's low point. More orders will be cancelled or
delayed. Deliveries will get lighter and prices will drop. But bail out? Are
you kidding? BA is one of the several US companies which have real monopoly
in its field, sup
【在 t********m 的大作中提到】
: Current asset is 25.9 B but current liability = 30.9B
: Within 1 year from 12/31/08, BA must raise 5 B cash to pay debt. Which bank
: will lend money to a company whose asset can't cover liability? I don't
: think BA will bankrupt, at least government will bail out. If that happened,
: BA still there but stock holder will be wiped out.
:
: makes
: money-
: value.
: People
| t********m
发帖数: 54 | 11 BA has 3500 airplane backlog??? I'm surprised. Where is your source of that
info? If BA had that much backlog, why its inventory increased from 2005?
BA kept on losing money in its operating activities from Q1 2008. How can
banks make BA can pay back its loan?
Do you know BA's stock was under $1 in 1973 during last oil crisis?
I bet against a friend, BA will go under $5/share within a year from now.
or
Are
monopoly
【在 d*****z 的大作中提到】
: I think if BA wants to borrow money, no matter 5B or 10B, tons of banks
: would like to extend credit line. It is like applying credit card: bank
: always wants to know how much the applicant can earn every year, and not
: really care about his/her net asset.
: Next several years will be BA's low point. More orders will be cancelled or
: delayed. Deliveries will get lighter and prices will drop. But bail out? Are
: you kidding? BA is one of the several US companies which have real monopoly
: in its field, sup
|
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