You are on page 1of 2



,QYHVWLQJ:LWK$Q(GJH:LQWKURS5HDOW\:LQWKURS5HDOW\7UXVW 1<6()85 _6HHNLQJ$OSKD

,QYHVWLQJ:LWK$Q(GJH:LQWKURS5HDOW\
1RY$0(7
E\$QGUHZ:DONHU&)$

6XPPDU\
:LQWKURSLVLQOLTXLGDWLRQ
6KDUHVWUDGHIRUDGLVFRXQWWROLTXLGDWLRQYDOXHZKLFKVKRXOGZUDSXSLQWKHQH[W\HDU
,QYHVWRUVDWWRGD\
VSULFHVVKRXOGUHDOL]HDVROLG,55ZLWKWKHSRWHQWLDOIRUDQHYHQVWURQJHUUHWXUQLIWKHLUIODJVKLSSURSHUW\GRHVZHOO
7KLVLVWKHODWHVWLQP\,QYHVWLQJZLWKDQ(GJHVHULHV)RUPRUHRQWKHVHULHVSOHDVHVHHKHUH
&RPSDQ\:LQWKURS5HDOW\7UXVW 1<6()85 5HDVRQVIRURSSRUWXQLWLHV/LTXLGDWLRQXQGHUVWDWHGDVVHWV

:LQWKURSLVD5(,7+RZHYHULW
VQRW\RXUW\SLFDO5(,70RVW5(,7VDUHIRFXVHGRQEX\LQJQHZSURSHUWLHVDQGJURZLQJWKHLUGLYLGHQGRYHUWLPH:LQWKURSGRHVQRQHRIWKRVHWKLQJVLQVWHDGWKHFRPSDQ\
ODVW\HDUDQQRXQFHGWKH\
GZRXOGOLTXLGDWH VHOODOORIWKHLUDVVHWVDQGUHWXUQWKHSURFHHGVWRVKDUHKROGHUV 
7KHFRPSDQ\FXUUHQWO\WUDGHVIRUaSHUVKDUH%HFDXVHWKHFRPSDQ\LVLQOLTXLGDWLRQWKH\YDOXHWKHLUDVVHWVZLWKWKHLUEHVWHVWLPDWHRIKRZPXFKWKH\FDQVHOOWKHPIRUDQGUHWXUQWRVKDUHKROGHUV$V
RIWKHLU4HDUQLQJVWKDWOLTXLGDWLRQHVWLPDWHZDVSHUVKDUH7KDWPHDQVVKDUHKROGHUVDUHEX\LQJDW!GLVFRXQWWRWKHFRPSDQ\
VOLTXLGDWLRQHVWLPDWH/LTXLGDWLRQUXOHVPHDQWKHFRPSDQ\PXVW
ILQLVKWKHOLTXLGDWLRQE\$XJXVWZKLOHWKHUHDUHVRPHZD\VWKHFRPSDQ\FRXOGVOLJKWO\H[WHQGWKDWGDWHLWVHHPVOLNHO\WKDWWKHOLTXLGDWLRQRUWKHYDVWPDMRULW\RILWZLOOEHFRPSOHWHGE\WKHQEDVHGRQ
PDQDJHPHQW
VFRPPHQWVDQGDFWLRQVWRGDWH
6RWKHFRPSDQ\LVLQWHUHVWLQJEDVHGRQMXVWWKDWPDWK$GLVFRXQWWRDOLTXLGDWLRQOHVVWKDQD\HDUDZD\UHVXOWVLQDKLJKVLQJOHGLJLW,55LQDGGLWLRQEHFDXVHOLTXLGDWLRQGLVWULEXWLRQVZLOOFRPHLQEHIRUH
$XJXVW IRUH[DPSOHWKHFRPSDQ\LVSD\LQJDGLVWULEXWLRQLQHDUO\'HFHPEHU DQLQYHVWRU
VDFWXDO,55VKRXOGEHDERYH
:KLOHDQ,55RYHULVQLFHWKHUHLVWKHSRWHQWLDOIRULQYHVWRUVWRUHDOL]HDQHYHQKLJKUHWXUQ7KHUHDUHWZRWKLQJVZRUNLQJLQLQYHVWRUV
IDYRU
)LUVWWRGDWHWKHFRPSDQ\
VOLTXLGDWLRQYDOXHVKDYHSURYHQWREHRQWKHFRQVHUYDWLYHVLGHDVWKHFRPSDQ\KDVUHDOL]HGaKLJKHUVDOHVYDOXHVIURPWKHLUUHDOHVWDWHVDOHVWKDQWKHLULQLWLDOOLTXLGDWLRQ
KWWSVHHNLQJDOSKDFRPDUWLFOHLQYHVWLQJZLWKDQHGJHZLQWKURSUHDOW\"LIS 





,QYHVWLQJ:LWK$Q(GJH:LQWKURS5HDOW\:LQWKURS5HDOW\7UXVW 1<6()85 _6HHNLQJ$OSKD

HVWLPDWHV7KHKLJKHUVDOHVYDOXHKDVOLNHO\EHHQGULYHQE\WKHVWURQJFRPPHUFLDOUHDOHVWDWHPDUNHWDQGFRQWLQXHGORZLQWHUHVWUDWHVRYHUWKHSDVW\HDUDQGZKLOHWKHUH
VQRJXDUDQWHHWKRVHFRQWLQXHZLWK
WKHH[WUHPHO\VKRUWWLPHOLQHWRVDOHOLTXLGDWLRQLWVHHPVOLNHWKHUH
VDJRRGFKDQFHWKDWWKRVHKLJKHUWKDQHVWLPDWHGVDOHVYDOXHVFRQWLQXH
6HFRQGWKHFRPSDQ\KDVDSUHIHUUHGHTXLW\LQWHUHVWLQD-9WKDWLVUHGHYHORSLQJWK$YHQXH7KH\KDYHHVWLPDWHGWKHYDOXHRIWKLVSUHIHUUHGHTXLW\DWPEDVHGRQDYDOXDWLRQIRUWKHZKROH
SURSHUW\RIE7KLVLQWHUHVWLVVWUXFWXUHGLQVXFKDZD\WKDWLWVYDOXHGRHVQRWLQFUHDVHDVWKHYDOXDWLRQRIWK$YHQXHJRHVXSKRZHYHUWKH\GRJHWRIDQ\LQFUHDVHLQYDOXHRYHUE
WKLVDKXJHVWRU\GHYHORSPHQWLQWKHKHDUWRI7LPHV6TXDUH7KHSURMHFWZLOOLQFOXGHDQNVTXDUHIRRWELOOERDUGRYHU7LPHV6TXDUHNVTXDUHIHHWRIUHWDLOVSDFHDQGDURRP0DUULRWWKRWHO
7KHSURMHFWEURNHJURXQGLQ2FWREHUDQGLVH[SHFWHGWREHFRPSOHWHGLQHDUO\3XUHO\EDVHGRQKRZWKHPDUNHWIRUODUJH1HZ<RUNUHDOHVWDWHKDVWUHQGHGRYHUWKHSDVWWZR\HDUVLWVHHPVOLNHO\WKH
SURMHFWZLOOJRIRUPRUHWKDQ%+RZHYHUWKHUHLVDOVRVRPHSRWHQWLDOXSVLGHWKHUHDVZHOO7KHUH
VQRGRXEWWKDWDSURSHUW\WKLVODUJHLQ7LPHV6TXDUHFRXOGEHFRQVLGHUHGDWURSK\SURSHUW\7KH
PDUNHWIRUWURSK\W\SHSURSHUWLHVKDVEHHQH[WUHPHO\VWURQJUHFHQWO\ FRQVLGHUWKH:DOGRUI$VWRULDVDOH DQGWKHUH
VDFKDQFHWKDWWKHSURSHUW\HYHQWXDOO\FRPPDQGVDSUHPLXPWKDWLVZHOOLQH[FHVVRIZKDW
DQ\FRQVHUYDWLYHOLTXLGDWLRQDQDO\VLVZRXOGFRQVLGHUZKLFKZRXOGSURYLGHVLJQLILFDQWXSVLGH
7KHUHLVRIFRXUVHULVN0DQDJHPHQWKDVEHHQH[WUHPHO\DQGFRQVLVWHQWO\FOHDUWKDWWKH\DUHOLTXLGDWLQJWKHFRPSDQ\VRWKHULVNWKHOLTXLGDWLRQLVUHYHUVHGVHHPVYHU\ORZ7KHELJJHUULVNLVDVKDUSWXUQLQ
WKHHFRQRP\RUGHPDQGIRUODUJHUHDOHVWDWH7KDWLVFHUWDLQO\DSRVVLELOLW\WKRXJKWKHOLTXLGDWLRQLVVRVKRUWGDWHGDWWKLVSRLQWLWZRXOGWDNHDSUHWW\GUDPDWLFWXUQWRUHDOO\LPSDFWWKHFRPSDQ\
VOLTXLGDWLRQ
YDOXH)LQDOO\WKHUHLVDFKDQFHWKHFRPSDQ\LVXQDEOHWRVHOODOORIWKHLUDVVHWVLQWKHQH[W\HDUDQGQHHGVWRH[WHQGWKHOLTXLGDWLRQDJDLQZKLOHWKLVLVDSRVVLELOLW\LWVHHPVXQOLNHO\(YHQLIWKH\QHHGHGWR
H[WHQGWKH\ZRXOGGRVRE\SODFLQJDOORIWKHLUUHPDLQLQJDVVHWVLQWRDOLTXLGDWLQJWUXVWVRWKHOLTXLGDWLRQZRXOGUHPDLQRQWUDFNDQGWKHFRPSDQ\ZRXOGEHPRWLYDWHGWRFRPSOHWHLWTXLFNO\DQGWKHFRPSDQ\
ZLOOOLNHO\KDYHVROGWKHPDMRULW\RIWKHLUDVVHWVDQGUHWXUQHGWKHPWRLQYHVWRUVLQWKHPHDQWLPH
$OOLQWKHUH
VDJRRGFKDQFHWKDWWKHFRPSDQ\
VOLTXLGDWLRQYDOXHLVXOWLPDWHO\DERYHSHUVKDUHDQGRYHULVFHUWDLQO\ZLWKLQWKHUHDOPRISRVVLELOLWLHV:LWKVKDUHVWRGD\EHORZDQGOHVVWKDQD
\HDUWLOOWKHOLTXLGDWLRQLVGXHWREHFRPSOHWH:LQWKURSVKDUHVWRGD\UHSUHVHQWDYHU\LQWHUHVWLQJULVNUHZDUGSURSRVLWLRQ

KWWSVHHNLQJDOSKDFRPDUWLFOHLQYHVWLQJZLWKDQHGJHZLQWKURSUHDOW\"LIS 



You might also like