tag:blogger.com,1999:blog-2149523431587168680.post4989321469453585383..comments2024-01-16T00:12:23.220-05:00Comments on Oddball Stocks: Evaluating spinoff TNT ExpressNate Tobikhttp://www.blogger.com/profile/05660387777171986124noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-2149523431587168680.post-84855238238686208392011-06-30T10:00:28.204-04:002011-06-30T10:00:28.204-04:00Eric,
Thanks for the comments and the insight...Eric,<br /><br /> Thanks for the comments and the insight about the Chinese operations. I agree that on first glance none of the metrics make Express stand out on a very cheap basis. I think the opportunity lies in the depressed operating income, a turnaround, and growth in Asia/Latin America.<br /><br />NateNate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-47223287571986740072011-06-29T18:46:58.647-04:002011-06-29T18:46:58.647-04:00Ow and by the way, I was last year in Shanghai at ...Ow and by the way, I was last year in Shanghai at TNT's China office. A-MA-ZING. The growth they achieve is stellar, their working culture is unlike any standard Chinese company and it's MD is a real transformational leader, a very inspiring guy. Therefore, I believe that you are right on what growth they can still achieve in Asia and in Latin America. <br /><br />Best regards,<br /><br />EricAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-18832693227726615242011-06-29T18:43:21.220-04:002011-06-29T18:43:21.220-04:00Hi Nate,
Great post you got there. Seen from the ...Hi Nate,<br /><br />Great post you got there. Seen from the numbers I wouldn't have many reasons to invest there. Maybe you like PostNL better. As a Dutchie, I can say that PostNL has quite some problems (unhappy personnel, liberalized mail operator market-> margin pressure) but it looks undervalued(low price (P/E,B etc.) ratios, nice return ratios(ROE, etc)). <br />If you have thoughts on PostNL I would be happy to talk about it. I can help you with understanding the (Dutch) mail operator market if you like.<br /><br />Keep up the great posting! :)<br /><br />Best regards,<br /><br />EricAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-69598113199573106742011-06-29T12:26:07.962-04:002011-06-29T12:26:07.962-04:00Got it - thanksGot it - thanksAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-47875600287534219202011-06-29T09:11:43.372-04:002011-06-29T09:11:43.372-04:00I didn't adjust any of the figures for any of ...I didn't adjust any of the figures for any of the companies for fx gains/losses. The reasoning behind this is twofold:<br />1) Currency adjustments generally wash out over time.<br />2) TNT Express hedges most exposure, so a gain in revenue from fx results in a hedging loss at the income level.Nate Tobikhttps://www.blogger.com/profile/05660387777171986124noreply@blogger.comtag:blogger.com,1999:blog-2149523431587168680.post-46920237912681275042011-06-29T08:46:02.446-04:002011-06-29T08:46:02.446-04:00says 350M of extra revenue from fx benefits - why ...says 350M of extra revenue from fx benefits - why wouldnt you deduct that?Anonymousnoreply@blogger.com