root <r...@v...pl> napisał(a):

> Napiszcie moi mili, dlaczego w sytuacji kiedy spółka skupuje własne akcje
> zawsze dołuje. Typowy przykład Mostostal Zab. albo Jutrzenka. W przypadku
> MostalZab to wiadomo, że cieniutko przędą ale Jutrzenka i inne też. Co
> właściwie oznacza taki wykup. Czy pojawia się w fazie schyłkowej spółki,
> czy jest raczej pozytywnym sygnałem, jak chcą tego teoretycy analizy
> fundamentalnej i inwestorzy w starym stylu?

Może tu:
Mnie najbardziej przekonuje to, że ogłoszenie wykupu to nie to samo co wykup,
oraz, że jeżeli informacja jest w okolicach szczytu ceny, to d..a.


http://www.rightline.net/education/buybacks.html


"Potential Pitfalls

Manipulation of Earnings - Above we described how a buyback improves the
earnings per share number. Analysts rate stocks on many factors, but one of
the most important numbers is the Earnings Per Share. Assume that an analyst
estimates earnings using a higher number of outstanding shares existing
before a buyback is executed. If the timing is right, companies could buyback
shares and appear to beat consensus estimates that were based on a larger
number of outstanding shares. So, watch out for announcements just prior to
earnings.

Buyback Percentage - The higher the percentage of the buyback, the greater
the potential for profits. Unfortunately, the buyback percentage is not
typically part of an announcement so in order to determine if there is any
significance to the announcement you'll need to do some research. Don't
assume that a large number of shares is necessarily a large percentage.

Execution of Buyback - There is a difference between announcing a buyback and
actually purchasing the stock. A buyback announcement may initially boost the
price of a stock, but this phenomenon (when it occurs) is usually short
lived. Don't be fooled into believing that all announcements are implemented.
A good portion of announced buybacks are not executed in full.

High Stock Prices - Beware of a buyback program announced when a stock is at
or nearing an all-time high. A stock buyback can be used to manipulate less
than desirable EPS expectations. One way of investigating this is to compare
the P/E (Price/Earnings) ratio relative to other stocks in the sector or
industry. If a higher than normal P/E ratio exists, then it doesn't make a
whole lot of sense for a company to buy it's stock at a premium unless there
is something in the works that will add substantially to earnings."

kc




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