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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (30582)4/8/2008 12:20:39 PM
From: Jurgis Bekepuris  Read Replies (1) of 78666
 
BID: couple things from Q4 earnings transcript worth mentioning:
seekingalpha.com

- They did not provide balance sheet in the Q4 PR and it was practically not mentioned in the transcript. :( Need to look at 10K for it.
- They are buying their building for $340M. This may be negative if they are overpaying.
- They will be paying off debt after building buy. After that they may buyback shares but not earlier.
- They have off-balance-sheet liabilities: "price guarantees". Of course, they claim that they only offer price guarantees when they see a good deal, but this can lead to losses.
- As I mentioned, their international breadth in this cycle is huge and still increasing. Still, there is no guarantees that they won't have a downturn.
- I think I was wrong about Sotheby's realty. Quote: "In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC." So it looks like a licensing deal and not a Sotheby's subsidiary, although there may be some kind of participation (and potential losses) in the earnings.
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