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Strategies & Market Trends : Fundamental Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: bruwin who wrote (2950)	4/24/2013 8:29:16 AM
From: Sergio H	Respond to of 4719

Update on DIS Original write-up: Message 28287128 DIS has performed well in our portfolio. Since we added it, it has beaten earnings estimates, bought back shares and increased the dividend. DIS has made large acquisitions and funded expansion and modernization from mostly earnings while maintaining a low debt ratio and a low payout ratio for its dividend. The company also maintains the highest profit margins in its sector as well as the highest growth rate. I would like to keep DIS in our portfolio. There's a lot of good stuff going on with this company. Details are presented in Disney's Investor Newsletter for Spring 2013. cdn.media.ir.thewaltdisneycompany.com

To: bruwin who wrote (2950)	4/30/2013 5:35:24 PM
From: Sergio H	Respond to of 4719

ROC beat estimates despite weak titanium oxide numbers. There were a few interesting tidbits in their conference call. And they verified that they have been buying back shares. I was not aware that share count as reported was an avg. for the quarter. Silke Kueck-Valdes - JP Morgan Chase & Co, Research Division Okay. And then just a handful of housekeeping questions. So your share count didn't really move, even though you bought back 1.5 million shares. Did you buy them all back at month's end or is that dilution from option exercises or... Seifi Ghasemi - Executive Chairman, Chief Executive Officer, President, Chairman of Rockwood Specialties Group and Chief Executive Officer of Rockwood Specialties Group Silke, when we do that share count for the quarter, that is an average share count for the quarter. So when we buy 1.5 million shares at a certain point in time, it doesn't really move the quarter that much, because it's an average. But for the next quarter, you're definitely going to see 1.5 million less shares, minus any additional shares that we will buy in the second quarter. But that gets diluted because of the average.