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

To: S. maltophilia who wrote (75487)	4/25/2024 3:20:43 PM
From: Harshu Vyas	Respond to of 78473

Regarding refinancing, I believe that management aren't looking to refinance the coming $1.75b (next two tranches due December this year and April 2025). They'll sell non-core physical assets made up of planes, buildings... (between $50-100m, but closer to $100m) and then will use the proceeds from the Packs business to cover the majority. Then, the remainder will have to be from cash flows. Of course, there'll be a cash tailwind as they work down inventory. It's a tough ask. I imagine from 2026 onwards they'll have to refinance. Really depends how much they want to keep. Mind you, as you point out, there's not much worth keeping!

To: S. maltophilia who wrote (75487)	4/25/2024 5:49:18 PM
From: Paul Senior	Read Replies (1) \| Respond to of 78473

VFC. It looks like you and maybe Harshu Vyas have zeroed in on VFC's debt: it's a lot and with higher interest rates that must be dealt with in this or coming years. Company's total debt has really gone up a lot over past few years. Refinancing any/all will be at much higher rates than the company now pays. Have you guys also taken into account cash flow from operations or maybe some other metric, to see if the current business could service the increase in debt payments, onerous as they might be? Yahoo shows total debt at $7.6B with operating cash flow at $1.3B. With those numbers, it looks to me like the ltd should be serviceable. But I don't know exactly what those numbers entail, and my brain cells for making a proper evaluation have diminished with age.

To: S. maltophilia who wrote (75487)	5/22/2024 6:55:27 PM
From: E_K_S	3 Recommendations Recommended By JohnyP roguedolphin S. maltophilia Read Replies (2) \| Respond to of 78473

RE: V.F. Corp (VFC) - earnings Miss $10.95 -11.2% AH V.F. Corporation ( VFC, Financial) reported a 13% year-over-year decline in revenue to $2.4 billion, slightly missing consensus expectations. The North Face business saw a 5% drop, while the Vans business recorded a 26% decline, attributed to efforts to right-size inventories in the wholesale channel. Timberland and Dickies businesses also saw revenue drops of 14% and 15%, respectively. All geographic regions experienced revenue declines, with the Americas leading with a 22% drop. Despite a favorable mix benefiting adjusted gross margins by 180 basis points, unfavorable rates and promotional activities offset these gains by 300 basis points. ---------------------------------------- After reading many of the comments, I sold my position last week. Looks like a 'Value' Trap; hard to say but it was the huge debt and Goodwill that changed my mind on this.