Utiliser "buyback" dans une phrase

1. The choice between special dividend and buyback is significant

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2. On the other hand, a buyback will raise

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3. In addition, Texaco announced a $500 million stock buyback

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4. After the stock market crash of October 19, 1987, for example, 400 companies announced new buybacks over the next 12 days alone—while only 107 firms had announced buyback programs in the earlier part of the year, when stock prices had been much higher

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5. 5% of chief financial officers admitted that counteracting the dilution from options was a major reason for repurchasing shares (see CFO Forum, “The Buyback Track,” Institutional Investor, July, 1998)

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6. Stock buyback: Any individual shareholder has the option of selling or not selling

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7. 2) He would buyback shares repeatedly when the share price was low

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8. 37), Berkshire’s stock was under pressure and near its 52-week lows until the announcement of the stock buyback program

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9. For example, in 2011, Netflix’s (NFLX) management team openly stated that their stock buyback program was not “price sensitive

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10. However, as we have shown, poorly executed stock buyback programs can erode shareholder value as well

11. Buyback yield never exceeded 1% before 1985 but did so in most years thereafter

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12. Even though buyback yield has in some years even exceeded dividend yield, the former arguably should not get as high a weight as the latter in any long-run carry measure because it is not as persistent

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13. These data start only in 1985, but academic studies document good market-timing ability using total payout yield and net buyback yield since the 1920s

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14. , the year 2000 saw fiscal surpluses culminate in a bond buyback program that made many investors worry that the Treasury market would vanish (see Figures 10

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15. • The day of short options buyback

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16. (A 10% buyback would be considered big

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17. As a result of the buyback, the company’s net income will be divided by a smaller number of shares, thereby increasing earnings per share

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18. However, for those wanting a steady income from a steady share, I suppose a buyback programme would give you confidence that the share will have some support

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19. Would this be a good buyback candidate?

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20. By doing this, you accomplish three things by harnessing the benefits of the early buyback:

21. We see later that other factors, such as buyback yield, shareholder yield, and price momentum do not exhibit such erratic performance patterns and are therefore more stable than those factors—like price-to-book—which do

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22. While many investors focus on a stock’s dividend yield, fewer look at a stock’s buyback yield

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23. A stock’s buyback yield is determined by contrasting shares outstanding today with those outstanding one year earlier

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24. If a stock has 90 shares outstanding today and had 100 outstanding a year earlier, it would have a buyback yield of 10 percent, which you derive by dividing the 10 fewer shares by the 100 from a year earlier

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25. Conversely, if a stock has 100 shares outstanding today while it had 90 shares outstanding one year earlier, it has a buyback yield of –11 percent, indicating that the company has issued additional shares

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26. ” Thus the theory is that stocks with high buyback yields should provide better performance than those with low buyback yields

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27. Since we are able to use the CRSP dataset to calculate buyback yields, we begin on December 31, 1926, and invest $10,000 in the deciles of stocks with both the highest and lowest buyback yields from both the All Stock and Large Stocks universes

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28. The reason we are also looking at stocks with the lowest buyback yield is that in most instances they are net issuers of shares, which might indicate that management thinks the market has priced its stock too high and is taking advantage of these valuations by issuing additional shares

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29. The $10,000 invested on December 31, 1926, in the All Stocks group with the highest buyback yield grew to $421,203,905 by the end of 2009, an average annual compound return of 13

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30. The stocks with the highest buyback yield from All Stocks had a higher risk—as measured by standard deviation of return—than All Stocks, coming in at 24

31. The high buyback yield stocks also had a slightly higher downside risk—17

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32. Despite this slightly higher risk, the high buyback yield group had a Sharpe ratio of

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33. All base rates are positive, with the high buyback decile beating All Stocks in 89 percent of all rolling five-year periods and 89 percent of all rolling ten-year periods

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34. 1 shows the five-year average annual compound excess (deficient) return for the high buyback yielding stocks from All Stocks minus the returns of the All Stocks universe

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35. The $10,000 invested in the highest decile by buyback yield from the Large Stocks universe on December 31, 1926, grew to $250,019,446 by the end of 2009, an average annual compound return of 12

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36. Risk was higher for the high buyback yield group from Large Stocks however, with a standard deviation of return of 23

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37. Downside risk was also greater for the high buyback group, coming in at 17

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38. All base rates were positive, with the high buyback yield group from Large Stocks beating the Large Stocks universe in 85 percent of all rolling five-year periods and 88 percent of all rolling ten-year periods

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39. Between 1927 and 1963, the highest-yielding buyback stocks from the All Stocks universe compounded at 11

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40. The highest-yielding buyback stocks from Large Stocks compounded at 10

41. 2 shows the five-year average annual compound excess (deficient) return for the high buyback yielding stocks from Large Stocks minus the returns of the Large Stocks universe

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42. Relative to the All Stocks universe, the best five-year period for the group was that ending July 1987, when the high buyback yield group gained 363 percent versus a 239 percent gain for the All Stocks universe, a 124 percent cumulative advantage over All Stocks

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43. Translating that into average annual compound returns, the stocks from All Stocks with the highest buyback yields earned 35

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44. 48 for the high buyback stocks versus a gain of 11

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45. 1 shows the rolling excess (or deficient) returns for the group from All Stocks with the highest buyback yield compared to the All Stocks universe for the entire period studied

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46. 2 shows the rolling excess (or deficient) returns for the group from Large Stocks with the highest buyback yield over the Large Stocks universe for the entire period studied

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47. BUYING THE STOCKS WITH THE LOWEST BUYBACK YIELD OFFERS HORRIBLE RESULTS

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48. Stocks with the lowest buyback yield represent the firms that are issuing stock as opposed to buying it back

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49. For All Stocks, $10,000 invested on December 31, 1926, in the lowest buyback yield group grew to just $1,204,517, an average annual compound return of 5

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50. The $10,000 invested on December 31, 1926, in Large Stocks with the lowest buyback yields grew to just $1,397,168 by the end of 2009, an average annual compound return of 6

51. The standard deviation for the Large Stocks with the lowest buyback yields was 21

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52. 05 for the low buyback yield group compared to

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53. Buyback yield is unlike the other factors in that there are several companies with exactly the same value creating several ties

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54. Any company that neither issues nor repurchases stock will have a zero value for buyback yield

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55. This makes it difficult to provide statistics for stocks in the middle deciles for buyback yield because there are several months with over 10 percent of the companies in the All Stocks and Large Stocks universe that have a zero buyback yield

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56. For example, there might not be a decile 6 because decile 7 includes 20 percent of the population that has a zero buyback

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57. Deciles 1 and 10 are unaffected because they contain the stocks with the highest buyback activity and the lowest (i

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58. Stocks with the highest buyback yields do significantly better than the market—over the past 83 years besting the All Stocks universe by 3

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59. Stocks with the lowest buyback yields perform horribly, losing 4

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60. The spread between the best buyback group and the worst is 7

61. In that analysis, we see that the group with the worst buyback yields consistently lose to the All Stock universe over 98 percent of all rolling five-year periods

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62. All in all, buyback yield is an excellent factor to look at when determining a stock’s relative attractiveness

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63. Shareholder yield unites a stock’s dividend yield with its buyback yield to show what percentage of total cash the company is paying out to shareholders, either in the form of a cash dividend or as expended cash to repurchase its shares in the open market

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64. Thus, if a company is paying a 5 percent dividend yield and has a buyback yield of 10 percent, its shareholder yield would be 15 percent

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65. Both shareholder yield and buyback yield are superior to dividend yield alone in selecting stocks

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66. While buyback yield alone beats dividend yield and shareholder yield, shareholder yield has more muted declines than buyback yield and superior base rates to buyback yield

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67. Both buyback yield and shareholder yield are good performers and should be considered by both value investors who want the best buy-back yield and shareholder yield and by growth investors who want to make certain to avoid the risks associated with the bottom deciles of each group

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68. Thus our second factor combination tests the five listed above but also includes shareholder yield (buyback yield plus dividend yield)

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69. Stocks that score well on the various composited value factors as well as those with the best EBITDA/EV, the highest buyback and shareholder yield, the lowest PE ratios and price-to-sales and price-to-cash flow ratios all have excellent long-term base rates

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70. On the other hand, stocks with the worst scores on the composited value factors, as well as those with high PE ratios and price-to-sales ratios and low shareholder and buyback yield all have horrible base rates and usually only do well in unsustainable market bubbles

71. With Large Stocks, the best-performing strategy is to buy the decile of stocks with highest buyback yield

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72. The highest Sharpe ratios in the Large Stocks universe were earned by the strategies with the highest shareholder yields, the highest buyback yield, and the best scores on Value Composite Two

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73. 25 percent per year and, in last place, buying the 10 percent of stocks from Market Leaders with the lowest buyback yield (essentially those Market Leaders that were net issuers of shares), which returned 6

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74. For example, when examining some of the strategies with the longer-term CRSP dataset, we find several factors that do not earn those 100 percent scores, that is, the five-year base rate for Small Stocks with the best buyback yield drops to 89 percent, and the ten-year base rate to 87 percent

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75. From a base rate perspective, the two worst strategies were buying the decile of stocks from Small Stocks with the lowest buyback yield and buying the decile of Small Stocks with the worst six-month price appreciation

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76. Buying the decile of stocks with the worst buyback yield—essentially those small companies that issued a ton of new shares—beat the Small Stocks universe in just 3 percent of all rolling three-year periods; in under 1 percent of all rolling five-year periods; and in no rolling seven- or ten-year period

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77. 6, we see that stocks in the worst quintile in any of the composite value factors never beat the index in any rolling seven- or ten-year period, and that the stocks with the worst buyback yields never beat the sector average in any rolling five-, seven- or ten-year period

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78. Oh, how the mighty have fallen! Yet investors can still earn good returns from the sector by focusing on the composited value factors, PE ratios, and buyback yield

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79. Other winning factors in the financial sector were buying financial stocks with the lowest PE ratios and the highest buyback yield

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80. What’s more, the financial stocks with the highest buyback yield had the highest Sharpe ratio of any of the other factors tested, coming in with a Sharpe ratio of

81. Investors in the financial sector who want good returns married to lower volatility should consider buying those financial stocks with the highest buyback yield

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82. The same is true, to a lesser extent, for stocks with the best and worst shareholder and buyback yield—focusing on the best of them yields true wealth, whereas focusing on the worst leads to very modest returns

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83. All in all, investors are left with more potent stocks after the buyback than they had before the buyback

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84. to create shareholder yield, you add the current dividend yield of the stock to any net buyback activity the company has engaged in over the prior year

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85. If, however, the company had 1,000,000 shares outstanding at the beginning of the year and 900,000 at the end of the year, the company’s buyback yield would be 10 percent

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86. This formula allows us to capture all of a company’s “payments” to shareholders, and it is indifferent as to whether those payments come in the form of cash dividends or buyback activity

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87. One way is to look for high dividend yields among the biggest, best companies on the market, and then see which of those are engaged in stock buyback plans

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88. Where to Find It: The best place to find out about a stock buyback program is from the company itself

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89. The proposed share buyback, up to 5 million shares authorized, would increase the debt further

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