| T.R | Title | User | Personal
Name | Date | Lines |
|---|
| 761.1 | There must be more to this story | MARIN::DODGE | | Tue Aug 23 1994 16:54 | 11 |
| I think you mean Borden Chemical. This stock amazes me. It should
have crashed long ago. It pays a very high dividend, but hasn't
covered it with real earnings in years. Their dividend payout ratio
was around 150%. A company can't sustain that for long.
Having said that, one of my uncles owns shares of Borden that he bought
at $12.00. I told him to sell after the next dividend. He has held on
while the price has shot up to $18, and collected dividends along the
way. I guess I don't understand this very well.
I still wouldn't buy any.
|
| 761.2 | | CAPNET::ROSCH | | Wed Aug 24 1994 09:11 | 192 |
| Borden Chem Ticker: BCU Price: 14.25
180 East Broad Street
Columbus OH 43215-3799 (614) 225-7163
Exchange: New York
Dow Averages: No Shadow Stock:
[ ] Optionable:[X]
S&P Indexes: No
Description: Mfr chemicals & polyvinyl chloride
| Industry # 10 | Industry # 101
Company |Chemicals |Chemicals
| |
Multiples | |
Price/Earnings ......... 285.0 | 32.7 | 31.1
Price/Earnings-5yr Avg.. NA | 27.9 | 25.9
Price/Book ............. 2.32 | 3.73 | 3.74
Price/Sales ............ 1.1 | 1.3 | 1.7
Price/Cash flow......... 11.7 | 11.3 | 10.4
Dividend Yield (%)...... 4.8 | 0.5 | 0.0
PE to Growth Ratio....... NE | 1.4 | 1.0
| |
Annual Growth Rates | |
Revenue (%)............. -1.8 | 8.2 | 0.6
Cost of Goods Sold (%).. 3.1 | 5.9 | 3.1
Gross Operating Inc (%). -15.3 | 11.3 | 1.3
Net Income (%).......... -19.2 | -0.5 | -8.8
EPS-Total (%)........... -19.2 | 5.6 | -11.1
EPS-Continuing (%)...... -19.2 | 5.6 | -12.0
Cash Flow (%)........... -21.5 |
| 6.4 | -2.9
Dividend (%)............ -25.9 | 0.0 | 0.0
I/B/E/S EARNINGS ESTIMATES
EPS-Cont for Latest Fiscal Year (93/12)($). -0.04
EPS-Cont for Last 12 Months($)............. 0.05
Historic Growth (5 yr. Annualized)(%)...... -19.2
Current Previous
Month's Month's High Low
Estimate Estimate Estimate Estimate
-------- -------- -------- --------
EPS-Cont for Current
Fiscal Year (94/12)($).. .95 .95 1.10 .80
EPS-Cont for Next
Fiscal Year (95/12)($).. 1.20 1.20 1.50 .90
Long-term growth(%)..... NA NA NA NA
Borden Chem Ticker: BCU Price: 14.25
INCOME STATEMENT DATA
Indicated Dividend ($): 0.69
Quarterly, Ending
94/03 93/12 93/09 93/06
-------- -------- -------- --------
EPS-Total ($)........... 0.10 0.12 -0.04 -0.13
EPS-Continuing ($)...... 0.10 0.12 -0.04 -0.13
Dividend ($)............ 0.18 0.12 0.18 0.30
93/03 92/12 92/09 92/06
-------- -------- -------- --------
EPS ($)................. 0.01 0.02 0.02 0.36
EPS-Continuing ($)...... 0.01 0.02 0.02 0.36
Dividend ($)............ 0.31 0.32 0.51 0.45
Last Annual, Ending
12 Months 93/12 92/12 91/12 90/12 89/12
---------- ---------- ---------- ---------- ---------- ----------
Sales $M.... 461.7 433.3 401.8 410.0 420.6 465.9
CoGS $M..... 379.5 354.8 294.4 275.0 294.4 313.6
Gr Op Inc $M 82.2 78.5 107.4 135.0 126.2 152.3
Net Inc $M.. 1.9 -1.4 26.8 51.0 44.8 68.8
Gr Margin %. 17.8 18.1 26.7 32.9 30.0 32.7
Net Margin % 0.4 -0.3 6.7 12.4 10.7 14.8
EPS-Total $. 0.05 -0.04 0.73 1.39 1.22 1.87
EPS-Cont $.. 0.05 -0.04 0.73 1.39 1.22 1.87
Cash Flow $. 1.22 1.13 1.92 2.54 2.33 2.97
Dividend $.. 0.78 0.91 1.80 1.98 1.78 3.02
Payout Ratio G L 246.6 142.4 145.9 161.5
Shares (Mil) 36.8 36.8 36.8 36.8 36.8 36.8
Borden Chem Ticker: BCU Price: 14.25
BALANCE SHEET ($ in Millions)
Annual, Ending
93/12 92/12 91/12
-------------- -------------- --------------
Current Assets................. 107.8 100.6 110.4
Net Fixed Assets............... 306.0 335.1 369.2
Other Non-Current Assets....... 30.6 31.0 27.5
-------------- -------------- --------------
Total Assets.................. 444.4 466.7 507.1
============== ============== ==============
Current Liabilities............ 61.4 54.0 62.0
Long-Term Debt................. 150.0 150.0 150.0
Other Non-Current Liabilities.. 2.8 2.1 2.6
-------------- -------------- --------------
Total Liabilities............. 214.2 206.1 214.6
Preferred Stock................ 0.0 210.9 235.1
Common Stock Equity............ 230.2 49.7 57.4
-------------- -------------- --------------
Total Liabilities & Equity.... 444.4 466.7 507.1
============== ============== ==============
Total Capitalization........... 380.2 410.6 442.5
Industry # 10 Industry # 101
RATIOS Company |Chemicals |Chemicals
| |
Profitability: | |
|
Gross Profit Margin (%).... 17.8 | 57.1 | 38.3
Net Profit Margin (%)...... 0.4 | 2.4 | 1.3
Return on Total Assets (%). 0.4 | 2.7 | 1.9
Return on Equity (%)....... 0.8 | 10.1 | 7.8
| |
Liquidity: | |
Quick Ratio................ 1.2 | 1.7 | 1.4
Current Ratio.............. 1.8 | 3.0 | 2.6
| |
Debt Management: | |
Tot Liab to Tot Assets (%). 48.2 | 47.5 | 84.0
LT Debt to Capital (%)..... 39.5 | 20.1 | 43.9
| |
Asset Management: | |
Total Asset Turnover Ratio. 1.0 | 1.0 | 1.4
Borden Chem Ticker: BCU Price: 14.25
SHARE SUMMARY
Price Last: 14.25 52-Week High: 15.13 52-Week Low: 8.25
Last 1 Qtr 2 Qtr 3 Qtr 4 Qtr
Quarter Ago Ago Ago Ago
-------- -------- -------- -------- --------
Price Close ($).... 14.25 11.50 10.00 9.50 11.50
1993 1992 1991 1990 1989
-------- -------- -------- -------- --------
Price Close ($).... 10.00 13.75 13.75 8.50 10.75
High ($)..... 17.13 22.88 14.75 12.63 24.00
Low ($)...... 8.25 12.38 8.38 7.50 9.88
Moving Average-200 Day ($)............ 11.60
Relative Strength-52 Week (%)......... 116
Beta.................................. 0.83
Average Weekly Volume-52 Week......... 6079
Market Capitalization ($Million)...... 524.4
Institutional Holdings (% of Shrs).... 7.6
VALUATIONS
EPS | Dividends | Cash Flow | Sales |
Current Marke Multiplier: m ... 285.0 | 18.3 | 11.7 | 1.1 |
| | | |
Latest Reported ($/shr): lr ... 0.05 | 0.78 | 1.22 | 12.55 |
| | | |
Annual Growth Rate (%): g ..... -19.2 | -25.9 | -21.5 | -1.8 |
| | | |
Trend ($): t = lr * (1 + g) ... 0.04 | 0.58 | 0.96 | 12.32 |
| | | |
Valuation ($): v = m * t ..... 11.51 | 10.56 | 11.21 | 13.55 |
|
|
PE Average Market Multiplier: m NA |
|
Valuation ($): v = m * t ..... NC |
|
| 761.3 | BCP was preferred , BCU was common, still ? | DABEAN::NEARY | | Wed Aug 24 1994 17:15 | 14 |
| I n the past I've owned Borden Chem & Plastics (BCU , BCP on NYSE).
These were set up as Limited parternships. That's why the high payout.
The dividend 'used to be' guarenteed. I think the partnerships dissolve
next year- I don't think the div is still guaranteed.
Before you by (aside from doing "regular" research ), also keep in
mind that it WAS (assume still is) a Limited partnership. If nothing
else it means that you fill out lots of paperwork at tax time.
(That was why I sold it in the same year I bought it - before 12/31).
It used to be that BCP was the preferred issue- received div first
and the BCU was the 'units' issue. BCU sometimes got a larger,
sometimes a smaller dividend - it depended on the Net income for the
year. So with the BCu you took your chances , on the BCP you had a
minimum guaranteed dividend.
|
| 761.4 | Pray tell us what tool! | GLDOA::RAO | R. V. Rao | Mon Aug 29 1994 20:31 | 11 |
|
re .2
Mr. Rosch, can you tell me how (and where) you got that analysis?
Would you mind doing one on Sequent Computer. One of my friends is
telling me that it is a good deal.
Regards
RV
|
| 761.5 | AAIISI | CAPNET::ROSCH | | Tue Aug 30 1994 08:32 | 1 |
| see 744.1
|