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When trying to figure out a business, an investment opportunity and related risks, challenges lie in whether an analyst could make it clear what the problems are she/he should be really trying to solve. It means, when an investment falls into certain genre, the thesis and corresponding assumption s to be set up, questions to be raised and facts to be collected and verified may vary dramatically. There're different types of value investing, for example: i) undervalued (assets, or earnings, or FCF perspective); ii) event-driven (spin-off, merger securities, go private/sale of the company, recapitalization, reorgnazation, liquidation, self-tender, etc.); iii ) board's/management's capital allocation policies changing in favor of shareholder return (strong FCF combined with explicit buyback/dividend policy supported by things like low net debt, periodically ceased/slowing down of growth Capex or NWC optimizing, etc.); iv) growth franchise business (a business
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