ŠE ENKRAT O "STOCK SPLIT-u"
Danes so delničarji na skupščini Adrisa glasovali za "stock split" in sicer 1 staro delnico nadomesti 10 novih.
Tovrstni ukrep ima pozitivne učinke na tržno vrednost podjetja, saj so zaradi nižje cene delnice bolj dostopne (in je zato več povpraševanja). Zakaj se tega trika ne poslužijo v Krki, Heliosu ali Lesnini?
10 komentarjev:
Saj veš da bodo pri Krki to naredili po Novem letu. Čakajo pa samo na menjalno razmerje cene delnice 200K. Vem, da tudi Ti pričakuješ tako ceno nekje do Novega leta.
Lep pozdrav,
IgorB
Zakaj bi to denimo pri Krki pozitivno vplivalo na tečaj? Dnevni promet s Krko je nekaj 100 mio SIT. Če bi bil tečaj delnice 19.000, bi verjetno res bila bolj dostopna. Vendar pa močno dvomim, da bi tisti, ki investirajo po 50.000 SIT v posamezno naložbo in si zato ne morejo privoščiti ene delnice, potem lahko kakor koli vplivali na tržni tečaj. Morda bi bilo 10 lotov več prometa, to pa je tudi vse. Ceno delnice pa določajo drugi dejavniki.
Vem da bodo to storili. Ampak se slednje že malo vleče.
Pozitivno vpliva na tečaj zaradi tega ker bo na strani povpraševanja več oseb, ki si bodo lahko privoščile Krko. Na primer vlagatelj, ki mesečno privarčuje 20.000 tolarjev, mora 10 mesecev varčevati, da bi kupil 1 delnico. Ker pa so ljudje ponavadi nepotrpežljivi, bo ta denar našel mesto drugje. Se pravi, vlagatelj ne bo čakal 10 mesecev ampak bo investiral drugam.
Če pa je delnica "dostopnejša", potem bo pa se zna zgoditi, da tak vlagatelj lahko kupi tudi delnico Krke...
Kaj pa naj bi bila ideja 'anti-splita'? To je letos maja naredil Total.
http://uk.finance.yahoo.com/q/bc?s=FP.PA&t=1y&l=on&z=m&q=l&c=
Težko verjamem, da bi bilo zadaj izrinjanje, saj 10->50 EUR spet ni tak skok.
lp, Jasa
Prav imaš Matej. Stock split privabi manjše vlagatelje in poveča likvidnost delnic. Spodaj je izvleček iz ene študije (žal iz 1999), ki opisuje to problematiko.
"Fama, Fisher, Jensen and Roll (1969), Asquith, Healy and Palepu (1989), McNichols and Dravid (1990) and Desai and Jain (1997) indicate that stock splits reveal favorable future information. Prior literature also finds evidence that stock splits are followed by abnormal increases in dividends and/or earnings. While a stock split results in an increase in stock price for the splitting firm, it might also reveal information about the industry in general.The direction of the industry stock price movement will depend on whether the information revealed has a net contagion or competitive effect on non-splitting firms.
Foster (1981) and Szewczyk (1992) argue that because of homogeneity of firms within the industry, information released by a firm causes the market to reevaluate the value of both announcing and non-announcing firms in the same direction. Asquith, Healy and Palepu (1989) document that firms that announce stock splits are in industries that experience abnormally high earnings growth during the announcement year. They suggest that the similarity of firms within the splitting firm industry is the reason for the unusual earnings increases across all firms in the industry on average. Therefore, the positive information revealed by split announcements could generate a significant increase in share prices for splitting as well as non-splitting firms. The positive reaction for non-splitting firms is called ‘contagion’ effect.
http://www.investments-guide.com/stock-split-strategies.html
Reasons Why Stock Splits Increase Profits For Investors
>> The stock split announcement draws attention to a company's success. This results in increased buying and higher prices.
>> Companies will often report high earnings and raise dividends at the same time they announce a stock split. The synergy of these events can drives the price of the stock up even more.
>> The reduced price per share after companies split a stock attracts many smaller investors.
>> With so many news and information services reporting stock splits, the announcements themselves have become a market-moving force.
A mi lahko nekdo tole razloži?
Na Totalovi spletni strani govorijo o stock splitu (maja 2006), iz yahoojevega grafa pa je razvidno ravno nasprotno.
Total:
http://www.total.com/en/finance/arkema-spin-off-total-stock-split/total-stock-split/
yahoo:
http://uk.finance.yahoo.com/q/bc?s=FP.PA
Jaša
Mene pa namesto tega bolj zanima, zakaj borzno posredniske hise ne ponujajo moznosti parcialnih nakupov delnice?
Npr., primer Sharebuilder.com:
http://content.sharebuilder.com/MgdCon/Jump/Web/welcome/newwelc/anydollar.htm
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