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AUTHOR
DATE
SUBJECT
32
member
12/01/04 8:59AM
Félicitations!!!
As expected, Bull received EC approval for restructuring plan today. I'd like to take this opportunity to thank the French Government for subsidizing the returns of Bull investors this year!!!
"without necessarily passing judgement on this, i'd think that a look at the
french government's influence over the aventis/sanofi/novartis situation shows that
the french government not only is willing to intervene when it sees fit... login to read the rest
"Additionally, the EU would handle any of the legal or competitive issues that
could arise from a takeover, so it is unclear how much direct influence the French
government could have in blocking a takeover... login to read the rest
"To echo duff's question, it would seem to me that the French gov't would put some
restrictions on any acquirer of this business, especially if foreign. For
example:"
"1) limited ability to cut costs
2) some... login to read the rest
"Why don't you include the 500+MM of debt in your EV calculation? Where do I find
details of the repayment requirements as you outlined in your report? What makes you
so sure that... login to read the rest
"You mentioned in one post that the restructuring will be done in early 2005. What
else needs to be done in the restructuring
process?"
- of the 3 key components (equity rights, bond exchange, French... login to read the rest
To echo duff's question, it would seem to me that the French gov't would put some restrictions on any acquirer of this business, especially if foreign. For example:
1) limited ability to cut costs
2) some... login to read the rest
"taking the approach of your last sentence, adding 85mm to EV (or its PV which
probably makes more sense) and 5mm to EBIT impacts overall valuation
substantially?"
To be conservative, if you add the full 86MM... login to read the rest
taking the approach of your last sentence, adding 85mm to EV (or its PV which probably makes more sense) and 5mm to EBIT impacts overall valuation substantially?
At 12/31/03 there was an unfunded pension liability of 86MM euros. Pro forma for restructuring the company will be capturing cash contributions to pension underfunding in the interest expense line - estimated contributions will be... login to read the rest
"So, if they have half their market cap in cash and are going to be generating even
more cash, do you have any idea what management plans to do with that
cash?"
- The hope is... login to read the rest
So, if they have half their market cap in cash and are going to be generating even more cash, do you have any idea what management plans to do with that cash?
Is there a risk... login to read the rest
"1) How has Bull kept EBIT margins up in the face of declining revenue? Could this
reverse itself?"
- Over the last couple of years Bull has successfully improved margins by reducing its bloated cost structure... login to read the rest
1) How has Bull kept EBIT margins up in the face of declining revenue? Could this reverse itself?
2) Why are they coming out of bankurptcy with so much cash, especially if they are going to... login to read the rest
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