r/valueinvesting
波士顿科学 (BSX) 怎么样？
作者认为尽管波士顿科学正进行145亿美元收购Penumbra和20亿美元回购，其当前低迷股价仍具吸引力。
- Stock price dropped 50% from January levels, presenting a potential value opportunity.
- Strong capital allocation: executing a massive $14.5B acquisition while simultaneously running a $2B ASR.
- Lacks a dividend, which is a drawback for traditional value investors.
对 BSX 有什么看法？我通常更喜欢有股息的价值股（这里没有股息），但目前这个价位仍让我非常感兴趣。
上一次 Value Line 的评论（5月8日，26年）时，股价还在60美元。波士顿科学在5月18日完成了总额20亿美元的加速股份回购（ASR）的80%，每股约53美元。现在股价是44.20美元，比他们宣布以145亿美元收购 Penumbra（PEN）时的1月水平低了50%。
这可真是相当强势的操作：宣布一笔145亿美元（主要是现金）的收购，同时在交易期间还启动了20亿美元的ASR。
Penumbra 收购公告 1月15日，26年：
ASR 公告 5月18日，26年：
i bought in at $46, apparently the company is ran wonderfully and the employees are happy. to me that’s a big sign of future success. They are not underpriced by any means but they have a large market share in afib devices. watchman sales under performed so that’s why the stock tanked. it was heavily reliant on watchman and still is. still a great company so i bought in
it’s because watchman was expected to blow earnings out of the water. still had a good beat, but not what the price factored in
By the way ABT looks good too at this price level. At least you're getting a dividend there.
Agreed, 4 years of long term debt to yearly earnings is a pass for me. 7.5% ROIC is low too. Although the price is not terrible at the moment.
BSX is due for a layoff in a couple month as they do every year.
Although they just built a massive building not far from me.
Really? What roles do these layoffs normally affect?
I am not a doctor but work in healthcare. The doctors are not comfortable using BSX's devices for any heart related stuff. The equipments are complex and unreliable they say.
I have only talked to 2 of them so my data is not the general consensus but enough to make me stay away from BSX.
This is surprising based on my own research. Do you mind sharing whether the doctors were from the same hospital or perhaps geographic details? My own understanding echoes u/Compound30 comment about preference for the market leader based on various reasons, including risk aversion (hard to fault someone for using the market leader).
Better talk to a few more because I believe BSX may be the #1 market leader in drug-eluding heart stents. Doctors tend to use the brand they are trained on and that might be hospital dependent.
Yeah, I need to. The feeling I got was that BSX is kind of the the only proven player in this so there's not much competition. But lately they have had some not so amazing products and it takes a lot of R&D to work on and launch new products. So kind of like they are in a bad phase but if you believe they are gonna be back with better products then it's a solid investment.
Anyways, I'll update when I have more data to back myself.
Why are you using forward numbers in such an uncertain economic environment. It's currently 18 P/FCF. We don't know what the growth will be like 12 months from now.
But looks like your reply is AI generated.
Why wouldn't I use forward numbers? we can come up with an estimate of what growth may look like based on what management is signalling. Using just past figures in my analysis suggests that its all priced in... so I use forward numbers. Trailing P/E is 18.51 https://finance.yahoo.com/quote/BSX/key-statistics/
Not AI, just tried to give a detailed analysis.
Surely you jest? Forward numbers, and estimates of, is the name of the game.
I bought uhs over bsx
only minimally. more disappointed dudnt even get a small win