IEP 20Q4決算

相変わらず驚異的な配当を提供。ここ数ヶ月は株価も上昇していたので、現状プラス。

決算は予想よりは良かったが、決算発表時はマイナス。

- Revenue $2.75B (+5.0%, Y/Y) beats by $0.54B

- GAAP EPS $0.61, beats by $1.08

Overview of Icahn Enterprises (IEP)

- a diversified holding company with operating segments in Investments, Energy, Automotive, Food Packaging, Metals, Real Estate, and Home Fashion.

- $8.00 annualized distribution (16.2% yeild)

- maximize shareholder value through proven activist strategy

-> seeks undervalued companies and often becomes actively involved in the targeted companies.

Operating systems

1. Investment

- fair value ~ $4.1B

- 2004~2020, cumulative return was 63.6%, annual return was 3.1%.

(histrory of activist investments)

◦Financial / balance sheet restructurings (e.g., CIT Group, Apple)

◦Operational turnarounds (e.g., Motorola, Navistar)

◦Strategic initiatives (e.g., eBay / PayPal, Xerox / Conduent)

◦Corporate governance changes (e.g., Newell, Caesars, DELL Technologies)

Current major holding: HERBALIFE, CHENIERE, OXY, newell, NAVISTAR

total revenue: -$1,719M (-300M form last year)

2. CVR Energy

- primarily engaged in the petroleum refining and nitrogen fertilizer manufacturing.

net sales: $4,381M (-2,000M from last year)

3. Automotive

- in process of transformation plan. exiting with non-cash making fields

net sales: $2,585M (-300M)

4. Food packaging - Viskase companies

- leader in the production and sales of cellulosic, fibrous and plastic casings for the processed meat and poultry industry.

net sales: $399M (+17M)

5. Segment: Metals - PSC Metals

net sales: $273M (-70M)

6. Segment: Real Estate

net sales: $90M (-8M) 

7. Segment: Home Fashion - WestPoint Home

net sales: $193M (+6M) 

 Financial Performance

Net income attribute to IEP: -$1,956M