작년에 대화면 Iphone 6 루머와 함께 시작된 wave를 잘 타서 큰 수익을 냈었던 기억을 더듬으며 작년과 올해 주가 주세를 비교해 봤습니다.

작년은 Iphone6가 움직인 주가라면, 이번년은 중국 판매 호조로 폭등하고, 중국 내수 침체와 위안화 절하로 힘을 못쓰는 상황이 되는것 같네요. 아이폰 대기수요는 매년 증가하고 있으니 최대 실적을 갈아치울것은 분명하고, IPhone 6s가 발표될때 저가형 Iphone6C까지 나온다면 주가는 쉽게 오를것으로 보고 있습니다. 매수기회가 다시 온것 같습니다.

미디어텍 상황입니다. 한줄 요약은 성장 동력이 꺽이고 있는것으로 보입니다. 

미디어텍이 대만업체라서 중국에서 독주가 오래가지 않을거라 생각하고 있습니다.

퀄컴이 실적이 안좋은 것도 미디어텍과 관련이 없는것 같습니다.

중국 시장에서 인텔을 업은 spreadtrum이 약진하고 있습니다. 미디어텍은 LTE시장에서 성장은 하고 있찌만 아직까지 모뎀쪽이 원하는 수준까지 성장을 못하고 있는것 같습니다.

Marvell, NVidia가 모바일 시장에서 철수하면 그 파이를 누가 가지게 될까요? 누가 날개를 달게될까요.

(좀더 조사해서 update예정)

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공개자료만 모았음을 밝힙니다.

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Qualcomm Corp. moved to appease an activist investor and slash costs in response to a nearly 50% drop in quarterly profit.

The San Diego-based chip designer said would cut spending by $1.4 billion and consider restructuring its operations, such as separating its design and patent-licensing businesses. Qualcomm previously has considered splitting into two but always wound up rejecting the idea.

Chief Executive Steve Mollenkopf on Wednesday promised to take a fresh look at potential breakup options to reflect recent heightened competition. He told analysts Qualcomm now would examine “any and all ways to maximize shareholder value.”

The cuts include paring 15% of its full-time employees and “significantly” cutting its temporary staff. Qualcomm last year employed about 31,300 full-time and temporary employees, indicating that more than 4,500 workers could be affected.

Qualcomm also plans to cut $300 million from its annual share compensation grants to employees. The staff cuts will result in between $350 million and $450 million in restructuring charges, it said.

http://www.wsj.com/articles/qualcomm-plans-changes-to-company-structure-1437595996

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2015Q3 (날짜로는 Q2)

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회사에서 밝힌 회생방안(Strategic Realignment Plan)

DEFINITION OF 'SELLING, GENERAL & ADMINISTRATIVE EXPENSE - SG&A

Reported on the income statement, it is the sum of all direct and indirect selling expenses and all general and administrative expenses of a company. 

Direct selling expenses are expenses that can be directly linked to the sale of a specific unit such as credit, warranty and advertising expenses. Indirect selling expenses are expenses which cannot be directly linked to the sale of a specific unit, but which are proportionally allocated to all units sold during a certain period, such as telephone, interest and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, heat and lights.

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지난분기 Q2(일반 달력으로 Q1)

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For fiscal Q1 2014, the company had QCT revenue of about $4.6 billion and MSM shipments of 213 million. These two metrics will be areas of focus for investors on Wednesday's earnings call. The other metric is revenue per shipment, which has been in decline:

http://seekingalpha.com/article/2856976-qualcomm-q1-earnings-4-things-you-need-to-know

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2014년

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2012년

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벌써 내일 어닝발표가 있네요. 회사의 바램과는 다르게 알루미늄가격과 100% 싱크로율을 보여주는 알코아라서 어닝도 좋지않고 그리스나 중국저성장으로 전망도 좋지 못할것 같습니다.

작년에 좋은 수익률을 돌려줘서 좋아하는 주식인데... 년초까지 꿈의 주식이었는데 방향을 획돌렸네요.언제가 될지 모르겠지만 또 살것 같네요. 중국시장이 바닥을 치고 올라올때와 알루미늄 가격을 잘 지켜봐야 할듯.

예상대로 최근에 알루미늄 가격이 더 많이 떨어졌고, 앞으로도 더 떨어질 확률이 높을것 같네요.

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Alcoa Inc. Kicks Off Earnings Season: 2 Trades for AA Stock

AA stock bears smell blood in the water, but are they too late to the game?

Alcoa Inc. (AA) will kick off the unofficial start to third-quarter earnings season after the close of trading on Wednesday. The aluminum giant has been pressured this year by a strong U.S. dollar and slowing demand, forcing the company to trim high cost operations, sell low value assets, and focus on lower-cost production.

Despite these moves, AA stock bears smell blood in the water, but are they too late to the game?

By the numbers, Wall Street is looking for fiscal second-quarter earnings of 23 cents per share from Alcoa — up 28% from year-ago levels.  Revenue is seen arriving down 1% at $5.8 billion. However, whispers are swirling that Alcoa will miss earnings targets, with EarningsWhisper.com reporting a whisper number of just 21 cents.

Bearish sentiment has begun to take hold in the analyst community for AA stock. The last several moves within the community have been downgrades, resulting in eight “hold” or worse ratings and 10 “buys,” according to data from Thomson/First Call.  Meanwhile, the 12-month price target currently rests at $16 per share.

Pessimism is also swelling among short sellers. Specifically, the number of AA shares sold short surged by 23% in the most recent reporting period. As a result, some 72.5 million shares of AA stock, or nearly 6% of the stock’s total float, are now sold short.

But, judging from recent options activity, there may be a lack of conviction from the short-selling crowd.  Typically, short sellers will buy short-term call options as a way to hedge their bets, especially ahead of events such as earnings reports.

Along these lines, AA stock’s July/August put/call open interest ratio has fallen to a reading of 0.41, with calls more than doubling puts among options set to expire within the next two months. Taking a closer look at just July options, the put/call open interest ratio falls even further, arriving at 0.38.

 Overall, weekly Jul 10 series implieds are pricing in a potential post-earnings move of about 5% for AA stock. This places the upper bound at $11.54, while the lower bound lies at $10.46.  Historically, implieds seem a bit on the low side, meaning that AA option prices may be low at the moment.

Technically speaking, AA stock is trading deep in short-term oversold territory. The stock is currently perched just above its 2014 lows, which currently correspond with potential support from AA’s 200-week moving average. Despite the overwhelming negativity levied against AA, there is a possibility of a surprise post-earnings rally.

2 Trades for AA Stock

Call Spread: Pessimism toward an underperforming stock is largely par for the course, and AA stock has earned much of its negative reputation on the Street.  However, the recent selloff has placed AA in oversold territory, hinting that the stock’s recent losses may be overdone.  As such, there is the possibility of a snap-back rally for AA following this week’s earnings report, especially if there are any positive nuggets to be gleaned.

As such, traders wanting to take a chance on an AA rally might want to consider a Jul $11/$12 bull call spread.  At last check, this spread was offered at 31 cents, or $31 per pair of contracts. Breakeven lies at $11.31, while a maximum profit of 69 cents, or $69 per pair of contracts, is possible if AA stock closes at or above $12 when July options expire.

Straddle: Alternately, traders with a higher risk tolerance might want to take advantage of this high volatility situation and enter a straddle. A straddle involves the simultaneous purchase of an at-the-money call and an at-the-money put in an attempt to take advantage of a greater than expected move from the underlying stock.

By employing a straddle on AA stock, you are likely betting that the company is going to either handily beat earnings expectations, resulting in a reversal of sentiment and a rush in buying activity, or confirm the Street’s bearish bias, resulting in a flood of sell-on-the-news activity. At last check, the AA Jul 11 straddle was offered at 68 cents, or $68 per pair of contracts. Breakeven for this trade lies at $11.68 on the upside and at $10.32 on the downside.

http://investorplace.com/2015/07/alcoa-inc-kicks-off-earnings-season-2-trades-aa-stock/#.VZzD9DGJugs

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Aluminum Pricing

Aluminum has diverse applications in industry. It is an important input in the packaging, aerospace, automotive, construction, commercial transportation, power generation, capital goods, and consumer durables industries. Thus, demand for aluminum is broadly correlated with industrial growth. Economic weakness in Europe and slowing Chinese growth have contributed to the weakness in aluminum demand, and consequently prices, over the last few quarters. ^[1] China, the world’s largest consumer of aluminum, is expected to witness a slowdown in GDP growth to 6.8% and 6.3% in 2015 and 2016, respectively, from 7.4% in 2014. ^[2]

On the supply side, production capacity has not been reduced corresponding to the weakness in demand over the last few quarters. Persistently high aluminum inventory levels relative to demand have kept LME aluminum prices depressed. This inventory was built up partially as a result of aluminum being tied up in financing deals, which were made possible due to low interest rates. ^[3] Despite inventories being at a record highs, market forces failed to rationalize supply through the shutdown of smelting capacity. Though global aluminum majors like Alcoa and Rusal did make significant smelting capacity cuts, the same was not true of Chinese companies. This was primarily due to state intervention in the form of provisions of subsidies or renegotiated power contracts to smelters, which serve as a disincentive to cut production. China accounts for around half of the world’s aluminum production, and the expansion in production by Chinese producers has more than made up for capacity cuts by global majors. ^[4] This oversupply situation is expected to keep aluminum prices depressed.

As a result of the fall in LME prices, regional aluminum prices in China are trading below the costs of production of a majority of Chinese domestic smelters. ^[5] However, Chinese aluminum producers were boosted by a recent decision of the Chinese government to provide tax breaks and subsidized power to domestic aluminum smelters. ^[6] In addition, the Chinese government also reduced export taxes on Chinese exports of the metal earlier in the year. ^[7] A combination of these factors is likely to lead to an increase in Chinese production and exports, which could further worsen the gap between supply and demand, resulting in weak global aluminum prices. This is reflected in the trajectory of London Metal Exchange (LME) aluminum prices so far this year.

LME aluminum prices averaged roughly $1,800 per ton over the course of the second quarter in 2014. These prices averaged close to $1,750 per ton in Q2 2015. ^[8]  Lower aluminum prices are likely to weigh on the company’s results, particularly those of the Primary Aluminum and Alumina business segments.

http://www.trefis.com/stock/aa/articles/303936/alcoa-q2-earnings-preview-productivity-improvements-to-offset-impact-of-weak-aluminum-pricing/2015-07-06

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Aluminum Bear Market Piles Pressure on World’s Biggest Smelters

Record Supply

The trend echoes a similar one in steel in the second half of last year, when Chinese exports of excess supplies sent prices tumbling 30 percent. The nation’s aluminum industry quadrupled in the past decade with smelters churning out record amounts of the metal used in everything from packaging to car bumpers.

Aluminum for delivery in three months on the London Metal Exchange fell 1.7 percent on Tuesday to $1,666 a metric ton, entering a bear market. The metal price extended the decline to $1,631.50 on Wednesday. Prices may trade closer to $1,500 a ton by the end of the year, the lowest since 2009, amid record inventories worldwide, according to Colin Hamilton, London-based head of commodities research at Macquarie.

About 20 percent of smelters outside China are losing money at current prices, according to Standard Chartered Plc.

Supply Forecast

Global supplies will exceed demand by 800,000 tons this year, with the surplus tripling from 2014, according to Societe Generale SA. While global aluminum demand is poised to rise by the most among the six main industrial metals, Chinese production is already up 16 percent this year and expected to grow further, according to Macquarie.

Stockpiles of the metal are also easier to obtain after the London Metal Exchange took steps to cut lengthy wait times at its warehouse locations. The backlogs that stretched to almost two years had boosted surcharges added to the exchange benchmark to a record last year, helping producers’ profits.

Moscow-based Rusal, the world’s largest producer, forecasts that China will increase exports of partly processed aluminum by 20 percent, the company said June 25. It will decide whether to cut capacity in the third quarter. Shares of Rusal have dropped 40 percent in Hong Kong trading this year.

http://www.bloomberg.com/news/articles/2015-07-07/aluminum-bear-market-piles-pressure-on-world-s-biggest-smelters

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Aluminum Glut Dents Alcoa’s Prospects

Alcoa shareholders should pay close attention to what happens in Beijing.

http://www.wsj.com/articles/aluminum-glut-dents-alcoas-prospects-1436287094

퀄컴에 대한 Sell과 Buy의 의견이 둘다 있어서 공유합니다. 어느 주식이든 둘다 있을수 밖에 없고 판단은 각자 알아서 하는것이지요. 저는 어느쪽일까요.

팔자에 대한 생각은 인텔과 비교했을때 프리미움이 붙어있다고 보여지는데 이제는 그럴 만한 이유가 없다고 지적합니다. 성장도 못하고 있고 심지어 margin까지급격히 줄고 있습니다. 그리고 4G, 5G로 갈수록 license 비율이 떨어져서 수익이 줄거라 생각하고, 다른 chipset업체와의 경쟁이 치열해 지기때문에 어려울 것이라고 합니다.

사자에 대한 생각은 smartphone 시장이 계속 grow하고 있고, 로얄티 비즈니스가 아주 잘되고 있다. 그리고... 읽어봐도 납득할만한 다른 이유는 못찾겠네요. ^^

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Why I'm Selling Qualcomm

This Fool has held Qualcomm for over two years, and the mobile chip giant has lagged the broader market for the whole time. Is it time to move on?

On valuation
In some ways, Qualcomm represents the Intel (NASDAQ:INTC) of the mobile world. It was quite a symbolic milestone when Qualcomm's market cap overtook Intel's for the first time, although Intel has since reclaimed a higher valuation. However, if we look at how the two companies stack up right now, Qualcomm's premium valuation relative to Intel may not be fully justified.

TTM = TRAILING 12 MONTHS. SOURCE: REUTERS.

Qualcomm trades at a premium relative to Intel's valuation metrics, yet fundamental metrics related to growth and profitability don't do much to justify the relative premium.

On royalties
Qualcomm has a lock on 3G technologies, but Qualcomm has a relatively weaker hold on 4G technologies. To be clear, Qualcomm still enjoys its fair share of royalties, but its average royalty rate is undeniably on the decline. Its average royalty rate has fallen from an estimated 4.3% in 2008 to 3.2% in 2013.

There are a couple of other royalty headwinds going forward. Since Qualcomm's royalty depends on the prices of phones, the continued hardware commoditization that's taking place will hurt Qualcomm's piece of the action. Additionally, Qualcomm has been having trouble collecting its royalties in China, believing that local OEMs were underreporting their shipments in order to skirt paying up.

None of this is to say that Qualcomm's royalty business is falling apart; the licensing business saw revenue jump 17% last quarter. Rather, my concern is just that there are some noteworthy challenges going forward.

http://www.fool.com/investing/general/2015/06/08/why-im-selling-qualcomm.aspx?source=iaasitlnk0000003

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Why I More Than Doubled My Qualcomm, Inc. Holdings

A cheap stock with improving prospects? Count me in.

What could make the stock rise?
I view Qualcomm's technology licensing business as a stable "cash cow". The business' revenue is more or less a function of the royalty rate that Qualcomm is able to command and "total reported device sales." The smartphone market is growing, and it seems as though cellular technologies could become more prominent in other areas of computing, spanning from notebook PCs to the Internet of Things.

That's a pretty solid foundation for the company's "cash cow" wireless technology licensing business for years to come.

The chip business, on the other hand, is a bit trickier. MediaTek isn't going away, Samsung's own applications processors seem to be improving, and if Intel (NASDAQ:INTC) ever gets its act together in smartphones, the competitive environment for merchant smartphone silicon will become fiercer.

If Qualcomm can stay ahead of the competition when all is said and done, however -- and I believe Qualcomm's technology is best in class -- the company should retain solid market share, and should benefit from industrywide smartphone unit growth.

Qualcomm also has ambitions to compete outside of the traditional smartphone chip market and is aiming to attack the data center, where unit volumes are lower but average selling prices (and gross profit margins) are higher. Whether Qualcomm will ultimately be successful in leveraging its mobile technology in servers remains to be seen, as competing against Intel will be quite tough.

http://www.fool.com/investing/general/2015/06/17/why-i-more-than-doubled-my-qualcomm-inc-holdings.aspx

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http://money.cnn.com/quote/quote.html?symb=QCOM

이번분기 다음분기 이 가치를 유지할수 있을지가 관건일것 같습니다.

Growth & Valuation

Financials

좋은점

• 단타가 아니라 가치투자를 하고 있다는 점. 가치를 평가하는 기준과 고르는 원칙이 나랑 비슷함.  ^^
• 처음에 학자에서 투자자로 변신할때 책 200권을 읽고 시작했다는 점. 200권을 읽고 그 내용을 분류하고 이해하는데 탁월하셨을 거라 생각함
• 잔고는 잔고일뿐 카이스트 교수직도 열심히 하고 있다는 점. "내가 가진 주식은 공장이다. 공장을 팔아 소비하는 사장이 없는것 처럼"
• 다른 사람이 자기를 따라가하가는 망한다는 것을 알고 있는점
• 비교적 겸손하신점

별로인점

• 돈을 빌려서 주식을 한것
• 나도 외제차 한번 타봐야지 하는 마음으로 주식을 시작한점
• 자신의 투자 성공과 실패 분석에서 가장 중요한 운을 모르고 있다는 점

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"주식 무조건 나 따라만 사면 망합니다"

[경제와 사람] 4억을 10년새 500억 만든 김봉수 카이스트 화학과 교수

손 대는 종목마다 대박 행진, 지분 보유 공시하면 주가 들썩

감성보다 합리적인 원칙 따르고 기업가치 높은 종목 장기 보유해야

500억 굴려도 점심은 콩나물국밥, 카이스트의 현인이 돼라 하더군요

http://www.hankookilbo.com/v/6985aa894101442e98b7852b419412e9

https://jmagazine.joins.com/forbes/view/306194

김봉수 카이스트 화학과 교수 - 투자 수익률 300% 한국판 워런 버핏 

ADR에 대해서 항상 궁금했는데 HQCL이 ADR Ratio변경에 따른 폭락세라 ADR에 대해서 공부할수 있는 좋은 기회가 됐다. ADR은 환률에 대한 비율은 없지만 본진 주식과 해외에 다시 상장된 주식사이에 비율이 있었던것이군.

ADR : 본진 = 1: 5 에서 1:50 으로 바꾼다고 하는데. 그럼 ADR share가 10배나 더 상승하는 주식병합효과가 있는데 왜 폭락하는걸까? 페니주식을 벗어나기 위한 몸부림인데 이래도 더 떨어질 여지까지 준다고 생각하는걸까? 꼼수는 응징한다는 결과일까ㅎㅎㅎ

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http://www.prnewswire.com/news-releases/hanwha-q-cells-announces-ads-ratio-change-300091369.html

EOUL, South Korea, June 1, 2015 /PRNewswire/ -- Hanwha Q CELLS Co., Ltd. (the "Company," or "Hanwha Q CELLS"), one of the world's largest photovoltaic manufacturers of high-quality, high-efficiency solar modules, today announced that it will change the ratio of its American Depositary Shares ("ADSs") to ordinary shares from one (1) ADS representing five (5) ordinary shares to one (1) ADS representing fifty (50) ordinary shares, effective on June 15, 2015.

Each shareholder of record at the close of business on June 12, 2015 will be required to exchange every ten (10) ADSs then held for one (1) new ADS. The effect on the ADS price will take place on June 15, 2015.

For Hanwha Q CELLS's ADS holders, this ratio change will have the same effect as a one-for-ten reverse ADS split. There will be no change to Hanwha Q CELLS's underlying ordinary shares. ADS holders will be required to surrender their existing ADSs in exchange for new ADSs of the Company. The Company's Depositary, The Bank of New York Mellon, will provide further details on June 1, 2015to NASDAQ and other market participants.

About Hanwha Q CELLS

In February 2015 Hanwha Q CELLS Co., Ltd. (NASDAQ: HQCL) emerged as a new global solar power leader from combining two of the world´s most recognized photovoltaic manufacturers, Hanwha SolarOne and Hanwha Q CELLS Investment. The combined company is listed on NASDAQ under the trading symbol of HQCL. It is headquartered in Seoul, South Korea, (Global Executive Headquarters) and Thalheim, Germany (Technology & Innovation Headquarters) and is the world's largest solar cell manufacturer as well as one of the largest photovoltaic module manufacturers. Due to its diverse international footprint including facilities in China,Malaysia, and South Korea, Hanwha Q CELLS is in a unique position to flexibly address all global markets, even ones with import tariffs, such as the United States and the European Union. Based on its well respected "Engineered in Germany" technology, innovation and quality, Hanwha Q CELLS offers the full spectrum of photovoltaic products, applications and solutions, from modules to kits to systems to large scale solar power plants. Through its growing global business network spanning Europe, North America, Asia,South America, Africa and the Middle East, the company provides excellent services and long-term partnership to its customers in the utility, commercial, government and residential markets. Hanwha Q CELLS is a flagship company of Hanwha Group, a FORTUNE Global 500 firm and a Top-Ten business enterprise in South Korea. For more information, visit: http://investors.hanwha-qcells.com

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한화, 충북에 태양광 공장 건설…3600억 투자

2015년 06월 01일 (월) 이헌규 기자  sniper@constimes.co.kr

▲ 한화큐셀코리아의 진천 1.5GW 셀 공장 조감도 (건설타임즈) 이헌규 기자= 한화그룹이 충북 진천과 음성에 대규모 태양광 셀 공장을 새로 짓고 모듈 공장을 증설한다. 한화큐셀코리아(대표이사 김승모)는 충북 진천군에 1.5GW 규모의 셀 공장을 짓기로 확정했다고 1일 밝혔다. 한화큐셀은 총 3500억원을 투자한다. 한화큐셀(대표이사 남성우)은 충북 음성군에 이미 건립한 250㎿ 규모의 모듈 공장에다 250㎿ 규모의 모듈 공장을 추가로 건설, 총 500㎿ 규모의 라인을 가동하기로 했다. 모듈 라인에는 100억원이 투자된다. 셀 공장은 올해 말 준공을 목표로 하며, 증설되는 모듈 공장은 9월 준공을 예상한다. 한화큐셀이 지난해 말 착공한 음성 모듈 공장은 6월 중 상업생산에 들어간다. 1.5GW 셀 공장과 500㎿ 모듈 공장이 본격 가동되면 이 지역의 고용창출 효과만 950여명에 이를 것으로 예상된다. 한화큐셀코리아가 1.5GW의 셀 공장을 준공하면 한화그룹은 한화큐셀의 3.7GW 셀 공장에 더해 총 5.2GW 규모의 셀 양산능력을 갖추게 된다. 한화큐셀은 지난 4월 미국 2위 전력회사 넥스트에라 에너지(NextEra Energy)에 올해 4분기부터 2016년 말까지 총 1.5GW 규모(약 1조원 추정)의 모듈을 공급하는 계약을 체결했다. 태양광 업계 사상 최대 규모다. 한화는 이 계약과 추가 수주, 다운스트림 프로젝트 물량 확대에 따른 수요에 대응하고자 국내에 대규모 셀·모듈 공장을 짓기로 한 것이다.

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http://www.investopedia.com/university/adr/

American depositary receipts (ADRs)

[이전 날짜는 20150315 였습니다.]

그동안 아주 관심있는 종목이 변하진 않았네요. 다만 투자중인 Nuance가 좋은 성적을 내고 있어서 좋고, QCOM은 좋은 가격에 매각을 잘 해서 좋고요. Delta(DAL)는 손실구간으로 들어갔네요. 아마도 물타기 좀 해야할것 같고요. Ford가 어닝을 들으며 6개월간 이거 큰일인데 하는 마음이었는데 어떻게 할 좋은 방도가 생각이 안나네요. 계속 배당이라도 나와주니까 받아먹으며 버텨야지요.

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3/15일 대비 수익율인데, 어마어마한 상승을 보여주는 종목이 많네요. 그남아 뉴앙스라도 들고 있다는데에 의의를 둬야할듯. 가진 종목중에 마이너스도 있고요. 헐~

델타 에어라인, Delta Airlines 에 투자하고 있습니다. 지금부터 여름까지 다시 기름값이 낮아질것으로 예상하고 있는데 아주 좋은 투자처가 될것 같습니다. 차트상으로도 특이하게 주기를 가지고 움직이는것이 보이는데 앞으로 다시 상승할 가능성도 높아보입니다. fundamental은 좋아지고 있는데 단기간 급락한 점도 좋게보는 이유중에 하나입니다.

지난주에 폭락한 이유를 찾아보면, 별다른 유가하락에도 그만큼 성장을 못하고 있다는 점이 있습니다.

Wall Street isn't happy with the airline industry.

After three years of generally steady gains, industry shares tumbled last week, reflecting concerns over pricing and capacity. Airline shares fell 5% to 10% and about $12 billion in market capitalization was destroyed.

Delta CEO Richard Anderson responded, "I think you are in an area that is in some respects not appropriate for an earnings call. But I will just say this: Look at our results. I don't think there is a more disciplined approach to the deployment of capital in this industry anywhere in the world."

Recently, it seems, Delta has slowed its Seattle growth. At the same conference where Romo defended Southwest's Love Field growth, Alaska CEO Brad Tilden said, "It looks like the first quarter is the high water mark in terms of (Delta) capacity adds ... it feels to us like things are settling down a bit." If this fight is over, it seems to have turned out that Seattle is big enough for two profitable airlines to operate successful hubs -- not exactly what Wall Street anticipated. 

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KEY STATISTICS

Industry Range: Low      High Mouseover quintile for more detail

 Reuters Investment Profile Report

 

SHAREHOLDER EQUITY

Shares Outstanding	816.3 M
Institutional Ownership	83.05%
Number of Floating Shares	813.8 M
Short Interest as % of Float	2.26%

FINANCIAL STRENGTH (MRQ)

Quick Ratio	0.66x
Current Ratio	0.71x
Debt/Equity	1.06x
Debt/Assets	0.18x

DAL's debt to equity ratio indicates that it has been less aggressive with using debt to finance growth than 68% of its peers in the Airline industry. The resultant effect on earnings would be less volatile than related companies.

VALUATION (MRQ)

Price/Earnings (TTM)	30.35x
Price/Sales (TTM)	0.86x
Price/Book	3.87x
Price/Cash Flow	7.18x

DAL's P/E Ratio is greater than 91% of other companies in the Airline industry. This typically means that investors are willing to pay more for its level of earnings relative to future growth.

PROFITABILITY (TTM)

Gross Margin	41.55%
Operating Margin	6.70%
EBITDA Margin	9.15%
Net Profit Margin	2.92%

DAL's Gross Margin is more than 69% of other companies in the Airline industry, which means it has more cash to spend on business operations as compared to its peers. As indicated by the Operating Margin, DAL controls its costs and expenses as well as its peers.

MANAGEMENT EFFECTIVENESS (TTM)

Return on Assets	2.25%
Return on Equity	11.52%
Return on Inves. Capital	3.24%

The Return on Equity for DAL shows that it is able to reinvest its earnings less efficiently than 61% of its competitors in the Airline industry. Typically, companies that have lower return on equity values are less attractive to investors.

GROWTH RATE (TTM)

Earnings Per Share	-88.7
Sales	6.9
Dividend (MRQ)	150.0

DAL's EPS Growth Rate is less than 84% of its peers in the Airline industry.

DIVIDEND (TTM)

Dividend Yield	0.84%
Payout Ratio	23.15%
Annual Dividend	0.33

DAL's dividend yield is less than 72% of other companies in the Airline industry. As indicated by the payout ratio, DAL's earnings support the dividend payouts as well as others in the group.

OPERATING RATIOS (TTM)

Asset Turnover	0.77%
Inventory Turnover	27.29%
Receivables Turnover	19.92%
Effective Tax Rate	38.01%

These ratios give an indicator of efficiency (ability to move inventory and generate sales) within a company, particularly ones with tangible goods (i.e. automotive, computer hardware) as compared to its peers.

COMPANY OFFICERS

Non-Executive Chairman	Daniel A. Carp
President	Edward H. Bastian
Chief Executive Officer	Richard H. Anderson
Non-Executive Vice Chairman	Roy J. Bostock
Chief Financial Officer	Paul A. Jacobson
Chief Operating Officer	Wayne Gilbert. West
Executive Vice President	Joanne D. Smith
Executive Vice President	Glen W. Hauenstein
Executive Vice President	Richard Ben. Hirst

COMPANY CONTACT

Employees	81,055
Headquarters	1030 Delta Blvd ATLANTA, GA 30354-1989
Phone	404-715-2600
Fax	302-636-5454
Web Address http://www.delta.com/

 

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BALANCE SHEET

• Quarterly
 
• Annual

	5 yr Trend	2010 12/31/10	2011 12/31/11	2012 12/31/12	2013 12/31/13	2014 12/31/14

ASSETS

Cash & Equivalents		2,892	2,657	2,416	2,844	2,088
Short Term Investments		718	958	958	959	1,217
Cash and Short Term Inv		3,610	3,615	3,374	3,803	3,305
Trade Accts Recvble, Gross		1,496	1,596	1,729	1,632	2,318
Prov. for Doubtful Accts		(40)	(33)	(36)	(23)	(21)
Trade Accts Recvble, Net		1,456	1,563	1,693	1,609	2,297
Other Receivables		--	--	--	3	925
Total Receivables, Net		1,456	1,563	1,693	1,612	3,222
Invent. - Raw Materials		422	468	1,150	1,181	979
Inventories - Other		(104)	(101)	(127)	(118)	(127)
Total Inventory		318	367	1,023	1,063	852
Prepaid Expenses		1,159	1,418	1,344	852	733
Restricted Cash - Current		409	305	375	--	--
Deferred Income Tax		355	461	463	1,736	3,275
Other Current Assets		--	--	--	585	1,078
Other Curr. Assets, Total		764	766	838	2,321	4,353
Total Current Assets		7,307	7,729	8,272	9,651	12,465
Machinery/Equipment		20,312	21,001	21,481	23,373	24,313
Construction in Progress		48	77	253	381	617
Other Prop./Plant/Equip.		4,111	4,617	5,635	5,892	6,339
Prop./Plant/Equip. - Gross		24,471	25,695	27,369	29,646	31,269
Accumulated Depreciation		(4,164)	(5,472)	(6,656)	(7,792)	(9,340)
Prop./Plant/Equip. - Net		20,307	20,223	20,713	21,854	21,929
Goodwill, Net		9,794	9,794	9,794	9,794	9,794
Intangibles, Gross		5,279	5,351	5,349	5,396	5,396
Accum. Intangible Amort.		(530)	(600)	(670)	(738)	(793)
Intangibles, Net		4,749	4,751	4,679	4,658	4,603
Other Long Term Assets		1,031	1,002	1,092	1,303	1,010
Total Assets		43,188	43,499	44,550	52,252	54,121

LIABILITIES

Accounts Payable		1,713	1,600	2,293	2,300	2,622
Accrued Expenses		2,024	3,234	2,808	4,176	4,393
Notes Payable/ST Debt		0	0	0	0	0
Curr. Port. LT Dbt/Cap Ls.		2,073	1,944	1,627	1,547	1,216
Customer Advances		1,690	1,849	1,806	1,861	1,580
Income Taxes Payable		579	594	585	--	--
Other Payables		--	--	455	--	--
Other Current Liabilities		3,306	3,480	3,696	4,268	7,068
Other Curr. Lblts, Total		5,575	5,923	6,542	6,129	8,648
Total Current Liabilities		11,385	12,701	13,270	14,152	16,879
Total Long Term Debt		13,179	11,847	11,082	9,795	8,561
Total Debt		15,252	13,791	12,709	11,342	9,777
Deferred Income Tax		1,924	2,028	2,047	--	--
Pension Benefits - Underfunded		11,493	14,200	16,005	12,392	15,138
Other LT Liabilities		4,310	4,119	4,277	4,270	4,730
Other Liabilities, Total		15,803	18,319	20,282	16,662	19,868
Total Liabilities		42,291	44,895	46,681	40,609	45,308

SHAREHOLDER EQUITY

Common Stock		0	0	--	0	0
Additional Paid-In Capital		13,926	13,999	14,069	13,982	12,981
Ret. Earn.(Accum. Deficit)		(9,252)	(8,398)	(7,389)	3,049	3,456
Treasury Stock - Common		(199)	(231)	(234)	(258)	(313)
Unrealized Gain (Loss)		(3,578)	(6,766)	(8,577)	(26)	(16)
Min. Pension Lblty Adj.		--	--	--	(5,323)	(7,517)
Other Comprehensive Income		--	--	--	219	222
Other Equity, Total		--	--	--	(5,104)	(7,295)
Total Equity		897	(1,396)	(2,131)	11,643	8,813
Total Liabilities & Shareholders� Equity		43,188	43,499	44,550	52,252	54,121
Ttl Comm. Shares Outs.		835	845	851	851	825
Trsy. Shrs-Comm. Primary Iss.		13	16	16	18	20

() = Negative Value
Values are displayed in Millions

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INCOME STATEMENT

• Quarterly
 
• Annual

	5 yr Trend	2010 12/31/10	2011 12/31/11	2012 12/31/12	2013 12/31/13	2014 12/31/14

REVENUE AND GROSS PROFIT

Total Revenue

31,755

35,115

36,670

37,773

40,362

OPERATING EXPENSES

Cost of Revenue, Total		16,971	20,609	21,386	20,755	25,080
Selling/Gen/Admin Expense		1,896	1,980	1,862	1,812	1,933
Labor & Related Expense		6,751	6,894	7,266	7,720	8,120
Sell/Gen/AdminExpenses,Tot		8,647	8,874	9,128	9,532	10,053
Depreciation/Amortization		1,511	1,523	1,565	1,658	1,771
Inter/Invest Inc, Operating		--	--	--	--	(2,346)
Restructuring Charge		450	242	452	402	716
Other Unusual Expnse (In)		391	68	118	0	268
Unusual Expense (Income)		841	310	570	402	984
Other Operat Expse, Total		1,959	1,892	1,964	2,026	2,882
Total Operating Expense		29,929	33,208	34,613	34,373	38,424
Operating Income		1,826	1,907	2,057	3,400	1,938

NON-OPERATING INCOME & EXPENSES

Inter Expse,Net Non-Operat		(1,220)	(193)	(193)	(154)	--
Inter/Invest Inc, Non-Oper		35	--	--	--	--
Inter Inc(Exp),Net Non-Oper		--	(901)	(812)	(698)	(650)
Other, Net		(33)	(44)	(27)	(21)	(216)
Income Before Tax		608	769	1,025	2,527	1,072

INCOME TAXES

Income Tax - Total		15	(85)	16	(8,013)	413
Income After Tax		593	854	1,009	10,540	659

MINORITY INTEREST AND EQUITY IN AFFILIATES

Net Inc Before Extra Items		593	854	1,009	10,540	659
Net Income		593	854	1,009	10,540	659

ADJUSTMENTS TO NET INCOME

Income Available to Common Excl. Extra. Items		593	854	1,009	10,540	659
Income Available to Common Incl. Extra. Items		593	854	1,009	10,540	659

EPS RECONCILIATION

Basic/Primary Weighted Average Shares		834	838	845	849	836
Basic/Primary EPS Excl. Extra. Items		0.71	1.02	1.19	12.41	0.79
Basic/Primary EPS Incl. Extra. Items		0.71	1.02	1.19	12.41	0.79
Diluted Weighted Average Shares		843	844	850	858	845
Diluted EPS Excl. Extra. Items		0.70	1.01	1.19	12.28	0.78
Diluted EPS Incl. Extra. Items		0.70	1.01	1.19	12.28	0.78

COMMON STOCK DIVIDENDS

Div/Share-ComStockPrimIssue		0.00	0.00	0.00	0.12	0.30
Gross Divid - Common Stock		0	0	0	102	252

PRO FORMA INCOME

Pro Forma Net Income

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--

--

--

--

SUPPLEMENTAL ITEMS

Interest Expense, Suppl		1,220	193	193	154	--
Depreciat/Amort, Suppl		1,511	1,523	1,495	1,588	1,716

NORMALIZED INCOME

Total Special Items		994	336	145	8,243	984
Normalized Income Before Tax		1,602	1,105	1,170	10,770	2,056
EffectSpecItemsInclTax(STEC)		25	118	2	2,885	379
InclTaxExcl/ImpactSpecItems		40	33	18	(5,128)	792
Normalized Income After Tax		1,562	1,072	1,152	15,898	1,264
Normalized Inc Avail to Common		1,562	1,072	1,152	15,898	1,264
Basic Normalized EPS		1.87	1.28	1.36	18.73	1.51
Diluted Normalized EPS		1.85	1.27	1.35	18.53	1.50

() = Negative Value
Values are displayed in Millions

	5 yr Trend	2010 12/31/10	2011 12/31/11	2012 12/31/12	2013 12/31/13	2014 12/31/14

CASH FROM (USED BY) OPERATING ACTIVITIES

Net Income		593	854	1,009	10,540	659
Depreciation/Depletion		1,511	1,523	1,565	1,658	1,771
Deferred Taxes		9	(2)	17	(7,991)	414
Unusual Items		573	210	240	285	1,026
Equity in Net Earnings/Loss		--	--	--	--	106
Other Non-Cash Items		(116)	245	(706)	(255)	1,973
Non-Cash Items		457	455	(466)	30	3,105
Cash Interest Pd, Suppl		1,036	925	1,036	698	560
Accounts Receivable		(141)	(76)	(116)	90	(302)
Prepaid Expenses		(105)	(16)	(134)	28	58
Other Assets		0	(24)	--	--	(922)
Payable/Accrued		516	303	899	213	228
Changes in Working Capital		262	4	351	267	(1,002)
Total Cash from Operations		2,832	2,834	2,476	4,504	4,947

PLUS: CASH FROM (USED BY) INVESTING ACTIVITIES

Capital Expenditures		(1,342)	(1,254)	(1,968)	(2,568)	(2,249)
Sale of Fixed Assets		36	--	--	--	--
Sale/Maturity of Investment		--	--	--	--	1,533
Investment, Net		(730)	844	1,019	757	--
Purchase of Investments		--	(1,078)	(958)	(959)	(1,795)
Other Investing Cash Flow		10	(10)	(55)	14	48
OtherInvestCashFlowItms,Tot		(684)	(244)	6	(188)	(214)
Total Cash from Investing		(2,026)	(1,498)	(1,962)	(2,756)	(2,463)

PLUS: CASH FROM (USED BY) FINANCING ACTIVITIES

Financing Cash Flow Items		71	206	144	225	19
Total Cash Dividends Paid		--	--	--	(102)	(251)
Iss (Retirmnt) of Stock,Net		--	--	--	(250)	(1,100)
Long Term Debt Issued		1,130	2,395	1,965	268	1,020
Long Term Debt Reduction		(3,722)	(4,172)	(2,864)	(1,461)	(2,928)
Iss (Retirmnt) of Debt, Net		(2,592)	(1,777)	(899)	(1,193)	(1,908)
Total Cash From Financing		(2,521)	(1,571)	(755)	(1,320)	(3,240)

EQUALS: INCREASE (DECREASE) IN CASH

Net Change in Cash		(1,715)	(235)	(241)	428	(756)
NetCash-BeginBal/RsvdforFutUse		4,607	2,892	2,657	2,416	2,844
NetCash-EndBal/RsrvforFutUse		2,892	2,657	2,416	2,844	2,088
Depreciation, Supplemental		1,511	1,523	1,565	1,658	1,771
Cash Interest Pd, Suppl		1,036	925	1,036	698	560

() = Negative Value
Values are displayed in Millions