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Herbalife Nutrition Ltd. (HLF)
NYSE - NYSE Delayed Price. Currency in USD
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Analysis of a corporate raid. Nine years after Ackman pulled the trigger:
Shares outstanding: (3.7)
Book Value: 5.19 -> (11.81) = (17.00)
Stock price: 35.16 -> 44.46 = +9.30 = +2.6% (simple) Dividend discontinued.
Ichan and bankers won. Ackman and long term investors lost.
Much more highly leveraged. Retrenching continues.
It will be interesting to see if HLF pulled the trigger and bought back shares during this selloff. Perhaps they reacquired 5M at $40 instead of 4M at $50.
I hardly think that with temporary mild single digit decline in guidance vs still decent continued growth that it deserves to be down 17% and lowest in over a year. 5-10% maybe for awhile, but not 17%. Yes, I’m now buying.
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Nice haircut, and well earned with $3 BILLION in debt load, and Negative $12 book value per share.
"Carl Icahn Tendered Its Herbalife Shares Into The Co.'s Self-Tender Offer"
HLF sacrificed the health of its balance sheet to artificially push up its share price, so shareholders and insiders can cash out their positions at high prices, leaving a company with no assets left to be seized in future lawsuits. This looks to be the stage of the party when the sober guests start leaving.
Volume Point for China is -22.5%. Did I read it right?
I am still puzzled. How did HLF go from about $60 to $110 with flat revenue and flat net income?
Is this in fact worth less than a year ago?
Wow. Carl Icahn not doing so hot. He owned 55 million shares of Hertz at end of 1st quarter. Hertz traded at average of $13.70 during the quarter. Now, Hertz just filed for bankruptcy.
Is something similar in store for his HLF holdings?
The FTC’s allegations filed in Los Angeles federal court left no doubt that it concluded that Herbalife had been ripping people off: “Consumers have suffered and will continue to suffer substantial monetary loss as a result of [Herbalife’s] violations of Section 5(a) of the FTC Act.” (That's the section that bars "unfair or deceptive acts or practices in or affecting commerce.”)
FTC Chairwoman Edith Ramirez said after the settlement that "Herbalife is going to have to start operating legitimately." That would mark a real change, she suggested.
To some extent, perhaps it did. Herbalife's come-on to distributors today says that they can earn money "selling Herbalife products that you buy at a discount" or "sponsoring someone who either sells Herbalife products or purchases them at a discount for their own or household use." It specifically says that distributors "cannot earn money simply for recruiting or sponsoring someone."
Now you know why Icahn sold this stock.
I'll listen to the CC, but I'm not particularly impressed. These are about the numbers I expected, but with still 2MM extra shares outstanding and $75MM less net equity than I expected. Net profit margin is dropping like a rock, inventory down, PP&E down is disinvestment and milking the company to pay off Carl.
How much is left in the stock buyback fund? What are the particulars for the S/T debt? Are these guys really the financial jeanusus that Carl said they were?
Ackman was right
Herbalife Nutrition and Tasly Holdings Group to form HT Innovations LP in the US as a joint Venture.
LOS ANGELES--(BUSINESS WIRE)--
To further advance healthier living through good nutrition, premier global nutrition company Herbalife (HLF) today announced it has entered into a framework agreement with Tasly Holding Group, a leading Chinese healthcare corporation. Herbalife Nutrition CEO, Rich Goudis; CFO, John DeSimone; and Chairman of Herbalife China, Dr. Qun Yi Zheng, joined Chairman of Tasly Holding Group, Xijun Yan; Executive Chairman, Kaijing Yan; CFO, Fucai Pei; and General Manager of Tasly’s International Strategic Investment and M&A, Dr. Lei Gao, for the signing ceremony of a framework agreement, which pending approval by the Chinese regulatory agencies, will lead to the formation of a joint venture between Herbalife Nutrition and Tasly in the United States. This joint venture is anticipated to create a conduit to develop and commercialize high-quality consumer health products based on Tasly's deep portfolio of formulations, patents, and clinical studies, while leveraging Herbalife Nutrition’s scientific, regulatory and commercial development expertise. Moreover, Herbalife Nutrition expects its worldwide network of independent distributors to provide an opportunity to bring the joint venture’s products to a global market.
Bear of the Day: Herbalife (HLF)
November 15 2017
Herbalife (HLF - Free Report) has fallen into the cellar of the Zacks Rank recently as Wall Street investment banks continue to shy away from the network marketer of health and nutrition products.
After the company reported Q3 results on November 2, and provided guidance for the coming year, SunTrust analysts lowered their 2018 full-year EPS estimate by 8%.
Looks like a high reward/risk short play. Take a look at the weekly chart, this thing is about to roll over.
Icahn tendered 11.4M shares yesterday, at the last minute. He got 10.5M shares accepted for 550M dollars, out of total of 600M. The majority of other 38M tendered shares (49.7M - 11.4M) were not accepted. Either Icahn was super genius. Or, he had inside information so he knew what the exact tender price should be. I think this run of modified Dutch auction was an agreement between HLF and Icahn, designed specifically to allow Icahn to unload his shares with company borrowed money, and as an appreciation to his long time support.
HLF cashed out their convertible bond issue on 8/15, so their balance sheet should look different next quarter. I think that it will be interesting to see what the outstanding share count will be and if they also decided to buy back some shares. The big boys likely know what will happen, but I doubt most retail investors understand the transaction as written in their disclosures. Carl commented last year that HLF had a lot of financial geniuses at the helm, and I wonder if he has changed his opinion lately...
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