自助餐的备选菜单(From Bloomberg)

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Warren Buffett’s Takeover Tests Passed by Sysco, VF (Update2) Share | Email | Print | A A A By Elizabeth Stanton March 19 (Bloomberg) -- Warren Buffett’s renewed focus on U.S. takeovers may lead him to Sysco Corp., VF Corp. or Danaher Corp., according to criteria the billionaire investor lists in his annual report. The chairman of Omaha, Nebraska-based Berkshire Hathaway Inc., who took a four-country tour of Europe last year in search of targets, told Bloomberg Television last week that he’s now most likely to pursue U.S. deals after the Standard & Poor’s 500 Index sank to the lowest level since 1996 this month. While the credit crisis is preventing rival bidders from borrowing money, Buffett has $25.5 billion in cash to deploy. The world’s most successful investor is seeking acquisitions after his company suffered the biggest annual drop in book value since he took control four decades ago. Sysco, North America’s largest distributor of food to restaurants; VF, the world’s biggest clothing maker; and Danaher, maker of Craftsman tools, are among 50 companies that meet his standards, according to data compiled by Bloomberg. “Those are the kinds of franchises he likes,” said Scott Black, Boston-based president of Delphi Management Inc. who owns Sysco, VF and Berkshire shares. Buffett, 78, is seeking to spend $5 billion to $20 billion on an acquisition, according to the 2008 report. He prefers “simple” businesses with pretax profit exceeding $75 million, “consistent earnings power,” “good” returns on equity and little or no debt, the annual filing says. Return on Equity There are 50 U.S. companies with that much market value and profit, a return on equity exceeding 10 percent and a debt-to- equity ratio less than 50 percent, Bloomberg data show. Sysco, VF and Danaher are also the sort of easy-to-understand businesses that Buffett favors. Berkshire, which has $128.9 billion in stock-market value and had more than 246,000 employees on Dec. 31, owns 10 insurers including Geico and 67 other companies ranging from grocery- store supplier McLane Co. and clothing-maker Fruit of the Loom Inc. to toolmaker Iscar Metalworking Cos. and electric utility MidAmerican Energy Holdings Co. Value investors such as Buffett buy stocks when the ratio of prices to earnings is low by historical standards. This year’s 12 percent slump in the S&P 500, which extended a 38 percent plunge in 2008, drove equities to the cheapest levels in two decades. Lowest Since 1985 The S&P 500 traded for 11.7 times the profits of its companies over the past 10 years on March 9, the lowest since 1985, according to data compiled by Yale University professor Robert Shiller. He uses a decade of earnings to smooth out short-term fluctuations. Sysco, based in Houston, trades for 12.7 times profit of the past 12 months, according to data compiled by Bloomberg. For Greensboro, North Carolina-based VF and Washington-based Danaher, the ratios are 10 and 13.2, respectively. Sysco shares added 0.2 percent to $22.95 today. VF climbed for the third straight day, adding 1.8 percent to $57.32. Danaher lost 2.3 percent to $54.73. Mark Palmer, a spokesman for Sysco, said the company’s policy is not to respond to questions about takeovers. VF’s Paul Mason declined to comment. Andy Wilson, vice president of investor relations at Danaher, didn’t return a phone call. Buffett didn’t respond to a request for comment e-mailed to his assistant Carrie Kizer. Among the companies meeting the criteria, 12 have price-to- earnings multiples of no more than 7. They include Houston-based Marathon Oil Corp.; Aflac Inc., an insurer based in Columbus, Georgia; and steelmaker Nucor Corp. of Charlotte, North Carolina. Stock Tumbles Berkshire tumbled 32 percent in New York Stock Exchange trading last year, the most since at least 1976, according to Los Angeles-based Global Financial Data, which keeps records on historical prices. Book value per share, a measure of assets minus liabilities highlighted in the annual letter to shareholders, slipped 9.6 percent, the worst performance since Buffett took control in 1965. Ranked second in Forbes magazine’s tally of the richest people released last week, Buffett is most likely to buy companies in the same industries Berkshire operates in, said Thomas A. Russo, who manages $2 billion at Gardner Russo & Gardner in Lancaster, Pennsylvania. Russo has owned Berkshire stock since the early 1980s. Buffett’s unsuccessful attempt to gain control of Constellation Energy Group Inc. last year is an example, Russo said. Baltimore-based Constellation accepted a $4.7 billion offer from MidAmerican Energy in September, and broke off the deal in December in favor of a partial sale to Paris-based Electricite de France SA. Shaw, Benjamin Moore Berkshire has “a terrific lineup” of companies in the housing-supply business, including Shaw Industries Group Inc., Benjamin Moore & Co., Johns Manville, MiTek Inc. and Acme Building Brands, that may look to acquire rivals, Russo said. While Buffett prefers to buy private companies to avoid “the self-serving culture of public-company management,” the depressed prices in the stock market might spur a deal, Russo said. Berkshire waives its requirement of at least $75 million of pretax earnings for businesses that “fit into one of our existing units,” its annual report says. Depressed valuations may lead Buffett to increase stakes in companies he already owns, such as San Francisco-based Wells Fargo & Co., down 45 percent in the past year, Russo said. Berkshire owns 6.9 percent of the fourth-largest U.S. bank, according to data compiled by Bloomberg. “It’s cheaper to buy a share of a business in the public markets because of investor pessimism than it is to buy control of a company,” Russo said. “The owner of a private company knows the value of what they’re selling and is not going to be shaken out necessarily because of fear and sell it too cheap.” Aetna Aflac Agilent Technologies Allergan Anadarko Petroleum Aon Archer Daniels Midland Baker Hughes Becton Dickinson Brown-Forman Bunge Cardinal Health Carnival Chubb Computer Sciences Covidien Danaher EOG Resources General Dynamics Halliburton Hess Illinois Tool Works Intercontinental Exchange Intuit ITT Kohl’s Loews Corp. Marathon Oil McKesson Newmont Mining Noble Corp. Noble Energy Nucor Precision Castparts Raytheon Reynolds American Rockwell Collins SAIC Smith International Southern Copper Southwestern Energy St. Jude Medical Staples Sysco TJX Union Pacific VF WellPoint W.W. Grainger Zimmer Holdings

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不会排版，去这里看吧。
http://www.bloomberg.com/apps/ne ... mp;sid=ao2SBWbGzgys

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Warren Buffett’s Takeover Tests Passed by Sysco, VF (Update2)

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By Elizabeth Stanton

March 19 (Bloomberg) -- Warren Buffett’s renewed focus on U.S. takeovers may lead him to Sysco Corp., VF Corp. or Danaher Corp., according to criteria the billionaire investor lists in his annual report.

The chairman of Omaha, Nebraska-based Berkshire Hathaway Inc., who took a four-country tour of Europe last year in search of targets, told Bloomberg Television last week that he’s now most likely to pursue U.S. deals after the Standard & Poor’s 500 Index sank to the lowest level since 1996 this month. While the credit crisis is preventing rival bidders from borrowing money, Buffett has $25.5 billion in cash to deploy.

The world’s most successful investor is seeking acquisitions after his company suffered the biggest annual drop in book value since he took control four decades ago. Sysco, North America’s largest distributor of food to restaurants; VF, the world’s biggest clothing maker; and Danaher, maker of Craftsman tools, are among 50 companies that meet his standards, according to data compiled by Bloomberg.

“Those are the kinds of franchises he likes,” said Scott Black, Boston-based president of Delphi Management Inc. who owns Sysco, VF and Berkshire shares.

Buffett, 78, is seeking to spend $5 billion to $20 billion on an acquisition, according to the 2008 report. He prefers “simple” businesses with pretax profit exceeding $75 million, “consistent earnings power,” “good” returns on equity and little or no debt, the annual filing says.

Return on Equity

There are 50 U.S. companies with that much market value and profit, a return on equity exceeding 10 percent and a debt-to- equity ratio less than 50 percent, Bloomberg data show. Sysco, VF and Danaher are also the sort of easy-to-understand businesses that Buffett favors.

Berkshire, which has $128.9 billion in stock-market value and had more than 246,000 employees on Dec. 31, owns 10 insurers including Geico and 67 other companies ranging from grocery- store supplier McLane Co. and clothing-maker Fruit of the Loom Inc. to toolmaker Iscar Metalworking Cos. and electric utility MidAmerican Energy Holdings Co.

Value investors such as Buffett buy stocks when the ratio of prices to earnings is low by historical standards. This year’s 12 percent slump in the S&P 500, which extended a 38 percent plunge in 2008, drove equities to the cheapest levels in two decades.

Lowest Since 1985

The S&P 500 traded for 11.7 times the profits of its companies over the past 10 years on March 9, the lowest since 1985, according to data compiled by Yale University professor Robert Shiller. He uses a decade of earnings to smooth out short-term fluctuations.

Sysco, based in Houston, trades for 12.7 times profit of the past 12 months, according to data compiled by Bloomberg. For Greensboro, North Carolina-based VF and Washington-based Danaher, the ratios are 10 and 13.2, respectively.

Sysco shares added 0.2 percent to $22.95 today. VF climbed for the third straight day, adding 1.8 percent to $57.32. Danaher lost 2.3 percent to $54.73.

Mark Palmer, a spokesman for Sysco, said the company’s policy is not to respond to questions about takeovers. VF’s Paul Mason declined to comment. Andy Wilson, vice president of investor relations at Danaher, didn’t return a phone call.

Buffett didn’t respond to a request for comment e-mailed to his assistant Carrie Kizer.

Among the companies meeting the criteria, 12 have price-to- earnings multiples of no more than 7. They include Houston-based Marathon Oil Corp.; Aflac Inc., an insurer based in Columbus, Georgia; and steelmaker Nucor Corp. of Charlotte, North Carolina.

Stock Tumbles

Berkshire tumbled 32 percent in New York Stock Exchange trading last year, the most since at least 1976, according to Los Angeles-based Global Financial Data, which keeps records on historical prices. Book value per share, a measure of assets minus liabilities highlighted in the annual letter to shareholders, slipped 9.6 percent, the worst performance since Buffett took control in 1965.

Ranked second in Forbes magazine’s tally of the richest people released last week, Buffett is most likely to buy companies in the same industries Berkshire operates in, said Thomas A. Russo, who manages $2 billion at Gardner Russo & Gardner in Lancaster, Pennsylvania. Russo has owned Berkshire stock since the early 1980s.

Buffett’s unsuccessful attempt to gain control of Constellation Energy Group Inc. last year is an example, Russo said. Baltimore-based Constellation accepted a $4.7 billion offer from MidAmerican Energy in September, and broke off the deal in December in favor of a partial sale to Paris-based Electricite de France SA.

Shaw, Benjamin Moore

Berkshire has “a terrific lineup” of companies in the housing-supply business, including Shaw Industries Group Inc., Benjamin Moore & Co., Johns Manville, MiTek Inc. and Acme Building Brands, that may look to acquire rivals, Russo said.

While Buffett prefers to buy private companies to avoid “the self-serving culture of public-company management,” the depressed prices in the stock market might spur a deal, Russo said. Berkshire waives its requirement of at least $75 million of pretax earnings for businesses that “fit into one of our existing units,” its annual report says.

Depressed valuations may lead Buffett to increase stakes in companies he already owns, such as San Francisco-based Wells Fargo & Co., down 45 percent in the past year, Russo said. Berkshire owns 6.9 percent of the fourth-largest U.S. bank, according to data compiled by Bloomberg.

“It’s cheaper to buy a share of a business in the public markets because of investor pessimism than it is to buy control of a company,” Russo said. “The owner of a private company knows the value of what they’re selling and is not going to be shaken out necessarily because of fear and sell it too cheap.”

   
Aetna
Aflac
Agilent Technologies
Allergan
Anadarko Petroleum
Aon
Archer Daniels Midland
Baker Hughes
Becton Dickinson
Brown-Forman
Bunge
Cardinal Health
Carnival
Chubb
Computer Sciences
Covidien
Danaher
EOG Resources
General Dynamics
Halliburton
Hess
Illinois Tool Works
Intercontinental Exchange
Intuit
ITT
Kohl’s
Loews Corp.
Marathon Oil
McKesson
Newmont Mining
Noble Corp.
Noble Energy
Nucor
Precision Castparts
Raytheon
Reynolds American
Rockwell Collins
SAIC
Smith International
Southern Copper
Southwestern Energy
St. Jude Medical
Staples
Sysco
TJX
Union Pacific
VF
WellPoint
W.W. Grainger
Zimmer Holdings

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好长，胃口真好。