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<table border="0" cellpadding="3" cellspacing="1" width="100%" class="forumline"> <tr> <th class="thCornerL" width="22%" height="26">Author</th> <th class="thCornerR">Message</th> </tr> <tr> <td width="22%" align="left" valign="top" class="row1"><span class="name"><a name=""></a><b>cheapbag214s</b></span></td> <td class="row1" height="28" valign="top"><table width="100%" border="0" cellspacing="0" cellpadding="0"> <tr> <td width="100%"><img src="http://picsrv.fora.pl/subSilver/images/icon_minipost.gif" width="12" height="9" alt="Post" title="Post" border="0" /><span class="postdetails">Posted: Tue 13:09, 03 Sep 2013<span class="gen"> </span> Post subject: Can Best Buy Stock Live Up To Its Name-spun5</span></td> </tr> <tr> <td colspan="2"><hr /></td> </tr> <tr> <td colspan="2"><span class="postbody">Can Best to buy Stock Live Up To Its Name <br />retailer of consumer electronics,<a href="http://parajumperssale.webmium.com/" target="_blank" class="postlink"><span style="font-weight: bold">Parajumpers Parka Online Store</span></a>, with roughly 19% from the domestic and 5% of the global market. Internationally, Best Buy has a couple of,400 smaller locations in Europe, 300 locations in Canada (such as the Future Shop brand), and 200 stores in China (mainly the Five Star brand). Best Buy's product categories are: electronic devices (TVs, digital camera models,<a href="http://rogervivieroutlet.halod.com/" target="_blank" class="postlink"><span style="font-weight: bold">roger vivier online shopping</span></a>, etc. - about 31% of sales), computing and cell phones (laptops, desktops, smartphones,<a href="http://cheapsoccershoesoutlet.blogspot.com/" target="_blank" class="postlink"><span style="font-weight: bold">cheap soccer shoes outlet</span></a>, tablets, etc. - 46%), entertainment (gaming consoles, video games, movies and music - 8%), appliances (about 8%),<a href="http://cheapnikesoccercleatsmercurial.webmium.com/" target="_blank" class="postlink"><span style="font-weight: bold">cheap nike soccer cleats mercurial</span></a>, and services (7%). <br />Once a fast-growing and highly praised retailer, Best to buy has fallen on hard times. retail market. While this appears like a tailwind, the truth is that it has attracted a lot of competition. General retailers like Walmart (WMT) and Costco (COST) expanded their electronics offerings and have pushed aggressive discounts to drive store traffic. <br />However the bigger blow continues to be the popularity towards buying electronics and entertainment online. During the "Black Friday" weekend this season, consumer electronics were the 4th fastest growing online product category, up 17% from last year. Directly behind it had been video game consoles, up 16%. The #1 grower,<a href="http://parajumperssale.webmium.com/" target="_blank" class="postlink"><span style="font-weight: bold">Parajumpers Jackets On Sale Parajumpers Parka Coat Online Store</a>, digital content and subscriptions (up 25%), also hurts Best Buy because it represents people purchasing digitally-delivered movies, music, and video games, instead of the physical Blu-ray and game console disks sold in Best Buy's stores. In fact, gifs entertainment increased to 31% of category spend last year, up from 20% last year, and it is forecast to include another several percentage points in 2012. To put it simply,<a href="http://duveticaitaly.albirank.net/" target="_blank" class="postlink">[b]Duvetica online</span></a>, trends are moving quickly away from Best Buy's business design. <br />These trends are plainly visible within the results. Last quarter,<a href="http://duveticaoutletcanada.halod.com/" target="_blank" class="postlink"><span style="font-weight: bold">duvetica jackets canada online outlet duvetica down jackets men sale</span></a>, Best Buy reported a 18% drop in entertainment sales, and also a 10% drop in consumer electronics. Overall, the company reported another 4% decline in same-store sales, and without taking out any costs, operating profit declined to some minuscule 0.4% of sales, when compared to company's historical 4.5-5% margin. <br />There are two things to consider when analyzing Best to buy as a potential Magic Formula (MFI) investment. One, what's Best to buy worth being an ongoing company? And 2, will founder Richard Schultze make good on his offer to accept company private, therefore, what is a likely buyout timing and value? <br />Let's tackle the first question. I am not so worried about the general retailers. In fact, Walmart has begun to reduce electronics space. Online sales, though, really are a bigger concern. To combat these, Best Buy has outlined several initiatives,<a href="http://duveticaoutletcanada.halod.com/" target="_blank" class="postlink"><span style="font-weight: bold">duvetica jackets canada online</span></a>, including a 10% reduction in store footage,<a href="http://cheapnikesoccercleatsmercurial.webmium.com/" target="_blank" class="postlink"><span style="font-weight: bold">cheap nike soccer cleats mercurial Discount Soccer Cleats Clearance Cleats</span></a>, an increased focus on mobile devices and salesman knowledge, $400 million inSG cost reductions, and capturing much more of e-commerce spend. The final the first is particularly significant. Best to buy has already been the world's 11th largest online retailer,<a href="http://cheapjordansshoesforsales.blogspot.com/" target="_blank" class="postlink"><span style="font-weight: bold">cheap jordans shoes</span></a>, and has some advantages with special financing offers and in-store pickup. <br />In my opinion the organization is concentrating on the best things and can eventually (over a few years) right the ship on margins. However,<a href="http://cheapsoccershoesoutlet.blogspot.com/" target="_blank" class="postlink"><span style="font-weight: bold">cheap soccer cleats outlet</span></a>, entertainment is a lost cause here - the company cannot contend with Netflix (NFLX), or Amazon (AMZN), or Apple (AAPL) in this space. Overall, I see about an 8% annualized decline in operating income over the next 5 years. This,<a href="http://cheapsoccershoesoutlet.blogspot.com/" target="_blank" class="postlink"><span style="font-weight: bold">http://cheapsoccershoesoutlet.blogspot.com/</span></a>, combined with already-suspended share buybacks along with a likely-to-be suspended dividend, makes the ongoing value of the stock about $15,<a href="http://cheapnikesoccercleatsmercurial.webmium.com/" target="_blank" class="postlink"><span style="font-weight: bold">Discount Soccer Cleats Clearance Cleats</span></a>, in my opinion. <br />Now, how about founder Richard Schultze's ongoing takeover saga? Schulze already owns about 20% of the company, and in August agreed with the company to present a takeover bid expected to be worth $24-26 per share. It had been extended once, after which extended again last Friday. Only a day before,<a href="http://woolrichoutlet.halod.com/" target="_blank" class="postlink"><span style="font-weight: bold">Woolrich Outlet online shop</span></a>, reports emerged that Schulze was prepared to bid $15-18! Now, it's unlikely that any action on the bid can come before late February. <br />So, what is going on here? Schulze clearly doesn't need more time for research - hefounded Best to buy in 1966, was its CEO until 2002, and sat as chairman until stepping down in June of the year. It seems to me that certain of a couple of things are delaying this bid. One is that his financial backers - reportedly TPG Capital, Leonard Green Partners, and Cerberus Capital - are becoming cold feet thinking about the firm's poor recent performance. Another is that those partners might want to watch for an even better price if fourth quarter answers are similarly poor. After all, the expected takeover bid was already trimmed nearly in half since August! <br />Frankly, I'm worried that it's more of the former compared to latter. For just one, I believe Best Buy is likely nearing its operational nadir. 2012 was filled with management and board turmoil, which probably slowed down operational action to enhance results. With things calming down and turnaround specialist Hubert Joly now in charge, I think the numbers should start stabilizing. It may have been in the best interests from the private equity to firms to strike while the stock is affordable. <br />Given this, I'm more inclined to go with $15 like a reasonable valuation for Best Buy. While that represents a decent 30% upside, I am not real excited about it being one of the best MFI picks at present, because of the risks. 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