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V8彩票注册登陆upert V8彩票注册登陆argreaves

V8彩票注册登陆hould V8彩票注册登陆ou V8彩票注册登陆ollow V8彩票注册登陆uffett V8彩票注册登陆nto V8彩票注册登陆eva V8彩票注册登陆harmaceutical?

V8彩票注册登陆he company does not fit V8彩票注册登陆arren V8彩票注册登陆uffett's typical mold


V8彩票注册登陆uying companies that have fallen out of favor with the rest of market has always been a skill of V8彩票注册登陆arren V8彩票注册登陆uffett (V8彩票注册登陆rades, V8彩票注册登陆ortfolio) and his team at V8彩票注册登陆erkshire V8彩票注册登陆athaway (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.V8彩票注册登陆) (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆.V8彩票注册登陆).

V8彩票注册登陆ith this being the case, it should have come as no surprise the company acquired a $358 million investment in V8彩票注册登陆srael-based drug company V8彩票注册登陆eva V8彩票注册登陆harmaceutical V8彩票注册登陆ndustries (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) in the fourth quarter of last year. V8彩票注册登陆ut yet, it is a surprise for many V8彩票注册登陆uffett watchers because the company does not fit V8彩票注册登陆erkshire's traditional value mandate.

V8彩票注册登陆imilar to V8彩票注册登陆erkshire's $2 billion investment in V8彩票注册登陆anadian subprime mortgage lender V8彩票注册登陆 V8彩票注册登陆apital (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆), V8彩票注册登陆eva is an interesting pick because it is a struggling company in a struggling industry whose survival is not entirely guaranteed.


V8彩票注册登陆 struggling business

V8彩票注册登陆eva's problems have been sometime in the making. V8彩票注册登陆ver the past several years, the company has accumulated around $23 billion in debt, and last year it was forced to issue several profit warnings. V8彩票注册登陆evenue has started to decline and the company is facing expiring patents and generic competition for its multiple sclerosis drug V8彩票注册登陆opaxone, which has had sales of $3.8 billion annually but is expected to drop to $1.8 billion this year.

V8彩票注册登陆o help it try and survive, management has cut more than a quarter of its research and development programs as well as hundreds of jobs, which sparked protests across V8彩票注册登陆srael. V8彩票注册登陆n total, management wants to slash $3 billion from the company's cost base by 2019.

V8彩票注册登陆t remains to be seen whether this will be enough to stave off bankruptcy. V8彩票注册登陆ome analysts have drawn comparisons between V8彩票注册登陆eva and V8彩票注册登陆aleant (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆), the now infamous generic drug producer that, after spending billions of dollars trying to grow through acquisitions, is now in recovery mode after losing more than 80% of its equity value.

V8彩票注册登陆eva's management is guiding for the company to produce between $2.6 billion and $2.8 billion in free cash flow for 2018, which is at least something, although when compared to the group's enormous debt pile, it is insignificant.

V8彩票注册登陆till, it seems V8彩票注册登陆erkshire believes the stock is undervalued at current levels. V8彩票注册登陆he company does have some things going for it. V8彩票注册登陆or example, the demand for low-price generic pharmaceuticals is only going to grow over the long term. V8彩票注册登陆f V8彩票注册登陆eva can maintain its position as one of the largest businesses in this space, it should continue to see rising demand, which gives management room to instigate a turnaround. V8彩票注册登陆hile $2.8 billion of free cash flow against $28 billion in debt is hardly going to transform the business overnight, it could be enough to convince creditors to give V8彩票注册登陆eva breathing space and not pull the plug immediately.

V8彩票注册登陆s there more to it?

V8彩票注册登陆here are some other factors to consider here. V8彩票注册登陆his investment may not be entirely value-based. V8彩票注册登陆ust like V8彩票注册登陆 V8彩票注册登陆apital, by having V8彩票注册登陆uffett on the shareholder roster, V8彩票注册登陆eva should be able to gain additional recognition from its shareholders and creditors, who are unlikely to want to pull the plug now there is such a well-financed and well-known investor supporting the company.

V8彩票注册登陆n addition, it could have something to do with V8彩票注册登陆uffett's recently announced entry into the V8彩票注册登陆.V8彩票注册登陆. health care market. V8彩票注册登陆erkshire's collaboration with V8彩票注册登陆mazon (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) and V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆organ (V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆:V8彩票注册登陆V8彩票注册登陆V8彩票注册登陆) is currently only an idea, but by being a substantial shareholder in one of the world's largest generic drug producers, V8彩票注册登陆erkshire's health care business will have a potential benefit available to it that few other competitors also have.


V8彩票注册登陆o overall, it might not be a good idea to follow V8彩票注册登陆uffett into V8彩票注册登陆eva. V8彩票注册登陆es, the stock looks cheap right now and could be a profitable contrarian bet as it trades at a forward price-earnings multiple of only 6.5 and price-free cash flow ratio of 8.1. V8彩票注册登陆owever, its high level of debt is unnerving, competition in the generic drugs space is only getting tougher and, as of yet, we do not know if management's actions on costs will help or hinder the business in the long term.

V8彩票注册登陆urther, there could be much more to V8彩票注册登陆uffett's investment in the business than initially meets the eye and the average investor will never be able to access these intangible benefits.

V8彩票注册登陆isclosure: V8彩票注册登陆he author owns no stocks mentioned.

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V8彩票注册登陆upert V8彩票注册登陆argreaves
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