{"id":1542,"date":"2016-11-14T12:42:09","date_gmt":"2016-11-14T12:42:09","guid":{"rendered":"https:\/\/cityfalcon.com\/blog\/?p=1542"},"modified":"2017-10-05T11:10:14","modified_gmt":"2017-10-05T11:10:14","slug":"l-b-foster-under-the-radar-and-undervalued","status":"publish","type":"post","link":"https:\/\/www.cityfalcon.ai\/blog\/es\/investments\/l-b-foster-under-the-radar-and-undervalued\/","title":{"rendered":"LB Foster: bajo el radar y infravalorado"},"content":{"rendered":"<br \/>\n<style>\n.wp-caption {\nmax-width: 100% !important;\n}\n iframe {\nmax-width: 100%; hight: auto;\n}\n<\/style>\n<p><strong><em>Descargo de responsabilidad: esta es una publicaci\u00f3n de invitado de Michael y no refleja las opiniones de CityFALCON y sus partes interesadas.<\/em><\/strong><\/p>\n<p><strong><span style=\"font-size: x-large;\">LB Foster Co (NASDAQ: FSTR)<\/span><\/strong><\/p>\n<p>Fecha: 10\/11\/2016<br \/>\nPrecio: $12<br \/>\nValuaci\u00f3n: <em>F\u00e1cilmente<\/em> $25<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER.png\"><img fetchpriority=\"high\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1543\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER.png\" alt=\"1_lb_foster\" width=\"1229\" height=\"356\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER.png 1229w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER-300x87.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER-1024x297.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER-945x274.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/1_LB_FOSTER-600x174.png 600w\" sizes=\"(max-width: 1229px) 100vw, 1229px\" \/><\/a><\/p>\n<p><strong><span style=\"font-size: x-large;\">Visi\u00f3n general del negocio: <\/span><\/strong><\/p>\n<div id=\"attachment_1544\" style=\"width: 975px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/2_LB_FOSTER.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1544\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-1544 size-full\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/2_LB_FOSTER.png\" alt=\"2_lb_foster\" width=\"965\" height=\"750\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/2_LB_FOSTER.png 965w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/2_LB_FOSTER-300x233.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/2_LB_FOSTER-945x734.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/2_LB_FOSTER-600x466.png 600w\" sizes=\"(max-width: 965px) 100vw, 965px\" \/><\/a><p id=\"caption-attachment-1544\" class=\"wp-caption-text\">Fuente: sitio web FSTR<\/p><\/div>\n<p>FSTR es un fabricante de productos para ferrocarril, transporte, construcci\u00f3n, energ\u00eda. El precio de sus acciones se ha desplomado desde 2015.<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/3_LB_FOSTER.png\"><img decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1545\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/3_LB_FOSTER.png\" alt=\"3_lb_foster\" width=\"762\" height=\"453\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/3_LB_FOSTER.png 762w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/3_LB_FOSTER-300x178.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/3_LB_FOSTER-600x357.png 600w\" sizes=\"(max-width: 762px) 100vw, 762px\" \/><\/a><\/p>\n<div id=\"attachment_1546\" style=\"width: 1132px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1546\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1546\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER.png\" alt=\"Fuente: FSTR, proxy de 2015. \" width=\"1122\" height=\"130\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER.png 1122w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER-300x35.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER-1024x119.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER-945x109.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/4_LB_FOSTER-600x70.png 600w\" sizes=\"(max-width: 1122px) 100vw, 1122px\" \/><\/a><p id=\"caption-attachment-1546\" class=\"wp-caption-text\">Fuente: FSTR, proxy de 2015.<\/p><\/div>\n<p>Ning\u00fan cliente represent\u00f3 m\u00e1s de 10% de las ventas netas de la compa\u00f1\u00eda en los \u00faltimos a\u00f1os, esto hace que las operaciones de la compa\u00f1\u00eda sean m\u00e1s resistentes y el flujo de ingresos futuro ser\u00e1 m\u00e1s diversificado y menos vol\u00e1til. Estos, con el tiempo, se combinar\u00e1n para exigir que se asigne un m\u00faltiplo m\u00e1s alto a las ganancias.<\/p>\n<p><strong><span style=\"font-size: x-large;\">Resumen de los segmentos operativos:<\/span><\/strong><\/p>\n<p>FSTR est\u00e1 bastante bien diversificado:<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1547\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER.png\" alt=\"5_lb_foster\" width=\"1132\" height=\"680\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER.png 1132w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER-300x180.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER-1024x615.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER-945x568.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/5_LB_FOSTER-600x360.png 600w\" sizes=\"(max-width: 1132px) 100vw, 1132px\" \/><\/a><\/p>\n<div id=\"attachment_1548\" style=\"width: 982px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/6_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1548\" style=\"max-width: 100%; height: auto;\" class=\"wp-image-1548 size-full\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/6_LB_FOSTER.png\" alt=\"6_lb_foster\" width=\"972\" height=\"341\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/6_LB_FOSTER.png 972w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/6_LB_FOSTER-300x105.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/6_LB_FOSTER-945x332.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/6_LB_FOSTER-600x210.png 600w\" sizes=\"(max-width: 972px) 100vw, 972px\" \/><\/a><p id=\"caption-attachment-1548\" class=\"wp-caption-text\">Fuente: FSTR, 2015 10-K<\/p><\/div>\n<p><strong>Productos y servicios ferroviarios (~ 50% de ingresos):<br \/>\n<\/strong>Rail Distribution vende ferrocarril nuevo, principalmente a ferrocarriles de carga de pasajeros y de l\u00ednea corta, empresas industriales y contratistas ferroviarios para el reemplazo de l\u00edneas existentes o la expansi\u00f3n de nuevas l\u00edneas. Aunque la industria del carb\u00f3n ha tenido dos a\u00f1os terribles, est\u00e1n comenzando a verse algunos brotes verdes en Estados Unidos. Y aunque es demasiado pronto para empezar a hablar de recuperaci\u00f3n, creo que este sector ha tocado fondo y las empresas de servicios upstream como FSTR que han sufrido una falta de mantenimiento ferroviario y los gastos se beneficiar\u00e1n durante los pr\u00f3ximos 12 a 18 meses. esta recuperaci\u00f3n, cuando finalmente llega.<\/p>\n<p><strong>Productos de construcci\u00f3n (~ 30% de ingresos):<br \/>\n<\/strong>Este segmento est\u00e1 compuesto por los productos de tablestacas. Estas son secciones de acero estructural entrelazadas que generalmente se utilizan para proporcionar soporte lateral en los sitios de construcci\u00f3n (vea la foto a continuaci\u00f3n). Este segmento del negocio est\u00e1 sufriendo actualmente el desplome del exceso de oferta de acero, lo que provoc\u00f3 que el precio cayera en picado a finales de 2015 y en 2016 (ver gr\u00e1fico a continuaci\u00f3n):<\/p>\n<p><strong>Tubular and Energy Services (es dif\u00edcil decir el % de ingresos aqu\u00ed, porque hab\u00eda estado creciendo a trav\u00e9s de adquisiciones, pero este segmento, en mi opini\u00f3n, es demasiado inestable y joven para decirlo con certeza. Matem\u00e1ticamente, para llevarlo a 100% dir\u00e9 ~ 20%):<br \/>\n<\/strong>En el \u00faltimo trimestre tuvieron que llevar deterioros a los negocios adquiridos (principalmente Inspection Oilfield Services, Inc. (\u201cIOS\u201d)). M\u00e1s sobre estos cargos por deterioro no monetarios a continuaci\u00f3n.<\/p>\n<p><strong><span style=\"font-size: x-large;\">M\u00e1s detalles sobre los segmentos operativos de FSTR: <\/span><\/strong><\/p>\n<p>Aunque FSTR tiene tres segmentos operativos, la mayor parte de sus ingresos proviene de dos segmentos. Pero es el tercer y m\u00e1s peque\u00f1o segmento, Tubular and Energy Services, el que ha causado la mayor parte del \u201cruido\u201d en los 9 meses hasta la fecha de 2016.<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/7_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1549\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/7_LB_FOSTER.png\" alt=\"7_lb_foster\" width=\"929\" height=\"555\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/7_LB_FOSTER.png 929w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/7_LB_FOSTER-300x179.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/7_LB_FOSTER-600x358.png 600w\" sizes=\"(max-width: 929px) 100vw, 929px\" \/><\/a><\/p>\n<p><strong>Productos y servicios ferroviarios (~ 50% de ingresos):<br \/>\n<\/strong>El mercado ferroviario de mercanc\u00edas de Am\u00e9rica del Norte sigue teniendo problemas. Estoy bastante familiarizado con la industria del carb\u00f3n y me benefici\u00e9 significativamente de mi Cloud Peak Energy (CLD). Era una tesis muy larga y complicada, pero la tesis breve era que la industria del carb\u00f3n no estaba muerta, que no se extraer\u00eda y exportar\u00eda tanto carb\u00f3n como hist\u00f3ricamente, pero una vez que el gas natural cruzara $2.50, el carb\u00f3n volver\u00eda a comprar plantas de energ\u00eda el\u00e9ctrica en los Estados Unidos. Actualmente, el gas natural se comercializa por ~<strong><u>$3.11<\/u><\/strong> y como puede ver en el gr\u00e1fico a continuaci\u00f3n, los inversores se sienten muy confiados al pagar por el flujo de ganancias futuras de CLD. (Por cierto, present\u00e9 CLD en el Value Investor Club de Ruzbeh el 7 de julio de 2016).<\/p>\n<p><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/8_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1550\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/8_LB_FOSTER.png\" alt=\"8_lb_foster\" width=\"1008\" height=\"683\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/8_LB_FOSTER.png 1008w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/8_LB_FOSTER-300x203.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/8_LB_FOSTER-945x640.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/8_LB_FOSTER-600x407.png 600w\" sizes=\"(max-width: 1008px) 100vw, 1008px\" \/><\/a><\/p>\n<p>Entonces, mientras que los productos b\u00e1sicos, como el carb\u00f3n y el petr\u00f3leo, aparentemente han tocado el fondo del ciclo, empresas como FSTR (y otras involucradas con el transporte de productos b\u00e1sicos) se beneficiar\u00e1n del cambio radical en el mercado de la energ\u00eda:<\/p>\n<p><em>\u201c\u2026<\/em><em>el carb\u00f3n abri\u00f3 el camino con las cargas de autom\u00f3viles de materias primas, el carb\u00f3n disminuy\u00f3 en 27% y no muy atr\u00e1s los productos del petr\u00f3leo disminuyeron en 22% \u201d. <\/em><\/p>\n<p>De la transcripci\u00f3n del segundo trimestre de 2016 de FSTR.<\/p>\n<p><em>\u201cPor lo tanto, anticipamos que habr\u00e1 una reestructuraci\u00f3n continua por parte de todos los transportistas por ferrocarril de carga, no anticipamos que el volumen de carb\u00f3n regrese a los niveles del a\u00f1o anterior, dado el <u>transici\u00f3n que est\u00e1 en marcha hacia el gas natural<\/u>\u2026 \u201d<\/em><\/p>\n<p>De la transcripci\u00f3n del segundo trimestre de 2016 de FSTR.<\/p>\n<p>Pero la iron\u00eda es que, en el momento de la transcripci\u00f3n, era 100% precisa, pero los precios del gas natural se han disparado desde entonces.<\/p>\n<p><strong><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" style=\"max-width: 100%; height: auto;\" class=\"alignnone size-full wp-image-1551\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER.png\" alt=\"9_lb_foster\" width=\"1157\" height=\"677\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER.png 1157w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER-300x176.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER-1024x599.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER-945x553.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/9_LB_FOSTER-600x351.png 600w\" sizes=\"(max-width: 1157px) 100vw, 1157px\" \/><\/a><\/strong><\/p>\n<p><strong>Productos de construcci\u00f3n (~ 30%):<\/strong><\/p>\n<p><em>\u201cNuestro negocio de pilotes sigue vi\u00e9ndose afectado por los bajos precios del acero que est\u00e1n afectando tanto nuestros ingresos de primera l\u00ednea como nuestra capacidad para asegurar el negocio\u201d.<\/em><\/p>\n<p>De la transcripci\u00f3n del segundo trimestre de 2016 de FSTR.<\/p>\n<p>El segmento operativo de productos de construcci\u00f3n representa ~ 30% de los ingresos totales. Recientemente, los precios del acero han comenzado a cambiar, o al menos, han tocado el fondo del ciclo, vea el gr\u00e1fico a continuaci\u00f3n. Sin embargo, los inversores ni siquiera est\u00e1n considerando que este segmento volver\u00e1 a ser rentable, dejando una cantidad considerable de dinero sobre la mesa.<\/p>\n<div id=\"attachment_1552\" style=\"width: 1121px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1552\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1552\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER.png\" alt=\"Fuente: sitio web de FSTR\" width=\"1111\" height=\"364\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER.png 1111w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER-300x98.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER-1024x335.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER-945x310.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/91_LB_FOSTER-600x197.png 600w\" sizes=\"(max-width: 1111px) 100vw, 1111px\" \/><\/a><p id=\"caption-attachment-1552\" class=\"wp-caption-text\">Fuente: sitio web de FSTR<\/p><\/div>\n<div id=\"attachment_1553\" style=\"width: 1054px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1553\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1553\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER.png\" alt=\"Fuente: https:\/\/www.quandl.com\/collections\/markets\/industrial-metals\" width=\"1044\" height=\"637\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER.png 1044w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER-300x183.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER-1024x625.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER-945x577.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/92_LB_FOSTER-600x366.png 600w\" sizes=\"(max-width: 1044px) 100vw, 1044px\" \/><\/a><p id=\"caption-attachment-1553\" class=\"wp-caption-text\">Fuente: <a href=\"https:\/\/www.quandl.com\/collections\/markets\/industrial-metals\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.quandl.com\/collections\/markets\/industrial-metals<\/a><\/p><\/div>\n<p>Sin embargo, como se puede ver en el pico de mediados de 2016, creo que el precio parece haberse recuperado un poco. Se podr\u00eda argumentar que es demasiado pronto para saberlo con certeza, pero tal como est\u00e1n las cosas, al precio actual podemos recoger FSTR, parece que la calle ha dejado este segmento por muerto.<\/p>\n<p>The Wall Street Journal informa recientemente: &quot;Las exportaciones de acero de China caen por segundo mes consecutivo, tendencia que probablemente ser\u00e1 bienvenida por los rivales globales que se han quejado de un exceso de oferta&quot;, lo que demuestra que el acero, al ser un producto b\u00e1sico c\u00edclico, se recuperar\u00e1 con el tiempo .<\/p>\n<p><strong><span style=\"font-size: x-large;\">Cargos por deterioro: <\/span><\/strong><br \/>\nLa raz\u00f3n por la que esta empresa est\u00e1 vendiendo a un precio elevado es por sus cargos por deterioro no monetarios y la falta de visibilidad. FSTR ha tenido que llevar cargos por deterioro no monetarios a su balance general, para las empresas por las que pag\u00f3 en exceso en 2015, cuando program\u00f3 mal el final del ciclo energ\u00e9tico. La gerencia de FSTR pens\u00f3 que estaban obteniendo una ganga, pero en retrospectiva, se demostr\u00f3 que estaban equivocados. Por lo tanto, se cargaron deterioros por valor de $103m en el estado de resultados para un segmento (Tubular and Energy Services) que genera solo alrededor de $34m de ingresos (o 20% de ingresos totales). Definitivamente puedo vivir con esto.<\/p>\n<div id=\"attachment_1554\" style=\"width: 1023px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/93_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1554\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1554\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/93_LB_FOSTER.png\" alt=\"Fuente: c\u00e1lculos del autor.\" width=\"1013\" height=\"151\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/93_LB_FOSTER.png 1013w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/93_LB_FOSTER-300x45.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/93_LB_FOSTER-945x141.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/93_LB_FOSTER-600x89.png 600w\" sizes=\"(max-width: 1013px) 100vw, 1013px\" \/><\/a><p id=\"caption-attachment-1554\" class=\"wp-caption-text\">Fuente: c\u00e1lculos del autor.<\/p><\/div>\n<p><strong><span style=\"font-size: x-large;\">Situaci\u00f3n financiera:<\/span><\/strong><\/p>\n<p>T\u00f3mese su tiempo para mirar las finanzas.<\/p>\n<div id=\"attachment_1555\" style=\"width: 1182px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1555\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1555\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER.png\" alt=\"Fuente: c\u00e1lculos del autor.\" width=\"1172\" height=\"373\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER.png 1172w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER-300x95.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER-1024x326.png 1024w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER-945x301.png 945w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/94_LB_FOSTER-600x191.png 600w\" sizes=\"(max-width: 1172px) 100vw, 1172px\" \/><\/a><p id=\"caption-attachment-1555\" class=\"wp-caption-text\">Fuente: c\u00e1lculos del autor.<\/p><\/div>\n<p>Los elementos a los que vale la pena prestar atenci\u00f3n son:<\/p>\n<ul>\n<li>Rentabilidad, estabilidad, FCF, dividendo<\/li>\n<li>FSTR siempre es rentable aparte de ahora<\/li>\n<li>FSTR es muy estable y en crecimiento, no vol\u00e1til.<\/li>\n<li>Margen de flujo de caja libre muy alto (FCF \/ ingresos de 6.1%)<\/li>\n<li>El dividendo est\u00e1 creciendo<\/li>\n<li>Relaci\u00f3n actual de 2.2x<\/li>\n<li>El n\u00famero total de acciones en circulaci\u00f3n es muy estable<\/li>\n<\/ul>\n<p><strong><span style=\"font-size: x-large;\">Valuaci\u00f3n:<\/span><\/strong><\/p>\n<div id=\"attachment_1556\" style=\"width: 884px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/95_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1556\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1556\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/95_LB_FOSTER.png\" alt=\"Fuente: Morningstar.com\" width=\"874\" height=\"297\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/95_LB_FOSTER.png 874w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/95_LB_FOSTER-300x102.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/95_LB_FOSTER-600x204.png 600w\" sizes=\"(max-width: 874px) 100vw, 874px\" \/><\/a><p id=\"caption-attachment-1556\" class=\"wp-caption-text\">Fuente: Morningstar.com<\/p><\/div>\n<p>Los inversores estaban muy contentos de pagar 0,7 P \/ S por este negocio muy intensivo en capital durante los \u00faltimos 5 a\u00f1os y obtener un dividendo de 0,5%. Ahora, los inversores solo pagar\u00e1n 0.2 en un P \/ S. FSTR se vende a un precio muy elevado. Los inversores no ven la ganga disponible.<\/p>\n<p><strong><span style=\"font-size: x-large;\">Competencia:<\/span><\/strong><\/p>\n<p>Olympic Steel (ticker ZEUS); American Railcar Industries Inc (ticker ARII). Como puede ver en las tablas relativas a continuaci\u00f3n, ambas compa\u00f1\u00edas cotizan m\u00e1s o menos por el valor razonable.<\/p>\n<div id=\"attachment_1559\" style=\"width: 872px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/961_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1559\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1559\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/961_LB_FOSTER.png\" alt=\"Fuente: Morningstar.com \" width=\"862\" height=\"274\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/961_LB_FOSTER.png 862w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/961_LB_FOSTER-300x95.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/961_LB_FOSTER-600x191.png 600w\" sizes=\"(max-width: 862px) 100vw, 862px\" \/><\/a><p id=\"caption-attachment-1559\" class=\"wp-caption-text\">Fuente: Morningstar.com<\/p><\/div>\n<div id=\"attachment_1560\" style=\"width: 868px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/962_LB_FOSTER.png\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1560\" style=\"max-width: 100%; height: auto;\" class=\"size-full wp-image-1560\" src=\"http:\/\/blog.cityfalcon.com\/wp-content\/uploads\/2016\/11\/962_LB_FOSTER.png\" alt=\"Fuente: Morningstar.com \" width=\"858\" height=\"255\" srcset=\"https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/962_LB_FOSTER.png 858w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/962_LB_FOSTER-300x89.png 300w, https:\/\/www.cityfalcon.ai\/blog\/wp-content\/uploads\/2016\/11\/962_LB_FOSTER-600x178.png 600w\" sizes=\"(max-width: 858px) 100vw, 858px\" \/><\/a><p id=\"caption-attachment-1560\" class=\"wp-caption-text\">Fuente: Morningstar.com<\/p><\/div>\n<p><strong><span style=\"font-size: x-large;\">13D (los inversores deben reconocer esta presentaci\u00f3n ante la SEC y tener una sensaci\u00f3n c\u00e1lida en su interior, pero si no lo recuerda, esta presentaci\u00f3n significa activismo de los accionistas):<\/span><\/strong><\/p>\n<p>Los activistas se han incorporado a la Junta. Y han seguido comprando acciones en el mercado abierto y han gastado aproximadamente $3m adquiriendo alrededor de ~ 12% de las acciones de FSTR.<\/p>\n<p><strong><span style=\"font-size: x-large;\">Conclusi\u00f3n:<\/span><\/strong><\/p>\n<p>No me deja intimidar la falta de visibilidad en el negocio operativo subyacente, agravada por la volatilidad actual en el ciclo de las materias primas. \u00bfEres como yo en este sentido? \u00bfTiene una firme creencia de que el precio de mercado est\u00e1 ah\u00ed para servirle? FSTR es un negocio simple y relativamente estable con problemas temporales. Lo que me atrajo de FSTR fue su alta capacidad de generaci\u00f3n de flujo de efectivo libre, uno de mis principios fundamentales de inversi\u00f3n de valor. El hecho de que FSTR est\u00e9 aumentando los ingresos, adem\u00e1s de estar mucho mejor posicionado y ser a\u00fan m\u00e1s rentable en 2-3 a\u00f1os es la guinda del pastel. Es dif\u00edcil decir con certeza cu\u00e1ndo cambiar\u00e1 esta inversi\u00f3n, pero estoy m\u00e1s que bien compensado por esta incertidumbre. Al precio por el que se negocia actualmente (~ $12), mi desventaja est\u00e1 muy bien protegida.<\/p>\n<p>Si desea realizar un seguimiento de las noticias financieras relevantes en tiempo real para LB Foster Co (NASDAQ: FSTR), compru\u00e9belo <a href=\"http:\/\/www.cityfalcon.com\/watchlists?assets=FSTR\" target=\"_blank\" rel=\"noopener noreferrer\">aqu\u00ed<\/a>.<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Descargo de responsabilidad: esta es una publicaci\u00f3n de invitado de Michael y no refleja las opiniones de CityFALCON y sus partes interesadas. LB Foster Co (NASDAQ: FSTR) Fecha: 11\/10\/2016 Precio: $12 Valoraci\u00f3n: F\u00e1cilmente $25 Descripci\u00f3n general del negocio: FSTR es un fabricante de productos para ferrocarril,\u2026 <a class=\"more-link\" href=\"https:\/\/www.cityfalcon.ai\/blog\/es\/investments\/l-b-foster-under-the-radar-and-undervalued\/\">Seguir leyendo \u2192<\/a><\/p>","protected":false},"author":9,"featured_media":1565,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[20],"tags":[121,50],"class_list":["post-1542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investments","tag-analysis","tag-stock"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>L.B Foster: Under the Radar and Undervalued.<\/title>\n<meta name=\"description\" content=\"FSTR is a manufacturer of products for rail, transportation, construction, energy. 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