{"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\/it\/investments\/l-b-foster-under-the-radar-and-undervalued\/","title":{"rendered":"LB Foster: sotto il radar e sottovalutato"},"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>Dichiarazione di non responsabilit\u00e0: questo \u00e8 un guest post di Michael e non riflette le opinioni di CityFALCON e dei suoi stakeholder.<\/em><\/strong><\/p>\n<p><strong><span style=\"font-size: x-large;\">LB Foster Co (NASDAQ:FSTR)<\/span><\/strong><\/p>\n<p>Data: 10\/11\/2016<br \/>\nPrezzo: $12<br \/>\nValutazione: <em>Facilmente<\/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;\">Panoramica delle attivit\u00e0 aziendali: <\/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\">Fonte: sito web FSTR<\/p><\/div>\n<p>FSTR \u00e8 un produttore di prodotti per ferrovie, trasporti, costruzioni, energia. Il prezzo delle sue azioni \u00e8 crollato dal 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=\"Fonte: FSTR, delega 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\">Fonte: FSTR, delega 2015.<\/p><\/div>\n<p>Nessun singolo cliente ha rappresentato pi\u00f9 di 10% delle vendite nette dell&#039;azienda negli ultimi anni, questo rende le operazioni dell&#039;azienda pi\u00f9 resilienti e il flusso di entrate futuro sar\u00e0 pi\u00f9 diversificato e meno volatile. Questi, col tempo, si uniranno per richiedere un multiplo pi\u00f9 alto da assegnare ai guadagni.<\/p>\n<p><strong><span style=\"font-size: x-large;\">Panoramica dei segmenti operativi:<\/span><\/strong><\/p>\n<p>FSTR \u00e8 abbastanza ben diversificato:<\/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\">Fonte: FSTR, 2015 10-K<\/p><\/div>\n<p><strong>Prodotti e servizi ferroviari (~50% di entrate):<br \/>\n<\/strong>Rail Distribution vende nuova ferrovia, principalmente a ferrovie passeggeri e merci a corto raggio, societ\u00e0 industriali e appaltatori ferroviari per la sostituzione di linee esistenti o l&#039;espansione di nuove linee. Anche se l&#039;industria del carbone ha avuto due anni terribili, negli Stati Uniti si cominciano a vedere alcuni germogli verdi. E mentre \u00e8 decisamente troppo presto per iniziare a parlare di ripresa, credo che questo settore abbia toccato il fondo e societ\u00e0 di servizi a monte come FSTR che hanno sofferto di una mancanza di manutenzione e spese ferroviarie nei prossimi 12-18 mesi saranno beneficiarie di questa ripresa, quando finalmente arriva.<\/p>\n<p><strong>Prodotti da costruzione (~30% di entrate):<br \/>\n<\/strong>Questo segmento \u00e8 costituito da prodotti per palancole. Si tratta di profilati strutturali in acciaio ad incastro generalmente utilizzati per fornire sostegno laterale nei cantieri (vedi foto sotto). Questo segmento dell&#039;attivit\u00e0 sta attualmente risentendo del crollo dell&#039;eccesso di offerta di acciaio, che ha fatto crollare il prezzo nella parte posteriore del 2015 e nel 2016 (vedi grafico sotto):<\/p>\n<p><strong>Tubular and Energy Services (difficile qui dire l&#039;% di fatturato, perch\u00e9 era cresciuto per acquisizioni, ma questo segmento, secondo me, \u00e8 troppo instabile e giovane per dirlo con certezza. Matematicamente per portarlo a 100% dir\u00f2 ~20%):<br \/>\n<\/strong>Nell&#039;ultimo trimestre hanno dovuto effettuare svalutazioni delle attivit\u00e0 acquisite (principalmente Inspection Oilfield Services, Inc. (&quot;IOS&quot;)). Maggiori informazioni su questi addebiti per svalutazioni non in contanti di seguito.<\/p>\n<p><strong><span style=\"font-size: x-large;\">Ulteriori dettagli sui segmenti operativi di FSTR: <\/span><\/strong><\/p>\n<p>Sebbene FSTR abbia tre segmenti operativi, la maggior parte dei suoi ricavi proviene da due segmenti. Ma \u00e8 il terzo e pi\u00f9 piccolo segmento, Tubular and Energy Services, che ha causato la maggior parte del &quot;rumore&quot; nei 9 mesi fino ad oggi del 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>Prodotti e servizi ferroviari (~50% di entrate):<br \/>\n<\/strong>Il mercato ferroviario merci del Nord America continua ad avere problemi. Conosco abbastanza bene l&#039;industria del carbone e ho beneficiato in modo significativo della mia Cloud Peak Energy (CLD). Era una tesi molto lunga e contorta, ma la tesi breve era che l&#039;industria del carbone non era morta, che non ci sarebbe stato tanto carbone estratto ed esportato quanto storicamente, ma una volta che il gas naturale avesse attraversato $2.50, il carbone sarebbe tornato essere acquistati centrali elettriche negli Stati Uniti. Attualmente il gas naturale viene scambiato per ~<strong><u>$3.11<\/u><\/strong> e come puoi vedere nel grafico sottostante, gli investitori si sentono molto fiduciosi nel pagare per il futuro flusso di guadagni di CLD. (A proposito, ho lanciato CLD al Value Investor Club di Ruzbeh il 7 luglio 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>Quindi, mentre le materie prime, come il carbone e il petrolio, hanno apparentemente toccato il fondo del ciclo, aziende come FSTR (e altre coinvolte nel trasporto di materie prime) beneficeranno dell&#039;inversione di tendenza nel mercato dell&#039;energia:<\/p>\n<p><em>\u201c\u2026<\/em><em>il carbone ha aperto la strada con i carichi di vagoni merci, il carbone \u00e8 diminuito di 27% e non molto indietro sono stati i prodotti petroliferi che sono diminuiti di 22%\u201d. <\/em><\/p>\n<p>Dalla trascrizione del secondo trimestre 2016 di FSTR.<\/p>\n<p><em>&quot;Quindi prevediamo che ci sar\u00e0 una continua ristrutturazione da parte di tutti i vettori ferroviari merci, non prevediamo che il volume di carbone torni ai livelli dell&#039;anno precedente, dato il <u>transizione in corso verso il gas naturale<\/u>\u2026\u201d<\/em><\/p>\n<p>Dalla trascrizione del secondo trimestre 2016 di FSTR.<\/p>\n<p>Ma l&#039;ironia \u00e8 che, al momento della trascrizione 100% era accurata, ma da allora i prezzi del gas naturale sono schizzati alle stelle.<\/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>Prodotti da costruzione (~30%):<\/strong><\/p>\n<p><em>&quot;La nostra attivit\u00e0 di palificazione continua a essere influenzata dai prezzi dell&#039;acciaio bassi che stanno influenzando sia i nostri ricavi principali che la nostra capacit\u00e0 di garantire affari&quot;.<\/em><\/p>\n<p>Dalla trascrizione del secondo trimestre 2016 di FSTR.<\/p>\n<p>Il segmento operativo dei prodotti da costruzione rappresenta circa 30% delle entrate totali. Di recente, i prezzi dell&#039;acciaio hanno iniziato a invertire la tendenza, o almeno hanno toccato il fondo del ciclo, vedere il grafico sottostante. Tuttavia, gli investitori non stanno nemmeno considerando che questo segmento sar\u00e0 mai di nuovo redditizio, lasciando molti soldi sul tavolo.<\/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=\"Fonte: sito web di 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\">Fonte: sito web di 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=\"Fonte: 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\">Fonte: <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>Tuttavia, come potete vedere nel picco a met\u00e0 del 2016, penso che il prezzo sembri essersi leggermente ripreso. Si potrebbe obiettare che \u00e8 troppo presto per saperlo con certezza, ma per come stanno le cose, al prezzo attuale possiamo prendere FSTR, sembra che Street abbia lasciato questo segmento per morto.<\/p>\n<p>Il Wall Street Journal riporta di recente: &quot;Le esportazioni cinesi di acciaio diminuiscono per il secondo mese consecutivo, tendenza che probabilmente sar\u00e0 accolta con favore dai rivali globali che si sono lamentati di un eccesso di offerta&quot;, dimostrando che l&#039;acciaio, essendo una merce ciclica, col tempo si riprender\u00e0 .<\/p>\n<p><strong><span style=\"font-size: x-large;\">Oneri di svalutazione: <\/span><\/strong><br \/>\nIl motivo per cui questa societ\u00e0 sta vendendo a un prezzo angosciato \u00e8 a causa delle sue spese di svalutazione non in contanti e della mancanza di visibilit\u00e0. FSTR ha dovuto inserire nel suo bilancio gli oneri di svalutazione non in contanti, per le societ\u00e0 per le quali ha pagato in eccesso nel 2015, quando ha sbagliato a programmare il fondo del ciclo energetico. La direzione di FSTR pensava di fare un affare, ma col senno di poi si \u00e8 sbagliato. Quindi $103m di svalutazioni sono state addebitate al conto economico per un segmento (Tubular and Energy Services) che genera solo circa $34m di ricavi (ovvero 20% di ricavi totali). Posso sicuramente vivere con questo.<\/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=\"Fonte: calcoli dell&#039;autore\" 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\">Fonte: calcoli dell&#039;autore<\/p><\/div>\n<p><strong><span style=\"font-size: x-large;\">Posizione finanziaria:<\/span><\/strong><\/p>\n<p>Prenditi il tuo tempo per guardare i dati finanziari.<\/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=\"Fonte: calcoli dell&#039;autore\" 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\">Fonte: calcoli dell&#039;autore<\/p><\/div>\n<p>Gli elementi a cui prestare attenzione sono:<\/p>\n<ul>\n<li>Redditivit\u00e0, stabilit\u00e0, FCF, dividendo<\/li>\n<li>FSTR \u00e8 sempre redditizio a parte adesso<\/li>\n<li>FSTR \u00e8 molto stabile e in crescita, non volatile.<\/li>\n<li>Margine di flusso di cassa libero molto elevato (FCF\/ricavi di 6,1%)<\/li>\n<li>Cresce il dividendo<\/li>\n<li>Rapporto corrente di 2,2x<\/li>\n<li>Il numero totale di azioni in circolazione \u00e8 molto stabile<\/li>\n<\/ul>\n<p><strong><span style=\"font-size: x-large;\">Valutazione:<\/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=\"Fonte: 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\">Fonte: Morningstar.com<\/p><\/div>\n<p>Gli investitori sono stati abbastanza felici di pagare 0,7 P\/S per questa attivit\u00e0 ad alta intensit\u00e0 di capitale negli ultimi 5 anni e ottenere un dividendo di 0,5%. Ora, gli investitori pagheranno solo 0,2 su un P\/S. FSTR sta vendendo a un prezzo molto basso. Gli investitori non vedono l&#039;affare disponibile.<\/p>\n<p><strong><span style=\"font-size: x-large;\">Concorrenza:<\/span><\/strong><\/p>\n<p>Acciaio Olimpico (ticker ZEUS); American Railcar Industries Inc (ticker ARII). Come puoi vedere dalle relative tabelle sottostanti, entrambe queste societ\u00e0 sono pi\u00f9 o meno scambiate per il fair value.<\/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=\"Fonte: 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\">Fonte: 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=\"Fonte: 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\">Fonte: Morningstar.com<\/p><\/div>\n<p><strong><span style=\"font-size: x-large;\">13D (gli investitori dovrebbero riconoscere questo deposito SEC e sentirsi a proprio agio, ma se non lo ricordi, questo deposito significa attivismo degli azionisti):<\/span><\/strong><\/p>\n<p>Gli attivisti hanno ottenuto un posto nel Consiglio. E hanno continuato ad acquistare azioni nel mercato aperto e hanno speso circa $3m acquisendo circa ~ 12% di azioni di FSTR.<\/p>\n<p><strong><span style=\"font-size: x-large;\">Conclusione:<\/span><\/strong><\/p>\n<p>Non sono scoraggiato dalla mancanza di visibilit\u00e0 nel business operativo sottostante, esacerbata dall&#039;attuale volatilit\u00e0 nel ciclo delle materie prime. Sei come me in questo senso? Credi fermamente che il prezzo di mercato sia l\u00ec per servirti? FSTR \u00e8 un&#039;attivit\u00e0 semplice e relativamente stabile con problemi temporanei. Ci\u00f2 che mi ha attratto di FSTR \u00e8 stata la sua elevata capacit\u00e0 di generazione di flussi di cassa gratuiti, uno dei miei principi di investimento di valore fondamentale. Il fatto che FSTR stia aumentando i ricavi, oltre ad essere posizionato molto meglio e ad essere ancora pi\u00f9 redditizio in 2-3 anni \u00e8 la ciliegina sulla torta. \u00c8 difficile dire con certezza quando questo investimento cambier\u00e0, ma sono pi\u00f9 che ben compensato per questa incertezza. Al prezzo attualmente scambiato (~ $12) il mio ribasso \u00e8 molto ben protetto.<\/p>\n<p>Se desideri tenere traccia delle notizie finanziarie rilevanti in tempo reale per LB Foster Co (NASDAQ: FSTR), dai un&#039;occhiata <a href=\"http:\/\/www.cityfalcon.com\/watchlists?assets=FSTR\" target=\"_blank\" rel=\"noopener noreferrer\">qui<\/a>.<\/p>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>Dichiarazione di non responsabilit\u00e0: questo \u00e8 un guest post di Michael e non riflette le opinioni di CityFALCON e dei suoi stakeholder. LB Foster Co (NASDAQ:FSTR) Data: 10\/11\/2016 Prezzo: $12 Valutazione: Facilmente $25 Panoramica aziendale: FSTR \u00e8 un produttore di prodotti per ferrovia,\u2026 <a class=\"more-link\" href=\"https:\/\/www.cityfalcon.ai\/blog\/it\/investments\/l-b-foster-under-the-radar-and-undervalued\/\">Continua a leggere \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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