📄 reut-00007.xml
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<?xml version="1.0"?><REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="5653" NEWID="110"> <DATE>26-FEB-1987 16:43:13.65</DATE> <TOPICS> <D>acq</D> </TOPICS> <PLACES> <D>usa</D> </PLACES> <PEOPLE/> <ORGS/> <EXCHANGES/> <COMPANIES/> <UNKNOWN>F f0061 reuteu f BC-AMERICAN-EXPRESS-<AXP 02-26 0108</UNKNOWN> <TEXT> <TITLE>AMERICAN EXPRESS <AXP> SEEN IN POSSIBLE SPINNOFF</TITLE> <AUTHOR>By Patti Domm, Reuter</AUTHOR> <DATELINE>New York, Feb 26 -</DATELINE> <BODY>American Express Co remained silent onmarket rumors it would spinoff all or part of its ShearsonLehman Brothers Inc, but some analysts said the company may beconsidering such a move because it is unhappy with the marketvalue of its stock. American Express stock got a lift from the rumor, as themarket calculated a partially public Shearson may command agood market value, thereby boosting the total value of AmericanExpress. The rumor also was accompanied by talk the financialservices firm would split its stock and boost its dividend. American Express closed on the New York Stock Exchange at72-5/8, up 4-1/8 on heavy volume. American Express would not comment on the rumors or itsstock activity. Analysts said comments by the company at an analysts'meeting Tuesday helped fuel the rumors as did an announcementyesterday of management changes. At the meeting, company officials said American Expressstock is undervalued and does not fully reflect the performanceof Shearson, according to analysts. Yesterday, Shearson said it was elevating its chiefoperating officer, Jeffery Lane, to the added position ofpresident, which had been vacant. It also created four newpositions for chairmen of its operating divisions. Analysts speculated a partial spinoff would make mostsense, contrary to one variation on market rumors of a totalspinoff. Some analysts, however, disagreed that any spinoff ofShearson would be good since it is a strong profit center forAmerican Express, contributing about 20 pct of earnings lastyear. "I think it is highly unlikely that American Express isgoing to sell shearson," said Perrin Long of Lipper Analytical.He questioned what would be a better investment than "a veryprofitable securities firm." Several analysts said American Express is not in need ofcash, which might be the only reason to sell a part of a strongasset. But others believe the company could very well ofconsidered the option of spinning out part of Shearson, and onerumor suggests selling about 20 pct of it in the market. Larry Eckenfelder of Prudential-Bache Securities said hebelieves American Express could have considered a partialspinoff in the past. "Shearson being as profitable as it is would have fetched abig premium in the market place. Shearson's book value is inthe 1.4 mln dlr range. Shearson in the market place wouldprobably be worth three to 3.5 bilion dlrs in terms of marketcapitalization," said Eckenfelder. Some analysts said American Express could use capital sinceit plans to expand globally. "They have enormous internal growth plans that takescapital. You want your stock to reflect realistic valuations toenhance your ability to make all kinds of endeavors down theroad," said E.F. Hutton Group analyst Michael Lewis. "They've outlined the fact that they're investing heavilyin the future, which goes heavily into the internationalarena," said Lewis. "...That does not preclude acquisitions anddivestitures along the way," he said. Lewis said if American Express reduced its exposure to thebrokerage business by selling part of shearson, its stock mightbetter reflect other assets, such as the travel relatedservices business. "It could find its true water mark with a lesser exposureto brokerage. The value of the other components could command ahigher multiple because they constitute a higher percentage ofthe total operating earnings of the company," he said. Lewis said Shearson contributed 316 mln in after-taxoperating earnings, up from about 200 mln dlrs in 1985. Reuter</BODY> </TEXT></REUTERS>⌨️ 快捷键说明
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