唉，爱疯上孩子的一段好录像删掉了# PhotoGear - 摄影器材
E*r
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source: http://seekingalpha.com/article/1896971-top-12-ideas-for-your-portfolio-in-2014?source=email_the_daily_dispatch&ifp=0
Cabela's Inc. (CAB)
Cabela's, one of the best stories in retail today, provides investors with a
unique "growth + value" opportunity. On the growth side, 2014 will be a
year in which the company starts an aggressive store growth campaign that
will double the total current square footage of the company's retail
business by 2017. That's only the beginning; considering the company
currently has only 50 stores, and sees the opportunity for up to 225 stores
between the US and Canada, there is at least 10 years on runway left on this
expansion. These large stores (can be up to 100K square feet) provide the
experience quality necessary to be successful in the changing landscape of
brick and mortar retail.
On the value side, we can think of CAB as a retail business and a credit
cards business. The sum-of-the parts of these two businesses is
significantly higher than the company's current value. Investors sometimes
overlook the credit card business, but it is actually a very attractive
asset. The company's card is one of the top 15 most used cards in the US,
and has an average FICO score of about 800. These characteristics make the
card very attractive to some of the major credit card companies for an
acquisition. Though I do not believe the company will sell the card in the
near future since the CFO comes from the credit card business, investors
have brought up the idea of a credit card spin-off and this action could
occur in the future.
To warn investors, there is some risk to the CAB story in the first-half of
the year. The company will be coming up against some very tough comps off of
last year's boom in the firearms business. I don't expect firearms to fair
as well this year, and we could see a sell-off occur because of this, but I
would be using any weakness as a buying opportunity. In the back-half of the
year, the story will become too good to ignore, and I expect the stock to
reach the $75 price level by the end of 2014. Overall, I like the sporting
goods segment of retail for 2014.
Cabela's Inc. (CAB)
Cabela's, one of the best stories in retail today, provides investors with a
unique "growth + value" opportunity. On the growth side, 2014 will be a
year in which the company starts an aggressive store growth campaign that
will double the total current square footage of the company's retail
business by 2017. That's only the beginning; considering the company
currently has only 50 stores, and sees the opportunity for up to 225 stores
between the US and Canada, there is at least 10 years on runway left on this
expansion. These large stores (can be up to 100K square feet) provide the
experience quality necessary to be successful in the changing landscape of
brick and mortar retail.
On the value side, we can think of CAB as a retail business and a credit
cards business. The sum-of-the parts of these two businesses is
significantly higher than the company's current value. Investors sometimes
overlook the credit card business, but it is actually a very attractive
asset. The company's card is one of the top 15 most used cards in the US,
and has an average FICO score of about 800. These characteristics make the
card very attractive to some of the major credit card companies for an
acquisition. Though I do not believe the company will sell the card in the
near future since the CFO comes from the credit card business, investors
have brought up the idea of a credit card spin-off and this action could
occur in the future.
To warn investors, there is some risk to the CAB story in the first-half of
the year. The company will be coming up against some very tough comps off of
last year's boom in the firearms business. I don't expect firearms to fair
as well this year, and we could see a sell-off occur because of this, but I
would be using any weakness as a buying opportunity. In the back-half of the
year, the story will become too good to ignore, and I expect the stock to
reach the $75 price level by the end of 2014. Overall, I like the sporting
goods segment of retail for 2014.
