{"id":1021,"date":"2013-04-14T21:17:54","date_gmt":"2013-04-14T20:17:54","guid":{"rendered":"http:\/\/blog.marosh.cz\/?p=1021"},"modified":"2013-04-14T21:17:54","modified_gmt":"2013-04-14T20:17:54","slug":"a-nektere-zase-ne","status":"publish","type":"post","link":"http:\/\/blog.marosh.cz\/index.php\/2013\/04\/14\/a-nektere-zase-ne\/","title":{"rendered":"… a n\u011bkter\u00e9 zase ne"},"content":{"rendered":"

Marn\u00e1 sl\u00e1va, du\u0161\u00ed jsem vesni\u010dan a zem\u011bd\u011blec. Kdy\u017e jsem byl mlad\u0161\u00ed a vyr\u00e1\u017eel za prac\u00ed do sv\u011bta, tak hotel na Islandu nebo pr\u00e1ce v kanadsk\u00e9 kav\u00e1rn\u011b nebyly \u0161patn\u00e9, ale pr\u00e1ce na farm\u00e1ch v D\u00e1nsku nebo v Anglii mi obzvl\u00e1\u0161\u0165 p\u0159irostla k srdci. P\u0159es v\u0161echnu tu d\u0159inu m\u00e1 zem\u011bd\u011blstv\u00ed sv\u00e9 kouzlo.<\/p>\n

Spoj\u00ed-li se to s n\u00e1zorem dal\u0161\u00edho z m\u00fdch obl\u00edbenc\u016f Jima Rogerse, \u017ee zem\u011bd\u011blstv\u00ed je v del\u0161\u00edm \u010dasov\u00e9m horizontu velice perspektivn\u00ed obor<\/a> (souhlas\u00edm), tak je jasn\u00e9, \u017ee investice do zem\u011bd\u011blstv\u00ed nestoj\u00ed stranou m\u00e9 pozornosti. Probl\u00e9m je, \u017ee na zem\u011bd\u011blstv\u00ed \u010dlov\u011bk t\u011b\u017eko doc\u00edl\u00ed zisku ve stovk\u00e1ch procent, pokud… pokud velice dob\u0159e nenakoup\u00ed.<\/p>\n

Tady m\u00e1m malou v\u00fdhodu d\u00edky sv\u00e9 pr\u00e1ci, kde ob\u010das p\u0159ijdu do styku s \u00da\u0159adem pro zastupov\u00e1n\u00ed st\u00e1tu ve v\u011bcech majetkov\u00fdch. To je \u00fa\u0159ad, kter\u00fd se mimo jin\u00e9 star\u00e1 o od\u00famrti, neboli majetek po zem\u0159el\u00fdch bez d\u011bdic\u016f. V\u011bt\u0161inou nemovitosti nevaln\u00e9 kvality (nam\u00e1tkov\u011b ov\u0161em celkem zaj\u00edmav\u00e9 byty v Praze \u2013 i v podob\u011b pod\u00edl\u016f v bytov\u00fdch dru\u017estvech), obstaro\u017en\u00ed vozidla, n\u011bjak\u00e9 um\u011bn\u00ed a hrobov\u00e1 p\u0159\u00edslu\u0161enstv\u00ed. \ud83d\ude42 Jednou v\u0161ak zem\u0159el n\u011bjak\u00fd drobn\u00fd investor, po kter\u00e9m zbyly akcie z kuponovky. Mimo podivn\u00fdch titul\u016f (\u010cesk\u00fd holding, a.s., p\u0159\u00edpadn\u011b t\u0159eba legendami op\u0159eden\u00fd ORL\u00cdK, a.s.) najednou \u00daZSVM nab\u00edzel i akcie cel\u00e9 \u0159ady zem\u011bd\u011blsk\u00fdch spole\u010dnost\u00ed \u2013 nejednalo se o spole\u010dnosti kotovan\u00e9 na burze (=hor\u0161\u00ed a\u017e \u0161patn\u00e1 likvidta), ale jinak to byly slu\u0161n\u011b hospoda\u0159\u00edc\u00ed a.s. a pokud se p\u00ed\u0161e rok 2013, tak s nejv\u011bt\u0161\u00ed pravd\u011bpodobnost\u00ed ji\u017e i ur\u010dit\u00fdm zp\u016fsobem \u010dasem prov\u011b\u0159en\u00e9.<\/p>\n

\"Solmilk<\/a>
Ve v\u00fdro\u010dn\u00ed zpr\u00e1v\u011b spol. Solmilk a.s. z Ole\u0161n\u00e9 psali, \u017ee jim dob\u0159e fr\u010d\u00ed BPSka, tak jsem jim ji musel zkontrolovat - je tam! \ud83d\ude42<\/figcaption><\/figure>\n

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Ve sb\u00edrce listin k nim byly dohledateln\u00e9 v\u00fdro\u010dn\u00ed zpr\u00e1vy, v\u010detn\u011b zpr\u00e1v auditor\u016f a \u00fa\u010detn\u00edch z\u00e1v\u011brek. \u010clov\u011bk si mohl ud\u011blat odhad o hospoda\u0159en\u00ed, atd. V prvn\u00edm kole akcie je\u0161t\u011b \u00daZSVM nab\u00edzel za nesmysl, ale v druh\u00e9m kole cenu brut\u00e1ln\u011b sn\u00ed\u017eil a ta byla v\u00edce ne\u017e p\u0159ijateln\u00e1. Po d\u016fkladn\u00e9m pr\u016fzkumu ter\u00e9nu (v\u00fdsledky hospoda\u0159en\u00ed, divedenda, jak\u00fdm sm\u011brem jdou investice spole\u010dnosti, nahlizenidokn – nemovitosti, Google maps a Street View pro nakouk\u00e1n\u00ed a\u017e na dv\u016fr, atd.) jsem pod\u00e1val nab\u00eddku na n\u011bkolik m\u00e1lo akciovek \u2013 ov\u0161em zdaleka nejzaj\u00edmav\u011bjs\u00ed byla mo\u017enost koupit 1,5% Zem\u011bd\u011blsk\u00e9 spole\u010dnost Nal\u017eovice, a.s., kde \u010dinila minim\u00e1ln\u00ed kupn\u00ed cena za bal\u00ed(\u010de)k akci\u00ed 124.480,- K\u010d, co\u017e byl v\u00fdsm\u011bch, proto\u017ee z\u00e1kladn\u00ed kapit\u00e1l spole\u010dnosti je asi 58 mio a vlastn\u00ed kapit\u00e1l p\u0159es 83 mio (podle \u010deho\u017e by hodnota vlastn\u00edho kapit\u00e1lu na 1,5% akci\u00ed byla milion a \u010dtvrt) – u\u017e to samo o sob\u011b k\u0159i\u010delo. A to nav\u00edc je\u0161t\u011b st\u00e1le nen\u00ed v\u0161echno (Horst Fuchs line!), proto\u017ee konkr\u00e9tn\u011b u t\u00e9to spole\u010dnosti \u0161lo t\u0159eba dos\u00e1hnout zaj\u00edmav\u00e9ho zisku i pouh\u00fdm rychl\u00fdm oto\u010den\u00edm. Pt\u00e1te se, jak je to v\u016fbec mo\u017en\u00e9? Nem\u00e1m Gabi, aby v\u00e1m to vysv\u011btlila, tak\u017ee mus\u00edm s\u00e1m. N\u011bkter\u00e9 akciov\u00e9 spole\u010dnosti nakupuj\u00ed sv\u00e9 vlastn\u00ed akcie, aby je potom se slevou prodaly preferovan\u00fdm akcion\u00e1\u0159\u016fm (zejm. sv\u00fdm zam\u011bstnanc\u016fm \u010di st\u00e1vaj\u00edc\u00edm akcion\u00e1\u0159\u016fm) \u2013 postup upraven\u00fd v \u00a7 161a z\u00e1k. \u010d. 513\/1991 Sb. aka ObchZ. Zem\u011bd\u011blsk\u00e1 spole\u010dnost Nal\u017eovice p\u0159esn\u011b takhle postupuje, kdy\u017e nakupuje akcie za 30% nomin\u00e1lu a prod\u00e1v\u00e1 zp\u00e1tky vyvolen\u00fdm za 10% nomin\u00e1lu. Pokud by tedy \u010dlov\u011bk koupil akcie od \u00daZSVM za cenu bl\u00edzkou minim\u00e1ln\u00ed kupn\u00ed cen\u011b (125 tis\u00edc K\u010d) a prodal samotn\u00e9 akciov\u00e9 spole\u010dnosti za (dle m\u00e9ho n\u00e1zoru nev\u00fdhodn\u00fdch) t\u0159icet procent nomin\u00e1lu (t.j. 263 tis\u00edc K\u010d), dalo se na tom ud\u011blat celkem rozumn\u00fdch plus\/minus sto procent. Nebo by si taky mohl \u010dlov\u011bk akcie ponechat a pob\u00edrat divi, kter\u00e1 by mu je za n\u011bjak\u00fdch deset \u2013 patn\u00e1ct let zaplatila. Bohu\u017eel nakonec to bylo v\u0161echno jinak \u2013 j\u00e1 dal nab\u00eddku p\u0159i minim\u00e1ln\u00ed kupn\u00ed cen\u011b a n\u011bkdo jin\u00fd si t\u00e9to p\u0159\u00edle\u017eitosti v\u0161iml tak\u00e9 a nab\u00eddl v\u00edce. Hodiny re\u0161er\u0161ov\u00e1n\u00ed sice p\u0159i\u0161ly vnive\u010d, ale holt jak \u0159\u00edkaj\u00ed ve Francii… c\u2019est la vie!<\/p>\n

\"V\u00fdpo\u010det<\/a>
Neum\u011bl jsem vypo\u010d\u00edtat hodnotu spole\u010dnosti metodou kapitalizovan\u00fdch \u010dist\u00fdch zisk\u016f - tak jsem st\u00e1hnul posudek od financezlin.cz na akcie n\u011bjak\u00e9 jin\u00e9 zem\u011bd\u011blsk\u00e9 spole\u010dnosti a jen si tam narval data zem. spole\u010dnosti Nal\u017eovice, kter\u00e1 m\u011b zaj\u00edmala. \ud83d\ude42<\/figcaption><\/figure>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Marn\u00e1 sl\u00e1va, du\u0161\u00ed jsem vesni\u010dan a zem\u011bd\u011blec. Kdy\u017e jsem byl mlad\u0161\u00ed a vyr\u00e1\u017eel za prac\u00ed do sv\u011bta, tak hotel na Islandu nebo pr\u00e1ce v kanadsk\u00e9 kav\u00e1rn\u011b nebyly \u0161patn\u00e9, ale pr\u00e1ce na farm\u00e1ch v D\u00e1nsku nebo v Anglii mi obzvl\u00e1\u0161\u0165 p\u0159irostla k srdci. P\u0159es v\u0161echnu tu d\u0159inu m\u00e1 zem\u011bd\u011blstv\u00ed sv\u00e9 kouzlo. Spoj\u00ed-li se to s n\u00e1zorem […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[21,139,172,315,354,386],"_links":{"self":[{"href":"http:\/\/blog.marosh.cz\/index.php\/wp-json\/wp\/v2\/posts\/1021"}],"collection":[{"href":"http:\/\/blog.marosh.cz\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/blog.marosh.cz\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/blog.marosh.cz\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/blog.marosh.cz\/index.php\/wp-json\/wp\/v2\/comments?post=1021"}],"version-history":[{"count":0,"href":"http:\/\/blog.marosh.cz\/index.php\/wp-json\/wp\/v2\/posts\/1021\/revisions"}],"wp:attachment":[{"href":"http:\/\/blog.marosh.cz\/index.php\/wp-json\/wp\/v2\/media?parent=1021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/blog.marosh.cz\/index.php\/wp-json\/wp\/v2\/categories?post=1021"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/blog.marosh.cz\/index.php\/wp-json\/wp\/v2\/tags?post=1021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}