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Textainer Group Holdings（TGH）株式概要
Textainer Group Holdings Limited, through its subsidiaries, engages in the purchase, ownership, management, leasing, and disposal of a fleet of intermodal containers worldwide. 詳細
TGH Community Fair Values
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Textainer Group Holdings Limited 競合他社
価格と性能
| 過去の株価 | |
|---|---|
| 現在の株価 | US$49.99 |
| 52週高値 | US$50.15 |
| 52週安値 | US$30.22 |
| ベータ | 1.02 |
| 1ヶ月の変化 | 0.54% |
| 3ヶ月変化 | 1.65% |
| 1年変化 | 59.41% |
| 3年間の変化 | 82.71% |
| 5年間の変化 | 375.19% |
| IPOからの変化 | 194.06% |
最新ニュース
Recent updates
Seeking Alpha • Jan 23
Textainer Group Holdings Limited Trading At An Estimated 6.85% Yield-To-Close
Summary Textainer Group Holdings Limited is being acquired by private equity firm Stonepeak for $50 per share. A shareholder vote is scheduled for 02/22/2024, with a potential annualized return of ~6.85% if the deal closes by the end of February. Approval from the Chinese TFTC is still needed, but it is expected to be attained in Q1 2024. Read the full article on Seeking AlphaSeeking Alpha • Oct 25
Textainer Group: Fair Go-Private Offers Immediate Capital Gains
Summary Textainer Holdings has accepted a go-private offer from private equity group Stonepeak, resulting in the company being delisted. Stonepeak's all-cash offer is attractive and represents the highest-ever share price for Textainer. The proposed deal ensures that every shareholder, both common and preferred, will make a profit. Read the full article on Seeking Alpha分析記事 • Oct 19
An Intrinsic Calculation For Textainer Group Holdings Limited (NYSE:TGH) Suggests It's 20% Undervalued
Key Insights Textainer Group Holdings' estimated fair value is US$44.24 based on 2 Stage Free Cash Flow to Equity...Seeking Alpha • Oct 16
Textainer Group Holdings: Still Upside Potential
Summary Textainer Group Holdings Limited has seen a 40% increase in share price in the last 12 months and is trading at a fair valuation. TGH operates in the global intermodal container industry and specializes in the ownership and management of containers. TGH is expected to see an uptick in revenues in the third and fourth quarters, which could lead to another increase in share price. Read the full article on Seeking AlphaSeeking Alpha • Oct 06
Textainer: I Like The 8.3% Yielding Preferred Shares
Summary Textainer has seen its revenues decrease but remains profitable despite a slowdown in the world economy. The company has been buying back its own shares and has stabilized its debt levels. The preferred shares of Textainer offer an attractive risk/reward ratio, with higher yields and potential for dividend resets. Read the full article on Seeking Alpha分析記事 • Oct 03
We Like These Underlying Return On Capital Trends At Textainer Group Holdings (NYSE:TGH)
There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to...分析記事 • Aug 18
What Is Textainer Group Holdings Limited's (NYSE:TGH) Share Price Doing?
Textainer Group Holdings Limited ( NYSE:TGH ), is not the largest company out there, but it saw a double-digit share...分析記事 • Jul 20
These 4 Measures Indicate That Textainer Group Holdings (NYSE:TGH) Is Using Debt In A Risky Way
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...Seeking Alpha • Jul 13
Textainer Group Holdings: A Brilliant Management Driving Value For Shareholders
Summary Textainer Group Holdings Limited has seen a 157% increase in its stock value over the past five years, with a 48.45% increase in the past year due to strong management and strategic industry approach. Despite a challenging macroeconomic environment and falling demand, the company has maintained a high utilization rate of 98.8% and reduced interest expenses through deleveraging and strategic implementation. The company’s total shareholder return over the past three years is 425%, significantly higher than the sector’s return, and it has also returned capital to shareholders through share buybacks. Read the full article on Seeking Alpha分析記事 • Jun 07
A Look At The Fair Value Of Textainer Group Holdings Limited (NYSE:TGH)
Key Insights Using the 2 Stage Free Cash Flow to Equity, Textainer Group Holdings fair value estimate is US$46.40 With...分析記事 • May 07
Textainer Group Holdings (NYSE:TGH) Is Increasing Its Dividend To $0.30
Textainer Group Holdings Limited ( NYSE:TGH ) will increase its dividend from last year's comparable payment on the...分析記事 • Apr 13
If EPS Growth Is Important To You, Textainer Group Holdings (NYSE:TGH) Presents An Opportunity
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...分析記事 • Mar 13
Should You Think About Buying Textainer Group Holdings Limited (NYSE:TGH) Now?
Textainer Group Holdings Limited ( NYSE:TGH ), might not be a large cap stock, but it saw a double-digit share price...分析記事 • Feb 17
Textainer Group Holdings' (NYSE:TGH) Dividend Will Be Increased To $0.30
Textainer Group Holdings Limited ( NYSE:TGH ) will increase its dividend from last year's comparable payment on the...Seeking Alpha • Feb 13
Textainer Group Holdings Q4 2022 Earnings Preview
Textainer Group Holdings (NYSE:TGH) is scheduled to announce Q4 earnings results on Tuesday, February 14th, before market open. The consensus EPS Estimate is $1.43 (-2.1% Y/Y) and the consensus Revenue Estimate is $210.47M (+6.2% Y/Y). Over the last 2 years, TGH has beaten EPS estimates 100% of the time and has beaten revenue estimates 13% of the time.分析記事 • Jan 26
Textainer Group Holdings' (NYSE:TGH) Returns On Capital Are Heading Higher
If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...Seeking Alpha • Jan 19
Textainer Holdings: A 9.1% Yield To Call On The Preferred Shares
Summary Textainer is one of the largest container lessors in the world. The preferred dividend coverage is excellent, making the preferred shares attractive from a risk/reward perspective. The company will likely spend excess cash flow on reducing its gross debt, to smoothen out the impact of interest rate increases. Introduction I like the preferred shares issued by container lessors. In a recently published article, I had a closer look at Triton International (TRTN) and its preferred shares, and as it has been a while since I last discussed the preferred shares issued by Textainer Group Holdings (TGH), I figured it is time for an update here as well. Data by YCharts Stellar results in the third quarter, while the cash flows also remain strong During the third quarter, Textainer's total revenue came in at $205M while the operating expenses were just $106M (including in excess of $73M in depreciation and amortization expenses. Throwing in the $22.8M in gains on the sale of containers results in an operating income of just over $123M. That's an increase of approximately 8% compared to the third quarter of 2021. Textainer Investor Relations The interest expenses increased (and will likely continue to increase) but this still meant the company was able to post a pre-tax income increase of more than 20% thanks to the non-recurring debt termination expenses which was incurred in the third quarter of last year. Textainer pays virtually no taxes and the net income for the third quarter was $81.4M. The preferred equity required almost $5M in cash payments to cover the preferred dividends which means the bottom line shows a net income attributable to the common shareholders of Textainer of $76.4M, for an EPS of $1.66 based on the average share count of 45.9M shares outstanding. As of the end of the third quarter, the exact share count had already decreased to less than 45M shares which will provide an additional boost to the EPS in the next few quarters. The strong third quarter helped to boost the reported net income in the first nine months, and Textainer reported a net income of just under $228M for an EPS of $4.82. This is based on an average share count of in excess of 47.2M shares and that share count is now more than 5% lower. Textainer Investor Relations As the initial craziness on the container market is now over, Textainer's capex has dropped off a cliff. The cash flow statement below shows the company reported an operating cash flow of $538M in the first nine months of the year, but this includes a contribution of $122M from working capital elements while we still need to deduct the $15M in preferred dividend payments. Textainer Investor Relations On an adjusted basis, the operating cash flow was approximately $400M, which is still more than 5% higher than the $382M in the first nine months of 2021. The capex will likely continue to be pretty low in the foreseeable future as on the Q3 conference call, Textainer's management mentioned it sees limited capex opportunities and prefers to pay back debt to avoid getting hit with higher interest rates. As we noted earlier, we expect limited CapEx opportunities in the near term, and we may elect to deliver the unhedged components of our debt financing in order to minimize the impact of higher interest rates from this portion of our debt. I'm not too worried about the debt as the vast majority either has a fixed interest rate or is hedged. But looking at the repayment schedule, about $400M in debt will have to be refinanced this year and we will likely see a gradual increase of the cost of debt. Textainer Investor Relations I own both series of the preferred shares For a breakdown of the preferred shares I'd like to refer you to my previous article, but a very brief recap makes sense. The B-Series (TGH.PB) have a fixed preferred dividend rate of 6.25% per year and based on the share price at the closing bell on Wednesday ($20.33), the yield is approximately 7.7%. The Series A (TGH.PA) have a preferred dividend yield of 7% and closed at $23.47 on Wednesday, resulting in a yield of 7.45%. It appears the choice is easy and the Series B have a higher yield. That is true, but the A-series have a special kicker. After an initial five-year period (ending on June 15, 2026), the preferred shares can be called by Textainer. If that doesn't happen, the preferred dividend will be reset to the five-year Treasury rate plus a mark up of 6.134%. As you can see below, the 5 year US Treasury Bond currently has a yield of 3.6% (down from close to 4.5% just a few months ago). This means that if the preferred dividend would be reset today, the preferred dividend would come in at $2.43 per share. Which would result in a yield of almost 10.4%.分析記事 • Dec 06
Is Textainer Group Holdings (NYSE:TGH) Using Too Much Debt?
Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...分析記事 • Nov 16
Textainer Group Holdings (NYSE:TGH) Will Pay A Dividend Of $0.25
Textainer Group Holdings Limited ( NYSE:TGH ) has announced that it will pay a dividend of $0.25 per share on the 15th...Seeking Alpha • Oct 27
Textainer Group And Triton International: Box Lessors Offer Record Value And Cash Flows
Summary Textainer Group and Triton International are the largest container lessors in the market. Both companies have benefitted from the boom in the containership market, but the market fails to appreciate the attractiveness of the ongoing earnings quality and free cash flow potential. Given the long-term nature of the contracts signed throughout 2021, these companies have locked-in attractive returns throughout most of the coming decade, including new growth fixed into the 2030s. TGH is trading at a cheaper valuation than TRTN, and as FCF increases given the slowdown on capex spending, this value will become apparent as dividends are increased and share repurchases accelerated. Note: This report was previously shared with members of Value Investor’s Edge on October 25th, 2022. Box Leasing Overview Textainer Group (TGH) is one of the largest container lessors in the world, second only to Triton International (TRTN), the largest publicly traded entity in the space. Both companies have posted strong performance since the depths of the pandemic, but they are still trading at a large discount to normalized valuations. TGH trades even cheaper than TRTN even as free cash flow is surging, backed by long-term contracts extending, in some cases, into the 2030s. TGH and TRTN are leasing companies; they acquire the underlying asset, in this case, container boxes, and lease them to liners, who use those in their day-to-day operations. As is the case in other industries, leasing allows for capacity additions with minimal capex outlay for the lessee. TGH, similarly to TRTN, pursued a gigantic growth program throughout 2021, taking delivery of $2B worth of containers, which, for illustrative purposes, represents more than the company’s current market capitalization. The growth program was secured at very attractive terms, both considering the long-term nature of most contracts as well as regarding the cash-on-cash returns (estimated at slightly above 10%). TGH and TRTN run leveraged operations, but this is not concerning given the nature of the long-term contracts on the boxes as well as due to the extremely low margins they have managed to secure the cost of their indebtedness at. Rising interest rates are a significant concern for leveraged companies in the prevailing interest rate environment, but 91% TGH’s debt and 86% of TRTN’s indebtedness is either fixed or hedged, which protects these firms against rising interest rates (both firms strive to match contract duration with fixed/hedged debt duration). Last year, growth capex weighed on shareholder returns, but alongside Q2-22 results the amount of cash spent on share repurchases increased substantially on a quarter-over-quarter basis, and I expect additional increases going forward. I also expect both entities to raise their dividends in the near-term (although TGH’s dividend raise should be larger and will most likely be announced alongside the upcoming Q3 results in a few weeks). Container Box Leasing TGH and TRTN are leasing companies, similar to the likes of AerCap (AER) in the aviation industry, but instead of leasing aircraft, they lease container boxes. The lead time for ordering new containers amounts to a few months, generally from three to six, which provides a lot of flexibility to market participants relative to other leasing markets such as shipping, where lead times tend to be closer to two years. For good or ill, this tends to smooth out the extreme volatility other shipping segments experience, considering supply can more easily adjust to both upturns and downturns (although the container box leasing market has also experienced a boom alongside the containership sector). As can be seen in the image below, new box pricing tends to vary from around $1,500 to $2,500/TEU, with 2021 being the most notable exception, with prices reaching nearly $4,000/TEU, although they have eased significantly over the past few months and are back at the higher end of normalized historical pricing (and will most likely continue to ease going forward, depending on global steel prices). Source: TRTN’s August Presentation, slide 17. The substantial increase in containerized demand due to both port congestion and higher demand resulted in a similar increase in demand for container boxes, exerting a positive effect on box leasing rates, which ultimately led to a substantial increase in newbuild ordering, as can be seen in the image below. Box additions to the overall fleet doubled from 2020 to 2021; however, orders/deliveries have started 2022 on a weaker note, as can be seen in the image below. Source: TRTN’s August Presentation, slide 18. Regarding the supply side of the container box market, the four largest manufacturers account for more than 90% of global production volume (link), both for the dry and the refrigerated markets. Both TRTN and TGH have built extensive relationships with these manufacturers, whereas there is little incentive to compete on price and saturate the market given the concentrated nature of the sector. As can be seen in the image below, tightness in the container box leasing market led to very high second-hand pricing, which resulted in a decent increase in profitability for both TGH and TRTN. For instance, TGH’s gain on sale of owned fleet containers increased from $27.2M in 2020 to $67.2M in 2021, whereas in H1-22 they have realized closer to $39.1M. TRTN is in a similar position, with gains on sales increasing from $37.7M in 2020 to $107M in 2021, followed by a further $64M in gains in H1-22. Source: TGH’s Q2 earnings presentation, slide 8. Gains on sales have been significant, with some boxes sold for more than they were initially purchased for over a decade prior! However, going forward, I expect gains on sales to normalize (thus exerting downward pressure on current profitability levels from legacy boxes). Though, increased volumes should offset part of this effect (i.e., pricing on a per box basis will be significantly lower, but volumes will increase noticeably, offsetting part of the effect). However, core profitability is set to remain well above historical averages due to the growth which came online throughout 2021 and during early-2022. A significant portion of the growth secured throughout 2021 (as well as some legacy leases renegotiated throughout prevailing strength) cover the entire life of the boxes, underpinning long-term returns, extending into the early-2030s. Financial Profile Container box lessors carry heavily indebted balance sheets; however, this is not a major concern given the amount of fixed-rate and hedges they hold. In the image below, we can see the profile of TGH’s indebtedness. 91% of it is either fixed or hedged, which will help isolate performance from interest rate gyrations. Interest costs will increase as floating rate debt has become much pricier, but the overall effect should remain contained and overall debt levels will come down over time. Source: TGH’s Q2 earnings presentation, slide 13. TGH currently has a debt to assets (“D/A”) ratio of around 72%, whereas, as a rule of thumb, new boxes are initially leveraged at closer to 80%. TRTN is in a similar position, with its debt to assets sitting at 67%. The latter also carries a decent amount of fixed or hedged debt, with 86% of outstanding indebtedness (as of Q2-22) covered against interest rate increases. Considering the amount of debt on both TGH’s and TRTN’s balance sheets, if they were unhedged, they would be an obvious avoid (or even short) amidst current market conditions. However, both companies have done an outstanding job fixing their interest rate exposure, usually for period lengths similar to their fixed-rate rental periods, limiting volatility and locking-in long-term returns. Interest costs will increase, that’s a given, but the near- as well as medium-term impact should be limited given the extensive fixed-rate debt and hedges. Regarding the impact interest rate increases will have on the company’s operations and returns, those should also be rather limited; new leases will have to be repriced higher (to account for the new interest rate environment), or else no new orders will be placed by TRTN and TGH. TRTN does have a slight edge regarding interest rate margins, reporting an effective interest rate of 2.54% for Q2, whereas TGH’s effective interest rate came in at closer to 2.62%. Though, TGH does have slightly higher fixed-rate cover (as of Q2 end), which should provide a tailwind going forward. Valuation Review Both companies provide insightful commentary on their cash flow profile and on the potential avenues for future capital allocation. In the image below, we can see TRTN’s OCF profile (Q2 annualized). Even after spending $900M in replacement capex (which “approximates depreciation, NBV of disposals, and principal payments on finance leases”), the company is currently trading at a FCFe yield of 19.8% (the company is trading below the levels used to make the calculations below). And this is even after factoring in future replacement capex! Source: TRTN’s Q2 earnings presentation, slide 10. If we wanted to be a tad more conservative, and decided to increase run-rate interest expenses by $10M/qtr (a 18.2% increase over Q2 levels) and to reduce net gains on sales to closer to $5M/qtr (which seems on the very conservative side in the medium-term), cash flow before capex would decrease to around $1,450M, which would still represent a 15.3% FCFe yield after deducting replacement capex, which is a significant return from a firm with such long-term contracts. In the image below we can see a similar slide for TGH. Assuming the company spends the estimated $652M in replacement capex, which at an 80% D/A would imply a $130.4M equity outlay, FCFe would amount to $418M, for a 31.2% yield on current pricing. Source: TGH’s Q2 earnings presentation, slide 14. However, to be on the conservative side, we could increase quarterly interest expenses by around $7M from Q2 levels (15.7% increase), while also lowering gains on sales to $3M (which is very conservative given historical pricing and sales volumes). These changes would decrease net cash available for capital allocation (after debt service) by $108.8M, to $440.6M, which after replacement capex, would ultimately lead to a FCFe yield of around 23.1%. TGH does seem to be trading at a higher FCF yield after replacement capex, but TRTN has a slight edge regarding interest rate costs and ROE, while also being the market leader (which should lead to a slight premium). Regarding stated ROEs, TRTN has been consistently able to generate a higher ROE than TGH; annualizing Q2 results, TRTN generated a 29.8% return on equity, relative to TGH’s 20%. However, this is already accounted for by the market considering TRTN is trading at a hefty premium to book value, whereas TGH is trading at a discount. As of Q2-22, TRTN had a book equity value of $3.3B, including $730M in preferred stock, for a net common shareholder equity value of closer to $2.57B, which compares to the company’s current market cap of $3.59B (P/B of 1.40x). However, TGH had, as of Q2-22, total equity of $1.926M, including $300M in preferred equity, for a net common shareholder equity value of $1.626M, relative to the company’s current market cap of $1.34B, for a P/B of 0.82x. High ROEs tend to lead to higher long-term returns as cash can be reinvested at higher returns, but the discount to book value on TGH offsets this effect. When taking into consideration book values, the market is assigning TRTN an implied ROE of 21.3%, while valuing TGH at closer to 24.4% (20% ROE / 0.82 P/B for TGH and 29.8% ROE / 1.4 P/B for TRTN). Catalysts: Share Repurchases and Dividend Increases TGH and TRTN have been consistently deploying part of their FCF towards share repurchases. Throughout the first half of the year, TGH repurchased $81.4M worth of shares ($36.3M in Q1 and $45.1M in Q2). The concrete number of shares repurchased throughout H1-22 is 2.38M, amounting to slightly below 5% of the outstanding. Since the inception of the program in Q3-19, TGH has repurchased 22% of their outstanding shares! The most interesting tidbit is that repurchases throughout 2021 were well below normalized potential due to the huge capex TGH (as well as TRTN) underwent. As spending normalizes, share repurchase spending should continue to increase, accreting shareholder value. Interestingly, the amount spent on repurchases increased by around 24% on a q/q basis from Q1 to Q2, and spending should continue to trend higher going forward. TRTN has also been active with its share repurchase authorization program, buying back 3.09M shares during the first half of the year (and an additional 850k shares from July 1st to July 26th). During H1-22 (to make it comparable to TGH’s numbers), TRTN repurchased 4.6% of the outstanding, and I also expect to see an increase in repurchases going forward (repurchases throughout July provided a glimpse of what I expect going forward). Share repurchases are not the only vehicle these companies use for shareholder returns, as both entities also distribute dividends on a quarterly basis. TRTN is more generous in that regard, currently distributing $0.65/sh per quarter, which yields around 4.5%; the dividend was raised last October by 15%, and I expect to see a similar raise this year.分析記事 • Oct 20
There's Been No Shortage Of Growth Recently For Textainer Group Holdings' (NYSE:TGH) Returns On Capital
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Firstly, we'll want to...Seeking Alpha • Oct 20
Textainer Group: Providing Worldwide Geographic Business Operating Mobility
Summary Global operating logistics require facility and skill resources often at variance with the basic business benefits being offered at scale by Corporate suppliers. The tricks of this supportive trade have been well-learned by Textainer Group Holdings, making it a largest in the industry provider. Those skill needs and physical facilities can be recycled, and makes good economic sense in many use/re-use situations. Consumer-user-demand society value is there on a continuing basis. This analysis relies on professional, fundamentally well-informed, experienced future-value judgments of likely stock prices coming in the next few months, not of longer-term holdings. It assumes the employ of Active Investing strategy which takes capital gain profits as soon as they are presented, thus compounding their rate of achievement over time. Investment technology Engineering exists in investments, too, in activities like communications, information technology, securities design, and regulatory adaptations. When the whole back-office of the securities industry gets computerized, the expensive human-labor component gets minimized to the point where there's no need to charge a fee every time a share changes hands between investors. And when small trades occur continually, records get kept. But when securities worth multi-millions of $ in one lump changes hands, there's a profit-making event worthy of a substantial fee. So a way gets arranged to get both activities done, legally and under adequate control. And interestingly, it involves recorded actions which identify the coming price expectations of the big-volume trading parties. Having records which can later be compared with actual market outcomes to reveal how well the then underlying expectations could be believed, and perhaps of even similar beliefs useful now for the near-future. This article will use that approach to tell how much more profit there is likely to be made by and from Textainer Group Holdings Limited (TGH). Description of the Subject Company "Textainer Group Holdings Limited, through its subsidiaries, purchases, owns, manages, leases, and disposes a fleet of intermodal containers worldwide. It operates through three segments: Container Ownership, Container Management, and Container Resale. The company's containers include standard and specialized dry freight, and refrigerated containers, as well as other special-purpose containers, which include tank, 45', pallet-wide, and other types of containers. It also provides container management, acquisition, and disposal services to affiliated and unaffiliated container investors. In addition, the company is involved in the sale of containers from its fleet, as well as purchase, lease, or resale of containers from shipping line customers, container traders, and other sellers of containers. It operates a fleet of approximately 2.7 million containers representing 4.3 million twenty-foot equivalent units. The company primarily serves shipping lines, as well as freight forwarding companies and the U.S. military. Textainer Group Holdings Limited was founded in 1979 and is headquartered in Hamilton, Bermuda." - Source: Yahoo Finance Yahoo Finance These growth estimates have been made by and are collected from Wall Street analysts to suggest what conventional methodology currently produces. The typical variations across forecast horizons of different time periods illustrate the difficulty of making value comparisons when the forecast horizon is not clearly defined. Investment Alternatives: Geographic Mobility Industry Competitors Figure 1 blockdesk.com (used with prior permission) The tradeoffs here are between near-term upside price gains (green horizontal scale) seen worth protecting against by Market-makers with short positions in each of the stocks, and the prior actual price draw-downs experienced during holdings of those stocks (red vertical scale). Both scales are of percent change from zero to 25%. The intersection of those coordinates by the numbered positions is identified by the stock symbols in the blue field to the right. The dotted diagonal line marks the points of equal upside price change forecasts derived from Market-Maker [MM] hedging actions and the actual worst-case price draw-downs from positions that could have been taken following prior MM forecasts like today's. Our principal interest is in TGH at location [11]. A "market index" norm of reward~risk tradeoffs is offered by SPDR S&P 500 index ETF (SPY) at [1]. Best positions are suggested by the 5 to 1 Risk-to-Reward area in green. Those forecasts are implied by the self-protective behaviors of MMs who must usually put firm capital at temporary risk to balance buyer and seller interests in helping big-money portfolio managers make volume adjustments to multi-billion-dollar portfolios. The protective hedging actions taken with real-money bets define daily the extent of likely expected specific price changes for thousands of stocks and ETFs. This map is a good starting point, but it can only cover some of the investment characteristics that often should influence an investor's choice of where to put his/her capital to work. The table in Figure 2 covers the above considerations and several others. Comparing Alternative Investments Figure 2 blockdesk.com (used with permission) Column headers for Figure 2 define elements for each row stock whose symbol appears at the left in column [A]. The elements are derived or calculated separately for each stock, based on the specifics of its situation and current-day MM price-range forecasts. Data in red numerals are negative, usually undesirable to "long" holding positions. Table cells with yellow fills are of data for the stock of principal interest and of all issues at the ranking column, [R]. Readers familiar with our analysis methods may wish to skip to the next section viewing price range forecast trends for TGH. Figure 2's purpose is to attempt universally comparable measures, stock by stock, of a) How BIG the price gain payoff may be, b) how LIKELY the payoff will be a profitable experience, c) how soon it may happen, and d) what price draw-down RISK may be encountered during its holding period. The price-range forecast limits of columns [B] and [C] get defined by MM hedging actions to protect firm capital required to be put at risk of price changes from volume trade orders placed by big-$ "institutional" clients. [E] measures potential upside risks for MM short positions created to fill such orders, and reward potentials for the buy-side positions so created. Prior forecasts like the present provide a history of relevant price draw-down risks for buyers. An average of the most severe ones actually encountered are in [F], during holding periods in effort to reach [E] gains. Those are where buyers are most likely to accept losses. [H] tells what proportion of the [L] sample of prior like forecasts have earned gains by either having price reach its [B] target or be above its [D] entry cost at the end of a 3-month max-patience holding period limit. [ I ] gives the net gains-losses of those [L] experiences and [N] suggests how credible [E] may be compared to [ I ]. Further Reward~Risk tradeoffs involve using the [H] odds for gains and the 100 - H loss odds as weights for N-conditioned [E] and for [F], for a combined-return score [Q]. The typical position holding period [J] on [Q] provides a figure of merit [fom] ranking measure [R] useful in portfolio position preferences. Figure 2 is row-ranked on [R] among candidate securities, with TGH yellow-row identified.分析記事 • Oct 05
Does Textainer Group Holdings (NYSE:TGH) Deserve A Spot On Your Watchlist?
Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...分析記事 • Sep 13
Is There Now An Opportunity In Textainer Group Holdings Limited (NYSE:TGH)?
Textainer Group Holdings Limited ( NYSE:TGH ), is not the largest company out there, but it saw a decent share price...分析記事 • Aug 17
Textainer Group Holdings (NYSE:TGH) Use Of Debt Could Be Considered Risky
Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...Seeking Alpha • Aug 10
Textainer increases revolver facility to $1.9B
Textainer Group (NYSE:TGH) said Wednesday its unit Textainer Ltd amended its revolver facility, increasing the commitment amount to $1.9B from $1.5B. The facility was also extended, with a maturity date through Aug. 2027. The benchmark interest rate has been transitioned to SOFR due to the upcoming LIBOR discontinuation. So, the applicable interest rate was amended to the daily SOFR, plus a spread of 1.475% payable monthly in arrears.Seeking Alpha • Aug 02
Textainer Group Holdings Non-GAAP EPS of $1.63 beats by $0.21, revenue of $203.23M misses by $6.81M
Textainer Group Holdings press release (NYSE:TGH): Q2 Non-GAAP EPS of $1.63 beats by $0.21. Revenue of $203.23M (+8.4% Y/Y) misses by $6.81M. Adjusted EBITDA of $191.1M for the second quarter, as compared to $182.3M for the first quarter of 2022. Average and ending utilization rate for the second quarter of 99.6% and 99.5%, respectively.Seeking Alpha • Jul 14
Textainer Group Holdings: The 8.2% YTC Of The Preferred Shares Is Too Good To Ignore
Textainer is one of the largest container lessors in the world and has leased out its containers on long-term leases. This provides excellent visibility when it comes to incoming cash flows. The company has been buying back its own shares and is paying a dividend. I'm very interested in the preferred shares which will reset in 2026. At that point, Textainer will either have to call the securities or pay a higher preferred dividend. Introduction Textainer Group Holdings (TGH) is one of the largest container lessors in the world. Backed by multi-year contracts, the recent expansion of the fleet offers excellent visibility on the future cash flows and profitability of the company. Yet the market seems to be more worried about the world economy and Textainer's share price has been drifting down. I have been accumulating common shares, but in this article, I'll also explain why the A-series of the preferred shares are getting close to the no-brainer status for income investors. Data by YCharts The Q1 results show how strong the company is performing I will be rather brief about Textainer's Q1 results. Not only because I will be zooming in on the preferred shares, but also because we are just a few weeks away from having a new batch of financial results. In the first quarter, Textainer reported a total rental income of $199M, an increase of almost 18% compared to the first quarter of last year thanks to the expansion of the container fleet. The operating income increased by almost a quarter thanks to that higher revenue and the increased gain on the sale of 'old' containers. That's an important element as it confirms Textainer's relatively aggressive depreciation schedule: containers are depreciated faster than their market values decrease. Of course, now the price of steel is decreasing the price of second-hand containers will go down as well. But in any case, it does show how strong the Textainer management is in deciding to 'recycling' the capital. And as the cash flow statement will show: the $16M in gain on the sale of containers was generated on proceeds of just under $30M. So the containers sold during the quarter were sold at almost twice the book value. Textainer Investor Relations The net income was $77.7M and after deducting the $5M in preferred dividends, the net income attributable to the common shareholders of Textainer was $72.7M or $1.50 per share. Keep in mind the EPS was based on the average share count of 48.4M but as Textainer has been aggressively buying back stock, the actual share count was just 48M shares as of the end of March. Of interest is the fact that less than 7% of the net income has to be spent on covering the preferred dividends. We see a similarly strong result in the cash flow statement. The adjusted operating cash flow was approximately $140M, and this excludes the gain on the sale of containers. Textainer Investor Relations Keep in mind, Textainer's capital expenditures can easily be accelerated or reduced, as it is primarily in function of the demand for its containers. Virtually all of the containers it orders and takes delivery of already have a lessee before even placing the order, that's why the utilization rate of the container fleet is exceptionally high at 99.7%. Needless to say, the $510M investment in containers and even the $206M spent in capex (excluding leaseback financing funded containers) are much higher than what's needed to keep the fleet at the same level. That's not just a hollow statement: the capex was about three times higher than the depreciation expenses during the quarter. It's very likely the capex will decrease sharply in the next few quarters as on the conference call, the management indicated the capex would normalize. Income investors can no longer ignore the A-series of the preferred shares I initially discussed the preferred share issue in this article, published in April 2021. This is what I wrote back then about the preferred shares which are currently trading with (TGH.PA) as ticker symbol. The issue is cumulative, which means that if Textainer would skip the payment of a preferred dividend, it will have to make the owner of the preferred share whole: Payments can be delayed, but will have to be paid anyway. As mentioned above, the preferred share will have a 7% dividend yield which means the quarterly preferred dividend payments will be $0.4375. Should the issue remain limited to 6 million preferred shares, the preferred dividend will cost Textainer $1.75 X 6 million shares = $10.5M per year. After an initial five-year period (ending on June 15, 2026), the preferred shares can be called by Textainer. If that doesn't happen, the preferred dividend will be reset to the five-year Treasury rate plus a mark up of 6.134%. Back in 2021, the 5-year treasury yield was just under 0.90% which essentially meant that a reset at a similar treasury yield would continue to result in a 7% preferred dividend yield, so I didn't care too much about the reset clause back then. That has now changed. MarketWatch As you are likely aware, the 5Y treasury rate has increased to in excess of 3%. Which means that if Textainer would not call the securities in 2026, it would be paying a preferred dividend of in excess of 9.1% based on the $25 principal value. If I would use the current yield of 3.03%, the preferred yield upon the reset in 2026 would come out at 9.17%, or $2.29/share. But as the preferred share series A is now trading at less than $24, the yield would actually exceed 9.5%. The higher the 5Y treasury rate goes, the more likely it is Textainer will call these preferred securities (the B-series have a 6.25% fixed rate and are thus a much cheaper source of funding for Textainer).分析記事 • Jun 10
Textainer Group Holdings (NYSE:TGH) Is Looking To Continue Growing Its Returns On Capital
Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...分析記事 • May 26
Is Now An Opportune Moment To Examine Textainer Group Holdings Limited (NYSE:TGH)?
Textainer Group Holdings Limited ( NYSE:TGH ), might not be a large cap stock, but it saw significant share price...Seeking Alpha • Apr 12
Textainer Is Ready To Print Cash After An Expansion Program
Textainer expanded its fleet from less than 3.8MTEU to in excess of 4.3M TEU in 2021 in a $2B+ expansion program. Most new containers were immediately leased out on long-term contracts. The capex will be substantially lower in 2022 which will help Textainer to rapidly reduce its net debt. Due to rising interest rates, the share price of the preferred shares has come down, and I still like both preferred share issues. I have a long position in the Series A and B preferred shares, and I have written out of the money put options on the common shares.分析記事 • Mar 23
If You Like EPS Growth Then Check Out Textainer Group Holdings (NYSE:TGH) Before It's Too Late
Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of falling...分析記事 • Mar 05
The Return Trends At Textainer Group Holdings (NYSE:TGH) Look Promising
To find a multi-bagger stock, what are the underlying trends we should look for in a business? Amongst other things...分析記事 • Feb 16
At US$39.46, Is It Time To Put Textainer Group Holdings Limited (NYSE:TGH) On Your Watch List?
While Textainer Group Holdings Limited ( NYSE:TGH ) might not be the most widely known stock at the moment, it saw a...Seeking Alpha • Jan 14
Textainer: The Current Container Market Tailwinds Could Last A Decade
Textainer is a Bermuda-based lessor of shipping containers. The tailwind in the sector resulted in a demand spike and a longer duration of the leasing contracts. The second-hand values of used containers are increasing which means there may be a lot of hidden value on the balance sheet. I feel very comfortable owning both classes of preferred shares with a yield to worst of 5.05-5.75%, both are callable in 2026.分析記事 • Dec 12
Here's Why I Think Textainer Group Holdings (NYSE:TGH) Is An Interesting Stock
Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of falling...分析記事 • Nov 26
Returns Are Gaining Momentum At Textainer Group Holdings (NYSE:TGH)
If you're looking for a multi-bagger, there's a few things to keep an eye out for. Amongst other things, we'll want to...分析記事 • Nov 11
Is It Too Late To Consider Buying Textainer Group Holdings Limited (NYSE:TGH)?
Textainer Group Holdings Limited ( NYSE:TGH ), might not be a large cap stock, but it saw a significant share price...Seeking Alpha • Sep 18
The Recent Textainer Preferred Issue Was A Steal Below Par
Textainer issued 6 million preferred shares series B with a 6.25% preferred dividend yield. I think the two outstanding classes of preferred shares are safe, both from a dividend coverage perspective as well as an asset coverage view. I bought the preferred shares B below par and have no intention to sell anytime soon.分析記事 • Sep 09
Is Now The Time To Put Textainer Group Holdings (NYSE:TGH) On Your Watchlist?
Some have more dollars than sense, they say, so even companies that have no revenue, no profit, and a record of falling...分析記事 • Aug 24
Returns On Capital At Textainer Group Holdings (NYSE:TGH) Have Hit The Brakes
If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...分析記事 • Jul 14
Textainer Group Holdings (NYSE:TGH) Seems To Be Using A Lot Of Debt
David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...株主還元
| TGH | US Trade Distributors | US 市場 | |
|---|---|---|---|
| 7D | 0.2% | -0.9% | 1.1% |
| 1Y | 59.4% | 20.5% | 28.7% |
業界別リターン: TGH過去 1 年間で20.5 % の収益を上げたUS Trade Distributors業界を上回りました。
リターン対市場: TGH過去 1 年間で28.7 % の収益を上げたUS市場を上回りました。
価格変動
| TGH volatility | |
|---|---|
| TGH Average Weekly Movement | 0.3% |
| Trade Distributors Industry Average Movement | 7.2% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.5% |
| 10% least volatile stocks in US Market | 3.1% |
安定した株価: TGH 、 US市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。
時間の経過による変動: TGHの 週次ボラティリティ は、過去 1 年間で7%から0%に減少しました。
会社概要
| 設立 | 従業員 | CEO（最高経営責任者 | ウェブサイト |
|---|---|---|---|
| 1979 | 162 | Olivier Ghesquiere | www.textainer.com |
Textainer Group Holdings Limited 基礎のまとめ
| TGH 基礎統計学 | |
|---|---|
| 時価総額 | US$2.07b |
| 収益（TTM） | US$184.80m |
| 売上高(TTM) | US$816.28m |
11.2x
PER（株価収益率2.5x
P/SレシオTGH は割高か？
公正価値と評価分析を参照収益と収入
| TGH 損益計算書（TTM） | |
|---|---|
| 収益 | US$816.28m |
| 売上原価 | US$95.48m |
| 売上総利益 | US$720.80m |
| その他の費用 | US$536.00m |
| 収益 | US$184.80m |
直近の収益報告
Dec 31, 2023
次回決算日
該当なし
| 一株当たり利益（EPS） | 4.47 |
| グロス・マージン | 88.30% |
| 純利益率 | 22.64% |
| 有利子負債／自己資本比率 | 252.0% |
TGH の長期的なパフォーマンスは？
過去の実績と比較を見る配当金
2.4%
現在の配当利回り27%
配当性向企業分析と財務データの現状
| データ | 最終更新日（UTC時間） |
|---|---|
| 企業分析 | 2024/03/13 06:09 |
| 終値 | 2024/03/13 00:00 |
| 収益 | 2023/12/31 |
| 年間収益 | 2023/12/31 |
データソース
企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。
| パッケージ | データ | タイムフレーム | 米国ソース例 |
|---|---|---|---|
| 会社財務 | 10年 |
| |
| アナリストのコンセンサス予想 | +プラス3年 |
|
|
| 市場価格 | 30年 |
| |
| 所有権 | 10年 |
| |
| マネジメント | 10年 |
| |
| 主な進展 | 10年 |
|
* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。
特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。
分析モデルとスノーフレーク
本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。
シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。
業界およびセクターの指標
私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。
アナリスト筋
Textainer Group Holdings Limited 1 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。14
| アナリスト | 機関 |
|---|---|
| Kenneth Hoexter | BofA Global Research |
| Liam Burke | B. Riley Securities, Inc. |
| Scott Valentin | Compass Point Research & Trading, LLC |