Inganda za Friedman (NYSE: FRD) ni itunganywa rishyushye rishyushye.Isosiyete igura ibishishwa mu nganda nini kandi ikabitunganya kugirango irusheho kugurisha abakiriya cyangwa abahuza.
Isosiyete yakomeje gushishoza mu bijyanye n’imari n’ibikorwa kugira ngo itazagira ingaruka zikomeye ku kugabanuka kw’inganda.Mu byukuri, imyaka icumi hagati y’ihungabana ry’imari n’intangiriro y’ikibazo cya COVID ntabwo yari ikomeye cyane ku bicuruzwa muri rusange, ariko impuzandengo y’isosiyete yinjije miliyoni 2.8.
Ibarura rya FRD ryamye rifitanye isano nigiciro cyibyuma, kuko ibiciro byibyuma bisobanuye inyungu nyinshi no kongera ibicuruzwa bya FRD.Ikimasa giheruka gukora no kuzamuka kwibiciro byibyuma mumezi 12 ashize ntaho byari bitandukaniye.
Itandukaniro muri iki gihe ni uko ibidukikije by’ubukungu bishobora kuba byarahindutse, byerekana ko ibiciro by’ibicuruzwa biri hejuru ugereranyije n’uko byari bimeze mu myaka icumi ishize. Byongeye kandi, FRD iriyongera umusaruro mu kubaka inganda nshya kandi itangira gukumira bimwe mu bucuruzi bwayo, hamwe n’ibisubizo bivanze.
Izi mpinduka zirashobora kwerekana ko FRD izashobora kwinjiza byinshi mumyaka icumi iri imbere kuruta uko byari bimeze kera, bityo, igashimangira igiciro cyayo cyimigabane.Nyamara, ukutamenya neza ntikwakemutse, kandi twizera ko ububiko bufite amakuru ahari buhenze.
Icyitonderwa: Keretse niba byavuzwe ukundi, amakuru yose yakomotse muri dosiye ya SEC ya FRD. Umwaka w’ingengo y’imari ya FRD urangira ku ya 31 Werurwe, bityo muri raporo yayo ya 10-K, umwaka w’ingengo y’imari uvuga umwaka ushize, kandi muri raporo yayo ya 10-Q, umwaka utanga raporo werekeza ku mwaka w’ibikorwa.
Isesengura iryo ariryo ryose ryisosiyete yibanda kubicuruzwa byikurikiranya cyangwa ibicuruzwa bifitanye isano ntibishobora gukuraho imiterere yubukungu isosiyete ikoreramo. Muri rusange, duhitamo uburyo bwo hasi-hejuru bwo kugena agaciro, ariko muri ubu bwoko bwisosiyete, byanze bikunze inzira yo hejuru-hasi.
Twibanze ku gihe cyo kuva muri Kamena 2009 kugeza Werurwe 2020. Nkuko tubizi, icyo gihe, nubwo kidahuje igitsina, cyaranzwe no kugabanuka kw'ibiciro by’ibicuruzwa, cyane cyane ibiciro by’ingufu, igipimo cy’inyungu gito, na politiki yo kwagura amafaranga no guhuza ubucuruzi ku isi.
Imbonerahamwe ikurikira irerekana igiciro cya HRC1, amasezerano yo mu gihugu ashyushye yimbere ya coil futures ejo hazaza FRD itanga cyane.Nkuko tubibona, igihe twafashe icyemezo cyo gusesengura ibiciro bitwikiriye kuva $ 375 kugeza 900 $ kuri toni.Biragaragara mubishushanyo byerekana ko ibikorwa byibiciro nyuma ya Werurwe 2020 bitandukanye cyane.
FRD ni itunganywa ryimbere, bivuze ko ari umutunganyirize ugereranije hafi yumukiriya wanyuma wibicuruzwa byibyuma.
Kugeza ubu isosiyete ifite ibikoresho bitatu bikoreramo muri Decatur, Alabama;Inyenyeri Yonyine, Texas;na Hickman, Arkansas. Ibihingwa bya Alabama na Arkansas byeguriwe gukata ibishishwa, naho igihingwa cya Texas cyeguriwe gukora ibishishwa mu tubari.
Ishakisha ryoroshye rya Google Ikarita kuri buri kigo ryerekanye ko ibyo bigo uko ari bitatu biherereye hafi yinganda nini z’ibirango bizwi cyane mu nganda. Ikigo cya Lone Star cyegeranye n’ibikoresho byo mu bwoko bwa Steel (X) byo muri Amerika. Byombi ibihingwa bya Decatur na Hickman byegeranye cyane n’uruganda rwa Nucor (NUE).
Ikibanza nikintu cyingenzi mubiciro ndetse no kwamamaza, kuko ibikoresho bigira uruhare runini mubicuruzwa byibyuma, bityo kwibandaho bikabyara inyungu. Uruganda runini ntirushobora gutunganya neza ibyuma byujuje ibyifuzo byabakiriya ba nyuma, cyangwa birashobora kwibanda gusa kubipimo byibice bike byibicuruzwa, hasigara insyo ntoya nka FRD kugirango ikore ibisigaye.
Nkuko mubibona ku mbonerahamwe ikurikira, mu myaka icumi ishize, inyungu rusange ya FRD n’inyungu zayo zagiye zijyana n’ibiciro by’ibyuma (imbonerahamwe y’ibiciro biri mu gice kibanziriza iki), kimwe n’indi sosiyete ikora mu bicuruzwa.
Ubwa mbere, hari ibihe bike cyane mugihe FRDs zuzuyemo umwuzure. Mugihe, gukoresha imbaraga nikibazo kumasosiyete yibanda cyane kumitungo.Ibiciro byagenwe biterwa nibikoresho bigira impinduka nto mumafaranga cyangwa inyungu nini bigira ingaruka zikomeye kumafaranga yinjiza.
Nkuko imbonerahamwe ikurikira ibigaragaza, FRD ntabwo ihunga uku kuri, kandi urujya n'uruza rwinjira rwiyongera uko imenyekanisha ryinjira ryagabanutse. Ikidasanzwe kuri FRD ni uko idatakaza amafaranga menshi mugihe ibiciro byibicuruzwa byayo bigabanutse.Ibyo byavuzwe, mugihe FRD yibasiwe nuburyo bukoreshwa, irashobora kwihanganira ingaruka zubucuruzi.
Ikintu cya kabiri gishimishije ni uko impuzandengo ya FRD yinjiza muri kiriya gihe yari miliyoni 4.1 z'amadolari. Amafaranga yinjiza muri rusange muri kiriya gihe yari miliyoni 2.8 z'amadolari, ni ukuvuga 70% y’amafaranga yinjira.
Ubwanyuma, impuzandengo yumwaka guta agaciro no kugabanya amortisation ntabwo byari bitandukanye cyane n’amafaranga yakoreshejwe mu gihe cyagenwe.Ibi biduha icyizere ko isosiyete itigeze ivuga nabi amafaranga yakoreshejwe mu bikorwa byayo, bityo igashora amafaranga mu kuzamura inyungu binyuze mu ibaruramari.
Twumva ko amafaranga yakoreshejwe mu gushora imari no gutera inkunga byatumye FRD yunguka mu bihe bigoye ku nganda zibyuma.Ibi nikintu gikomeye cyizeza mugihe dusuzumye FRD.
Intego y'iri sesengura ntabwo ari uguhitamo ibizaba ku bintu bitateganijwe nk'ibiciro by'ibicuruzwa, igipimo cy'inyungu n'ubucuruzi bw'isi.
Ariko, turashaka kwerekana ko ibidukikije turimo hamwe nibidukikije bishobora gutera imbere mumyaka icumi iri imbere byagaragaje ibintu bitandukanye cyane ugereranije nibyabaye mumyaka icumi ishize.
Mubitekerezo byacu, mugihe turimo tuvuga ibyiterambere bitarasobanuka neza, ibintu bitatu biratandukanye cyane.
Ubwa mbere, isi ntisa nkaho igenda igana ku bucuruzi mpuzamahanga mpuzamahanga.Ibi ni bibi ku bukungu muri rusange, ariko ni byiza ku bakora ibicuruzwa byo mu mahanga bidafite ingaruka nke ku marushanwa mpuzamahanga. Ibyo biragaragara ko ari inyungu ku bakora inganda z’ibyuma zo muri Amerika, bahura n’ihiganwa ry’ibiciro biciriritse, ahanini biva mu Bushinwa. Birumvikana ko igabanuka ry’ibisabwa ryazanywe n’ubucuruzi bw’ubucuruzi naryo ryagize ingaruka mbi ku cyuma cy’icyuma.
Icya kabiri, amabanki nkuru mubukungu bwateye imbere yaretse politiki yagutse yifaranga yashyize mubikorwa mumyaka icumi ishize. Ntabwo tuzi neza ingaruka kubiciro byibicuruzwa bishobora kuba.
Icya gatatu, kandi bifitanye isano n’ibindi bibiri, ifaranga ry’ubukungu bwateye imbere rimaze gutangira, kandi ntawamenya neza niba rizakomeza. Usibye igitutu cy’ifaranga, ibihano biherutse gufatirwa Uburusiya byanagize ingaruka ku madorari y’ifaranga mpuzamahanga.
Na none kandi, intego yacu ntabwo ari uguhitamo ibiciro by'ibyuma bizaza, ahubwo ni ukugaragaza ko ubukungu bwa macro bwahindutse cyane ugereranije nuko ibintu byifashe hagati ya 2009 na 2020. Ibi bivuze ko FRD idashobora gusesengurwa hagamijwe kugarura ibiciro byibicuruzwa biciriritse nibisabwa mu myaka icumi ishize.
Twizera ko impinduka eshatu ari ingenzi cyane cyane ejo hazaza ha FRD, hatitawe ku mpinduka z’ibiciro ninshi zisabwa.
Ubwa mbere, FRD yafunguye ikigo gishya cyo kugabanya ibiceri muri Hinton, muri Texas. Dukurikije raporo ya 10-Q y’isosiyete yo mu gihembwe cya gatatu cya 2021 (Ukuboza 2021), igiteranyo cy’amafaranga miliyoni 21 yakoreshejwe cyangwa cyegeranijwe na miliyoni 13. Isosiyete ntiratangaza igihe iki kigo kizatangirira gukora.
Ikigo gishya kizaba gifite imwe mu mashini nini zo gukata ku isi, ntizagura umusaruro gusa ahubwo n'umurongo w'ibicuruzwa isosiyete itanga.Ikigo giherereye mu kigo cya Steel Dynamics (STLD), gikodeshwa na sosiyete ku madolari 1 ku mwaka mu myaka 99.
Iki kigo gishya cyagutse kuri filozofiya imwe yikigo cyabanjirije kandi giherereye hafi yinganda nini kugirango gikore umusaruro udasanzwe kuri nyirugukora.
Urebye igihe cyo guta agaciro kwimyaka 15, ikigo gishya kizikuba hafi inshuro ebyiri amafaranga FRD yataye muri iki gihe agera kuri miliyoni 3. Ibi bizaba ari ibintu bibi niba ibiciro bisubiye kurwego rwagaragaye mu myaka icumi ishize.
Icya kabiri, FRD yatangiye ibikorwa byo gukingira kuva muri Kamena 2020, nkuko byatangajwe muri raporo yayo ya FY21 10-K.Mu myumvire yacu, uruzitiro ruzana ingaruka zikomeye z’amafaranga ku bikorwa, bituma gusobanura raporo y’imari bigorana, kandi bisaba imbaraga z’ubuyobozi.
FRD ikoresha uruzitiro rwibikorwa byayo, ikayemerera gutinza kumenyekanisha inyungu n’igihombo ku bikomoka ku nkomoko kugeza igihe igikorwa cyo gukingira, niba gihari, bibaye.Urugero, tuvuge ko FRD igurisha amasezerano yakemuwe na HRC yakemuwe mu mezi atandatu ku madolari 100.Ku munsi amasezerano yakemuwe, igiciro cy’ibicuruzwa byinjira mu nyungu zinjira mu isoko. kumunsi umwe ku giciro cyagenwe cyamadorari 50, kandi inyungu ya OCI noneho ihinduka amafaranga yinjiza mumwaka wongeyeho $ 50 mugurisha.
Igihe cyose buri gikorwa cyo gukingira amaherezo gihuye nigikorwa nyirizina, ibintu byose bizagenda neza.Muri iki gihe, inyungu zose nigihombo kubibikomokaho ni byinshi cyangwa bike byuzuzwa ninyungu nigihombo kubucuruzi nyirizina.Abasomyi barashobora kwitoza kugura no kugurisha uruzitiro uko ibiciro bizamuka cyangwa bikamanuka.
Ibibazo bitangira mugihe ibigo birenze uruzitiro rutazabaho.Niba amasezerano yinkomoko afite igihombo, ajyanwa mubyunguka byumutungo nta mugenzi we ubifitemo uruhare kugirango abihagarike.Urugero, tuvuge ko isosiyete iteganya kugurisha ibiceri 10 bityo ikagurisha amasezerano 10 yishyurwa. yarangije kugurisha ibiceri 5 gusa kubiciro byabigenewe, bigomba kumenya igihombo cyamasezerano asigaye.
Kubwamahirwe, mumezi 18 gusa yibikorwa byo gukingira, FRD yemeye igihombo kirenze miliyoni 10 zamadolari (urebye miliyoni 7 zamadolari yumutungo wimisoro watanzwe) .Ibi ntabwo byinjizwa mumisoro cyangwa ikiguzi cyibicuruzwa byagurishijwe, ahubwo bishyirwa mubindi byinjira (ntibitiranwa nandi mafaranga yinjiza) ivugwa gusa mu gika kimwe.
Isosiyete ikoresha uruzitiro kugirango yongere imikorere kandi rimwe na rimwe yunguka igurisha ku giciro cyiza mugihe ibicuruzwa bitabonetse.Nyamara, twizera ko ibyago byinyongera bidakenewe kandi nkuko twabibonye, ​​bishobora kubyara igihombo kinini.Niba bikoreshejwe, ibikorwa byo gukingira bigomba kugira politiki ntarengwa yo kugurisha ibicuruzwa, bitaretse ko ibikorwa byo gukingira birenze igipimo gito cy’ibicuruzwa biteganijwe kugeza igihe ibyo bicuruzwa bizwi neza.
Bitabaye ibyo, ibikorwa byo gukingira bizafata intera nini mugihe ibigo bikeneye ubufasha bwinshi.Impamvu nuko ibaruramari ryuruzitiro ryananiwe mugihe umubare wuruzitiro urenze ibikorwa nyirizina, bibaho gusa mugihe isoko ryagabanutse, ari nako ritera ibiciro byibibanza kugabanuka.Nkigisubizo, isosiyete izaba iri mumwanya wo kugabanya inyungu ninyungu mugihe hagomba kwishyurwa igihombo cyinyongera.
Hanyuma, gutera inkunga uruzitiro rwarwo, kongera ibikenerwa mu kubarura no kubaka uruganda rushya, FRD yasinyanye ikigo cy’inguzanyo na JPMorgan Chase (JPM) .Mu buryo bukoreshwa, FRD irashobora kuguza agera kuri miliyoni 70 z'amadolari hashingiwe ku gaciro k’umutungo uriho na EBITDA no kwishyura SOFR + 1.7% ku mubare usigaye.
Kugeza mu Kuboza 2021, isosiyete yari ifite amafaranga asigayemo miliyoni 15 z'amadolari muri iki kigo.Isosiyete ntivuga igipimo cya SOFR ikoresha, ariko nk'urugero, igipimo cy'amezi 12 cyari 0.5% mu Kuboza none kikaba 1.5% .Byumvikane ko uru rwego rwo gutera inkunga ruracyari ruto, kuko impinduka zishingiye ku ngingo 100 zavamo gusa inyungu ziyongera ku madorari 150.000.Nyamara, mu mezi make ari imbere.
Tumaze kuvuga zimwe mu ngaruka ziterwa n’imikorere ya FRD, ariko twashakaga kubishyira mu gice cyihariye no kuganira kuri byinshi.
Nkuko twabivuze, FRD ifite imbaraga zo gukora, ibiciro byagenwe, mumyaka icumi ishize, ariko ntibisobanuye igihombo kinini no mumasoko mabi cyane.N'uruganda rwiyongera ubu rwubakwa rushobora kongerwaho miliyoni 1.5 z'amadolari ku mwaka mu guta agaciro, ibyo bizahinduka. Isosiyete igomba kuzana miliyoni 1.5 z'amadolari y’Amerika ku mwaka yinjiza amafaranga y’ibiciro bitandukanye.
Twavuze kandi ko FRD idafite ideni iryo ari ryo ryose, bivuze ko nta buryo bw’ingengo y’imari mu nzira izamuka cyangwa imanuka.Ubu, isosiyete yasinyanye ikigo cy’inguzanyo gifitanye isano n’umutungo wacyo w’amazi. Umurongo w’inguzanyo utuma ibigo bitira inguzanyo igera kuri miliyoni 75 z'amadolari ku nyungu ihwanye na SOFR + 1.7% .Kuko igipimo cya SOFR ngarukamwaka kigeze kuri miliyoni 29 $ ed.Nkuko igipimo cya SOFR cyiyongereyeho amanota 100 shingiro (1%) ku mwaka, FRD izishyura andi $ 100.000.FRD kuri ubu ifite amadolari miliyoni 15, bivuze ko inyungu y’umwaka ingana na $ 442.000, itari ihari mu mibare y’imyaka icumi ishize.
Wongeyeho ayo mafaranga yombi hamwe, hamwe no kuzamura igipimo cya 1% mugihe gisigaye cya 2022, isosiyete yagombaga kuzana andi miliyoni 2 y’inyungu y’inyungu ugereranije n’uko byari bimeze mbere y’impinduka ziherutse kuba muri COVID. Birumvikana ko ibyo bivuze ko sosiyete itishyura imyenda cyangwa ngo igurize amafaranga menshi.
Noneho twavuze ibyago byo gukingira, bigoye kubipima ariko bigatera ingaruka zikomeye mugihe ibigo byugarijwe cyane.Ikibazo cyihariye cyisosiyete giterwa ahanini namasezerano menshi afungurwa mugihe icyo aricyo cyose nuburyo ibiciro byibyuma bigenda.Nyamara, igihombo ntagereranywa cyamadorari miliyoni 10 yemejwe muri uyumwaka kigomba kohereza abashoramari kumurongo wibikorwa byabo.
Ku bijyanye no gutwika amafaranga, amakuru dufite kuva mu gihembwe cya gatatu cya 2021 (Ukuboza 2021) ntabwo ari meza cyane.FRD ntabwo ifite amafaranga menshi, miliyoni 3 gusa.
Icyakora, FRD yongereye ishoramari mu kubara no kwishyurwa mu mwaka kuko ibiciro by'ibyuma byazamutse.Ku gihe cya 3Q21, isosiyete yari ifite rekodi ya miliyoni 83 z'amadolari y'ibarura na miliyoni 26 z'amadolari y'Amerika yo kwishyurwa. Nkuko isosiyete igurisha ibicuruzwa bimwe na bimwe, igomba kubona amafaranga. Niba isaba igabanuka cyane ku buryo ibarura rya FRD ritangira kugabanuka, miliyoni 2 z'amadolari y'Amerika. ku mwaka.Iyi ni imwe mu ngingo zingenzi zo gusuzuma igihe ibisubizo bishya bigaragara mugihe runaka muri Mata.
Hanyuma, FRD ni igicuruzwa cyacurujwe cyane, gifite impuzandengo ya buri munsi yimigabane igera ku 5.000.Imigabane nayo ifite gusaba / gupiganira ikwirakwizwa rya 3.5%, bifatwa nkibiri hejuru. Icyo nikintu abashoramari bagomba kuzirikana, ariko siko bose babibona nkikibazo.
Nkuko tubibona, imyaka icumi ishize iragaragaza ibidukikije bitoroheye abakora ibicuruzwa, cyane cyane inganda z’ibyuma zo muri Amerika.Muri iki gihe, ubushobozi bwa FRD bwo gutwara inyungu hamwe n’umwaka winjiza miliyoni 2.8 z'amadolari ni ikimenyetso cyiza.
Byumvikane ko, ndetse urebye urwego rwibiciro byimyaka icumi ishize, ntidushobora guhanura amafaranga angana kuri FRD kubera impinduka zikomeye zashoramari n’igikorwa cyo gukingira.