After Bull's post I did a little historical research on Hansen, I found the data interesting.
While I was Canoeing the data I reflected back on 1997 when CCE did the 3 for 1 split. I absolutely cannot think of any logic to support a 3 fer. My mind is just swirling with speculation as to why.
I really would like to see some speculative posts on why a 3 fer. If nobody cares...that's inderstood, be fore warned that silence will motivate me to flood the board with schtuff.
I like the sound of that. Face the facts. Delve into the problems that are obvious if you wish.
CCE was built to be sucked dry by KO, no secret there. So CCE is performing as expected. Providing CASH for KO, servicing debt on their books during consolidation bottlers.
Cash Cow is Cash Cow
The metaphor, as it was used and not as you have twisted it to, presented that CCE should be recognized for how it has fed KO. It was presented that CCE results should be combined with KO results to evaluate. Well, this is the CCE board and CCEs results feed CCE shareholders, not KO. That is what an ivestment in CCE is all about. Therefore, the umbilical cord metaphor is totally wrong. KO hasn't fed CCE, it has sucked it dry.
Is United Airlines a comparable business? What about Enron, Adelphia, Worldcom? Do they compare? Hell no!
Those businesses have two things incommon.
1. Thsy could not generate the cash that CCE can...because they are not cash generating cows.
2. CCE sold product to their employees and customers...generating cash for the cash cow CCE
Additionally, their employees and customers continue to consume products distributed by CCE. The management personel of those companies and their friends and family consume products distributed by CCE. When some of those managing bastards are in prison, they will consume products distributed by CCE.
You might even be consuming a product distributed by CCE right now, perhaps your friends and family are enjoying a cool refreshing Coke made available to them by CCE.
CCE is an 18 billion dollar cash cow and your ego won't let you openly discuss that fact.
KO created the embryo which became CCE. CCE was born from KO designs. Let's not have a sidebar on if it was Intelligent Design. Too many parallels to the religious debates of the day. CCE has not, could not, cannot survive without KO nourishment by your own statements and claims. Just as a fetus cannot survive very well outside the womb CCE could not survive without fiscal support from KO. At the same time we know crack head whores have crack addicted babies....then CCE will be addicted to the same junk KO is addicted to. There is still a parent and a child. There is still a dependent relationship. There is just a little poison running through the arteries which are common to both living creatures.
At some point the umbilical cord can be cut and the infant can survive, even thrive on its own. It must still suckle at the breast of the parent until it has teeth of its own and can seek its own nourishment, but it should be growing to a point of independence.
I think the metaphor is reasonable. If you look at agrarian families of centuries past, children were born to be hands on the farm. The child eventually supported the parents while the parent sheltered and nourished the child. Symbiotic relationship in a simple form.
Umbilical cords nourish the offspring. The reverse happens here. Your metaphor is inappropriate.
And... yes... CCE has a lot of revenues. So did United Airlines. Enron. Adelphia. Lord knows Worldcom did. Big deal. "Cash cow" doesn't refer to revenues. This company is sick. Its balance sheet is awful. Without the benefits of the transition century years trends of lower interest rates, lower tax rates, low commodity and fuel rates, accounting changes and declining USD$, you would clearly see this. Don't worry, these trends have now reversed. You'll be seeing the obvious soon enough.
I don't think I validated the business model or the tactics and strategies on a day to day basis. What I did do was explain CCE generates cash. A lot of it. As another person of immense intelligence and insight indicated, there is ample waste of that same cash. That doesn't change the fact the business generates cash hand over foot every day.
I added KO and CCE as that was Roberto's perspective. He looked at the Coke family in its entirety, not just the single entity. We are bound together by an umbilical cord if you will.