SKYWRJGUY
Well-known member
- Joined
- Oct 25, 2002
- Posts
- 286
Boyd is something of a legend...mostly phantom however. We tend to see his writings simply roll with the current trends and provide little in the way of future prediction or real substansive value via research; the above post is written like it's a lecture to a college aviation class, not to industry insiders or people of influence. I've studied a lot of business and finance, among other things, and I've never even heard of the terms "competitive value" or "airline value"--why would United have used those in the past when they are seemingly only in Mr. Boyd's own consultant-buzzword dictionary. At least he would have had a little more respect if he used "enterprise value", but suggesting the use of shareholder value is new and different for UAL (or any public company), simply sounds like good writing. If he had any wits, he would have also discovered shareholder value is his "stock certificate"s outstanding times their price (capitalization) MINUS liabilities; it's not simply a measure of stock price. In fact, you can increase shareholder value many ways even with a stagnant stock, notably by paying down or refinancing debt; sometimes asset sales can create more cash than the asset was worth on books, especially if there is a lot of intangible value in it. Don't forget, consultancy is about salesmanship, not necessarily about having the right answers; the fact that Boyd gets quoted all the time only reinforces his perceived validity. He's a see-sawer....and probably a consultant to Frontier
I am reminded of the UPS commercial a few years back where the external consultants came in and gave a big presentation and the hiring company said, "that is great, let's implement the plan!"---to which the consultants said, "we only suggest changes, we don't help implement them".
I am reminded of the UPS commercial a few years back where the external consultants came in and gave a big presentation and the hiring company said, "that is great, let's implement the plan!"---to which the consultants said, "we only suggest changes, we don't help implement them".