Snap-On stock at 8 P/E, 4% yield, 16% return on equity, seems to be
quite cheap to me.

OK, tell me what am I missing. Competition from Harbor Freight has not
killed Snap-On. It enjoys a decent return on equity, which suggests a
superior competitive position and pricing power, which you know
already by looking at their exorbitant prices and what is in
mechanics' toolboxes. Manageable debt, cash flow commensurate with
earnings, etc. I think that financing problems of its franchisers are
overblown.

They have regularly been purchasing their own stock.

I think that they are attractively priced. Just $1,000 invested in
Snap-On stock, would yield enough to buy four Harbor Freight wrench
sets per year.

i

Ignoramus18183 wrote:
Snap-On stock at 8 P/E, 4% yield, 16% return on equity, seems to be
quite cheap to me.

OK, tell me what am I missing. Competition from Harbor Freight has not
killed Snap-On. It enjoys a decent return on equity, which suggests a
superior competitive position and pricing power, which you know
already by looking at their exorbitant prices and what is in
mechanics' toolboxes. Manageable debt, cash flow commensurate with
earnings, etc. I think that financing problems of its franchisers are
overblown.

They have regularly been purchasing their own stock.

I think that they are attractively priced. Just $1,000 invested in
Snap-On stock, would yield enough to buy four Harbor Freight wrench
sets per year.

i

The BIG thing that is hidden would be how many of those boxes you see
are NOT paid for. Probably 2/3 are on financing plans through Snap-On.

My very first box came in just shy of $14,000.00 with the box and a
mechanics starter set. Cost me almost $2,800.00 in interest paying that
one off.

Think about haw many boxes are out there and how many of those folks are
losing jobs!

--
Steve W.

On 2009-06-19, Steve W. wrote:
Ignoramus18183 wrote:
Snap-On stock at 8 P/E, 4% yield, 16% return on equity, seems to be
quite cheap to me.

OK, tell me what am I missing. Competition from Harbor Freight has not
killed Snap-On. It enjoys a decent return on equity, which suggests a
superior competitive position and pricing power, which you know
already by looking at their exorbitant prices and what is in
mechanics' toolboxes. Manageable debt, cash flow commensurate with
earnings, etc. I think that financing problems of its franchisers are
overblown.

They have regularly been purchasing their own stock.

I think that they are attractively priced. Just $1,000 invested in
Snap-On stock, would yield enough to buy four Harbor Freight wrench
sets per year.

i

The BIG thing that is hidden would be how many of those boxes you see
are NOT paid for. Probably 2/3 are on financing plans through Snap-On.

My very first box came in just shy of $14,000.00 with the box and a
mechanics starter set. Cost me almost $2,800.00 in interest paying that
one off.

Think about haw many boxes are out there and how many of those folks are
losing jobs!


I thought that car mechanics are now busier than ever, repairing cars
that people keep instead of buying new? Is that wrong? I am completely
open to the possibility that I am wrong about Snap-On, so if you
change my mind, I will appreciate.

i

Ignoramus18183 wrote:
On 2009-06-19, Steve W. wrote:
Ignoramus18183 wrote:
Snap-On stock at 8 P/E, 4% yield, 16% return on equity, seems to be
quite cheap to me.

OK, tell me what am I missing. Competition from Harbor Freight has not
killed Snap-On. It enjoys a decent return on equity, which suggests a
superior competitive position and pricing power, which you know
already by looking at their exorbitant prices and what is in
mechanics' toolboxes. Manageable debt, cash flow commensurate with
earnings, etc. I think that financing problems of its franchisers are
overblown.

They have regularly been purchasing their own stock.

I think that they are attractively priced. Just $1,000 invested in
Snap-On stock, would yield enough to buy four Harbor Freight wrench
sets per year.

i
The BIG thing that is hidden would be how many of those boxes you see
are NOT paid for. Probably 2/3 are on financing plans through Snap-On.

My very first box came in just shy of $14,000.00 with the box and a
mechanics starter set. Cost me almost $2,800.00 in interest paying that
one off.

Think about haw many boxes are out there and how many of those folks are
losing jobs!


I thought that car mechanics are now busier than ever, repairing cars
that people keep instead of buying new? Is that wrong? I am completely
open to the possibility that I am wrong about Snap-On, so if you
change my mind, I will appreciate.

i

Some are BUT if you missed it there are a LOT of dealers going under. No
job = no paying off the tools. The average box today starts closer to 20
grand and the dealerships are where a LOT of those are.

The guys who have independent shops are seeing some increase but not
really all that much. There are still a LOT of folks buying new
regardless of the current problems.

--
Steve W.

On 2009-06-19, Steve W. wrote:
Think about haw many boxes are out there and how many of those folks are
losing jobs!


I thought that car mechanics are now busier than ever, repairing cars
that people keep instead of buying new? Is that wrong? I am completely
open to the possibility that I am wrong about Snap-On, so if you
change my mind, I will appreciate.

Some are BUT if you missed it there are a LOT of dealers going under. No
job = no paying off the tools. The average box today starts closer to 20
grand and the dealerships are where a LOT of those are.

The guys who have independent shops are seeing some increase but not
really all that much. There are still a LOT of folks buying new
regardless of the current problems.

Steve, that's interesting thinking, thanks. Even if this happens, even
to a large extent, it would still be a one time event for Snap On,
right?

i

On Fri, 19 Jun 2009 07:38:16 -0500, Ignoramus5654
wrote:

On 2009-06-19, Steve W. wrote:
Think about haw many boxes are out there and how many of those folks are
losing jobs!


I thought that car mechanics are now busier than ever, repairing cars
that people keep instead of buying new? Is that wrong? I am completely
open to the possibility that I am wrong about Snap-On, so if you
change my mind, I will appreciate.

Some are BUT if you missed it there are a LOT of dealers going under. No
job = no paying off the tools. The average box today starts closer to 20
grand and the dealerships are where a LOT of those are.

The guys who have independent shops are seeing some increase but not
really all that much. There are still a LOT of folks buying new
regardless of the current problems.

Steve, that's interesting thinking, thanks. Even if this happens, even
to a large extent, it would still be a one time event for Snap On,
right?

i

FWIW, Snap-On's credit operations are a separate company (Snap-On
Credit LLC), a 50:50 joint venture between Snap-On and CIT Bank.

http://www.businessweek.com/ap/finan.../D98PBV6O0.htm

Ignoramus18183 wrote:

Snap-On stock at 8 P/E, 4% yield, 16% return on equity, seems to be
quite cheap to me.

OK, tell me what am I missing. Competition from Harbor Freight has not
killed Snap-On. It enjoys a decent return on equity, which suggests a
superior competitive position and pricing power, which you know
already by looking at their exorbitant prices and what is in
mechanics' toolboxes. Manageable debt, cash flow commensurate with
earnings, etc. I think that financing problems of its franchisers are
overblown.

They have regularly been purchasing their own stock.

I think that they are attractively priced. Just $1,000 invested in
Snap-On stock, would yield enough to buy four Harbor Freight wrench
sets per year.

i

This guy is incredible- he's some investment expert now.

Steve W. wrote:
Ignoramus18183 wrote:
Snap-On stock at 8 P/E, 4% yield, 16% return on equity, seems to be
quite cheap to me.

OK, tell me what am I missing. Competition from Harbor Freight has not
killed Snap-On. It enjoys a decent return on equity, which suggests a
superior competitive position and pricing power, which you know
already by looking at their exorbitant prices and what is in
mechanics' toolboxes. Manageable debt, cash flow commensurate with
earnings, etc. I think that financing problems of its franchisers are
overblown.

They have regularly been purchasing their own stock.

I think that they are attractively priced. Just $1,000 invested in
Snap-On stock, would yield enough to buy four Harbor Freight wrench
sets per year.

i

The BIG thing that is hidden would be how many of those boxes you see
are NOT paid for. Probably 2/3 are on financing plans through Snap-On.

My very first box came in just shy of $14,000.00 with the box and a
mechanics starter set. Cost me almost $2,800.00 in interest paying that
one off.

Think about haw many boxes are out there and how many of those folks are
losing jobs!


I think the self-employed truck vendor carries the paper on a lot of his
sales.

"Steve W." wrote:

Some are BUT if you missed it there are a LOT of dealers going under. No
job = no paying off the tools. The average box today starts closer to 20
grand and the dealerships are where a LOT of those are.


How much do you want to bet the guy driving the snap on truck is holding the paper for the
bad loans?

Wes
--
"Additionally as a security officer, I carry a gun to protect
government officials but my life isn't worth protecting at home
in their eyes." Dick Anthony Heller

RB wrote:
Steve W. wrote:
Ignoramus18183 wrote:
Snap-On stock at 8 P/E, 4% yield, 16% return on equity, seems to be
quite cheap to me.
OK, tell me what am I missing. Competition from Harbor Freight has not
killed Snap-On. It enjoys a decent return on equity, which suggests a
superior competitive position and pricing power, which you know
already by looking at their exorbitant prices and what is in
mechanics' toolboxes. Manageable debt, cash flow commensurate with
earnings, etc. I think that financing problems of its franchisers are
overblown.
They have regularly been purchasing their own stock.
I think that they are attractively priced. Just $1,000 invested in
Snap-On stock, would yield enough to buy four Harbor Freight wrench
sets per year.
i

The BIG thing that is hidden would be how many of those boxes you see
are NOT paid for. Probably 2/3 are on financing plans through Snap-On.

My very first box came in just shy of $14,000.00 with the box and a
mechanics starter set. Cost me almost $2,800.00 in interest paying that
one off.

Think about haw many boxes are out there and how many of those folks are
losing jobs!


I think the self-employed truck vendor carries the paper on a lot of his
sales.

Not usually. It is carried through a separate finance section of the
company. The truck guys carry any special offer items on the truck, the
rest is financed. Most of them work on commission based off sales
volume. The two that I deal with are not hurting YET, but they can see
the writing on the wall. Most of the workforce are staying with the
tools they have instead of buying all the newest toys.

--
Steve W.

Cydrome Leader wrote:
Ignoramus18183 wrote:

Snap-On stock at 8 P/E, 4% yield, 16% return on equity, seems to be
quite cheap to me.

OK, tell me what am I missing. Competition from Harbor Freight has
not killed Snap-On. It enjoys a decent return on equity, which
suggests a superior competitive position and pricing power, which
you know already by looking at their exorbitant prices and what is in
mechanics' toolboxes. Manageable debt, cash flow commensurate with
earnings, etc. I think that financing problems of its franchisers are
overblown.

They have regularly been purchasing their own stock.

I think that they are attractively priced. Just $1,000 invested in
Snap-On stock, would yield enough to buy four Harbor Freight wrench
sets per year.

i

This guy is incredible- he's some investment expert now.

Really got a hard-on for Iggy , doncha ? I find some of his posts amusing
, but overall he at least contributes to the group . Can you say the same
about yourself ?
--
Snag
Tired of idiots
with agenda's .

On Jun 22, 7:00*pm, "Snag" wrote:
Cydrome Leader wrote:
Ignoramus18183 wrote:

Snap-On stock at 8 P/E, 4% yield, 16% return on equity, seems to be
quite cheap to me.

OK, tell me what am I missing. Competition from Harbor Freight has
not killed Snap-On. It enjoys a decent return on equity, which
suggests a superior competitive position and pricing power, which
you know already by looking at their exorbitant prices and what is in
mechanics' toolboxes. Manageable debt, cash flow commensurate with
earnings, etc. I think that financing problems of its franchisers are
overblown.

They have regularly been purchasing their own stock.

I think that they are attractively priced. Just $1,000 invested in
Snap-On stock, would yield enough to buy four Harbor Freight wrench
sets per year.

i

This guy is incredible- he's some investment expert now.

* Really got a hard-on for Iggy , doncha ? I find some of his posts amusing
, but overall he at least contributes to the group . Can you say the same
about yourself ?
--
* Snag
Tired of idiots
with agenda's .

please don't feed the trolls.