저자: ParkevTatevosian,CFA · 외국인
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엔비디아 10대1 액면분할 발표를 다룸. 액면분할은 순이익·주주 실질 가치를 바꾸지 않는 이벤트이며 피자 조각 비유로 설명. 주식 수 증가로 소액 투자자 접근성이 높아지고 옵션 거래 유연성이 개선되지만 기대 수익률엔 변화 없음. 엔비디아는 연초부터 매수 추천 종목이었고 분할 자체는 매수·매도 이유가 아니라는 입장.
다듬은 글
all right they did it Nvidia announced the 10 for one stock split this was something that investors and analysts were speculating about for some time now since nvidia's share price approached $11,000 per share so I'll cover this announcement all the details but I'll go in more deeply I'll analyze what this means for Nvidia stock investors does this mean that the newer investors should buy the stock or does this mean that newer investors should stay away what about existing investors should they now sell the stock or should they keep it after the split so I'll go over all the details about the functionality of a stock split how it actually works and then I'll discuss more in detail about Nvidia specifically and what it means for Nvidia stock investors let's start with looking at the overall concept of a stock split I want to thank the what I have here is a hypothetical scenario of a stock split okay I'm going to break it down and simplify it as much as possible I'm going to put my professor cap on and try and explain this in as much detail as possible so we try and really understand the Dynamics of a stock split what actually happens so it all starts with net income okay so let's start up here let's say this hypothetical company has a net income of $10,000 right the net income even after a stock split doesn't change this is a company level result net income stays the same at $10,000 what changes first is the number of shares number of shares so in this scenario I have the number of shares starting at 1,000 and we're going to do a 10 for one one split so every one share becomes 10 shares so 1,000 becomes 10,000 shares so as you'll notice the net income stays the same even after the stock split you still have 10,000 in net income no change okay what changes is the the number of shares that increased to 10,000 okay so in the first scenario your earnings per share was $10 because you had 10,000 in net income divided by 1,000 shares your earnings per share is 1,000 in the second scenario your earnings per share is only $1 because you're taking the $10,000 in net income and you're splitting it among 10,000 shares and so your earnings per share becomes just $1 so just as the number of shares goes 10x the earnings per share gets divided by 10x okay the stock price also gets divided by 10x where you had a $1,000 stock price that now becomes $100 okay so your shareholder earnings in the first scenario you had one share and you were getting earnings per share of $10 in the second scenario you now have 10 shares and each share is giving you an earnings per share of $1 so you have shareholder earnings of $10 your quantity of shares the number of shares increases from one to 10 but your total earnings your total shareholder earnings what you are entitled to as a shareholder does not change so the end effect is no change it's no change right and I've been talking about this for several years I try to discuss this with investors and they seem to have a hard time grasping this because then they say well why is there so much hype surrounding stock splits why is stock splits so publicized and why are they so talked about and the answer is because it makes sharehold shares more affordable because you take the $11,000 share and you divide it and now it becomes $100 so investors previously who only had $100 to invest can now buy Nvidia stock whereas if it was trading at $1,000 per share they couldn't buy Nvidia stock now I know there are some platforms that allow fractional share buying but not all not all investors have access to platforms that have fractional share bu and then the counterargument would be well if somebody wanted Nvidia stock that badly what did they just open an account that has fractional share buying and buy Nvidia stock through one of those accounts with fractional shares the answer is probably some people have done that but not everyone so this just makes it more accessible and there's a lot of misconceptions surround stock splits not everyone is a finance student not everyone is a finance Professor like myself or a finance professional like myself and so there's a lot of misconceptions that lead to a lot of excitement and enthusiasm surrounding stock splits and I think it's overd done I think it's over done I think and I've been saying if you've been following my channel for the last few years I've been always trying to bring down expectations and enthusiasm surrounding a stock split I've been explaining it you know several different ways I try to bring forth the pizza slice example right you still think of the net income as your pizza that you order from the pizza restaurant right and think of the number of shares as the number of slices right you've got one whole pizza you could slice and dice it as many different ways as you want but at the end you still just got one pizza okay so if you take two bigger pieces and slice them up into four smaller pieces are you getting more pizza no you're still getting the same amount of pizza that's the that's the main point I try to emphasize surrounding stock splits there isn't anything extra created it's just slicing up what's existing into smaller more digestible pieces now what does that mean for investors well well as I said no change okay no change still the same amount of pizza it does offer a broader ownership of stock so you might get some newer investors who didn't know about all of those details who didn't know they could buy fractional shares who didn't have access to fractional shares they might now buy Nvidia stock which might give a shortterm boost to the price of Nvidia stock but at the same time that's happening value conscious invest investors professional experienced investors will notice the valuation of Nvidia stock increase and they might those share prices might increase to a level where they feel like it's time for them to take profits so they will sell the stock so the ownership base will broaden where you may have had one investor a wealthier investor own $1,000 share of Nvidia stock that person might sell the stock and then you might get 10 new investors who own a $100 share of Nvidia stock so you broaden out shareholder ownership again no real change there you're just changing the group of investors that own Nvidia stock doesn't really impact the expectations going forward in terms of return on investment does it change that no it doesn't it also offers some flexibility in trading options if you have a stock price options are usually traded in 100 share groups or Lots as they're called if you have a lower stock price it changes and increases the flexibility in trading options which again doesn't really have a major change in terms of the expected future return on investment just kind of behind the scenes stuff that might help in the options Market in reduce the spreads in the option Market Market because you have smaller share price and so the spreads between the buy and sell Narrows but again no real change in terms of return on investment expected so now I'll get into Nvidia specifically okay so they announced here a 10 for one forward stock split of their issued common stock to make shareholder share ownership more accessible to employees and investors so each holder of a common stock as of the close of Market on Thursday June 6 will receive nine additional shares to be distributed after the market closed on fi Friday June 7 and trading is expected to commence on a split adjusted basis as of the market open Monday June 10 so if you're one of those investors in a platform that doesn't have fractional share buying and you want to buy these lower priced Nvidia shares you could probably do so after Monday June 10th now does this make Nvidia stock a buy well I already had Nvidia stock rated as a top 10 growth stock to buy top 25 stock to buy around December 30th December 31st so I've had this stock rated as a buy all year long and and even before that so I still think the stock is a buy I don't think those shareholders who already own the stock I don't think the stock split is a reason to sell it and then if you don't already own Nvidia stock I don't think the stock split is the reason to buy it the company was already a buy and if the split makes it accessible to you because you have a platform that didn't offer fractional share buying and you now have access to buy it whereas you didn't before okay go ahead and buy it if you've been wanting to buy it already and now you have access okay go ahead but the announcement of the split and the actual split is no reason to do either it's no reason to sell and it's no reason to buy investors experienced investors investors professional investors we view this or I view this as just a non-event this is an opportunity for me to make a video and offer my insights into this category to kind of elaborate on what the Dynamics are of a stock split but in terms of my interest in Nvidia stock buying or selling or my rating of Nvidia stock it does not have any change at all to my analysis of Nvidia stock one way or the other it's just a non-event for me in terms of the desirability of owning Nvidia stoc in
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