Pandemien er ikke overstået, men alligevel bugner det med penge i de amerikanske virksomheder. De har cash og kortløbende papirer på 2100 milliarder dollar. Det er tæt ved at være rekord. Det skyldes en solid indtjening i år samt lave kapitalomkostninger. Ifølge Merrill er amerikansk erhvervsliv dermed godt rustet til at sikre den fremtidige vækst og investeringer. Der sker ikke nogen stigning i dividenden til aktionærerne, men derimod er buybacks steget kraftigt under pandemien og har nået et niveau, der svarer til det høje niveau for buybacks i de to år op til pandemien. Buybacks i andet kvartal blev på 199 milliarder dollar.
Corporate America ($2.1 trillion in cash)
The amount of liquidity presently held by U.S. corporations—in cash holdings and
shortterm investments—is hovering near all-time highs thanks to improving corporate profits
and lower costs of capital, totaling $2.1 trillion in Q2 of this year.
With earnings season as
a guide, recent announcements show little indication of a spending slowdown on the
corporate level. Intention/use of cash will primarily be made through investment of capital
expenditures (CapEx) and/or return to shareholders (growing dividends or share buybacks).
Closely tracking the path of earnings and signaling growth initiatives at the company level,
the capital expenditures recovery is well underway.
Business spending and CapEx
intentions in the U.S. have risen to elevated levels across a number of measures. For
instance, according to the BEA, the technology-led CapEx cycle alone jumped 11% on a
year-over-year basis during Q3 of 2021 to another record high. It accounted for a record
52% of total CapEx as companies and the economy increasingly digitalize. Secular
investments in semiconductors and automation, as well as more cyclical infrastructure
investments, will likely boost CapEx growth over the medium term.
According to S&P Global, total shareholder return of buybacks and dividends in Q2 2021
stood at $322 billion. Share buybacks in Q2 totaled $199 billion, up 11.6% from Q1 and
124% from the pandemic-depressed levels of Q2 2020 (low of $89 billion). A more stable
and consistent story for dividend growth has unfolded for S&P 500 dividends, totaling
$123 billion in Q2, up 4% on Q2 2020 (Exhibit 2).3
All in all, corporate America is well positioned to be a key driver of growth, supported by a
robust earnings backdrop, elevated cash balances, and continued support from the low
cost of capital.
