Talk of such multiples makes level-headed types nervous. Three times the value of assetsminus liabilities is what Goldman Sachs listed at in 1999; it now trades below book value. ItaUnibanco, Brazil s biggest private bank, trades at a bit over twice book value; BTG s return onequity is little more than at Ita, although, at 25%, it is still eye-wateringly high byrich-world standards. But the bank is neither dragged down by the rich world s slump norattached, like its local rivals, to a big, staid retail arm, says Oliver Leyland of Mirae AssetGlobal Investments. These guys have sold hundreds of deals; I m sure they can sellthemselves.
谈起这一倍数,不少沉着冷静的人士都开始紧张起来。高盛在1999年上市的时候,市值也是股东权益的三倍;如今它的市值已经低于账面价值了。巴西最大的私有银行伊塔乌联合银行的市值略高于其账面价值的两倍;百达的净资产收益率是25%,尽管只比伊塔乌要高上一点,但以富裕国家的标准来看算得上极高。百达既没有受到富裕国家经济衰退的拖累,也没有像它巴西本土的对手们那样依赖于一个臃肿保守的经纪零售部门,未来资产环球投资有限公司的奥利弗利兰如此评价道。这些家伙已经做了几百笔上市的买卖了,我很有把握他们也能把自己给推销出去。
The prospectus, when it appears, will be scrutinised not only for growth prospects andstrategysome of the cash is expected to be spent in Asia to capitalise on links between thatregion and Latin Americabut also for reassurances regarding minority rights. BTG plans tooffer non-voting shares as well as voting ones, a route few Brazilian firms have taken inrecent years. The partners clearly have an eye to future offerings and the importance of maintaining control, says Ricardo Almeida ofInsper, a S?o Paulo business school.
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