Home Retail Group是一个表明市场鄙视一家被列为增长乏力的企业的例子。这家零售商的营业额为55亿英镑,拥有Argos、Homebase以及其他英国零售品牌。该公司拥有净现金,在利润下滑的这一年,企业价值(EV)与扣除利息、税项、折旧及摊销前盈利(ebitda)的比率仅为2.5倍。显然,投资机构视其为一家成熟且很可能在走下坡路的企业。
Yet for sexy retail stories, private equity will pay as much as eight or even 10 times. This huge pricing discrepancy seems irrational and hard to justify. So many investors are seduced by exciting projections and bored by reliability and history.
然而,对于令人瞩目的零售企业,私人股本愿意付出高达8倍甚至10倍的EV/ebitda比率。这一巨大价格差距似乎是不理性的,很难做出合理解释。如此之多的投资者受到令人兴奋的预测的引诱,同时对可靠性和历史感到厌倦。
Private equity pros added back depreciation and used leverage to enable them to buy unloved companies from quoted investors. But now the ebitda multiples paid by private equity shops are sometimes higher than the price/earnings multiples at which sensible, publicly listed companies trade. Has all the dry powder commanded by the private equity shops distorted their judgment? Why would listed companies be cheaper than private ones?
私人股本专业人士把折旧加回来,并利用杠杆,从股市投资者手中收购不受人喜欢的公司。但如今,私人股本公司支付的ebitda倍数有时高于合理公开上市公司的市盈率(PE)。私人股本公司手上的大量资金是否扭曲了它们的判断?上市公司有什么理由比私有公司更廉价?
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