After the split, the two parts will have very different flavors. Suppose the China division canincrease its number of stores by half, to 10,000, and create $1.4 million a year in revenue fromeach one, as it did before food scares in China last year hurt its sales. A Reuters Breakingviewsanalysis suggests that the unit could be worth $27 billion on a debt-free basis, three-quartersof the whole Yum enterprise value.
拆分之后,这两家公司将有不同的特色。预计中国公司能够店铺数增加一半,达到1万家,每家每年创造140万美元的收入,达到去年中国食品恐慌影响其销售额之前的水平。路透热点透视(Breakinviews)的一篇分析文章显示,中国公司在无债的基础上可能价值270亿美元,相当于整个百胜集团市值的四分之三。
The more mature Western-world business, meanwhile, could be slathered in debt. Yum, theowner of the KFC and Pizza Hut brands, might be able to extract a 3 percent license fee fromits expanded China affiliate, giving it $420 million a year in mostly stable income. Add that tolast year’s non-Chinese earnings before interest, taxes, depreciation and amortization, orEbitda, of $1.1 billion, assume there’s room for borrowing worth three times Ebitda, and thereis scope for a one-time debt-funded payout to investors of more than $4 billion.
与此同时,比较成熟的西方国家业务可能大量举债。百胜——肯德基和必胜客(Pizza Hut)的母公司——或许能从扩张后的中国公司收取3%的许可证费用,每年获得基本上稳定的4.2亿美元收入。加上这部分收入后,去年非中国业务的Ebitda(利息、税、折旧、摊销前盈利收入)达到11亿美元,假设还有可以获得三倍Ebitda的借款的空间,就有一次性向投资者举债回报逾40亿美元的余地。
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