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2021-03-03

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SPACs are now a $700 billion market: Morning Brief<blockquote>SPAC现在是一个7000亿美元的市场：早间简报</blockquote>

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In all of 2020 — a record year for SPAC IPOs — some 223 SPAC sponsors came to market.<blockquote>截至2月26日，约175家SPAC保荐人已在公开市场首次亮相，筹集了总计560亿美元的资金。2020年全年——SPAC IPO创纪录的一年——约有223家SPAC保荐人上市。</blockquote> Data fromSPAC Insider showsthat through Tuesday, some 204 SPAC IPOs had come to market; on Tuesday alone, no fewer than 12 SPACs were announced,according to data from Street Insider. At this rate, 2020's record year for SPACs might be eclipsed by week end. SPAC Insider data shows that from 2009-2019, there were 226 total SPAC IPOs.<blockquote>SPAC Insider的数据显示，截至周二，约有204起SPAC IPO上市；根据Street Insider的数据，仅在周二，就有不少于12家SPAC宣布成立。按照这个速度，2020年SPAC创纪录的一年可能会在本周末黯然失色。SPAC内幕数据显示，2009-2019年，SPAC IPO总数为226起。</blockquote> As a quick reminder, SPAC is an acronym that stands for Special Purpose Acquisition Company, often referred to as a \"blank check\" company. These are publicly-listed entities with shares that don't represent claims on the business of an underlying company, but instead reflect an ownership stake in a pool of capital that will later be deployed to acquire an existing business.<blockquote>快速提醒一下，SPAC是特殊目的收购公司的缩写，通常被称为“空白支票”公司。这些是公开上市实体，其股份并不代表对基础公司业务的债权，而是反映了资本池的所有权股份，这些资本池稍后将用于收购现有业务。</blockquote> Back in January, we looked atSPACs as another micro-bubble, the likes of which have perked up in markets several times over the last few years. Goldman's data, however, shows that the capital behind these vehicles represents a much more potent market dynamic than speculative flows into 2017-era crypto projects or pot stocks.<blockquote>早在一月份，我们就将ATSPAC视为另一个微泡沫，在过去几年中，此类泡沫已在市场上多次活跃。然而，高盛的数据显示，这些工具背后的资本代表着比投机性流入2017年时代的加密项目或大麻股票更强大的市场动态。</blockquote> \"SPACs could generate more than $700 billion in acquisition activity in the next two years,\" Goldman writes.\"We estimate $103 billion in SPAC capital is actively searching for an acquisition target. The aggregate ratio of target enterprise value at merger announcement to associated SPAC capital has been 7x this year, a jump from 6x in 2020 and just 3x during the 2010s. If the YTD ratio were to hold, SPACs would acquire firms worth more than $700 billion of [enterprise value].\"<blockquote>高盛写道：“未来两年，SPAC可能会产生超过7000亿美元的收购活动。”\"我们估计1030亿美元的SPAC capital正在积极寻找收购目标。合并公告时目标企业价值与相关SPAC资本的总比率今年为7倍，较2020年的6倍跃升，而2010年代仅为3倍。如果年初至今的比率保持不变，SPAC将收购价值超过7000亿美元[企业价值]的公司。”</blockquote> Given interest from clients and the broader markets, we'd expect Kostin and team to stay on this theme. And the chart below gives us the simplest way to think about what an implied value of the SPAC universe might be — just take the total amount of SPAC capital seeking an acquisition and multiply it by 7.<blockquote>鉴于客户和更广泛市场的兴趣，我们希望Kostin和团队继续关注这一主题。下图为我们提供了思考SPAC宇宙隐含价值的最简单方法——只需将寻求收购的SPAC资本总额乘以7即可。</blockquote> <img src=\"https://static.tigerbbs.com/0578fbffa1689f060fafe95fb699bb08\" tg-width=\"705\" tg-height=\"481\" referrerpolicy=\"no-referrer\">There is currently more than $100 billion of SPAC capital seeking an acquisition, and at current deal multiples this implies some $700 billion of potential value could be unlocked by these deals. (Source: Goldman Sachs)<blockquote>目前有超过1000亿美元的SPAC资本寻求收购，按照目前的交易倍数，这意味着这些交易可以释放约7000亿美元的潜在价值。（资料来源：高盛）</blockquote> And while multiples on SPAC deals are going up, Goldman also finds that the value of companies taken public via this channel are rising as is the speed with which sponsors are deploying their capital.<blockquote>虽然SPAC交易的市盈率正在上升，但高盛还发现，通过这一渠道上市的公司的价值也在上升，保荐人部署资本的速度也在上升。</blockquote> So far this year, the average value of a company set to be taken public via SPAC is $2.9 billion, up from $1.7 billion last year and ~$800 million last decade, according to Goldman's data. Sponsors are also finding targets 175 days after their IPO, less than half the time sponsors spent searching in 2020 and down from an average of 487 days in the 2010s.<blockquote>高盛的数据显示，今年到目前为止，通过SPAC上市的公司的平均价值为29亿美元，高于去年的17亿美元和过去十年的约8亿美元。保荐人也在IPO后175天找到了目标，这不到2020年保荐人搜索时间的一半，也低于2010年代的平均487天。</blockquote> What to know today<blockquote>今天要知道什么</blockquote> Economy<blockquote>经济</blockquote> <ul> <li>7:00 a.m. ET:MBA Mortgage Applications,week ended February 26 (-11.4% during prior week)</li> <li>8:15 a.m. ET:ADP Employment Change,February (200,000 expected, 174,000 in January)</li> <li>9:45 a.m. ET:Markit US Composite PMI,February final (58.8 in prior print)</li> <li>9:45 a.m. ET:Markit US Services PMI,February final (58.9 expected, 58.9 in prior print)</li> <li>10:00 a.m. ET:ISM Services Index,February (58.7 expected, 58.7 in January)</li> <li>2:00 p.m. ET:Federal Reserve releases Beige Book</li> </ul> Earnings<blockquote><ul><li>美国东部时间上午7:00：MBA抵押贷款申请，截至2月26日的一周（前一周为-11.4%）</li><li>美国东部时间上午8:15：ADP就业变化，2月（预计20万，1月17.4万）</li><li>美国东部时间上午9:45：Markit美国综合PMI，二月决赛（之前印刷为58.8）</li><li>美国东部时间上午9:45：Markit美国服务业PMI，2月最终版（预期为58.9，之前版本为58.9）</li><li>美国东部时间上午10:00：ISM服务业指数，2月（预期58.7，1月58.7）</li><li>下午2:00 ET：美联储发布褐皮书</li></ul>收入</blockquote> Pre-market<blockquote>上市前</blockquote> <ul> <li>7:30 a.m. ET:Dollar Tree (DLTR)is expected to report adjusted earnings of $2.11 per share on revenue of $6.81 billion</li> </ul> Post-market<blockquote><ul><li>美国东部时间上午7:30：美元树(DLTR)预计调整后每股收益为2.11美元，营收为68.1亿美元</li></ul>上市后</blockquote> <ul> <li>4:00 p.m. ET:Splunk (SPLK)is expected to report adjusted earnings of 3 cents per share on revenue of $677.81 million</li> <li>4:00 p.m. ET:Okta (OKTA)is expected to report an adjusted loss of 1 cent per share on revenue of $222.05 million</li> <li>4:00 p.m. ET:Snowflake (SNOW)is expected to report an adjusted loss of 17 cents per share on revenue of $178.55 million</li> <li>4:05 p.m. ET:Vroom Inc (VRM)is expected to report an adjusted loss of 37 cents per share on revenue of $401.85 million</li> </ul><blockquote><ul><li>下午4:00 ET：Splunk(SPLK)预计调整后每股收益为3美分，营收为6.7781亿美元</li><li>下午4:00 ET：奥克塔（奥克塔）预计调整后每股亏损1美分，营收为2.2205亿美元</li><li>下午4:00 ET：雪花（雪）预计调整后每股亏损17美分，营收为1.7855亿美元</li><li>下午4:05 ET：轰鸣公司(VRM)预计调整后每股亏损37美分，营收为4.0185亿美元</li></ul></blockquote>","source":"lsy1584348713084","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSPACs are now a $700 billion market: Morning Brief<blockquote>SPAC现在是一个7000亿美元的市场：早间简报</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nyahoo2021-03-03 20:08\n\n</h4>\n</header>\n<article>\nGoldman Sachs puts the SPAC boom in context.<blockquote>高盛将SPAC的繁荣置于背景中。</blockquote> Late last year, we wrote aboutDavid Kostin's equity strategy team at Goldman Sachs declaring2020 the year of the SPAC.<blockquote>去年年底，我们报道了高盛David Kostin的股票策略团队宣布2020年为SPAC年。</blockquote> In the few months since this report, the trend has only accelerated.<blockquote>自这份报告发布以来的几个月里，这一趋势只会加速。</blockquote> Kostin's team on Monday published their latest update on the space and the torrid pace with which these vehicles are coming to market.<blockquote>科斯汀的团队周一发布了有关该领域以及这些车辆上市速度的最新动态。</blockquote> And torrid might be an understatement.<blockquote>炎热可能是一种保守的说法。</blockquote> Through February 26, some 175 SPAC sponsors have debuted on the public market raising a total of $56 billion. In all of 2020 — a record year for SPAC IPOs — some 223 SPAC sponsors came to market.<blockquote>截至2月26日，约175家SPAC保荐人已在公开市场首次亮相，筹集了总计560亿美元的资金。2020年全年——SPAC IPO创纪录的一年——约有223家SPAC保荐人上市。</blockquote> Data fromSPAC Insider showsthat through Tuesday, some 204 SPAC IPOs had come to market; on Tuesday alone, no fewer than 12 SPACs were announced,according to data from Street Insider. At this rate, 2020's record year for SPACs might be eclipsed by week end. SPAC Insider data shows that from 2009-2019, there were 226 total SPAC IPOs.<blockquote>SPAC Insider的数据显示，截至周二，约有204起SPAC IPO上市；根据Street Insider的数据，仅在周二，就有不少于12家SPAC宣布成立。按照这个速度，2020年SPAC创纪录的一年可能会在本周末黯然失色。SPAC内幕数据显示，2009-2019年，SPAC IPO总数为226起。</blockquote> As a quick reminder, SPAC is an acronym that stands for Special Purpose Acquisition Company, often referred to as a \"blank check\" company. These are publicly-listed entities with shares that don't represent claims on the business of an underlying company, but instead reflect an ownership stake in a pool of capital that will later be deployed to acquire an existing business.<blockquote>快速提醒一下，SPAC是特殊目的收购公司的缩写，通常被称为“空白支票”公司。这些是公开上市实体，其股份并不代表对基础公司业务的债权，而是反映了资本池的所有权股份，这些资本池稍后将用于收购现有业务。</blockquote> Back in January, we looked atSPACs as another micro-bubble, the likes of which have perked up in markets several times over the last few years. Goldman's data, however, shows that the capital behind these vehicles represents a much more potent market dynamic than speculative flows into 2017-era crypto projects or pot stocks.<blockquote>早在一月份，我们就将ATSPAC视为另一个微泡沫，在过去几年中，此类泡沫已在市场上多次活跃。然而，高盛的数据显示，这些工具背后的资本代表着比投机性流入2017年时代的加密项目或大麻股票更强大的市场动态。</blockquote> \"SPACs could generate more than $700 billion in acquisition activity in the next two years,\" Goldman writes.\"We estimate $103 billion in SPAC capital is actively searching for an acquisition target. The aggregate ratio of target enterprise value at merger announcement to associated SPAC capital has been 7x this year, a jump from 6x in 2020 and just 3x during the 2010s. If the YTD ratio were to hold, SPACs would acquire firms worth more than $700 billion of [enterprise value].\"<blockquote>高盛写道：“未来两年，SPAC可能会产生超过7000亿美元的收购活动。”\"我们估计1030亿美元的SPAC capital正在积极寻找收购目标。合并公告时目标企业价值与相关SPAC资本的总比率今年为7倍，较2020年的6倍跃升，而2010年代仅为3倍。如果年初至今的比率保持不变，SPAC将收购价值超过7000亿美元[企业价值]的公司。”</blockquote> Given interest from clients and the broader markets, we'd expect Kostin and team to stay on this theme. And the chart below gives us the simplest way to think about what an implied value of the SPAC universe might be — just take the total amount of SPAC capital seeking an acquisition and multiply it by 7.<blockquote>鉴于客户和更广泛市场的兴趣，我们希望Kostin和团队继续关注这一主题。下图为我们提供了思考SPAC宇宙隐含价值的最简单方法——只需将寻求收购的SPAC资本总额乘以7即可。</blockquote> <img src=\"https://static.tigerbbs.com/0578fbffa1689f060fafe95fb699bb08\" tg-width=\"705\" tg-height=\"481\" referrerpolicy=\"no-referrer\">There is currently more than $100 billion of SPAC capital seeking an acquisition, and at current deal multiples this implies some $700 billion of potential value could be unlocked by these deals. (Source: Goldman Sachs)<blockquote>目前有超过1000亿美元的SPAC资本寻求收购，按照目前的交易倍数，这意味着这些交易可以释放约7000亿美元的潜在价值。（资料来源：高盛）</blockquote> And while multiples on SPAC deals are going up, Goldman also finds that the value of companies taken public via this channel are rising as is the speed with which sponsors are deploying their capital.<blockquote>虽然SPAC交易的市盈率正在上升，但高盛还发现，通过这一渠道上市的公司的价值也在上升，保荐人部署资本的速度也在上升。</blockquote> So far this year, the average value of a company set to be taken public via SPAC is $2.9 billion, up from $1.7 billion last year and ~$800 million last decade, according to Goldman's data. Sponsors are also finding targets 175 days after their IPO, less than half the time sponsors spent searching in 2020 and down from an average of 487 days in the 2010s.<blockquote>高盛的数据显示，今年到目前为止，通过SPAC上市的公司的平均价值为29亿美元，高于去年的17亿美元和过去十年的约8亿美元。保荐人也在IPO后175天找到了目标，这不到2020年保荐人搜索时间的一半，也低于2010年代的平均487天。</blockquote> What to know today<blockquote>今天要知道什么</blockquote> Economy<blockquote>经济</blockquote> <ul> <li>7:00 a.m. ET:MBA Mortgage Applications,week ended February 26 (-11.4% during prior week)</li> <li>8:15 a.m. ET:ADP Employment Change,February (200,000 expected, 174,000 in January)</li> <li>9:45 a.m. ET:Markit US Composite PMI,February final (58.8 in prior print)</li> <li>9:45 a.m. ET:Markit US Services PMI,February final (58.9 expected, 58.9 in prior print)</li> <li>10:00 a.m. ET:ISM Services Index,February (58.7 expected, 58.7 in January)</li> <li>2:00 p.m. ET:Federal Reserve releases Beige Book</li> </ul> Earnings<blockquote><ul><li>美国东部时间上午7:00：MBA抵押贷款申请，截至2月26日的一周（前一周为-11.4%）</li><li>美国东部时间上午8:15：ADP就业变化，2月（预计20万，1月17.4万）</li><li>美国东部时间上午9:45：Markit美国综合PMI，二月决赛（之前印刷为58.8）</li><li>美国东部时间上午9:45：Markit美国服务业PMI，2月最终版（预期为58.9，之前版本为58.9）</li><li>美国东部时间上午10:00：ISM服务业指数，2月（预期58.7，1月58.7）</li><li>下午2:00 ET：美联储发布褐皮书</li></ul>收入</blockquote> Pre-market<blockquote>上市前</blockquote> <ul> <li>7:30 a.m. ET:Dollar Tree (DLTR)is expected to report adjusted earnings of $2.11 per share on revenue of $6.81 billion</li> </ul> Post-market<blockquote><ul><li>美国东部时间上午7:30：美元树(DLTR)预计调整后每股收益为2.11美元，营收为68.1亿美元</li></ul>上市后</blockquote> <ul> <li>4:00 p.m. ET:Splunk (SPLK)is expected to report adjusted earnings of 3 cents per share on revenue of $677.81 million</li> <li>4:00 p.m. ET:Okta (OKTA)is expected to report an adjusted loss of 1 cent per share on revenue of $222.05 million</li> <li>4:00 p.m. ET:Snowflake (SNOW)is expected to report an adjusted loss of 17 cents per share on revenue of $178.55 million</li> <li>4:05 p.m. ET:Vroom Inc (VRM)is expected to report an adjusted loss of 37 cents per share on revenue of $401.85 million</li> </ul><blockquote><ul><li>下午4:00 ET：Splunk(SPLK)预计调整后每股收益为3美分，营收为6.7781亿美元</li><li>下午4:00 ET：奥克塔（奥克塔）预计调整后每股亏损1美分，营收为2.2205亿美元</li><li>下午4:00 ET：雪花（雪）预计调整后每股亏损17美分，营收为1.7855亿美元</li><li>下午4:05 ET：轰鸣公司(VRM)预计调整后每股亏损37美分，营收为4.0185亿美元</li></ul></blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://finance.yahoo.com/news/spacs-700-billion-market-2021-goldman-sachs-morning-brief-110126053.html\">yahoo</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://finance.yahoo.com/news/spacs-700-billion-market-2021-goldman-sachs-morning-brief-110126053.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144010843","content_text":"Goldman Sachs puts the SPAC boom in context.\nLate last year, we wrote aboutDavid Kostin's equity strategy team at Goldman Sachs declaring2020 the year of the SPAC.\nIn the few months since this report, the trend has only accelerated.\nKostin's team on Monday published their latest update on the space and the torrid pace with which these vehicles are coming to market.\nAnd torrid might be an understatement.\nThrough February 26, some 175 SPAC sponsors have debuted on the public market raising a total of $56 billion. In all of 2020 — a record year for SPAC IPOs — some 223 SPAC sponsors came to market.\nData fromSPAC Insider showsthat through Tuesday, some 204 SPAC IPOs had come to market; on Tuesday alone, no fewer than 12 SPACs were announced,according to data from Street Insider. At this rate, 2020's record year for SPACs might be eclipsed by week end. SPAC Insider data shows that from 2009-2019, there were 226 total SPAC IPOs.\nAs a quick reminder, SPAC is an acronym that stands for Special Purpose Acquisition Company, often referred to as a \"blank check\" company. These are publicly-listed entities with shares that don't represent claims on the business of an underlying company, but instead reflect an ownership stake in a pool of capital that will later be deployed to acquire an existing business.\nBack in January, we looked atSPACs as another micro-bubble, the likes of which have perked up in markets several times over the last few years. Goldman's data, however, shows that the capital behind these vehicles represents a much more potent market dynamic than speculative flows into 2017-era crypto projects or pot stocks.\n\"SPACs could generate more than $700 billion in acquisition activity in the next two years,\" Goldman writes.\"We estimate $103 billion in SPAC capital is actively searching for an acquisition target. The aggregate ratio of target enterprise value at merger announcement to associated SPAC capital has been 7x this year, a jump from 6x in 2020 and just 3x during the 2010s. If the YTD ratio were to hold, SPACs would acquire firms worth more than $700 billion of [enterprise value].\"\nGiven interest from clients and the broader markets, we'd expect Kostin and team to stay on this theme. And the chart below gives us the simplest way to think about what an implied value of the SPAC universe might be — just take the total amount of SPAC capital seeking an acquisition and multiply it by 7.\nThere is currently more than $100 billion of SPAC capital seeking an acquisition, and at current deal multiples this implies some $700 billion of potential value could be unlocked by these deals. (Source: Goldman Sachs)\nAnd while multiples on SPAC deals are going up, Goldman also finds that the value of companies taken public via this channel are rising as is the speed with which sponsors are deploying their capital.\nSo far this year, the average value of a company set to be taken public via SPAC is $2.9 billion, up from $1.7 billion last year and ~$800 million last decade, according to Goldman's data. Sponsors are also finding targets 175 days after their IPO, less than half the time sponsors spent searching in 2020 and down from an average of 487 days in the 2010s.\nWhat to know today\nEconomy\n\n7:00 a.m. ET:MBA Mortgage Applications,week ended February 26 (-11.4% during prior week)\n8:15 a.m. ET:ADP Employment Change,February (200,000 expected, 174,000 in January)\n9:45 a.m. ET:Markit US Composite PMI,February final (58.8 in prior print)\n9:45 a.m. ET:Markit US Services PMI,February final (58.9 expected, 58.9 in prior print)\n10:00 a.m. ET:ISM Services Index,February (58.7 expected, 58.7 in January)\n2:00 p.m. ET:Federal Reserve releases Beige Book\n\nEarnings\nPre-market\n\n7:30 a.m. ET:Dollar Tree (DLTR)is expected to report adjusted earnings of $2.11 per share on revenue of $6.81 billion\n\nPost-market\n\n4:00 p.m. ET:Splunk (SPLK)is expected to report adjusted earnings of 3 cents per share on revenue of $677.81 million\n4:00 p.m. ET:Okta (OKTA)is expected to report an adjusted loss of 1 cent per share on revenue of $222.05 million\n4:00 p.m. ET:Snowflake (SNOW)is expected to report an adjusted loss of 17 cents per share on revenue of $178.55 million\n4:05 p.m. ET:Vroom Inc (VRM)is expected to report an adjusted loss of 37 cents per share on revenue of $401.85 million","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":487,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":3,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/365451696"}