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2021-03-03
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3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3 只让您在三月（及以后）变得更富有的价值股票</blockquote>
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Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.</p><p><blockquote><b>这些大幅折扣的股票非常适合有耐心的投资者。</b>十多年来，成长型股票让价值股黯然失色。历史低位贷款利率和创纪录的漫长牛市磨损了投资者寻找改变游戏规则的成长型股票的胃口。</blockquote></p><p>However, a 90-year study (1926-2015) from<b>Bank of America</b>/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With the<b>S&P 500</b>'s Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.</p><p><blockquote>然而，一项长达90年的研究（1926-2015年）<b>美国银行</b>/美林发现，从长期来看，价值股表现更好。更重要的是，在经济复苏的最初几年，价值股的表现历来优于历史。与<b>标普500</b>席勒市盈率高于近二十年来的最高水平，因此关注价值可能是有道理的。</blockquote></p><p>As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.</p><p><blockquote>随着我们一头扎进三月份，以下三只价值股票显得特别有吸引力，并且完全有能力让投资者变得更加富有。</blockquote></p><p><b>1. AGNC Investment Corp.</b></p><p><blockquote><b>1. AGNC投资公司</b></blockquote></p><p>The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)<b>AGNC Investment Corp.</b>(NASDAQ:AGNC).</p><p><blockquote>第一个股票价值投资者要考虑纳入其投资组合的是抵押房地产投资信托基金 (REIT)<b>AGNC投资公司。</b>（纳斯达克股票代码：AGNC）</blockquote></p><p>Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?</p><p><blockquote>在不涉及过多技术的情况下，抵押贷款房地产投资信托基金是以普遍较低的短期利率借款并购买长期收益率较高的资产（例如抵押贷款支持证券（MBS））的公司。他们收到的收益率与他们支付的借款收益率之间的差额称为净息差（NIM）。NIM 越宽，抵押房地产投资信托基金赚的钱就越多。很简单，对吧？</blockquote></p><p>The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.</p><p><blockquote>对于像AGNC Investment这样的抵押房地产投资信托基金来说，最重要的是收益率曲线。当收益率曲线趋平或美联储快速调整利率时，抵押房地产投资信托基金的净息差通常会缩小。相比之下，当收益率曲线陡峭时（这通常发生在经济复苏的最初几年），NIM 就会扩大。随着收益率曲线的陡峭化，AGNC应该能够利用其优势进一步提高利润。</blockquote></p><p>Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.</p><p><blockquote>投资者可能会对 AGNC 感兴趣的另一点是，italmost 专门投资于仅代理证券。这意味着，如果发生违约，AGNC 购买的 MBSs 将得到联邦政府的支持。尽管机构资产的收益率低于非机构证券，但这种额外的安全性使 AGNC 能够放心地利用相当多的杠杆。</blockquote></p><p>AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.</p><p><blockquote>AGNC 上周收盘价比账面价值低 10%，并有望向耐心的投资者支付 9% 的丰厚年收益率。在动荡的市场中，这似乎是一个特别安全的赌注。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f9505a26148c936d05238ded67238e5b\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>2. <a href=\"https://laohu8.com/S/SSRM\">SSR Mining Inc</a> </b></p><p><blockquote><b>2.<a href=\"https://laohu8.com/S/SSRM\">SSR 矿业公司</a></b></blockquote></p><p>There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,<b>SSR Mining</b>(NASDAQ:SSRM)could be the company to consider.</p><p><blockquote>目前，可能没有哪个行业比金矿开采更适合移动价值股。自今年年初以来，黄金库存一直受到打击，现在看起来很便宜。如果您正在寻找一只便宜的股票添加到您的投资组合中，<b>SSR采矿</b>（纳斯达克股票代码：SSRM）可能是值得考虑的公司。</blockquote></p><p>To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.</p><p><blockquote>在某种程度上，所有矿业公司都受制于他们生产的基础金属。自七个月前见顶以来，每盎司黄金价格已下跌约 300 美元。然而，与过去十年的大部分时间相比，它仍然大幅上涨，而且前景依然光明。美联储的量化宽松措施（即每月购买国债），加上正在进行的财政刺激，可能会使美国货币供应量膨胀，并给美元带来压力。由于美元和黄金呈反向关系，这对黄金来说是个好兆头。</blockquote></p><p>Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.</p><p><blockquote>除了金价上涨之外，SSR Mining 还将受益于与土耳其 Alacer Gold 的平等合并。该交易于去年完成，使 SSR 的产量潜力几乎翻了一番，达到每年 720,000 金当量盎司 (GEO) 至 800,000 GEO 之间。其中超过 85% 的产量是黄金，阿根廷的 Puna 工厂将在 2021 年生产 600 万至 700 万盎司白银。</blockquote></p><p>Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.</p><p><blockquote>尽管 SSR Mining 2021 年的总维持成本 (AISC) 为 1,050 美元/金盎司至 1,110 美元/金盎司，略高于同行，但这与该公司增加其长期旗舰金盏花矿的资本支出有关，以及推进 Alacer 的 Copler 矿的开发。即使 AISC 更高，SSR 管理层仍预计未来两年每年将获得 4.5 亿美元的自由现金流。</blockquote></p><p>Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.</p><p><blockquote>此外，请注意，SSR Mining 拥有整个黄金行业中最健康的资产负债表之一。年底，该公司拥有 8.6 亿美元现金和现金等价物，净现金头寸为 4.57 亿澳元。该公司还将于 2021 年 3 月 31 日支付 0.05 美元的首次季度股息。</blockquote></p><p>Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.</p><p><blockquote>投资者可以在 2021 年收购 SSR Mining 的每股收益约为 7 倍，现金流约为 4 倍。</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/c927569b8b842ba199fee7ad36859d0a\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>3. <a href=\"https://laohu8.com/S/TEVJF\">Teva Pharmaceutical Industries Ltd.</a> </b></p><p><blockquote><b>3.<a href=\"https://laohu8.com/S/TEVJF\">梯瓦制药工业有限公司</a></b></blockquote></p><p>Finally, patient value investors can get richer by adding brand-name and generic drug-developer<b>Teva Pharmaceutical Industries</b>(NYSE:TEVA)to their portfolio.</p><p><blockquote>最后，患者价值投资者可以通过增加品牌和仿制药开发商来变得更加富有<b>梯瓦制药工业</b>（纽约证券交易所代码：TEVA）到他们的投资组合。</blockquote></p><p>Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.</p><p><blockquote>我们不要拐弯抹角：一只股票不会在没有一些严重缺陷的情况下下跌近 90%。几年前，梯瓦 (Teva) 对仿制药制造商阿特维斯 (Actavis) 支付了严重过高的价格，其前任管理团队就贿赂指控达成了和解。最近，它面临着仿制药价格疲软，并遭受了大量诉讼，从仿制药价格操纵到其在阿片类药物危机中的作用。梯瓦自 2016 年以来受到打击是有充分理由的。</blockquote></p><p>But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.</p><p><blockquote>但还有更多理由对其好转感到兴奋。梯瓦最大的催化剂是其首席执行官凯尔·舒尔茨。舒尔茨是一位扭亏为盈的专家，于 2017 年 11 月接任，预计将至少在公司工作到 2023 年 11 月。在他任职期间，梯瓦的净债务已从 340 亿美元以上降至 2020 年底的不到 240 亿美元。这是通过出售非核心资产、每年减少约30亿美元的运营费用以及利用运营现金流偿还债务来实现的。到 2023 年底，净债务可能低于 150 亿美元。</blockquote></p><p>Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.</p><p><blockquote>除了舒尔茨之外，梯瓦还希望克服其最大的障碍之一：失去重磅多发性硬化症药物 Copaxone 的独家经营权。Copaxone 曾经是一种年销售额达 40 亿美元的药物，预计 2021 年销售额将达到 10.5 亿美元。好消息是，Austedo 和 Ajovy 的增长现在足以抵消 Copaxone 的年度销售额下降。</blockquote></p><p>With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.</p><p><blockquote>Teva 的远期市盈率仅为 4，看起来像是为最坏的情况定价的。但如果舒尔茨能够与司法部就剩余诉讼达成和解，并且他可以在公司不必花费大量宝贵现金的情况下做到这一点，梯瓦的股价可能会迅速翻倍。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3 只让您在三月（及以后）变得更富有的价值股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; 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\">\n3 Value Stocks That'll Make You Richer in March (and Beyond)<blockquote>3 只让您在三月（及以后）变得更富有的价值股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">motley fool</strong><span class=\"h-time small\">2021-03-03 21:53</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>These deeply discounted stocks are perfect for patient investors.</b>For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.</p><p><blockquote><b>这些大幅折扣的股票非常适合有耐心的投资者。</b>十多年来，成长型股票让价值股黯然失色。历史低位贷款利率和创纪录的漫长牛市磨损了投资者寻找改变游戏规则的成长型股票的胃口。</blockquote></p><p>However, a 90-year study (1926-2015) from<b>Bank of America</b>/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With the<b>S&P 500</b>'s Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.</p><p><blockquote>然而，一项长达90年的研究（1926-2015年）<b>美国银行</b>/美林发现，从长期来看，价值股表现更好。更重要的是，在经济复苏的最初几年，价值股的表现历来优于历史。与<b>标普500</b>席勒市盈率高于近二十年来的最高水平，因此关注价值可能是有道理的。</blockquote></p><p>As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.</p><p><blockquote>随着我们一头扎进三月份，以下三只价值股票显得特别有吸引力，并且完全有能力让投资者变得更加富有。</blockquote></p><p><b>1. AGNC Investment Corp.</b></p><p><blockquote><b>1. AGNC投资公司</b></blockquote></p><p>The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)<b>AGNC Investment Corp.</b>(NASDAQ:AGNC).</p><p><blockquote>第一个股票价值投资者要考虑纳入其投资组合的是抵押房地产投资信托基金 (REIT)<b>AGNC投资公司。</b>（纳斯达克股票代码：AGNC）</blockquote></p><p>Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?</p><p><blockquote>在不涉及过多技术的情况下，抵押贷款房地产投资信托基金是以普遍较低的短期利率借款并购买长期收益率较高的资产（例如抵押贷款支持证券（MBS））的公司。他们收到的收益率与他们支付的借款收益率之间的差额称为净息差（NIM）。NIM 越宽，抵押房地产投资信托基金赚的钱就越多。很简单，对吧？</blockquote></p><p>The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.</p><p><blockquote>对于像AGNC Investment这样的抵押房地产投资信托基金来说，最重要的是收益率曲线。当收益率曲线趋平或美联储快速调整利率时，抵押房地产投资信托基金的净息差通常会缩小。相比之下，当收益率曲线陡峭时（这通常发生在经济复苏的最初几年），NIM 就会扩大。随着收益率曲线的陡峭化，AGNC应该能够利用其优势进一步提高利润。</blockquote></p><p>Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.</p><p><blockquote>投资者可能会对 AGNC 感兴趣的另一点是，italmost 专门投资于仅代理证券。这意味着，如果发生违约，AGNC 购买的 MBSs 将得到联邦政府的支持。尽管机构资产的收益率低于非机构证券，但这种额外的安全性使 AGNC 能够放心地利用相当多的杠杆。</blockquote></p><p>AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.</p><p><blockquote>AGNC 上周收盘价比账面价值低 10%，并有望向耐心的投资者支付 9% 的丰厚年收益率。在动荡的市场中，这似乎是一个特别安全的赌注。</blockquote></p><p><img src=\"https://static.tigerbbs.com/f9505a26148c936d05238ded67238e5b\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>2. <a href=\"https://laohu8.com/S/SSRM\">SSR Mining Inc</a> </b></p><p><blockquote><b>2.<a href=\"https://laohu8.com/S/SSRM\">SSR 矿业公司</a></b></blockquote></p><p>There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,<b>SSR Mining</b>(NASDAQ:SSRM)could be the company to consider.</p><p><blockquote>目前，可能没有哪个行业比金矿开采更适合移动价值股。自今年年初以来，黄金库存一直受到打击，现在看起来很便宜。如果您正在寻找一只便宜的股票添加到您的投资组合中，<b>SSR采矿</b>（纳斯达克股票代码：SSRM）可能是值得考虑的公司。</blockquote></p><p>To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.</p><p><blockquote>在某种程度上，所有矿业公司都受制于他们生产的基础金属。自七个月前见顶以来，每盎司黄金价格已下跌约 300 美元。然而，与过去十年的大部分时间相比，它仍然大幅上涨，而且前景依然光明。美联储的量化宽松措施（即每月购买国债），加上正在进行的财政刺激，可能会使美国货币供应量膨胀，并给美元带来压力。由于美元和黄金呈反向关系，这对黄金来说是个好兆头。</blockquote></p><p>Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.</p><p><blockquote>除了金价上涨之外，SSR Mining 还将受益于与土耳其 Alacer Gold 的平等合并。该交易于去年完成，使 SSR 的产量潜力几乎翻了一番，达到每年 720,000 金当量盎司 (GEO) 至 800,000 GEO 之间。其中超过 85% 的产量是黄金，阿根廷的 Puna 工厂将在 2021 年生产 600 万至 700 万盎司白银。</blockquote></p><p>Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.</p><p><blockquote>尽管 SSR Mining 2021 年的总维持成本 (AISC) 为 1,050 美元/金盎司至 1,110 美元/金盎司，略高于同行，但这与该公司增加其长期旗舰金盏花矿的资本支出有关，以及推进 Alacer 的 Copler 矿的开发。即使 AISC 更高，SSR 管理层仍预计未来两年每年将获得 4.5 亿美元的自由现金流。</blockquote></p><p>Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.</p><p><blockquote>此外，请注意，SSR Mining 拥有整个黄金行业中最健康的资产负债表之一。年底，该公司拥有 8.6 亿美元现金和现金等价物，净现金头寸为 4.57 亿澳元。该公司还将于 2021 年 3 月 31 日支付 0.05 美元的首次季度股息。</blockquote></p><p>Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.</p><p><blockquote>投资者可以在 2021 年收购 SSR Mining 的每股收益约为 7 倍，现金流约为 4 倍。</blockquote></p><p></p><p><img src=\"https://static.tigerbbs.com/c927569b8b842ba199fee7ad36859d0a\" tg-width=\"700\" tg-height=\"525\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p>IMAGE SOURCE: GETTY IMAGES.</p><p><blockquote>图片来源：盖蒂图片社。</blockquote></p><p><b>3. <a href=\"https://laohu8.com/S/TEVJF\">Teva Pharmaceutical Industries Ltd.</a> </b></p><p><blockquote><b>3.<a href=\"https://laohu8.com/S/TEVJF\">梯瓦制药工业有限公司</a></b></blockquote></p><p>Finally, patient value investors can get richer by adding brand-name and generic drug-developer<b>Teva Pharmaceutical Industries</b>(NYSE:TEVA)to their portfolio.</p><p><blockquote>最后，患者价值投资者可以通过增加品牌和仿制药开发商来变得更加富有<b>梯瓦制药工业</b>（纽约证券交易所代码：TEVA）到他们的投资组合。</blockquote></p><p>Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.</p><p><blockquote>我们不要拐弯抹角：一只股票不会在没有一些严重缺陷的情况下下跌近 90%。几年前，梯瓦 (Teva) 对仿制药制造商阿特维斯 (Actavis) 支付了严重过高的价格，其前任管理团队就贿赂指控达成了和解。最近，它面临着仿制药价格疲软，并遭受了大量诉讼，从仿制药价格操纵到其在阿片类药物危机中的作用。梯瓦自 2016 年以来受到打击是有充分理由的。</blockquote></p><p>But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.</p><p><blockquote>但还有更多理由对其好转感到兴奋。梯瓦最大的催化剂是其首席执行官凯尔·舒尔茨。舒尔茨是一位扭亏为盈的专家，于 2017 年 11 月接任，预计将至少在公司工作到 2023 年 11 月。在他任职期间，梯瓦的净债务已从 340 亿美元以上降至 2020 年底的不到 240 亿美元。这是通过出售非核心资产、每年减少约30亿美元的运营费用以及利用运营现金流偿还债务来实现的。到 2023 年底，净债务可能低于 150 亿美元。</blockquote></p><p>Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.</p><p><blockquote>除了舒尔茨之外，梯瓦还希望克服其最大的障碍之一：失去重磅多发性硬化症药物 Copaxone 的独家经营权。Copaxone 曾经是一种年销售额达 40 亿美元的药物，预计 2021 年销售额将达到 10.5 亿美元。好消息是，Austedo 和 Ajovy 的增长现在足以抵消 Copaxone 的年度销售额下降。</blockquote></p><p>With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.</p><p><blockquote>Teva 的远期市盈率仅为 4，看起来像是为最坏的情况定价的。但如果舒尔茨能够与司法部就剩余诉讼达成和解，并且他可以在公司不必花费大量宝贵现金的情况下做到这一点，梯瓦的股价可能会迅速翻倍。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/03/3-value-stocks-thatll-make-you-richer-in-march/\">motley fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SSRM":"SSR Mining Inc","AGNC":"美国资本代理公司","TEVA":"梯瓦制药"},"source_url":"https://www.fool.com/investing/2021/03/03/3-value-stocks-thatll-make-you-richer-in-march/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1173765086","content_text":"These deeply discounted stocks are perfect for patient investors.For more than a decade, growth stocks have left value stocks eating their dust. Historically low lending rates and a record-long bull-market run have wet the appetites of investors looking for game-changing growth stocks.However, a 90-year study (1926-2015) fromBank of America/Merrill Lynch finds that value stockshave been the better performer over the long-term. What's more, value stocks have historically outperformed during the early years of an economic recovery. With theS&P 500's Shiller price-to-earnings ratio higher than it's been in nearly two decades, a focus on value may well be warranted.As we move headlong into March, the following threevalue stocksstand out as particularly attractive and more than capable of making investors a whole lot richer.1. AGNC Investment Corp.The first stock value investors are going to want to consider getting into their portfolio is mortgage real estate investment trust (REIT)AGNC Investment Corp.(NASDAQ:AGNC).Without getting overly technical, mortgage REITs are companies that borrow money at generally low short-term rates and buy assets (e.g., mortgage-backed securities (MBS)) that have higher long-term yields. The difference between the yield they receive and the yield they pay to borrow is known as the net interest margin (NIM). The wider the NIM, the more money mortgage REITs make. Pretty straightforward, right?The most important thing for mortgage REITs like AGNC Investment is the yield curve. When the yield curve is flattening or the Federal Reserve is making rapid changes to interest rates, mortgage REITs often see their NIM shrink. Comparatively, when the yield curve steepens, which often occurs for the first few years of an economic recovery, NIM expands. With the yield curve steepening, AGNC should be able touse leverage to its advantageto further pump up its profits.Something else investors might find interesting about AGNC is that italmost exclusively invests in agency-only securities. This means the MBSs AGNC is buying are backed by the federal government in the event of default. Even though agency assets have lower yields than non-agency securities, this added safety allows AGNC to utilize quite a bit of leverage with confidence.AGNC ended last week at 10% below its book value and is on pace to pay out a hearty 9% annual yield to patient investors. It looks to be an especially safe bet in an otherwise volatile market.IMAGE SOURCE: GETTY IMAGES.2. SSR Mining Inc There may not be an industry that's home to move value stocks at the moment than gold mining.Gold stockshave been hammered since the year began and now look like serious bargains. If you're on the lookout for a cheap stock to add to your portfolio,SSR Mining(NASDAQ:SSRM)could be the company to consider.To some degree, all mining companies are at the mercy of the underlying metals they produce. Since peaking seven months ago, the per-ounce price of gold has fallen by about $300. However, it's still up significantly from where it spent much of the past decade, andits outlook remains lustrous. The Federal Reserve's quantitative easing measures (i.e., monthly Treasury bond-buying), coupled with ongoing fiscal stimulus, will likely balloon the U.S. money supply and pressure the dollar. Since the U.S. dollar and gold have an inverse relationship, this bodes well for the yellow metal.Beyond just a higher gold price, SSR Mining stands tobenefit from its merger-of-equalswith Turkey's Alacer Gold. The deal, which was completed last year, nearly doubled SSR's output potential to between 720,000 gold equivalent ounces (GEO) and 800,000 GEO per year. More than 85% of this production is gold, with the Puna Operations in Argentina kicking in between 6 million and 7 million ounces of silver in 2021.Although SSR Mining's all-in sustaining costs (AISC) of $1,050/gold ounce to $1,110/gold ounce in 2021 is a bit higher than its peers, this has to do with the company increasing capital expenditures at its longtime flagship Marigold mine, as well as advancing the development of Alacer's Copler mine. Even with this higher AISC, SSR's management is counting on $450 million in free cash flow in each of the next two years.Additionally, take note that SSR Mining has one of the healthiest balance sheets in the entire gold industry. It ended the year with $860 million in cash and cash equivalents and a$457 million net-cash position. The company is also set to pay a $0.05 inaugural quarterly dividend on March 31, 2021.Investors can scoop up SSR Mining for about 7 times earnings per share in 2021 and roughly 4 times cash flow.IMAGE SOURCE: GETTY IMAGES.3. Teva Pharmaceutical Industries Ltd. Finally, patient value investors can get richer by adding brand-name and generic drug-developerTeva Pharmaceutical Industries(NYSE:TEVA)to their portfolio.Let's not beat around the bush: A stock doesn't decline nearly 90% without some serious faults. A couple of years ago, Teva grossly overpaid for generic drugmaker Actavis, and its previous management team settled bribery charges. More recently, it's faced generic-drug price weakness, and has been hit with a multitude of lawsuits ranging from generic-drug price fixing to its role in the opioid crises. There are valid reasons Teva has been pummeled since 2016.But there are an even greater number of reasons to beexcited about its turnaround. Teva's biggest catalyst is its CEO, Kare Schultz. Schultz is a turnaround specialist who took over in November 2017 and is expected to stay with the company through at least November 2023. During his tenure, Teva's net debt has declined from north of $34 billion to less than $24 billion, as of the end of 2020. This has been accomplished by selling non-core assets, reducing operating expenses by roughly $3 billion annually, and using operating cash flow to pay down debt. By the end of 2023, net debt might be below $15 billion.Aside from Schultz, Teva also looks to bemoving beyond one of its biggest hurdles: the loss of exclusivity on blockbuster multiple sclerosis drug Copaxone. Once a $4 billion a year drug, Copaxone is expected to generate $1.05 billion in sales in 2021. The good news is that growth from Austedo and Ajovy are now more than cancelling out the annual sales declines in Copaxone.With a forward price-to-earnings ratio of just 4, Teva looks as if it's priced for a worst case-scenario. But if Schultz can negotiate settlements with the Justice Department over its remaining lawsuits, and he can do so without the company having to outlay much of its precious cash,Teva's stock could quickly double.","news_type":1,"symbols_score_info":{"TEVA":0.9,"SSRM":0.9,"AGNC":0.9}},"isVote":1,"tweetType":1,"viewCount":961,"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":8,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/365718754"}
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