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Medha
2021-06-29
Woah
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Medha
2021-06-22
Ok
American investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</blockquote>
Medha
2021-06-19
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Medha
2021-06-27
👌ok
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Medha
2021-06-21
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Medha
2021-06-20
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Medha
2021-07-22
🙂
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Medha
2021-06-17
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Medha
2021-06-16
👍
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Medha
2021-06-28
☕☕
Starbucks - Too Hot To Handle<blockquote>星巴克-太热而无法处理</blockquote>
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15:31","market":"us","language":"en","title":"Starbucks - Too Hot To Handle<blockquote>星巴克-太热而无法处理</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103137872","media":"seekingalpha","summary":"Summary\n\nStarbucks continues to be the leading global coffee franchise across the globe.\nThe company","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Starbucks continues to be the leading global coffee franchise across the globe.</li> <li>The company has been hit hard by the pandemic, but the company continues to open stores to drive further growth post the pandemic.</li> <li>Even if I assume an optimistic $4 earnings per share number next year, valuations look high, too high to see great appeal here.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/860ea0c3c4fcf2d5047e8c0a528096df\" tg-width=\"1536\" tg-height=\"1021\"><span>mysondanube/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>星巴克仍然是全球领先的全球咖啡特许经营店。</li><li>该公司受到了疫情的沉重打击，但该公司继续开设商店，以推动疫情后的进一步增长。</li><li>即使我假设明年每股收益为4美元，估值看起来也很高，太高了，看不到巨大的吸引力。</li></ul><p class=\"t-img-caption\"><span>mysondanube/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Starbucks (SBUX)</b> has been quite resilient, at least its shares, as the business has done quite well despite very challenging operating conditions. Shares of the leading coffee player peaked at nearly $100 ahead of the pandemic and after an initial move lower, shares have seen a very steady recovery as they currently trade at $113 per share, just 5% from recent and all-time-highs.</p><p><blockquote><b>星巴克(SBUX)</b>至少其股价表现相当有弹性，因为尽管经营条件非常具有挑战性，但该业务仍表现良好。这家领先咖啡公司的股价在疫情爆发前达到近100美元的峰值，在最初走低后，股价出现了非常稳定的复苏，目前交易价格为每股113美元，仅比近期和历史高点上涨5%。</blockquote></p><p> While 2021 is set to match 2019 in terms of the earnings power and growth has returned in a convincing way, I still think that despite the undisputed quality of the franchise, valuations are too high to see any appeal here.</p><p><blockquote>虽然2021年的盈利能力将与2019年持平，增长也以令人信服的方式回归，但我仍然认为，尽管特许经营的质量无可争议，但估值太高，看不到任何吸引力。</blockquote></p><p> <b>Pandemic - A Hit, And Savior</b></p><p><blockquote><b>流行病——大受欢迎，也是救世主</b></blockquote></p><p> Starbucks was early to recognize the impact of the pandemic as it has sizeable Chinese operations of course, and with the pandemic breaking out a few months earlier than was the case in the US and Europe, the impact was early felt.</p><p><blockquote>星巴克很早就认识到了疫情的影响，因为它在中国拥有规模庞大的业务，而且由于疫情比美国和欧洲早几个月爆发，因此很早就感受到了影响。</blockquote></p><p> Starbucks's second quarter fiscal results, corresponding to the first quarter of the calendar year of 2020, saw sales fall 5%. The third quarter results showed the real impact of the pandemic with sales down 38% as no amount of cost control was able to maintain profitability, as the company posted a sizeable, yet at the same time very manageable loss on the back of the very challenging conditions at the time.</p><p><blockquote>星巴克第二季度财报（相当于2020年第一季度）销售额下降5%。第三季度业绩显示了疫情的真正影响，销售额下降了38%，因为再多的成本控制也无法维持盈利能力，因为该公司在非常具有挑战性的情况下出现了相当大但同时非常可控的亏损。当时的条件。</blockquote></p><p> On the back of the summer reopening in many Western nations last year, revenues recovered in a big way, down just 8% in the final quarter of the fiscal year. After the dismal second quarter results, full year revenues were down 11% to $19.2 billion, yet earnings took a far larger beating with operating earnings down more than 60%, to just over $1.5 billion.</p><p><blockquote>去年许多西方国家夏季重新开业后，收入大幅复苏，本财年最后一个季度仅下降了8%。在惨淡的第二季度业绩之后，全年收入下降了11%，至192亿美元，但盈利遭受的打击要大得多，营业利润下降了60%以上，至略高于15亿美元。</blockquote></p><p> In fact, almost all the absolute decline in revenues translated into a one-on-one impact on the operating income line amidst higher restructuring costs, stable, or slightly increasing depreciation charges, and store expenses up a bit amidst the many modifications and safety measures taken.</p><p><blockquote>事实上，几乎所有收入的绝对下降都转化为对营业收入线的一对一影响，包括重组成本上升、折旧费用稳定或略有增加，以及在许多修改和安全措施中商店费用略有增加。</blockquote></p><p> Net debt stood at $11.5 billion by the end of the fiscal year. That is quite a bit after the company posted adjusted EBITDA of around $6.0 billion in the fiscal year of 2019, but the EBITDA number came in much closer to $3.5 billion.</p><p><blockquote>截至本财年末，净债务为115亿美元。该公司在2019财年公布的调整后EBITDA约为60亿美元，但EBITDA数字远接近35亿美元。</blockquote></p><p> By the time these results were announced back in October of last year, shares had rebounded to the high-eighties already, which translated both into a high earnings multiple based on the adjusted profits of $1.17 per share, and even on the adjusted earnings of $2.83 per share a year earlier. Even based on the 2019 earnings, shares traded at a 30 times multiple.</p><p><blockquote>到去年10月公布这些业绩时，股价已经反弹至80多岁，这既转化为基于调整后每股1.17美元利润的高市盈率，也转化为调整后每股2.83美元的高市盈率。即使根据2019年的收益，股价也是30倍。</blockquote></p><p> <b>A Big Recovery</b></p><p><blockquote><b>大复苏</b></blockquote></p><p> At the start of 2021 the company posted first quarter results for its fiscal year with sales down more than 6% as the company was not yet lapping the impact of the pandemic. The company reiterated the full year guidance, calling for sales at a midpoint of $28.5 billion with earnings seen at a midpoint of $2.80 per share, although the fact that this calendar year counts 53 weeks, makes that the guidance assumes a ten cent boost from that fact.</p><p><blockquote>2021年初，该公司公布了本财年第一季度业绩，由于该公司尚未克服疫情的影响，销售额下降了6%以上。该公司重申了全年指引，要求销售额中值为285亿美元，每股收益中值为2.80美元，尽管本日历年有53周，这使得指引假设这一事实增加了10美分。</blockquote></p><p> The second quarter results revealed 8% revenue growth, which is quite comforting as Western economies were gradually opening up again. Moreover, this is not the case of easily comparisons, as second quarter revenues were down just 5% in the second quarter of 2020, so we actually see growth now vs the quarterly period in 2019. On the back of the solid results, the company has hiked the full year sales guidance to a midpoint of $28.9 billion. Moreover, the midpoint of the earnings guidance has been hiked by fifteen cents to $2.95 per share.</p><p><blockquote>第二季度业绩显示收入增长8%，随着西方经济体逐渐重新开放，这相当令人欣慰。此外，这并不是一个容易比较的情况，因为2020年第二季度的第二季度收入仅下降了5%，因此我们实际上看到了与2019年季度相比的增长。在稳健业绩的支持下，该公司将全年销售指引上调至289亿美元的中点。此外，盈利指引的中点已上调15美分，至每股2.95美元。</blockquote></p><p> Net debt is down to roughly $10 billion after these relatively softer first two quarters of the year. With net earnings seen at around $3.5 billion this year, and after adding back approximately $1.5 billion in depreciation expenses, as well as a few hundred million in interest and taxes, EBITDA should match or surpass the $6 billion EBITDA number from 2019. In that sense, leverage is very modest, and certainly no concern.</p><p><blockquote>在经历了今年前两个季度相对疲软之后，净债务降至约100亿美元。今年净利润约为35亿美元，在加上约15亿美元的折旧费用以及数亿美元的利息和税收后，EBITDA应该会达到或超过2019年60亿美元的EBITDA数字。从这个意义上说，杠杆是非常适中的，当然也没什么大不了的。</blockquote></p><p></p><p> Based on the current share price of $113 per share, valuations come in around 38 times earnings seen this year. However, the earnings rate based on the second half of the year is seen around $2 per share, which might imply potential for earnings to jump towards $4 per share next year. Such earnings power reduces expectations to 28 times forward earnings. Based on that number, the multiple is still elevated, as I realize that it will take a year before this might be realized.</p><p><blockquote>根据目前每股113美元的股价计算，估值约为今年市盈率的38倍。然而，下半年的市盈率约为每股2美元，这可能意味着明年每股收益有可能跃升至4美元。这种盈利能力将预期市盈率降低至28倍。基于这个数字，倍数仍然很高，因为我意识到这可能需要一年的时间才能实现。</blockquote></p><p> I guess the reasons mentioned above are likely the considerations why Mr. Ackman from Pershing Square sold out of the stock earlier this year. While the $3 earnings per share number for this year is conformed, and there is a real roadmap for earnings of $4 per share next year if the pandemic fades, I fail to see real triggers from here.</p><p><blockquote>我猜上述原因很可能是潘兴广场的阿克曼先生今年早些时候抛售股票的考虑因素。虽然今年每股收益3美元的数字是一致的，而且如果疫情消退，明年每股收益将达到4美元，但我看不到真正的触发因素。</blockquote></p><p> Based on such earnings power I think that valuations certainly look full here, too full for me to see appeal, although I have no doubts whatsoever on the quality and long term potential of this very high quality franchise.</p><p><blockquote>基于这样的盈利能力，我认为这里的估值肯定看起来很满，太满了，我看不到吸引力，尽管我对这个非常高质量的特许经营权的质量和长期潜力毫不怀疑。</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>Starbucks - Too Hot To Handle<blockquote>星巴克-太热而无法处理</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\">\nStarbucks - Too Hot To Handle<blockquote>星巴克-太热而无法处理</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-28 15:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Starbucks continues to be the leading global coffee franchise across the globe.</li> <li>The company has been hit hard by the pandemic, but the company continues to open stores to drive further growth post the pandemic.</li> <li>Even if I assume an optimistic $4 earnings per share number next year, valuations look high, too high to see great appeal here.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/860ea0c3c4fcf2d5047e8c0a528096df\" tg-width=\"1536\" tg-height=\"1021\"><span>mysondanube/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>星巴克仍然是全球领先的全球咖啡特许经营店。</li><li>该公司受到了疫情的沉重打击，但该公司继续开设商店，以推动疫情后的进一步增长。</li><li>即使我假设明年每股收益为4美元，估值看起来也很高，太高了，看不到巨大的吸引力。</li></ul><p class=\"t-img-caption\"><span>mysondanube/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Starbucks (SBUX)</b> has been quite resilient, at least its shares, as the business has done quite well despite very challenging operating conditions. Shares of the leading coffee player peaked at nearly $100 ahead of the pandemic and after an initial move lower, shares have seen a very steady recovery as they currently trade at $113 per share, just 5% from recent and all-time-highs.</p><p><blockquote><b>星巴克(SBUX)</b>至少其股价表现相当有弹性，因为尽管经营条件非常具有挑战性，但该业务仍表现良好。这家领先咖啡公司的股价在疫情爆发前达到近100美元的峰值，在最初走低后，股价出现了非常稳定的复苏，目前交易价格为每股113美元，仅比近期和历史高点上涨5%。</blockquote></p><p> While 2021 is set to match 2019 in terms of the earnings power and growth has returned in a convincing way, I still think that despite the undisputed quality of the franchise, valuations are too high to see any appeal here.</p><p><blockquote>虽然2021年的盈利能力将与2019年持平，增长也以令人信服的方式回归，但我仍然认为，尽管特许经营的质量无可争议，但估值太高，看不到任何吸引力。</blockquote></p><p> <b>Pandemic - A Hit, And Savior</b></p><p><blockquote><b>流行病——大受欢迎，也是救世主</b></blockquote></p><p> Starbucks was early to recognize the impact of the pandemic as it has sizeable Chinese operations of course, and with the pandemic breaking out a few months earlier than was the case in the US and Europe, the impact was early felt.</p><p><blockquote>星巴克很早就认识到了疫情的影响，因为它在中国拥有规模庞大的业务，而且由于疫情比美国和欧洲早几个月爆发，因此很早就感受到了影响。</blockquote></p><p> Starbucks's second quarter fiscal results, corresponding to the first quarter of the calendar year of 2020, saw sales fall 5%. The third quarter results showed the real impact of the pandemic with sales down 38% as no amount of cost control was able to maintain profitability, as the company posted a sizeable, yet at the same time very manageable loss on the back of the very challenging conditions at the time.</p><p><blockquote>星巴克第二季度财报（相当于2020年第一季度）销售额下降5%。第三季度业绩显示了疫情的真正影响，销售额下降了38%，因为再多的成本控制也无法维持盈利能力，因为该公司在非常具有挑战性的情况下出现了相当大但同时非常可控的亏损。当时的条件。</blockquote></p><p> On the back of the summer reopening in many Western nations last year, revenues recovered in a big way, down just 8% in the final quarter of the fiscal year. After the dismal second quarter results, full year revenues were down 11% to $19.2 billion, yet earnings took a far larger beating with operating earnings down more than 60%, to just over $1.5 billion.</p><p><blockquote>去年许多西方国家夏季重新开业后，收入大幅复苏，本财年最后一个季度仅下降了8%。在惨淡的第二季度业绩之后，全年收入下降了11%，至192亿美元，但盈利遭受的打击要大得多，营业利润下降了60%以上，至略高于15亿美元。</blockquote></p><p> In fact, almost all the absolute decline in revenues translated into a one-on-one impact on the operating income line amidst higher restructuring costs, stable, or slightly increasing depreciation charges, and store expenses up a bit amidst the many modifications and safety measures taken.</p><p><blockquote>事实上，几乎所有收入的绝对下降都转化为对营业收入线的一对一影响，包括重组成本上升、折旧费用稳定或略有增加，以及在许多修改和安全措施中商店费用略有增加。</blockquote></p><p> Net debt stood at $11.5 billion by the end of the fiscal year. That is quite a bit after the company posted adjusted EBITDA of around $6.0 billion in the fiscal year of 2019, but the EBITDA number came in much closer to $3.5 billion.</p><p><blockquote>截至本财年末，净债务为115亿美元。该公司在2019财年公布的调整后EBITDA约为60亿美元，但EBITDA数字远接近35亿美元。</blockquote></p><p> By the time these results were announced back in October of last year, shares had rebounded to the high-eighties already, which translated both into a high earnings multiple based on the adjusted profits of $1.17 per share, and even on the adjusted earnings of $2.83 per share a year earlier. Even based on the 2019 earnings, shares traded at a 30 times multiple.</p><p><blockquote>到去年10月公布这些业绩时，股价已经反弹至80多岁，这既转化为基于调整后每股1.17美元利润的高市盈率，也转化为调整后每股2.83美元的高市盈率。即使根据2019年的收益，股价也是30倍。</blockquote></p><p> <b>A Big Recovery</b></p><p><blockquote><b>大复苏</b></blockquote></p><p> At the start of 2021 the company posted first quarter results for its fiscal year with sales down more than 6% as the company was not yet lapping the impact of the pandemic. The company reiterated the full year guidance, calling for sales at a midpoint of $28.5 billion with earnings seen at a midpoint of $2.80 per share, although the fact that this calendar year counts 53 weeks, makes that the guidance assumes a ten cent boost from that fact.</p><p><blockquote>2021年初，该公司公布了本财年第一季度业绩，由于该公司尚未克服疫情的影响，销售额下降了6%以上。该公司重申了全年指引，要求销售额中值为285亿美元，每股收益中值为2.80美元，尽管本日历年有53周，这使得指引假设这一事实增加了10美分。</blockquote></p><p> The second quarter results revealed 8% revenue growth, which is quite comforting as Western economies were gradually opening up again. Moreover, this is not the case of easily comparisons, as second quarter revenues were down just 5% in the second quarter of 2020, so we actually see growth now vs the quarterly period in 2019. On the back of the solid results, the company has hiked the full year sales guidance to a midpoint of $28.9 billion. Moreover, the midpoint of the earnings guidance has been hiked by fifteen cents to $2.95 per share.</p><p><blockquote>第二季度业绩显示收入增长8%，随着西方经济体逐渐重新开放，这相当令人欣慰。此外，这并不是一个容易比较的情况，因为2020年第二季度的第二季度收入仅下降了5%，因此我们实际上看到了与2019年季度相比的增长。在稳健业绩的支持下，该公司将全年销售指引上调至289亿美元的中点。此外，盈利指引的中点已上调15美分，至每股2.95美元。</blockquote></p><p> Net debt is down to roughly $10 billion after these relatively softer first two quarters of the year. With net earnings seen at around $3.5 billion this year, and after adding back approximately $1.5 billion in depreciation expenses, as well as a few hundred million in interest and taxes, EBITDA should match or surpass the $6 billion EBITDA number from 2019. In that sense, leverage is very modest, and certainly no concern.</p><p><blockquote>在经历了今年前两个季度相对疲软之后，净债务降至约100亿美元。今年净利润约为35亿美元，在加上约15亿美元的折旧费用以及数亿美元的利息和税收后，EBITDA应该会达到或超过2019年60亿美元的EBITDA数字。从这个意义上说，杠杆是非常适中的，当然也没什么大不了的。</blockquote></p><p></p><p> Based on the current share price of $113 per share, valuations come in around 38 times earnings seen this year. However, the earnings rate based on the second half of the year is seen around $2 per share, which might imply potential for earnings to jump towards $4 per share next year. Such earnings power reduces expectations to 28 times forward earnings. Based on that number, the multiple is still elevated, as I realize that it will take a year before this might be realized.</p><p><blockquote>根据目前每股113美元的股价计算，估值约为今年市盈率的38倍。然而，下半年的市盈率约为每股2美元，这可能意味着明年每股收益有可能跃升至4美元。这种盈利能力将预期市盈率降低至28倍。基于这个数字，倍数仍然很高，因为我意识到这可能需要一年的时间才能实现。</blockquote></p><p> I guess the reasons mentioned above are likely the considerations why Mr. Ackman from Pershing Square sold out of the stock earlier this year. While the $3 earnings per share number for this year is conformed, and there is a real roadmap for earnings of $4 per share next year if the pandemic fades, I fail to see real triggers from here.</p><p><blockquote>我猜上述原因很可能是潘兴广场的阿克曼先生今年早些时候抛售股票的考虑因素。虽然今年每股收益3美元的数字是一致的，而且如果疫情消退，明年每股收益将达到4美元，但我看不到真正的触发因素。</blockquote></p><p> Based on such earnings power I think that valuations certainly look full here, too full for me to see appeal, although I have no doubts whatsoever on the quality and long term potential of this very high quality franchise.</p><p><blockquote>基于这样的盈利能力，我认为这里的估值肯定看起来很满，太满了，我看不到吸引力，尽管我对这个非常高质量的特许经营权的质量和长期潜力毫不怀疑。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436869-starbucks-too-hot-to-handle\">seekingalpha</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":{"SBUX":"星巴克"},"source_url":"https://seekingalpha.com/article/4436869-starbucks-too-hot-to-handle","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103137872","content_text":"Summary\n\nStarbucks continues to be the leading global coffee franchise across the globe.\nThe company has been hit hard by the pandemic, but the company continues to open stores to drive further growth post the pandemic.\nEven if I assume an optimistic $4 earnings per share number next year, valuations look high, too high to see great appeal here.\n\nmysondanube/iStock Editorial via Getty Images\nStarbucks (SBUX) has been quite resilient, at least its shares, as the business has done quite well despite very challenging operating conditions. Shares of the leading coffee player peaked at nearly $100 ahead of the pandemic and after an initial move lower, shares have seen a very steady recovery as they currently trade at $113 per share, just 5% from recent and all-time-highs.\nWhile 2021 is set to match 2019 in terms of the earnings power and growth has returned in a convincing way, I still think that despite the undisputed quality of the franchise, valuations are too high to see any appeal here.\nPandemic - A Hit, And Savior\nStarbucks was early to recognize the impact of the pandemic as it has sizeable Chinese operations of course, and with the pandemic breaking out a few months earlier than was the case in the US and Europe, the impact was early felt.\nStarbucks's second quarter fiscal results, corresponding to the first quarter of the calendar year of 2020, saw sales fall 5%. The third quarter results showed the real impact of the pandemic with sales down 38% as no amount of cost control was able to maintain profitability, as the company posted a sizeable, yet at the same time very manageable loss on the back of the very challenging conditions at the time.\nOn the back of the summer reopening in many Western nations last year, revenues recovered in a big way, down just 8% in the final quarter of the fiscal year. After the dismal second quarter results, full year revenues were down 11% to $19.2 billion, yet earnings took a far larger beating with operating earnings down more than 60%, to just over $1.5 billion.\nIn fact, almost all the absolute decline in revenues translated into a one-on-one impact on the operating income line amidst higher restructuring costs, stable, or slightly increasing depreciation charges, and store expenses up a bit amidst the many modifications and safety measures taken.\nNet debt stood at $11.5 billion by the end of the fiscal year. That is quite a bit after the company posted adjusted EBITDA of around $6.0 billion in the fiscal year of 2019, but the EBITDA number came in much closer to $3.5 billion.\nBy the time these results were announced back in October of last year, shares had rebounded to the high-eighties already, which translated both into a high earnings multiple based on the adjusted profits of $1.17 per share, and even on the adjusted earnings of $2.83 per share a year earlier. Even based on the 2019 earnings, shares traded at a 30 times multiple.\nA Big Recovery\nAt the start of 2021 the company posted first quarter results for its fiscal year with sales down more than 6% as the company was not yet lapping the impact of the pandemic. The company reiterated the full year guidance, calling for sales at a midpoint of $28.5 billion with earnings seen at a midpoint of $2.80 per share, although the fact that this calendar year counts 53 weeks, makes that the guidance assumes a ten cent boost from that fact.\nThe second quarter results revealed 8% revenue growth, which is quite comforting as Western economies were gradually opening up again. Moreover, this is not the case of easily comparisons, as second quarter revenues were down just 5% in the second quarter of 2020, so we actually see growth now vs the quarterly period in 2019. On the back of the solid results, the company has hiked the full year sales guidance to a midpoint of $28.9 billion. Moreover, the midpoint of the earnings guidance has been hiked by fifteen cents to $2.95 per share.\nNet debt is down to roughly $10 billion after these relatively softer first two quarters of the year. With net earnings seen at around $3.5 billion this year, and after adding back approximately $1.5 billion in depreciation expenses, as well as a few hundred million in interest and taxes, EBITDA should match or surpass the $6 billion EBITDA number from 2019. In that sense, leverage is very modest, and certainly no concern.\nBased on the current share price of $113 per share, valuations come in around 38 times earnings seen this year. However, the earnings rate based on the second half of the year is seen around $2 per share, which might imply potential for earnings to jump towards $4 per share next year. Such earnings power reduces expectations to 28 times forward earnings. Based on that number, the multiple is still elevated, as I realize that it will take a year before this might be realized.\nI guess the reasons mentioned above are likely the considerations why Mr. Ackman from Pershing Square sold out of the stock earlier this year. While the $3 earnings per share number for this year is conformed, and there is a real roadmap for earnings of $4 per share next year if the pandemic fades, I fail to see real triggers from here.\nBased on such earnings power I think that valuations certainly look full here, too full for me to see appeal, although I have no doubts whatsoever on the quality and long term potential of this very high quality franchise.","news_type":1,"symbols_score_info":{"SBUX":0.9}},"isVote":1,"tweetType":1,"viewCount":1996,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":124249711,"gmtCreate":1624769018333,"gmtModify":1633948817788,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582027145455201","authorIdStr":"3582027145455201"},"themes":[],"htmlText":"👌ok","listText":"👌ok","text":"👌ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/124249711","repostId":"2146090006","repostType":4,"isVote":1,"tweetType":1,"viewCount":1675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122415360,"gmtCreate":1624629952550,"gmtModify":1633950312380,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582027145455201","authorIdStr":"3582027145455201"},"themes":[],"htmlText":"Ook","listText":"Ook","text":"Ook","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/122415360","repostId":"1116076888","repostType":4,"repost":{"id":"1116076888","kind":"news","pubTimestamp":1624612129,"share":"https://www.laohu8.com/m/news/1116076888?lang=zh_CN&edition=full","pubTime":"2021-06-25 17:08","market":"us","language":"en","title":"Why Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116076888","media":"cnn","summary":"New York Tesla had a stellar 2020: The electric car maker was added to the S&P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.Tesla shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand thei","content":"<p>New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.</p><p><blockquote>纽约（CNN商业）特斯拉2020年表现出色：这家电动汽车制造商被纳入标普500，股价飙升743%。但一些投资者最近退出了该公司。</blockquote></p><p> Tesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.</p><p><blockquote>特斯拉(TSLA)股价较今年早些时候创下的历史高点低近25%，2021年迄今已下跌2%——此时传统汽车制造商正在飙升，因为他们加大了电动汽车的雄心。</blockquote></p><p> Ford (F) stock is up nearly 75%, putting it in the top 10 of the S&P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.</p><p><blockquote>福特(F)股价上涨近75%，跻身2021年标普500前十名。该公司上个月推出了电动F-150 Lightning卡车，还告诉投资者，目前预计到2030年电动汽车将占全球销量的40%。</blockquote></p><p> And GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.</p><p><blockquote>通用汽车(GM)也上涨了40%以上。这家雪佛兰、别克和凯迪拉克制造商本月表示，计划到2025年在电动汽车上投入高达350亿美元。</blockquote></p><p> It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.</p><p><blockquote>投资者似乎对这些传统的三大汽车制造商有点迷恋，因为他们希望迅速扩大电动汽车产品以赶上特斯拉。</blockquote></p><p> Tesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.</p><p><blockquote>特斯拉仍在以令人难以置信的速度增长。分析师预计，今年每股收益将增长一倍以上，未来几年将以年均45%左右的速度增长。</blockquote></p><p> Yet Tesla is one of the most polarizing stocks on Wall Street.</p><p><blockquote>然而，特斯拉是华尔街最两极分化的股票之一。</blockquote></p><p> According to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.</p><p><blockquote>根据Refinitiv的数据，14名分析师将该股评级为“买入”，13名分析师评级为“持有”，10名分析师评级为“卖出”。相比之下，通用汽车有20个买入评级，2个持有评级，没有卖出评级。</blockquote></p><p> <b>Skeptics have many questions about Tesla and Musk</b></p><p><blockquote><b>怀疑论者对特斯拉和马斯克有很多疑问</b></blockquote></p><p> The consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.</p><p><blockquote>分析师对特斯拉股票的一致目标价为652美元，比当前价格低约6%。</blockquote></p><p> Tesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.</p><p><blockquote>特斯拉的批评者有一大堆担忧要指出。《大空头》中的一位著名卖空者正在做空该公司。在长期高管Jerome Guillen本月早些时候突然离职后，人们对特斯拉管理层的担忧激增——特别是因为首席执行官Elon Musk也在忙于运营SpaceX。</blockquote></p><p> And Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.</p><p><blockquote>马斯克对比特币和狗狗币的痴迷，以及主持周六夜现场和不断发推文等其他课外活动，可能会让一些投资者和分析师感到厌烦。</blockquote></p><p> Still, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.</p><p><blockquote>尽管如此，不可否认的是，该公司拥有大量热情的粉丝，其车辆仅在本周就占据了大量正面头条新闻。</blockquote></p><p> For example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.</p><p><blockquote>例如，Cars.com(CARS)本周早些时候宣布，特斯拉Model 3在其美国制造指数中排名第一，该指数根据国内工厂就业、制造工厂等因素衡量车辆对美国经济的贡献程度和零部件采购。</blockquote></p><p> The Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.</p><p><blockquote>Model 3力压福特野马夺得榜首，特斯拉Model Y也位列榜单第三。消息传出后，特斯拉股价周三上涨超过5%。</blockquote></p><p> The stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.</p><p><blockquote>马斯克前一天晚上在推特上表示，如果SpaceX最终决定在几年内剥离卫星互联网服务，特斯拉投资者可能会获得购买SpaceX旗下Starlink股票的优惠待遇，该股周四进一步上涨。</blockquote></p><p> So even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.</p><p><blockquote>因此，尽管特斯拉的股价今年仍处于亏损状态，但在过去五天飙升超过12%后，该股已迅速收复了2021年的大部分跌幅。</blockquote></p><p> Tesla is nothing if not volatile.</p><p><blockquote>如果不是不稳定的话，特斯拉什么都不是。</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>Why Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</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\">\nWhy Tesla stock is getting left in Ford's and GM's dust<blockquote>为什么特斯拉股票被福特和通用汽车甩在身后</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-06-25 17:08</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.</p><p><blockquote>纽约（CNN商业）特斯拉2020年表现出色：这家电动汽车制造商被纳入标普500，股价飙升743%。但一些投资者最近退出了该公司。</blockquote></p><p> Tesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.</p><p><blockquote>特斯拉(TSLA)股价较今年早些时候创下的历史高点低近25%，2021年迄今已下跌2%——此时传统汽车制造商正在飙升，因为他们加大了电动汽车的雄心。</blockquote></p><p> Ford (F) stock is up nearly 75%, putting it in the top 10 of the S&P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.</p><p><blockquote>福特(F)股价上涨近75%，跻身2021年标普500前十名。该公司上个月推出了电动F-150 Lightning卡车，还告诉投资者，目前预计到2030年电动汽车将占全球销量的40%。</blockquote></p><p> And GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.</p><p><blockquote>通用汽车(GM)也上涨了40%以上。这家雪佛兰、别克和凯迪拉克制造商本月表示，计划到2025年在电动汽车上投入高达350亿美元。</blockquote></p><p> It seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.</p><p><blockquote>投资者似乎对这些传统的三大汽车制造商有点迷恋，因为他们希望迅速扩大电动汽车产品以赶上特斯拉。</blockquote></p><p> Tesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.</p><p><blockquote>特斯拉仍在以令人难以置信的速度增长。分析师预计，今年每股收益将增长一倍以上，未来几年将以年均45%左右的速度增长。</blockquote></p><p> Yet Tesla is one of the most polarizing stocks on Wall Street.</p><p><blockquote>然而，特斯拉是华尔街最两极分化的股票之一。</blockquote></p><p> According to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.</p><p><blockquote>根据Refinitiv的数据，14名分析师将该股评级为“买入”，13名分析师评级为“持有”，10名分析师评级为“卖出”。相比之下，通用汽车有20个买入评级，2个持有评级，没有卖出评级。</blockquote></p><p> <b>Skeptics have many questions about Tesla and Musk</b></p><p><blockquote><b>怀疑论者对特斯拉和马斯克有很多疑问</b></blockquote></p><p> The consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.</p><p><blockquote>分析师对特斯拉股票的一致目标价为652美元，比当前价格低约6%。</blockquote></p><p> Tesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.</p><p><blockquote>特斯拉的批评者有一大堆担忧要指出。《大空头》中的一位著名卖空者正在做空该公司。在长期高管Jerome Guillen本月早些时候突然离职后，人们对特斯拉管理层的担忧激增——特别是因为首席执行官Elon Musk也在忙于运营SpaceX。</blockquote></p><p> And Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.</p><p><blockquote>马斯克对比特币和狗狗币的痴迷，以及主持周六夜现场和不断发推文等其他课外活动，可能会让一些投资者和分析师感到厌烦。</blockquote></p><p> Still, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.</p><p><blockquote>尽管如此，不可否认的是，该公司拥有大量热情的粉丝，其车辆仅在本周就占据了大量正面头条新闻。</blockquote></p><p> For example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.</p><p><blockquote>例如，Cars.com(CARS)本周早些时候宣布，特斯拉Model 3在其美国制造指数中排名第一，该指数根据国内工厂就业、制造工厂等因素衡量车辆对美国经济的贡献程度和零部件采购。</blockquote></p><p> The Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.</p><p><blockquote>Model 3力压福特野马夺得榜首，特斯拉Model Y也位列榜单第三。消息传出后，特斯拉股价周三上涨超过5%。</blockquote></p><p> The stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.</p><p><blockquote>马斯克前一天晚上在推特上表示，如果SpaceX最终决定在几年内剥离卫星互联网服务，特斯拉投资者可能会获得购买SpaceX旗下Starlink股票的优惠待遇，该股周四进一步上涨。</blockquote></p><p> So even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.</p><p><blockquote>因此，尽管特斯拉的股价今年仍处于亏损状态，但在过去五天飙升超过12%后，该股已迅速收复了2021年的大部分跌幅。</blockquote></p><p> Tesla is nothing if not volatile.</p><p><blockquote>如果不是不稳定的话，特斯拉什么都不是。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/06/24/investing/tesla-stock-ford-gm/index.html\">cnn</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":{"TSLA":"特斯拉"},"source_url":"https://edition.cnn.com/2021/06/24/investing/tesla-stock-ford-gm/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116076888","content_text":"New York (CNN Business)Tesla had a stellar 2020: The electric car maker was added to the S&P 500 and the stock surged an electrifying 743%. But some investors have pulled the plug on the company lately.\nTesla (TSLA) shares are nearly 25% below their all-time high set earlier in the year, and down 2% for 2021 to date -— a time when traditional automakers are surging as they ramp up electric vehicle ambitions.\nFord (F) stock is up nearly 75%, putting it in the top 10 of the S&P 500 in 2021. The company unveiled its electric F-150 Lightning truck last month and also told investors that it now expects electric vehicles to account for 40% of global sales by 2030.\nAnd GM (GM) is up more than 40% as well. The Chevrolet, Buick and Cadillac maker said this month that it's looking to spend a whopping $35 billion on EVs by 2025.\nIt seems investors are a bit infatuated with these legacy Big 3 automakers as they look to rapidly expand their electric car offerings to catch up with Tesla.\nTesla is still growing incredibly quickly. Analysts expect earnings per share to more than double this year and increase at an average rate of about 45% annually over the next few years.\nYet Tesla is one of the most polarizing stocks on Wall Street.\nAccording to Refinitiv, 14 analysts have the stock rated a \"buy,\" 13 a \"hold\" and 10 a \"sell.\" Contrast that with GM, which has 20 buy ratings, two holds and no sells.\nSkeptics have many questions about Tesla and Musk\nThe consensus target price for Tesla stock from analysts is $652, about 6% lower than its current price.\nTesla critics have a pile of worries to point to. A notable short seller who was featured in \"The Big Short\" is betting against the company. Concerns about Tesla's management bench sprung up after longtime executive Jerome Guillen abruptly left earlier this month — especially since CEO Elon Musk is also busy running SpaceX.\nAnd Musk's obsession with bitcoin and dogecoin, along with other extracurricular activities like hosting Saturday Night Live and constantly tweeting, might be a turnoff for some investors and analysts.\nStill, there is no denying that the company has plenty of ardent fans, and its vehicles have grabbed plenty of positive headlines this week alone.\nFor example, Cars.com (CARS) announced earlier this week that Tesla's Model 3 was ranked first in its American-Made Index, which measures how much a vehicle contributes to the US economy based on factors such as domestic factory jobs, manufacturing plants and parts sourcing.\nThe Model 3 edged out Ford's Mustang for the top spot, and Tesla's Model Y also ranked third on the list. Shares of Tesla rallied more than 5% Wednesday following the news.\nThe stock gained even more ground Thursday after Musk tweeted the night before that Tesla investors might get preferential treatment to buy shares of SpaceX-owned Starlink if SpaceX eventually decides to spin off the satellite internet service in a few years.\nSo even though Tesla's stock is still in the red this year, shares have quickly clawed back much of their 2021 losses after a more than 12% surge in the past five days.\nTesla is nothing if not volatile.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1417,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":123550636,"gmtCreate":1624430697025,"gmtModify":1634006218379,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582027145455201","authorIdStr":"3582027145455201"},"themes":[],"htmlText":"Oic","listText":"Oic","text":"Oic","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/123550636","repostId":"2145066431","repostType":4,"isVote":1,"tweetType":1,"viewCount":1371,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120456346,"gmtCreate":1624333960085,"gmtModify":1634007620055,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582027145455201","authorIdStr":"3582027145455201"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120456346","repostId":"1116834236","repostType":4,"repost":{"id":"1116834236","kind":"news","pubTimestamp":1624333365,"share":"https://www.laohu8.com/m/news/1116834236?lang=zh_CN&edition=full","pubTime":"2021-06-22 11:42","market":"us","language":"en","title":"American investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116834236","media":"cnn","summary":"London Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of 2.30 per share in cash for the grocery retailer. That's a 29% premium to Morrisons' closing price on Friday, giving it a market value of around 5.5 billion .Shares in the co","content":"<p>London (CNN Business)Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.</p><p><blockquote>伦敦（CNN商业）英国第四大连锁超市莫里森已成为一家美国私募股权公司的收购目标，这是投资者对英国资产兴趣浓厚的最新迹象。</blockquote></p><p> Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of £2.30 ($3.19) per share in cash for the grocery retailer. That's a 29% premium to Morrisons' (MRWSF) closing price on Friday, giving it a market value of around £5.5 billion ($7.6 billion).</p><p><blockquote>莫里森周末证实，总部位于纽约的Clayton，Dubilier&Rice上周主动向这家杂货零售商提出了每股2.30英镑（3.19美元）的现金收购要约。这比莫里森(MRWSF)周五的收盘价溢价29%，使其市值约为55亿英镑（76亿美元）。</blockquote></p><p> Shares in the company surged more than 30% in London on Monday, taking the share price above the takeover offer and lifting other stocks in the sector. Sainsbury's (JSNSF) and Ocado (OCDDY) climbed over 4%, with Marks & Spencer (MAKSY) rising nearly 3% and Tesco (TSCDF) up more than 1%.</p><p><blockquote>该公司股价周一在伦敦飙升超过30%，股价高于收购要约，并提振了该行业的其他股票。Sainsbury's(JSNSF)和Ocado(OCDDY)上涨超过4%，Marks&Spencer(MAKSY)上涨近3%，Tesco(TSCDF)上涨超过1%。</blockquote></p><p> Morrisons rejected the proposal in its statement on Saturday, saying that it \"significantly undervalued\" the company and its future prospects. Clayton, Dubilier & Rice now has until July 17 to make a firm offer.</p><p><blockquote>莫里森在周六的声明中拒绝了这一提议，称其“严重低估”了该公司及其未来前景。Clayton，Dubilier&Rice现在必须在7月17日之前提出确定报价。</blockquote></p><p> The move comes amid heightened investor activity in UK retail and a spate of takeover bids for British companies, undervalued for years because of poor returns linked to drab growth and a weak pound following the Brexit referendum of 2016.</p><p><blockquote>此举出台之际，英国零售业投资者活动加剧，英国公司出现大量收购要约，多年来，由于2016年英国脱欧公投后增长乏力和英镑疲软，这些公司的估值一直被低估。</blockquote></p><p> In October, Walmart (WMT) sold supermarket chain Asda to European private equity group TDR Capital and the founders of a global convenience store business. Separately, Czech billionaire Daniel Kretinsky recently increased his stake in Sainsbury's to 10%, adding to speculation that it could be the next takeover target.</p><p><blockquote>10月，沃尔玛(WMT)将连锁超市Asda出售给欧洲私募股权集团TDR Capital和全球便利店业务的创始人。另外，捷克亿万富翁丹尼尔·克雷廷斯基(Daniel Kretinsky)最近将其在塞恩斯伯里(Sainsbury's)的股份增至10%，这加剧了人们对该公司可能成为下一个收购目标的猜测。</blockquote></p><p> Analysts are speculating that Tesco, Britain's biggest supermarket chain, might also attract a buyer.</p><p><blockquote>分析师猜测，英国最大的连锁超市乐购也可能吸引买家。</blockquote></p><p> \"The volume of liquidity, reflecting monetary policy, and the uptake of capital by family offices, high net worth investors and private equity, means that even Tesco, with its £18 billion ($25 billion) market capitalization, is not too big to be subject to an offer,\" Clive Black, head of research at Shore Capital said in a note on Monday.</p><p><blockquote>“反映货币政策的流动性数量，以及家族理财室、高净值投资者和私募股权对资本的吸收，意味着即使是市值为180亿英镑（250亿美元）的特易购，也不会太大。Shore Capital研究主管克莱夫·布莱克(Clive Black)周一在一份报告中表示：“接受报价。”</blockquote></p><p> Sainsbury's and Tesco, which benefited from a surge in demand during lockdowns, are now poised to benefit from a strong economic recovery in Britain following the pandemic. Analysts say shoppers are likely to continue eating more meals at home even with restaurants reopening, particularly as many offices remain closed.</p><p><blockquote>塞恩斯伯里(Sainsbury's)和特易购(Tesco)受益于封锁期间需求激增，现在也有望受益于大流行后英国经济的强劲复苏。分析师表示，即使餐馆重新开业，尤其是在许多办公室仍然关闭的情况下，购物者可能会继续在家吃更多的饭菜。</blockquote></p><p> Tesco CEO Ken Murphy told analysts on a call on Friday that online demand has been \"incredibly resilient even with the easing of restrictions.\"</p><p><blockquote>Tesco首席执行官Ken Murphy周五在看涨期权上对分析师表示，“即使限制放松，在线需求仍具有令人难以置信的弹性”。</blockquote></p><p> \"We expect sales to remain well above pre Covid-19 level through the remainder of the year,\" he added.</p><p><blockquote>“我们预计今年剩余时间的销售额将远高于Covid-19之前的水平，”他补充道。</blockquote></p><p> Both leading retailers have also managed to keep costs under control, are generating large amounts of cash and have narrowed price gaps with German discounters Aldi and Lidl, according to Shore Capital's Black.</p><p><blockquote>Shore Capital的Black表示，这两家领先零售商还成功控制了成本，产生了大量现金，并缩小了与德国折扣店Aldi和Lidl的价格差距。</blockquote></p><p> This could make them prime targets for the likes of Amazon (AMZN), he added. \"The Asda bid and the Kretinsky investment means that the topic of Amazon's plans will also be one of ongoing discussion around Sainsbury and Tesco,\" Black said.</p><p><blockquote>他补充说，这可能使它们成为亚马逊（AMZN）等公司的主要目标。布莱克表示：“阿斯达的收购和克雷廷斯基的投资意味着亚马逊计划的主题也将成为围绕塞恩斯伯里和特易购正在进行的讨论之一。”</blockquote></p><p> The online retailer, which has been expanding its grocery offering since buying Whole Foods in 2017, already has a close relationship with Morrisons, which supplies its Prime and Pantry customers in the United Kingdom with dry, fresh and frozen products.</p><p><blockquote>这家在线零售商自2017年收购Whole Foods以来一直在扩大其杂货产品，并且已经与Morrisons建立了密切的关系，Morrisons为其在英国的Prime和Pantry客户提供干燥、新鲜和冷冻产品。</blockquote></p><p> But the market is not betting on a rival bid from Amazon. \"There is no indication in the [Morrisons] share price today that Amazon will come in and outbid Clayton, Dubilier & Rice,\" said Russ Mould, investment director at stockbroker AJ Bell.</p><p><blockquote>但市场并没有押注亚马逊的竞争对手出价。股票经纪人AJ Bell投资总监拉斯·莫尔德(Russ Mould)表示：“今天的[莫里森]股价没有迹象表明亚马逊会介入并出价高于Clayton、Dubilier&Rice。”</blockquote></p><p> With a languishing share price and over £7 billion ($9.7 billion) in assets, including a real estate portfolio worth more than the company's market value, Morrisons \"ticks a lot of private equity boxes,\" he told CNN Business.</p><p><blockquote>莫里森告诉CNN Business，由于股价低迷，资产超过70亿英镑（97亿美元），其中包括价值超过公司市值的房地产投资组合，他“符合很多私募股权标准”。</blockquote></p><p> Returning to favor?</p><p><blockquote>回归青睐？</blockquote></p><p> Investor interest in UK assets extends beyond grocers. There have been over 50 bids for UK-listed companies in the last eight months, only six of which have since been abandoned, according to Mould.</p><p><blockquote>投资者对英国资产的兴趣不仅限于杂货商。莫尔德表示，过去八个月里，有超过50家对英国上市公司的竞购，但其中只有6家被放弃。</blockquote></p><p> The average premium offered has been 34%, indicating that many of these companies may be undervalued by the market following years of weak shareholder returns. Over the last 12 months, there have been 95 announced offers for UK-listed companies with a combined value of $107 billion, according to Dealogic data.</p><p><blockquote>平均溢价为34%，表明在多年股东回报疲软之后，其中许多公司可能被市场低估。Dealogic数据显示，过去12个月，已有95家英国上市公司宣布收购要约，总价值达1070亿美元。</blockquote></p><p> \"The UK has consistently underperformed on the global stage since June 2016's Brexit vote and sterling has failed to regain the levels at which it traded before Britain decide to leave the EU,\" Mould said in a recent note. \"That rotten effort may mean that UK stocks are unloved and therefore potentially undervalued,\" he added.</p><p><blockquote>莫尔德在最近的一份报告中表示：“自2016年6月脱欧公投以来，英国在全球舞台上的表现一直不佳，英镑未能恢复到英国决定脱欧之前的交易水平。”“这种糟糕的努力可能意味着英国股票不受欢迎，因此可能被低估，”他补充道。</blockquote></p><p> UK and European stock market indexes stand to benefit from the post-pandemic recovery, given the high representation of companies such as automakers and banks that perform well when the economy is on the upswing.</p><p><blockquote>鉴于汽车制造商和银行等公司在经济上升时表现良好，英国和欧洲股市指数将受益于大流行后的复苏。</blockquote></p><p></p><p> They may also offer better value for investors following much more robust gains in US indexes over the past decade, when European markets have been held back by a dearth of tech companies and lackluster economic growth in the region.</p><p><blockquote>在过去十年美国指数大幅上涨之后，它们也可能为投资者提供更好的价值，而欧洲市场因科技公司缺乏和该地区经济增长乏力而受到阻碍。</blockquote></p><p> The FTSE 100 (UKX) has climbed just 26% over the past decade, while Europe's STOXX 600 (SXXL) is up 85%. That compares with a gain of more than 230% for the S&P 500 (SPX).</p><p><blockquote>富时100指数(UKX)在过去十年中仅上涨了26%，而欧洲斯托克600指数(SXXL)上涨了85%。相比之下，标普500(SPX)的涨幅超过230%。</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>American investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</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\">\nAmerican investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-06-22 11:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>London (CNN Business)Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.</p><p><blockquote>伦敦（CNN商业）英国第四大连锁超市莫里森已成为一家美国私募股权公司的收购目标，这是投资者对英国资产兴趣浓厚的最新迹象。</blockquote></p><p> Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of £2.30 ($3.19) per share in cash for the grocery retailer. That's a 29% premium to Morrisons' (MRWSF) closing price on Friday, giving it a market value of around £5.5 billion ($7.6 billion).</p><p><blockquote>莫里森周末证实，总部位于纽约的Clayton，Dubilier&Rice上周主动向这家杂货零售商提出了每股2.30英镑（3.19美元）的现金收购要约。这比莫里森(MRWSF)周五的收盘价溢价29%，使其市值约为55亿英镑（76亿美元）。</blockquote></p><p> Shares in the company surged more than 30% in London on Monday, taking the share price above the takeover offer and lifting other stocks in the sector. Sainsbury's (JSNSF) and Ocado (OCDDY) climbed over 4%, with Marks & Spencer (MAKSY) rising nearly 3% and Tesco (TSCDF) up more than 1%.</p><p><blockquote>该公司股价周一在伦敦飙升超过30%，股价高于收购要约，并提振了该行业的其他股票。Sainsbury's(JSNSF)和Ocado(OCDDY)上涨超过4%，Marks&Spencer(MAKSY)上涨近3%，Tesco(TSCDF)上涨超过1%。</blockquote></p><p> Morrisons rejected the proposal in its statement on Saturday, saying that it \"significantly undervalued\" the company and its future prospects. Clayton, Dubilier & Rice now has until July 17 to make a firm offer.</p><p><blockquote>莫里森在周六的声明中拒绝了这一提议，称其“严重低估”了该公司及其未来前景。Clayton，Dubilier&Rice现在必须在7月17日之前提出确定报价。</blockquote></p><p> The move comes amid heightened investor activity in UK retail and a spate of takeover bids for British companies, undervalued for years because of poor returns linked to drab growth and a weak pound following the Brexit referendum of 2016.</p><p><blockquote>此举出台之际，英国零售业投资者活动加剧，英国公司出现大量收购要约，多年来，由于2016年英国脱欧公投后增长乏力和英镑疲软，这些公司的估值一直被低估。</blockquote></p><p> In October, Walmart (WMT) sold supermarket chain Asda to European private equity group TDR Capital and the founders of a global convenience store business. Separately, Czech billionaire Daniel Kretinsky recently increased his stake in Sainsbury's to 10%, adding to speculation that it could be the next takeover target.</p><p><blockquote>10月，沃尔玛(WMT)将连锁超市Asda出售给欧洲私募股权集团TDR Capital和全球便利店业务的创始人。另外，捷克亿万富翁丹尼尔·克雷廷斯基(Daniel Kretinsky)最近将其在塞恩斯伯里(Sainsbury's)的股份增至10%，这加剧了人们对该公司可能成为下一个收购目标的猜测。</blockquote></p><p> Analysts are speculating that Tesco, Britain's biggest supermarket chain, might also attract a buyer.</p><p><blockquote>分析师猜测，英国最大的连锁超市乐购也可能吸引买家。</blockquote></p><p> \"The volume of liquidity, reflecting monetary policy, and the uptake of capital by family offices, high net worth investors and private equity, means that even Tesco, with its £18 billion ($25 billion) market capitalization, is not too big to be subject to an offer,\" Clive Black, head of research at Shore Capital said in a note on Monday.</p><p><blockquote>“反映货币政策的流动性数量，以及家族理财室、高净值投资者和私募股权对资本的吸收，意味着即使是市值为180亿英镑（250亿美元）的特易购，也不会太大。Shore Capital研究主管克莱夫·布莱克(Clive Black)周一在一份报告中表示：“接受报价。”</blockquote></p><p> Sainsbury's and Tesco, which benefited from a surge in demand during lockdowns, are now poised to benefit from a strong economic recovery in Britain following the pandemic. Analysts say shoppers are likely to continue eating more meals at home even with restaurants reopening, particularly as many offices remain closed.</p><p><blockquote>塞恩斯伯里(Sainsbury's)和特易购(Tesco)受益于封锁期间需求激增，现在也有望受益于大流行后英国经济的强劲复苏。分析师表示，即使餐馆重新开业，尤其是在许多办公室仍然关闭的情况下，购物者可能会继续在家吃更多的饭菜。</blockquote></p><p> Tesco CEO Ken Murphy told analysts on a call on Friday that online demand has been \"incredibly resilient even with the easing of restrictions.\"</p><p><blockquote>Tesco首席执行官Ken Murphy周五在看涨期权上对分析师表示，“即使限制放松，在线需求仍具有令人难以置信的弹性”。</blockquote></p><p> \"We expect sales to remain well above pre Covid-19 level through the remainder of the year,\" he added.</p><p><blockquote>“我们预计今年剩余时间的销售额将远高于Covid-19之前的水平，”他补充道。</blockquote></p><p> Both leading retailers have also managed to keep costs under control, are generating large amounts of cash and have narrowed price gaps with German discounters Aldi and Lidl, according to Shore Capital's Black.</p><p><blockquote>Shore Capital的Black表示，这两家领先零售商还成功控制了成本，产生了大量现金，并缩小了与德国折扣店Aldi和Lidl的价格差距。</blockquote></p><p> This could make them prime targets for the likes of Amazon (AMZN), he added. \"The Asda bid and the Kretinsky investment means that the topic of Amazon's plans will also be one of ongoing discussion around Sainsbury and Tesco,\" Black said.</p><p><blockquote>他补充说，这可能使它们成为亚马逊（AMZN）等公司的主要目标。布莱克表示：“阿斯达的收购和克雷廷斯基的投资意味着亚马逊计划的主题也将成为围绕塞恩斯伯里和特易购正在进行的讨论之一。”</blockquote></p><p> The online retailer, which has been expanding its grocery offering since buying Whole Foods in 2017, already has a close relationship with Morrisons, which supplies its Prime and Pantry customers in the United Kingdom with dry, fresh and frozen products.</p><p><blockquote>这家在线零售商自2017年收购Whole Foods以来一直在扩大其杂货产品，并且已经与Morrisons建立了密切的关系，Morrisons为其在英国的Prime和Pantry客户提供干燥、新鲜和冷冻产品。</blockquote></p><p> But the market is not betting on a rival bid from Amazon. \"There is no indication in the [Morrisons] share price today that Amazon will come in and outbid Clayton, Dubilier & Rice,\" said Russ Mould, investment director at stockbroker AJ Bell.</p><p><blockquote>但市场并没有押注亚马逊的竞争对手出价。股票经纪人AJ Bell投资总监拉斯·莫尔德(Russ Mould)表示：“今天的[莫里森]股价没有迹象表明亚马逊会介入并出价高于Clayton、Dubilier&Rice。”</blockquote></p><p> With a languishing share price and over £7 billion ($9.7 billion) in assets, including a real estate portfolio worth more than the company's market value, Morrisons \"ticks a lot of private equity boxes,\" he told CNN Business.</p><p><blockquote>莫里森告诉CNN Business，由于股价低迷，资产超过70亿英镑（97亿美元），其中包括价值超过公司市值的房地产投资组合，他“符合很多私募股权标准”。</blockquote></p><p> Returning to favor?</p><p><blockquote>回归青睐？</blockquote></p><p> Investor interest in UK assets extends beyond grocers. There have been over 50 bids for UK-listed companies in the last eight months, only six of which have since been abandoned, according to Mould.</p><p><blockquote>投资者对英国资产的兴趣不仅限于杂货商。莫尔德表示，过去八个月里，有超过50家对英国上市公司的竞购，但其中只有6家被放弃。</blockquote></p><p> The average premium offered has been 34%, indicating that many of these companies may be undervalued by the market following years of weak shareholder returns. Over the last 12 months, there have been 95 announced offers for UK-listed companies with a combined value of $107 billion, according to Dealogic data.</p><p><blockquote>平均溢价为34%，表明在多年股东回报疲软之后，其中许多公司可能被市场低估。Dealogic数据显示，过去12个月，已有95家英国上市公司宣布收购要约，总价值达1070亿美元。</blockquote></p><p> \"The UK has consistently underperformed on the global stage since June 2016's Brexit vote and sterling has failed to regain the levels at which it traded before Britain decide to leave the EU,\" Mould said in a recent note. \"That rotten effort may mean that UK stocks are unloved and therefore potentially undervalued,\" he added.</p><p><blockquote>莫尔德在最近的一份报告中表示：“自2016年6月脱欧公投以来，英国在全球舞台上的表现一直不佳，英镑未能恢复到英国决定脱欧之前的交易水平。”“这种糟糕的努力可能意味着英国股票不受欢迎，因此可能被低估，”他补充道。</blockquote></p><p> UK and European stock market indexes stand to benefit from the post-pandemic recovery, given the high representation of companies such as automakers and banks that perform well when the economy is on the upswing.</p><p><blockquote>鉴于汽车制造商和银行等公司在经济上升时表现良好，英国和欧洲股市指数将受益于大流行后的复苏。</blockquote></p><p></p><p> They may also offer better value for investors following much more robust gains in US indexes over the past decade, when European markets have been held back by a dearth of tech companies and lackluster economic growth in the region.</p><p><blockquote>在过去十年美国指数大幅上涨之后，它们也可能为投资者提供更好的价值，而欧洲市场因科技公司缺乏和该地区经济增长乏力而受到阻碍。</blockquote></p><p> The FTSE 100 (UKX) has climbed just 26% over the past decade, while Europe's STOXX 600 (SXXL) is up 85%. That compares with a gain of more than 230% for the S&P 500 (SPX).</p><p><blockquote>富时100指数(UKX)在过去十年中仅上涨了26%，而欧洲斯托克600指数(SXXL)上涨了85%。相比之下，标普500(SPX)的涨幅超过230%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/06/21/investing/morrisons-takeover-approach/index.html\">cnn</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":{"MRWSY":"WM Morrison Supermarkets Plc."},"source_url":"https://edition.cnn.com/2021/06/21/investing/morrisons-takeover-approach/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116834236","content_text":"London (CNN Business)Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.\nMorrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of £2.30 ($3.19) per share in cash for the grocery retailer. That's a 29% premium to Morrisons' (MRWSF) closing price on Friday, giving it a market value of around £5.5 billion ($7.6 billion).\nShares in the company surged more than 30% in London on Monday, taking the share price above the takeover offer and lifting other stocks in the sector. Sainsbury's (JSNSF) and Ocado (OCDDY) climbed over 4%, with Marks & Spencer (MAKSY) rising nearly 3% and Tesco (TSCDF) up more than 1%.\nMorrisons rejected the proposal in its statement on Saturday, saying that it \"significantly undervalued\" the company and its future prospects. Clayton, Dubilier & Rice now has until July 17 to make a firm offer.\nThe move comes amid heightened investor activity in UK retail and a spate of takeover bids for British companies, undervalued for years because of poor returns linked to drab growth and a weak pound following the Brexit referendum of 2016.\nIn October, Walmart (WMT) sold supermarket chain Asda to European private equity group TDR Capital and the founders of a global convenience store business. Separately, Czech billionaire Daniel Kretinsky recently increased his stake in Sainsbury's to 10%, adding to speculation that it could be the next takeover target.\nAnalysts are speculating that Tesco, Britain's biggest supermarket chain, might also attract a buyer.\n\"The volume of liquidity, reflecting monetary policy, and the uptake of capital by family offices, high net worth investors and private equity, means that even Tesco, with its £18 billion ($25 billion) market capitalization, is not too big to be subject to an offer,\" Clive Black, head of research at Shore Capital said in a note on Monday.\nSainsbury's and Tesco, which benefited from a surge in demand during lockdowns, are now poised to benefit from a strong economic recovery in Britain following the pandemic. Analysts say shoppers are likely to continue eating more meals at home even with restaurants reopening, particularly as many offices remain closed.\nTesco CEO Ken Murphy told analysts on a call on Friday that online demand has been \"incredibly resilient even with the easing of restrictions.\"\n\"We expect sales to remain well above pre Covid-19 level through the remainder of the year,\" he added.\nBoth leading retailers have also managed to keep costs under control, are generating large amounts of cash and have narrowed price gaps with German discounters Aldi and Lidl, according to Shore Capital's Black.\nThis could make them prime targets for the likes of Amazon (AMZN), he added. \"The Asda bid and the Kretinsky investment means that the topic of Amazon's plans will also be one of ongoing discussion around Sainsbury and Tesco,\" Black said.\nThe online retailer, which has been expanding its grocery offering since buying Whole Foods in 2017, already has a close relationship with Morrisons, which supplies its Prime and Pantry customers in the United Kingdom with dry, fresh and frozen products.\nBut the market is not betting on a rival bid from Amazon. \"There is no indication in the [Morrisons] share price today that Amazon will come in and outbid Clayton, Dubilier & Rice,\" said Russ Mould, investment director at stockbroker AJ Bell.\nWith a languishing share price and over £7 billion ($9.7 billion) in assets, including a real estate portfolio worth more than the company's market value, Morrisons \"ticks a lot of private equity boxes,\" he told CNN Business.\nReturning to favor?\nInvestor interest in UK assets extends beyond grocers. There have been over 50 bids for UK-listed companies in the last eight months, only six of which have since been abandoned, according to Mould.\nThe average premium offered has been 34%, indicating that many of these companies may be undervalued by the market following years of weak shareholder returns. Over the last 12 months, there have been 95 announced offers for UK-listed companies with a combined value of $107 billion, according to Dealogic data.\n\"The UK has consistently underperformed on the global stage since June 2016's Brexit vote and sterling has failed to regain the levels at which it traded before Britain decide to leave the EU,\" Mould said in a recent note. \"That rotten effort may mean that UK stocks are unloved and therefore potentially undervalued,\" he added.\nUK and European stock market indexes stand to benefit from the post-pandemic recovery, given the high representation of companies such as automakers and banks that perform well when the economy is on the upswing.\nThey may also offer better value for investors following much more robust gains in US indexes over the past decade, when European markets have been held back by a dearth of tech companies and lackluster economic growth in the region.\nThe FTSE 100 (UKX) has climbed just 26% over the past decade, while Europe's STOXX 600 (SXXL) is up 85%. That compares with a gain of more than 230% for the S&P 500 (SPX).","news_type":1,"symbols_score_info":{"MRWSY":0.9}},"isVote":1,"tweetType":1,"viewCount":1665,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167335675,"gmtCreate":1624246414397,"gmtModify":1634008938117,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582027145455201","authorIdStr":"3582027145455201"},"themes":[],"htmlText":"Noted","listText":"Noted","text":"Noted","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167335675","repostId":"1154249454","repostType":4,"isVote":1,"tweetType":1,"viewCount":2094,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165449109,"gmtCreate":1624155815201,"gmtModify":1634010158366,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582027145455201","authorIdStr":"3582027145455201"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165449109","repostId":"1199331995","repostType":4,"isVote":1,"tweetType":1,"viewCount":1461,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165459276,"gmtCreate":1624155588595,"gmtModify":1634010167441,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582027145455201","authorIdStr":"3582027145455201"},"themes":[],"htmlText":"Errr","listText":"Errr","text":"Errr","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/165459276","repostId":"1183124175","repostType":4,"isVote":1,"tweetType":1,"viewCount":2965,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":162274543,"gmtCreate":1624066585582,"gmtModify":1634023320233,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582027145455201","authorIdStr":"3582027145455201"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/162274543","repostId":"1156696708","repostType":4,"isVote":1,"tweetType":1,"viewCount":677,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":161269987,"gmtCreate":1623929149349,"gmtModify":1634025761742,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582027145455201","authorIdStr":"3582027145455201"},"themes":[],"htmlText":"Noted. 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","text":"Noted.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/161269987","repostId":"2143979397","repostType":4,"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169834316,"gmtCreate":1623826708635,"gmtModify":1634027486153,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582027145455201","authorIdStr":"3582027145455201"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169834316","repostId":"2143762347","repostType":4,"isVote":1,"tweetType":1,"viewCount":609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":187287277,"gmtCreate":1623755547799,"gmtModify":1634028957122,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3582027145455201","authorIdStr":"3582027145455201"},"themes":[],"htmlText":"Ok ","listText":"Ok ","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/187287277","repostId":"1145996523","repostType":4,"repost":{"id":"1145996523","kind":"news","pubTimestamp":1623751116,"share":"https://www.laohu8.com/m/news/1145996523?lang=zh_CN&edition=full","pubTime":"2021-06-15 17:58","market":"us","language":"en","title":"Investors and the Fed aren't freaking out about inflation. Should they?<blockquote>投资者和美联储并没有对通胀感到恐慌。他们应该吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1145996523","media":"cnn","summary":"New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it co","content":"<p>New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it comes to inflation. Something's got to give.</p><p><blockquote>纽约（CNN Business）在通货膨胀方面，大街和华尔街之间存在巨大的脱节。总得有所让步。</blockquote></p><p> The US government reported last week that consumer prices, excluding food and energy, rose at their fastest clip since 1992 in May. Sherwin-Williams (SHW) is lifting the price of paint, one of many companies that's responding to higher commodities costs.</p><p><blockquote>美国政府上周报告称，5月份不包括食品和能源的消费者价格涨幅为1992年以来最快。宣伟(SHW)正在提高油漆价格，这是众多应对大宗商品成本上涨的公司之一。</blockquote></p><p> Food prices are also surging. Chipotle (CMG) just raised prices. So did Campbell Soup (CPB).</p><p><blockquote>食品价格也在飙升。Chipotle(CMG)刚刚提高了价格。金宝汤（CPB）也是如此。</blockquote></p><p> And the chief financial officer of restaurant and arcade chain Dave & Buster's (PLAY) said during a recent earnings call with analysts that he expects a 6% to 8% increase in food costs for 2021 due to higher chicken, beef and dairy prices.</p><p><blockquote>餐厅和街机连锁店Dave&Buster's(PLAY)的首席财务官在最近与分析师举行的财报看涨期权上表示，由于鸡肉、牛肉和乳制品价格上涨，他预计2021年食品成本将上涨6%至8%。</blockquote></p><p> Wages are rising too, especially for workers in the retail, leisure and hospitality sectors that are returning to jobs as the economy reopens. That adds to inflationary pressures, because some companies will choose to hike prices in order to maintain profits.</p><p><blockquote>工资也在上涨，尤其是随着经济重新开放而重返工作岗位的零售、休闲和酒店行业的工人。这增加了通胀压力，因为一些公司会选择提高价格以维持利润。</blockquote></p><p> Labor shortages aren't helping.</p><p><blockquote>劳动力短缺无济于事。</blockquote></p><p> The CEO of online pet retailer Chewy (CHWY) wrote in a letter to shareholders after its latest earnings report that it \"faced labor shortages in our fulfillment centers similar to those being faced by many companies nationwide.\" As a result, Chewy continues \"to invest in higher wages and benefits\" in order to fill job vacancies.</p><p><blockquote>在线宠物零售商Chewy(CHWY)的首席执行官在最新财报发布后致股东的一封信中写道，该公司“面临着与全国许多公司类似的劳动力短缺问题”。因此，Chewy继续“投资于更高的工资和福利”，以填补职位空缺。</blockquote></p><p> Yet investors — and the Federal Reserve — are shrugging off rising inflation as \"transitory.\" Long-term bond yields are falling, which isn't what normally happens when inflation runs hot. If bond investors believed that price hikes are here to stay, they'd be demanding higher yields.</p><p><blockquote>然而，投资者和美联储对通胀上升不屑一顾，认为这是“暂时的”。长期债券收益率正在下降，这通常不会在通胀加剧时发生。如果债券投资者认为价格上涨将持续下去，他们就会要求更高的收益率。</blockquote></p><p> And the market is pricing in just a 3% chance of a rate hike from the Fed by the end of the year. That's down from a 10% likelihood of higher rates just a month ago. Investors know a rate hike is the central bank's best tool to fight rising inflation, and they'll want to hear more on the subject when Fed chair Jerome Powell speaks at a press conference on Wednesday.</p><p><blockquote>市场预计美联储年底加息的可能性仅为3%。这低于一个月前10%的加息可能性。投资者知道加息是央行对抗通胀上升的最佳工具，当美联储主席杰罗姆·鲍威尔在周三的新闻发布会上发表讲话时，他们希望听到更多有关该主题的信息。</blockquote></p><p> \"The bond market is still not concerned about inflation. It's buying what the Fed is selling,\" said Randy Warren, CEO of Warren Financial.</p><p><blockquote>沃伦金融公司首席执行官兰迪·沃伦表示：“债券市场仍然不担心通胀。它正在购买美联储正在出售的东西。”</blockquote></p><p> The problem is that there is a chance the Fed could wait too long to react to inflation.</p><p><blockquote>问题是，美联储可能会等待太久才对通胀做出反应。</blockquote></p><p> \"Is inflation transitory or something more structural?\" asked Steven Oh, global head of credit and fixed income with PineBridge Investments. \"Will the Fed lose control of it down the road and make a policy error and not have the ability to rein it in?\"</p><p><blockquote>“通货膨胀是暂时的还是更具结构性的？”PineBridge Investments信贷和固定收益全球主管Steven Oh问道。“美联储将来会失去对它的控制，犯政策错误，没有能力控制它吗？”</blockquote></p><p> If the Fed and bond market are wrong about inflation, the central bank may have to wind down its pandemic stimulus much more quickly than it — and investors — would like. That would mean unwinding its big asset purchases and raising rates sooner rather than later.</p><p><blockquote>如果美联储和债券市场对通胀的看法是错误的，那么央行可能不得不以比其和投资者希望的更快的速度结束疫情刺激措施。这将意味着取消大规模资产购买并尽早加息。</blockquote></p><p> Oh doesn't think that will be the case. And many others agree. They argue that investors must keep in mind how rapidly the economy has roared back.</p><p><blockquote>哦，我不认为会是这样。许多其他人也同意。他们认为，投资者必须牢记经济复苏的速度有多快。</blockquote></p><p> For that reason, it should not be that big of a surprise that there are dislocations in the job market and supply chain. It will take time for conditions to revert to what they were like in late 2019 and early 2020 before Covid-19.</p><p><blockquote>因此，就业市场和供应链出现混乱也就不足为奇了。恢复到2019年底和2020年初新冠肺炎之前的水平需要时间。</blockquote></p><p> \"There are a lot of questions about inflation because you see it in everyday life,\" said Bryan Koslow, principal of Clarus Group, a wealth management firm. \"But we may have seen the peak, especially in terms of wage growth.\"</p><p><blockquote>财富管理公司Clarus Group的负责人布莱恩·科斯洛(Bryan Koslow)表示：“关于通货膨胀有很多问题，因为你在日常生活中都会看到它。”“但我们可能已经看到了峰值，尤其是在工资增长方面。”</blockquote></p><p> Even if that does turn out to be true, the mere fact that investors and consumers are so focused on prices is noteworthy. Inflation has essentially been a non-issue for more than a decade.</p><p><blockquote>即使事实证明这是真的，投资者和消费者如此关注价格这一事实也值得注意。十多年来，通货膨胀基本上不是问题。</blockquote></p><p> \"The Fed has to take the inflation concerns seriously,\" said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital. He added that he thinks there is a 20% chance that inflation pressures turn out to be more persistent as opposed to transitory.</p><p><blockquote>SkyBridge Capital联席首席投资官兼高级投资组合经理Troy Gayeski表示：“美联储必须认真对待通胀担忧。”他补充说，他认为通胀压力有20%的可能性变得更加持久，而不是暂时的。</blockquote></p><p> \"The risk of meaningful inflation has been non-existent since 2008. Until now,\" Gayeski said.</p><p><blockquote>“自2008年以来，有意义的通胀风险一直不存在。直到现在，”Gayeski说。</blockquote></p><p> <b>What's getting more expensive</b></p><p><blockquote><b>什么越来越贵</b></blockquote></p><p> Food and paint aren't the only things getting more expensive. As CNN Business' Moira Ritter points out, the prices of just about everything have gone up lately.</p><p><blockquote>食物和油漆并不是唯一变得更贵的东西。正如CNN商业频道的莫伊拉·里特(Moira Ritter)指出的那样，最近几乎所有东西的价格都在上涨。</blockquote></p><p> Lumber prices have soared. And the housing market continues to boom. That's led to a big spike in the prices of couches and other household furnishings.</p><p><blockquote>木材价格飙升。房地产市场继续繁荣。这导致沙发和其他家居用品的价格大幅上涨。</blockquote></p><p> Used cars are a lot more expensive too. Chalk that up to people returning to work and a dearth of new cars on dealership lots due to the chip supply shortage that has hurt production of new vehicles.</p><p><blockquote>二手车也贵得多。这归因于人们重返工作岗位，以及由于芯片供应短缺损害了新车的生产，经销商处新车短缺。</blockquote></p><p> People are traveling more as well. Airfares have shot up in anticipation of what some are dubbing the red hot vaccine summer.</p><p><blockquote>人们也越来越多地旅行。由于预期一些人所说的“炙手可热的疫苗之夏”，机票价格飙升。</blockquote></p><p> <b>Up next</b></p><p><blockquote><b>下一个</b></blockquote></p><p> <b>Tuesday: </b>US retail sales; US producer price index; Earnings from Oracle (ORCL) and H & R Block (HRB)</p><p><blockquote><b>星期二：</b>美国零售额；美国生产者价格指数；Oracle(ORCL)和H&R Block(HRB)的收益</blockquote></p><p> <b>Wednesday: </b>Federal Reserve rate decision; US housing starts and building permits; EIA crude oil inventories; Earnings from Lennar (LEN)</p><p><blockquote><b>星期三：</b>美联储利率决定；美国新屋开工和建筑许可；EIA原油库存；Lennar(LEN)的收益</blockquote></p><p></p><p> <b>Thursday: </b>US jobless claims; Earnings from Kroger (KR) and Adobe (ADBE)</p><p><blockquote><b>星期四：</b>美国初请失业金人数；克罗格(KR)和Adobe(ADBE)的收益</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>Investors and the Fed aren't freaking out about inflation. Should they?<blockquote>投资者和美联储并没有对通胀感到恐慌。他们应该吗？</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\">\nInvestors and the Fed aren't freaking out about inflation. Should they?<blockquote>投资者和美联储并没有对通胀感到恐慌。他们应该吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-06-15 17:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it comes to inflation. Something's got to give.</p><p><blockquote>纽约（CNN Business）在通货膨胀方面，大街和华尔街之间存在巨大的脱节。总得有所让步。</blockquote></p><p> The US government reported last week that consumer prices, excluding food and energy, rose at their fastest clip since 1992 in May. Sherwin-Williams (SHW) is lifting the price of paint, one of many companies that's responding to higher commodities costs.</p><p><blockquote>美国政府上周报告称，5月份不包括食品和能源的消费者价格涨幅为1992年以来最快。宣伟(SHW)正在提高油漆价格，这是众多应对大宗商品成本上涨的公司之一。</blockquote></p><p> Food prices are also surging. Chipotle (CMG) just raised prices. So did Campbell Soup (CPB).</p><p><blockquote>食品价格也在飙升。Chipotle(CMG)刚刚提高了价格。金宝汤（CPB）也是如此。</blockquote></p><p> And the chief financial officer of restaurant and arcade chain Dave & Buster's (PLAY) said during a recent earnings call with analysts that he expects a 6% to 8% increase in food costs for 2021 due to higher chicken, beef and dairy prices.</p><p><blockquote>餐厅和街机连锁店Dave&Buster's(PLAY)的首席财务官在最近与分析师举行的财报看涨期权上表示，由于鸡肉、牛肉和乳制品价格上涨，他预计2021年食品成本将上涨6%至8%。</blockquote></p><p> Wages are rising too, especially for workers in the retail, leisure and hospitality sectors that are returning to jobs as the economy reopens. That adds to inflationary pressures, because some companies will choose to hike prices in order to maintain profits.</p><p><blockquote>工资也在上涨，尤其是随着经济重新开放而重返工作岗位的零售、休闲和酒店行业的工人。这增加了通胀压力，因为一些公司会选择提高价格以维持利润。</blockquote></p><p> Labor shortages aren't helping.</p><p><blockquote>劳动力短缺无济于事。</blockquote></p><p> The CEO of online pet retailer Chewy (CHWY) wrote in a letter to shareholders after its latest earnings report that it \"faced labor shortages in our fulfillment centers similar to those being faced by many companies nationwide.\" As a result, Chewy continues \"to invest in higher wages and benefits\" in order to fill job vacancies.</p><p><blockquote>在线宠物零售商Chewy(CHWY)的首席执行官在最新财报发布后致股东的一封信中写道，该公司“面临着与全国许多公司类似的劳动力短缺问题”。因此，Chewy继续“投资于更高的工资和福利”，以填补职位空缺。</blockquote></p><p> Yet investors — and the Federal Reserve — are shrugging off rising inflation as \"transitory.\" Long-term bond yields are falling, which isn't what normally happens when inflation runs hot. If bond investors believed that price hikes are here to stay, they'd be demanding higher yields.</p><p><blockquote>然而，投资者和美联储对通胀上升不屑一顾，认为这是“暂时的”。长期债券收益率正在下降，这通常不会在通胀加剧时发生。如果债券投资者认为价格上涨将持续下去，他们就会要求更高的收益率。</blockquote></p><p> And the market is pricing in just a 3% chance of a rate hike from the Fed by the end of the year. That's down from a 10% likelihood of higher rates just a month ago. Investors know a rate hike is the central bank's best tool to fight rising inflation, and they'll want to hear more on the subject when Fed chair Jerome Powell speaks at a press conference on Wednesday.</p><p><blockquote>市场预计美联储年底加息的可能性仅为3%。这低于一个月前10%的加息可能性。投资者知道加息是央行对抗通胀上升的最佳工具，当美联储主席杰罗姆·鲍威尔在周三的新闻发布会上发表讲话时，他们希望听到更多有关该主题的信息。</blockquote></p><p> \"The bond market is still not concerned about inflation. It's buying what the Fed is selling,\" said Randy Warren, CEO of Warren Financial.</p><p><blockquote>沃伦金融公司首席执行官兰迪·沃伦表示：“债券市场仍然不担心通胀。它正在购买美联储正在出售的东西。”</blockquote></p><p> The problem is that there is a chance the Fed could wait too long to react to inflation.</p><p><blockquote>问题是，美联储可能会等待太久才对通胀做出反应。</blockquote></p><p> \"Is inflation transitory or something more structural?\" asked Steven Oh, global head of credit and fixed income with PineBridge Investments. \"Will the Fed lose control of it down the road and make a policy error and not have the ability to rein it in?\"</p><p><blockquote>“通货膨胀是暂时的还是更具结构性的？”PineBridge Investments信贷和固定收益全球主管Steven Oh问道。“美联储将来会失去对它的控制，犯政策错误，没有能力控制它吗？”</blockquote></p><p> If the Fed and bond market are wrong about inflation, the central bank may have to wind down its pandemic stimulus much more quickly than it — and investors — would like. That would mean unwinding its big asset purchases and raising rates sooner rather than later.</p><p><blockquote>如果美联储和债券市场对通胀的看法是错误的，那么央行可能不得不以比其和投资者希望的更快的速度结束疫情刺激措施。这将意味着取消大规模资产购买并尽早加息。</blockquote></p><p> Oh doesn't think that will be the case. And many others agree. They argue that investors must keep in mind how rapidly the economy has roared back.</p><p><blockquote>哦，我不认为会是这样。许多其他人也同意。他们认为，投资者必须牢记经济复苏的速度有多快。</blockquote></p><p> For that reason, it should not be that big of a surprise that there are dislocations in the job market and supply chain. It will take time for conditions to revert to what they were like in late 2019 and early 2020 before Covid-19.</p><p><blockquote>因此，就业市场和供应链出现混乱也就不足为奇了。恢复到2019年底和2020年初新冠肺炎之前的水平需要时间。</blockquote></p><p> \"There are a lot of questions about inflation because you see it in everyday life,\" said Bryan Koslow, principal of Clarus Group, a wealth management firm. \"But we may have seen the peak, especially in terms of wage growth.\"</p><p><blockquote>财富管理公司Clarus Group的负责人布莱恩·科斯洛(Bryan Koslow)表示：“关于通货膨胀有很多问题，因为你在日常生活中都会看到它。”“但我们可能已经看到了峰值，尤其是在工资增长方面。”</blockquote></p><p> Even if that does turn out to be true, the mere fact that investors and consumers are so focused on prices is noteworthy. Inflation has essentially been a non-issue for more than a decade.</p><p><blockquote>即使事实证明这是真的，投资者和消费者如此关注价格这一事实也值得注意。十多年来，通货膨胀基本上不是问题。</blockquote></p><p> \"The Fed has to take the inflation concerns seriously,\" said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital. He added that he thinks there is a 20% chance that inflation pressures turn out to be more persistent as opposed to transitory.</p><p><blockquote>SkyBridge Capital联席首席投资官兼高级投资组合经理Troy Gayeski表示：“美联储必须认真对待通胀担忧。”他补充说，他认为通胀压力有20%的可能性变得更加持久，而不是暂时的。</blockquote></p><p> \"The risk of meaningful inflation has been non-existent since 2008. Until now,\" Gayeski said.</p><p><blockquote>“自2008年以来，有意义的通胀风险一直不存在。直到现在，”Gayeski说。</blockquote></p><p> <b>What's getting more expensive</b></p><p><blockquote><b>什么越来越贵</b></blockquote></p><p> Food and paint aren't the only things getting more expensive. As CNN Business' Moira Ritter points out, the prices of just about everything have gone up lately.</p><p><blockquote>食物和油漆并不是唯一变得更贵的东西。正如CNN商业频道的莫伊拉·里特(Moira Ritter)指出的那样，最近几乎所有东西的价格都在上涨。</blockquote></p><p> Lumber prices have soared. And the housing market continues to boom. That's led to a big spike in the prices of couches and other household furnishings.</p><p><blockquote>木材价格飙升。房地产市场继续繁荣。这导致沙发和其他家居用品的价格大幅上涨。</blockquote></p><p> Used cars are a lot more expensive too. Chalk that up to people returning to work and a dearth of new cars on dealership lots due to the chip supply shortage that has hurt production of new vehicles.</p><p><blockquote>二手车也贵得多。这归因于人们重返工作岗位，以及由于芯片供应短缺损害了新车的生产，经销商处新车短缺。</blockquote></p><p> People are traveling more as well. Airfares have shot up in anticipation of what some are dubbing the red hot vaccine summer.</p><p><blockquote>人们也越来越多地旅行。由于预期一些人所说的“炙手可热的疫苗之夏”，机票价格飙升。</blockquote></p><p> <b>Up next</b></p><p><blockquote><b>下一个</b></blockquote></p><p> <b>Tuesday: </b>US retail sales; US producer price index; Earnings from Oracle (ORCL) and H & R Block (HRB)</p><p><blockquote><b>星期二：</b>美国零售额；美国生产者价格指数；Oracle(ORCL)和H&R Block(HRB)的收益</blockquote></p><p> <b>Wednesday: </b>Federal Reserve rate decision; US housing starts and building permits; EIA crude oil inventories; Earnings from Lennar (LEN)</p><p><blockquote><b>星期三：</b>美联储利率决定；美国新屋开工和建筑许可；EIA原油库存；Lennar(LEN)的收益</blockquote></p><p></p><p> <b>Thursday: </b>US jobless claims; Earnings from Kroger (KR) and Adobe (ADBE)</p><p><blockquote><b>星期四：</b>美国初请失业金人数；克罗格(KR)和Adobe(ADBE)的收益</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/06/13/investing/stocks-week-ahead/index.html\">cnn</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":{".DJI":"道琼斯",".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite","SPY":"标普500ETF"},"source_url":"https://edition.cnn.com/2021/06/13/investing/stocks-week-ahead/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145996523","content_text":"New York (CNN Business)There is a gigantic disconnect between Main Street and Wall Street when it comes to inflation. Something's got to give.\nThe US government reported last week that consumer prices, excluding food and energy, rose at their fastest clip since 1992 in May. Sherwin-Williams (SHW) is lifting the price of paint, one of many companies that's responding to higher commodities costs.\nFood prices are also surging. Chipotle (CMG) just raised prices. So did Campbell Soup (CPB).\nAnd the chief financial officer of restaurant and arcade chain Dave & Buster's (PLAY) said during a recent earnings call with analysts that he expects a 6% to 8% increase in food costs for 2021 due to higher chicken, beef and dairy prices.\nWages are rising too, especially for workers in the retail, leisure and hospitality sectors that are returning to jobs as the economy reopens. That adds to inflationary pressures, because some companies will choose to hike prices in order to maintain profits.\nLabor shortages aren't helping.\nThe CEO of online pet retailer Chewy (CHWY) wrote in a letter to shareholders after its latest earnings report that it \"faced labor shortages in our fulfillment centers similar to those being faced by many companies nationwide.\" As a result, Chewy continues \"to invest in higher wages and benefits\" in order to fill job vacancies.\nYet investors — and the Federal Reserve — are shrugging off rising inflation as \"transitory.\" Long-term bond yields are falling, which isn't what normally happens when inflation runs hot. If bond investors believed that price hikes are here to stay, they'd be demanding higher yields.\nAnd the market is pricing in just a 3% chance of a rate hike from the Fed by the end of the year. That's down from a 10% likelihood of higher rates just a month ago. Investors know a rate hike is the central bank's best tool to fight rising inflation, and they'll want to hear more on the subject when Fed chair Jerome Powell speaks at a press conference on Wednesday.\n\"The bond market is still not concerned about inflation. It's buying what the Fed is selling,\" said Randy Warren, CEO of Warren Financial.\nThe problem is that there is a chance the Fed could wait too long to react to inflation.\n\"Is inflation transitory or something more structural?\" asked Steven Oh, global head of credit and fixed income with PineBridge Investments. \"Will the Fed lose control of it down the road and make a policy error and not have the ability to rein it in?\"\nIf the Fed and bond market are wrong about inflation, the central bank may have to wind down its pandemic stimulus much more quickly than it — and investors — would like. That would mean unwinding its big asset purchases and raising rates sooner rather than later.\nOh doesn't think that will be the case. And many others agree. They argue that investors must keep in mind how rapidly the economy has roared back.\nFor that reason, it should not be that big of a surprise that there are dislocations in the job market and supply chain. It will take time for conditions to revert to what they were like in late 2019 and early 2020 before Covid-19.\n\"There are a lot of questions about inflation because you see it in everyday life,\" said Bryan Koslow, principal of Clarus Group, a wealth management firm. \"But we may have seen the peak, especially in terms of wage growth.\"\nEven if that does turn out to be true, the mere fact that investors and consumers are so focused on prices is noteworthy. Inflation has essentially been a non-issue for more than a decade.\n\"The Fed has to take the inflation concerns seriously,\" said Troy Gayeski, co-chief investment officer and senior portfolio manager at SkyBridge Capital. He added that he thinks there is a 20% chance that inflation pressures turn out to be more persistent as opposed to transitory.\n\"The risk of meaningful inflation has been non-existent since 2008. Until now,\" Gayeski said.\nWhat's getting more expensive\nFood and paint aren't the only things getting more expensive. As CNN Business' Moira Ritter points out, the prices of just about everything have gone up lately.\nLumber prices have soared. And the housing market continues to boom. That's led to a big spike in the prices of couches and other household furnishings.\nUsed cars are a lot more expensive too. Chalk that up to people returning to work and a dearth of new cars on dealership lots due to the chip supply shortage that has hurt production of new vehicles.\nPeople are traveling more as well. Airfares have shot up in anticipation of what some are dubbing the red hot vaccine summer.\nUp next\nTuesday: US retail sales; US producer price index; Earnings from Oracle (ORCL) and H & R Block (HRB)\nWednesday: Federal Reserve rate decision; US housing starts and building permits; EIA crude oil inventories; Earnings from Lennar (LEN)\nThursday: US jobless claims; Earnings from Kroger (KR) and Adobe (ADBE)","news_type":1,"symbols_score_info":{"SPY":0.9,".SPX":0.9,".IXIC":0.9,".DJI":0.9}},"isVote":1,"tweetType":1,"viewCount":530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":159645476,"gmtCreate":1624966440295,"gmtModify":1633946455878,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582027145455201","idStr":"3582027145455201"},"themes":[],"htmlText":"Woah","listText":"Woah","text":"Woah","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/159645476","repostId":"2146388793","repostType":4,"isVote":1,"tweetType":1,"viewCount":2532,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":120456346,"gmtCreate":1624333960085,"gmtModify":1634007620055,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582027145455201","idStr":"3582027145455201"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/120456346","repostId":"1116834236","repostType":4,"repost":{"id":"1116834236","kind":"news","pubTimestamp":1624333365,"share":"https://www.laohu8.com/m/news/1116834236?lang=zh_CN&edition=full","pubTime":"2021-06-22 11:42","market":"us","language":"en","title":"American investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116834236","media":"cnn","summary":"London Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of 2.30 per share in cash for the grocery retailer. That's a 29% premium to Morrisons' closing price on Friday, giving it a market value of around 5.5 billion .Shares in the co","content":"<p>London (CNN Business)Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.</p><p><blockquote>伦敦（CNN商业）英国第四大连锁超市莫里森已成为一家美国私募股权公司的收购目标，这是投资者对英国资产兴趣浓厚的最新迹象。</blockquote></p><p> Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of £2.30 ($3.19) per share in cash for the grocery retailer. That's a 29% premium to Morrisons' (MRWSF) closing price on Friday, giving it a market value of around £5.5 billion ($7.6 billion).</p><p><blockquote>莫里森周末证实，总部位于纽约的Clayton，Dubilier&Rice上周主动向这家杂货零售商提出了每股2.30英镑（3.19美元）的现金收购要约。这比莫里森(MRWSF)周五的收盘价溢价29%，使其市值约为55亿英镑（76亿美元）。</blockquote></p><p> Shares in the company surged more than 30% in London on Monday, taking the share price above the takeover offer and lifting other stocks in the sector. Sainsbury's (JSNSF) and Ocado (OCDDY) climbed over 4%, with Marks & Spencer (MAKSY) rising nearly 3% and Tesco (TSCDF) up more than 1%.</p><p><blockquote>该公司股价周一在伦敦飙升超过30%，股价高于收购要约，并提振了该行业的其他股票。Sainsbury's(JSNSF)和Ocado(OCDDY)上涨超过4%，Marks&Spencer(MAKSY)上涨近3%，Tesco(TSCDF)上涨超过1%。</blockquote></p><p> Morrisons rejected the proposal in its statement on Saturday, saying that it \"significantly undervalued\" the company and its future prospects. Clayton, Dubilier & Rice now has until July 17 to make a firm offer.</p><p><blockquote>莫里森在周六的声明中拒绝了这一提议，称其“严重低估”了该公司及其未来前景。Clayton，Dubilier&Rice现在必须在7月17日之前提出确定报价。</blockquote></p><p> The move comes amid heightened investor activity in UK retail and a spate of takeover bids for British companies, undervalued for years because of poor returns linked to drab growth and a weak pound following the Brexit referendum of 2016.</p><p><blockquote>此举出台之际，英国零售业投资者活动加剧，英国公司出现大量收购要约，多年来，由于2016年英国脱欧公投后增长乏力和英镑疲软，这些公司的估值一直被低估。</blockquote></p><p> In October, Walmart (WMT) sold supermarket chain Asda to European private equity group TDR Capital and the founders of a global convenience store business. Separately, Czech billionaire Daniel Kretinsky recently increased his stake in Sainsbury's to 10%, adding to speculation that it could be the next takeover target.</p><p><blockquote>10月，沃尔玛(WMT)将连锁超市Asda出售给欧洲私募股权集团TDR Capital和全球便利店业务的创始人。另外，捷克亿万富翁丹尼尔·克雷廷斯基(Daniel Kretinsky)最近将其在塞恩斯伯里(Sainsbury's)的股份增至10%，这加剧了人们对该公司可能成为下一个收购目标的猜测。</blockquote></p><p> Analysts are speculating that Tesco, Britain's biggest supermarket chain, might also attract a buyer.</p><p><blockquote>分析师猜测，英国最大的连锁超市乐购也可能吸引买家。</blockquote></p><p> \"The volume of liquidity, reflecting monetary policy, and the uptake of capital by family offices, high net worth investors and private equity, means that even Tesco, with its £18 billion ($25 billion) market capitalization, is not too big to be subject to an offer,\" Clive Black, head of research at Shore Capital said in a note on Monday.</p><p><blockquote>“反映货币政策的流动性数量，以及家族理财室、高净值投资者和私募股权对资本的吸收，意味着即使是市值为180亿英镑（250亿美元）的特易购，也不会太大。Shore Capital研究主管克莱夫·布莱克(Clive Black)周一在一份报告中表示：“接受报价。”</blockquote></p><p> Sainsbury's and Tesco, which benefited from a surge in demand during lockdowns, are now poised to benefit from a strong economic recovery in Britain following the pandemic. Analysts say shoppers are likely to continue eating more meals at home even with restaurants reopening, particularly as many offices remain closed.</p><p><blockquote>塞恩斯伯里(Sainsbury's)和特易购(Tesco)受益于封锁期间需求激增，现在也有望受益于大流行后英国经济的强劲复苏。分析师表示，即使餐馆重新开业，尤其是在许多办公室仍然关闭的情况下，购物者可能会继续在家吃更多的饭菜。</blockquote></p><p> Tesco CEO Ken Murphy told analysts on a call on Friday that online demand has been \"incredibly resilient even with the easing of restrictions.\"</p><p><blockquote>Tesco首席执行官Ken Murphy周五在看涨期权上对分析师表示，“即使限制放松，在线需求仍具有令人难以置信的弹性”。</blockquote></p><p> \"We expect sales to remain well above pre Covid-19 level through the remainder of the year,\" he added.</p><p><blockquote>“我们预计今年剩余时间的销售额将远高于Covid-19之前的水平，”他补充道。</blockquote></p><p> Both leading retailers have also managed to keep costs under control, are generating large amounts of cash and have narrowed price gaps with German discounters Aldi and Lidl, according to Shore Capital's Black.</p><p><blockquote>Shore Capital的Black表示，这两家领先零售商还成功控制了成本，产生了大量现金，并缩小了与德国折扣店Aldi和Lidl的价格差距。</blockquote></p><p> This could make them prime targets for the likes of Amazon (AMZN), he added. \"The Asda bid and the Kretinsky investment means that the topic of Amazon's plans will also be one of ongoing discussion around Sainsbury and Tesco,\" Black said.</p><p><blockquote>他补充说，这可能使它们成为亚马逊（AMZN）等公司的主要目标。布莱克表示：“阿斯达的收购和克雷廷斯基的投资意味着亚马逊计划的主题也将成为围绕塞恩斯伯里和特易购正在进行的讨论之一。”</blockquote></p><p> The online retailer, which has been expanding its grocery offering since buying Whole Foods in 2017, already has a close relationship with Morrisons, which supplies its Prime and Pantry customers in the United Kingdom with dry, fresh and frozen products.</p><p><blockquote>这家在线零售商自2017年收购Whole Foods以来一直在扩大其杂货产品，并且已经与Morrisons建立了密切的关系，Morrisons为其在英国的Prime和Pantry客户提供干燥、新鲜和冷冻产品。</blockquote></p><p> But the market is not betting on a rival bid from Amazon. \"There is no indication in the [Morrisons] share price today that Amazon will come in and outbid Clayton, Dubilier & Rice,\" said Russ Mould, investment director at stockbroker AJ Bell.</p><p><blockquote>但市场并没有押注亚马逊的竞争对手出价。股票经纪人AJ Bell投资总监拉斯·莫尔德(Russ Mould)表示：“今天的[莫里森]股价没有迹象表明亚马逊会介入并出价高于Clayton、Dubilier&Rice。”</blockquote></p><p> With a languishing share price and over £7 billion ($9.7 billion) in assets, including a real estate portfolio worth more than the company's market value, Morrisons \"ticks a lot of private equity boxes,\" he told CNN Business.</p><p><blockquote>莫里森告诉CNN Business，由于股价低迷，资产超过70亿英镑（97亿美元），其中包括价值超过公司市值的房地产投资组合，他“符合很多私募股权标准”。</blockquote></p><p> Returning to favor?</p><p><blockquote>回归青睐？</blockquote></p><p> Investor interest in UK assets extends beyond grocers. There have been over 50 bids for UK-listed companies in the last eight months, only six of which have since been abandoned, according to Mould.</p><p><blockquote>投资者对英国资产的兴趣不仅限于杂货商。莫尔德表示，过去八个月里，有超过50家对英国上市公司的竞购，但其中只有6家被放弃。</blockquote></p><p> The average premium offered has been 34%, indicating that many of these companies may be undervalued by the market following years of weak shareholder returns. Over the last 12 months, there have been 95 announced offers for UK-listed companies with a combined value of $107 billion, according to Dealogic data.</p><p><blockquote>平均溢价为34%，表明在多年股东回报疲软之后，其中许多公司可能被市场低估。Dealogic数据显示，过去12个月，已有95家英国上市公司宣布收购要约，总价值达1070亿美元。</blockquote></p><p> \"The UK has consistently underperformed on the global stage since June 2016's Brexit vote and sterling has failed to regain the levels at which it traded before Britain decide to leave the EU,\" Mould said in a recent note. \"That rotten effort may mean that UK stocks are unloved and therefore potentially undervalued,\" he added.</p><p><blockquote>莫尔德在最近的一份报告中表示：“自2016年6月脱欧公投以来，英国在全球舞台上的表现一直不佳，英镑未能恢复到英国决定脱欧之前的交易水平。”“这种糟糕的努力可能意味着英国股票不受欢迎，因此可能被低估，”他补充道。</blockquote></p><p> UK and European stock market indexes stand to benefit from the post-pandemic recovery, given the high representation of companies such as automakers and banks that perform well when the economy is on the upswing.</p><p><blockquote>鉴于汽车制造商和银行等公司在经济上升时表现良好，英国和欧洲股市指数将受益于大流行后的复苏。</blockquote></p><p></p><p> They may also offer better value for investors following much more robust gains in US indexes over the past decade, when European markets have been held back by a dearth of tech companies and lackluster economic growth in the region.</p><p><blockquote>在过去十年美国指数大幅上涨之后，它们也可能为投资者提供更好的价值，而欧洲市场因科技公司缺乏和该地区经济增长乏力而受到阻碍。</blockquote></p><p> The FTSE 100 (UKX) has climbed just 26% over the past decade, while Europe's STOXX 600 (SXXL) is up 85%. That compares with a gain of more than 230% for the S&P 500 (SPX).</p><p><blockquote>富时100指数(UKX)在过去十年中仅上涨了26%，而欧洲斯托克600指数(SXXL)上涨了85%。相比之下，标普500(SPX)的涨幅超过230%。</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>American investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</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\">\nAmerican investors are trying to buy a UK supermarket. Here's why<blockquote>美国投资者正试图收购一家英国超市。原因如下</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">cnn</strong><span class=\"h-time small\">2021-06-22 11:42</span>\n</p>\n</h4>\n</header>\n<article>\n<p>London (CNN Business)Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.</p><p><blockquote>伦敦（CNN商业）英国第四大连锁超市莫里森已成为一家美国私募股权公司的收购目标，这是投资者对英国资产兴趣浓厚的最新迹象。</blockquote></p><p> Morrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of £2.30 ($3.19) per share in cash for the grocery retailer. That's a 29% premium to Morrisons' (MRWSF) closing price on Friday, giving it a market value of around £5.5 billion ($7.6 billion).</p><p><blockquote>莫里森周末证实，总部位于纽约的Clayton，Dubilier&Rice上周主动向这家杂货零售商提出了每股2.30英镑（3.19美元）的现金收购要约。这比莫里森(MRWSF)周五的收盘价溢价29%，使其市值约为55亿英镑（76亿美元）。</blockquote></p><p> Shares in the company surged more than 30% in London on Monday, taking the share price above the takeover offer and lifting other stocks in the sector. Sainsbury's (JSNSF) and Ocado (OCDDY) climbed over 4%, with Marks & Spencer (MAKSY) rising nearly 3% and Tesco (TSCDF) up more than 1%.</p><p><blockquote>该公司股价周一在伦敦飙升超过30%，股价高于收购要约，并提振了该行业的其他股票。Sainsbury's(JSNSF)和Ocado(OCDDY)上涨超过4%，Marks&Spencer(MAKSY)上涨近3%，Tesco(TSCDF)上涨超过1%。</blockquote></p><p> Morrisons rejected the proposal in its statement on Saturday, saying that it \"significantly undervalued\" the company and its future prospects. Clayton, Dubilier & Rice now has until July 17 to make a firm offer.</p><p><blockquote>莫里森在周六的声明中拒绝了这一提议，称其“严重低估”了该公司及其未来前景。Clayton，Dubilier&Rice现在必须在7月17日之前提出确定报价。</blockquote></p><p> The move comes amid heightened investor activity in UK retail and a spate of takeover bids for British companies, undervalued for years because of poor returns linked to drab growth and a weak pound following the Brexit referendum of 2016.</p><p><blockquote>此举出台之际，英国零售业投资者活动加剧，英国公司出现大量收购要约，多年来，由于2016年英国脱欧公投后增长乏力和英镑疲软，这些公司的估值一直被低估。</blockquote></p><p> In October, Walmart (WMT) sold supermarket chain Asda to European private equity group TDR Capital and the founders of a global convenience store business. Separately, Czech billionaire Daniel Kretinsky recently increased his stake in Sainsbury's to 10%, adding to speculation that it could be the next takeover target.</p><p><blockquote>10月，沃尔玛(WMT)将连锁超市Asda出售给欧洲私募股权集团TDR Capital和全球便利店业务的创始人。另外，捷克亿万富翁丹尼尔·克雷廷斯基(Daniel Kretinsky)最近将其在塞恩斯伯里(Sainsbury's)的股份增至10%，这加剧了人们对该公司可能成为下一个收购目标的猜测。</blockquote></p><p> Analysts are speculating that Tesco, Britain's biggest supermarket chain, might also attract a buyer.</p><p><blockquote>分析师猜测，英国最大的连锁超市乐购也可能吸引买家。</blockquote></p><p> \"The volume of liquidity, reflecting monetary policy, and the uptake of capital by family offices, high net worth investors and private equity, means that even Tesco, with its £18 billion ($25 billion) market capitalization, is not too big to be subject to an offer,\" Clive Black, head of research at Shore Capital said in a note on Monday.</p><p><blockquote>“反映货币政策的流动性数量，以及家族理财室、高净值投资者和私募股权对资本的吸收，意味着即使是市值为180亿英镑（250亿美元）的特易购，也不会太大。Shore Capital研究主管克莱夫·布莱克(Clive Black)周一在一份报告中表示：“接受报价。”</blockquote></p><p> Sainsbury's and Tesco, which benefited from a surge in demand during lockdowns, are now poised to benefit from a strong economic recovery in Britain following the pandemic. Analysts say shoppers are likely to continue eating more meals at home even with restaurants reopening, particularly as many offices remain closed.</p><p><blockquote>塞恩斯伯里(Sainsbury's)和特易购(Tesco)受益于封锁期间需求激增，现在也有望受益于大流行后英国经济的强劲复苏。分析师表示，即使餐馆重新开业，尤其是在许多办公室仍然关闭的情况下，购物者可能会继续在家吃更多的饭菜。</blockquote></p><p> Tesco CEO Ken Murphy told analysts on a call on Friday that online demand has been \"incredibly resilient even with the easing of restrictions.\"</p><p><blockquote>Tesco首席执行官Ken Murphy周五在看涨期权上对分析师表示，“即使限制放松，在线需求仍具有令人难以置信的弹性”。</blockquote></p><p> \"We expect sales to remain well above pre Covid-19 level through the remainder of the year,\" he added.</p><p><blockquote>“我们预计今年剩余时间的销售额将远高于Covid-19之前的水平，”他补充道。</blockquote></p><p> Both leading retailers have also managed to keep costs under control, are generating large amounts of cash and have narrowed price gaps with German discounters Aldi and Lidl, according to Shore Capital's Black.</p><p><blockquote>Shore Capital的Black表示，这两家领先零售商还成功控制了成本，产生了大量现金，并缩小了与德国折扣店Aldi和Lidl的价格差距。</blockquote></p><p> This could make them prime targets for the likes of Amazon (AMZN), he added. \"The Asda bid and the Kretinsky investment means that the topic of Amazon's plans will also be one of ongoing discussion around Sainsbury and Tesco,\" Black said.</p><p><blockquote>他补充说，这可能使它们成为亚马逊（AMZN）等公司的主要目标。布莱克表示：“阿斯达的收购和克雷廷斯基的投资意味着亚马逊计划的主题也将成为围绕塞恩斯伯里和特易购正在进行的讨论之一。”</blockquote></p><p> The online retailer, which has been expanding its grocery offering since buying Whole Foods in 2017, already has a close relationship with Morrisons, which supplies its Prime and Pantry customers in the United Kingdom with dry, fresh and frozen products.</p><p><blockquote>这家在线零售商自2017年收购Whole Foods以来一直在扩大其杂货产品，并且已经与Morrisons建立了密切的关系，Morrisons为其在英国的Prime和Pantry客户提供干燥、新鲜和冷冻产品。</blockquote></p><p> But the market is not betting on a rival bid from Amazon. \"There is no indication in the [Morrisons] share price today that Amazon will come in and outbid Clayton, Dubilier & Rice,\" said Russ Mould, investment director at stockbroker AJ Bell.</p><p><blockquote>但市场并没有押注亚马逊的竞争对手出价。股票经纪人AJ Bell投资总监拉斯·莫尔德(Russ Mould)表示：“今天的[莫里森]股价没有迹象表明亚马逊会介入并出价高于Clayton、Dubilier&Rice。”</blockquote></p><p> With a languishing share price and over £7 billion ($9.7 billion) in assets, including a real estate portfolio worth more than the company's market value, Morrisons \"ticks a lot of private equity boxes,\" he told CNN Business.</p><p><blockquote>莫里森告诉CNN Business，由于股价低迷，资产超过70亿英镑（97亿美元），其中包括价值超过公司市值的房地产投资组合，他“符合很多私募股权标准”。</blockquote></p><p> Returning to favor?</p><p><blockquote>回归青睐？</blockquote></p><p> Investor interest in UK assets extends beyond grocers. There have been over 50 bids for UK-listed companies in the last eight months, only six of which have since been abandoned, according to Mould.</p><p><blockquote>投资者对英国资产的兴趣不仅限于杂货商。莫尔德表示，过去八个月里，有超过50家对英国上市公司的竞购，但其中只有6家被放弃。</blockquote></p><p> The average premium offered has been 34%, indicating that many of these companies may be undervalued by the market following years of weak shareholder returns. Over the last 12 months, there have been 95 announced offers for UK-listed companies with a combined value of $107 billion, according to Dealogic data.</p><p><blockquote>平均溢价为34%，表明在多年股东回报疲软之后，其中许多公司可能被市场低估。Dealogic数据显示，过去12个月，已有95家英国上市公司宣布收购要约，总价值达1070亿美元。</blockquote></p><p> \"The UK has consistently underperformed on the global stage since June 2016's Brexit vote and sterling has failed to regain the levels at which it traded before Britain decide to leave the EU,\" Mould said in a recent note. \"That rotten effort may mean that UK stocks are unloved and therefore potentially undervalued,\" he added.</p><p><blockquote>莫尔德在最近的一份报告中表示：“自2016年6月脱欧公投以来，英国在全球舞台上的表现一直不佳，英镑未能恢复到英国决定脱欧之前的交易水平。”“这种糟糕的努力可能意味着英国股票不受欢迎，因此可能被低估，”他补充道。</blockquote></p><p> UK and European stock market indexes stand to benefit from the post-pandemic recovery, given the high representation of companies such as automakers and banks that perform well when the economy is on the upswing.</p><p><blockquote>鉴于汽车制造商和银行等公司在经济上升时表现良好，英国和欧洲股市指数将受益于大流行后的复苏。</blockquote></p><p></p><p> They may also offer better value for investors following much more robust gains in US indexes over the past decade, when European markets have been held back by a dearth of tech companies and lackluster economic growth in the region.</p><p><blockquote>在过去十年美国指数大幅上涨之后，它们也可能为投资者提供更好的价值，而欧洲市场因科技公司缺乏和该地区经济增长乏力而受到阻碍。</blockquote></p><p> The FTSE 100 (UKX) has climbed just 26% over the past decade, while Europe's STOXX 600 (SXXL) is up 85%. That compares with a gain of more than 230% for the S&P 500 (SPX).</p><p><blockquote>富时100指数(UKX)在过去十年中仅上涨了26%，而欧洲斯托克600指数(SXXL)上涨了85%。相比之下，标普500(SPX)的涨幅超过230%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://edition.cnn.com/2021/06/21/investing/morrisons-takeover-approach/index.html\">cnn</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":{"MRWSY":"WM Morrison Supermarkets Plc."},"source_url":"https://edition.cnn.com/2021/06/21/investing/morrisons-takeover-approach/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116834236","content_text":"London (CNN Business)Britain's fourth biggest supermarket chain Morrisons has become the takeover target of an American private equity firm in the latest sign of a strong appetite among investors for UK assets.\nMorrisons confirmed over the weekend that New York-headquartered Clayton, Dubilier & Rice last week made an unsolicited offer of £2.30 ($3.19) per share in cash for the grocery retailer. That's a 29% premium to Morrisons' (MRWSF) closing price on Friday, giving it a market value of around £5.5 billion ($7.6 billion).\nShares in the company surged more than 30% in London on Monday, taking the share price above the takeover offer and lifting other stocks in the sector. Sainsbury's (JSNSF) and Ocado (OCDDY) climbed over 4%, with Marks & Spencer (MAKSY) rising nearly 3% and Tesco (TSCDF) up more than 1%.\nMorrisons rejected the proposal in its statement on Saturday, saying that it \"significantly undervalued\" the company and its future prospects. Clayton, Dubilier & Rice now has until July 17 to make a firm offer.\nThe move comes amid heightened investor activity in UK retail and a spate of takeover bids for British companies, undervalued for years because of poor returns linked to drab growth and a weak pound following the Brexit referendum of 2016.\nIn October, Walmart (WMT) sold supermarket chain Asda to European private equity group TDR Capital and the founders of a global convenience store business. Separately, Czech billionaire Daniel Kretinsky recently increased his stake in Sainsbury's to 10%, adding to speculation that it could be the next takeover target.\nAnalysts are speculating that Tesco, Britain's biggest supermarket chain, might also attract a buyer.\n\"The volume of liquidity, reflecting monetary policy, and the uptake of capital by family offices, high net worth investors and private equity, means that even Tesco, with its £18 billion ($25 billion) market capitalization, is not too big to be subject to an offer,\" Clive Black, head of research at Shore Capital said in a note on Monday.\nSainsbury's and Tesco, which benefited from a surge in demand during lockdowns, are now poised to benefit from a strong economic recovery in Britain following the pandemic. Analysts say shoppers are likely to continue eating more meals at home even with restaurants reopening, particularly as many offices remain closed.\nTesco CEO Ken Murphy told analysts on a call on Friday that online demand has been \"incredibly resilient even with the easing of restrictions.\"\n\"We expect sales to remain well above pre Covid-19 level through the remainder of the year,\" he added.\nBoth leading retailers have also managed to keep costs under control, are generating large amounts of cash and have narrowed price gaps with German discounters Aldi and Lidl, according to Shore Capital's Black.\nThis could make them prime targets for the likes of Amazon (AMZN), he added. \"The Asda bid and the Kretinsky investment means that the topic of Amazon's plans will also be one of ongoing discussion around Sainsbury and Tesco,\" Black said.\nThe online retailer, which has been expanding its grocery offering since buying Whole Foods in 2017, already has a close relationship with Morrisons, which supplies its Prime and Pantry customers in the United Kingdom with dry, fresh and frozen products.\nBut the market is not betting on a rival bid from Amazon. \"There is no indication in the [Morrisons] share price today that Amazon will come in and outbid Clayton, Dubilier & Rice,\" said Russ Mould, investment director at stockbroker AJ Bell.\nWith a languishing share price and over £7 billion ($9.7 billion) in assets, including a real estate portfolio worth more than the company's market value, Morrisons \"ticks a lot of private equity boxes,\" he told CNN Business.\nReturning to favor?\nInvestor interest in UK assets extends beyond grocers. There have been over 50 bids for UK-listed companies in the last eight months, only six of which have since been abandoned, according to Mould.\nThe average premium offered has been 34%, indicating that many of these companies may be undervalued by the market following years of weak shareholder returns. Over the last 12 months, there have been 95 announced offers for UK-listed companies with a combined value of $107 billion, according to Dealogic data.\n\"The UK has consistently underperformed on the global stage since June 2016's Brexit vote and sterling has failed to regain the levels at which it traded before Britain decide to leave the EU,\" Mould said in a recent note. \"That rotten effort may mean that UK stocks are unloved and therefore potentially undervalued,\" he added.\nUK and European stock market indexes stand to benefit from the post-pandemic recovery, given the high representation of companies such as automakers and banks that perform well when the economy is on the upswing.\nThey may also offer better value for investors following much more robust gains in US indexes over the past decade, when European markets have been held back by a dearth of tech companies and lackluster economic growth in the region.\nThe FTSE 100 (UKX) has climbed just 26% over the past decade, while Europe's STOXX 600 (SXXL) is up 85%. 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","text":"Noted.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/161269987","repostId":"2143979397","repostType":4,"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":169834316,"gmtCreate":1623826708635,"gmtModify":1634027486153,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582027145455201","idStr":"3582027145455201"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169834316","repostId":"2143762347","repostType":4,"isVote":1,"tweetType":1,"viewCount":609,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127445548,"gmtCreate":1624866662584,"gmtModify":1633947769093,"author":{"id":"3582027145455201","authorId":"3582027145455201","name":"Medha","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3582027145455201","idStr":"3582027145455201"},"themes":[],"htmlText":"☕☕","listText":"☕☕","text":"☕☕","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/127445548","repostId":"1103137872","repostType":4,"repost":{"id":"1103137872","kind":"news","pubTimestamp":1624865492,"share":"https://www.laohu8.com/m/news/1103137872?lang=zh_CN&edition=full","pubTime":"2021-06-28 15:31","market":"us","language":"en","title":"Starbucks - Too Hot To Handle<blockquote>星巴克-太热而无法处理</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1103137872","media":"seekingalpha","summary":"Summary\n\nStarbucks continues to be the leading global coffee franchise across the globe.\nThe company","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Starbucks continues to be the leading global coffee franchise across the globe.</li> <li>The company has been hit hard by the pandemic, but the company continues to open stores to drive further growth post the pandemic.</li> <li>Even if I assume an optimistic $4 earnings per share number next year, valuations look high, too high to see great appeal here.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/860ea0c3c4fcf2d5047e8c0a528096df\" tg-width=\"1536\" tg-height=\"1021\"><span>mysondanube/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>星巴克仍然是全球领先的全球咖啡特许经营店。</li><li>该公司受到了疫情的沉重打击，但该公司继续开设商店，以推动疫情后的进一步增长。</li><li>即使我假设明年每股收益为4美元，估值看起来也很高，太高了，看不到巨大的吸引力。</li></ul><p class=\"t-img-caption\"><span>mysondanube/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Starbucks (SBUX)</b> has been quite resilient, at least its shares, as the business has done quite well despite very challenging operating conditions. Shares of the leading coffee player peaked at nearly $100 ahead of the pandemic and after an initial move lower, shares have seen a very steady recovery as they currently trade at $113 per share, just 5% from recent and all-time-highs.</p><p><blockquote><b>星巴克(SBUX)</b>至少其股价表现相当有弹性，因为尽管经营条件非常具有挑战性，但该业务仍表现良好。这家领先咖啡公司的股价在疫情爆发前达到近100美元的峰值，在最初走低后，股价出现了非常稳定的复苏，目前交易价格为每股113美元，仅比近期和历史高点上涨5%。</blockquote></p><p> While 2021 is set to match 2019 in terms of the earnings power and growth has returned in a convincing way, I still think that despite the undisputed quality of the franchise, valuations are too high to see any appeal here.</p><p><blockquote>虽然2021年的盈利能力将与2019年持平，增长也以令人信服的方式回归，但我仍然认为，尽管特许经营的质量无可争议，但估值太高，看不到任何吸引力。</blockquote></p><p> <b>Pandemic - A Hit, And Savior</b></p><p><blockquote><b>流行病——大受欢迎，也是救世主</b></blockquote></p><p> Starbucks was early to recognize the impact of the pandemic as it has sizeable Chinese operations of course, and with the pandemic breaking out a few months earlier than was the case in the US and Europe, the impact was early felt.</p><p><blockquote>星巴克很早就认识到了疫情的影响，因为它在中国拥有规模庞大的业务，而且由于疫情比美国和欧洲早几个月爆发，因此很早就感受到了影响。</blockquote></p><p> Starbucks's second quarter fiscal results, corresponding to the first quarter of the calendar year of 2020, saw sales fall 5%. The third quarter results showed the real impact of the pandemic with sales down 38% as no amount of cost control was able to maintain profitability, as the company posted a sizeable, yet at the same time very manageable loss on the back of the very challenging conditions at the time.</p><p><blockquote>星巴克第二季度财报（相当于2020年第一季度）销售额下降5%。第三季度业绩显示了疫情的真正影响，销售额下降了38%，因为再多的成本控制也无法维持盈利能力，因为该公司在非常具有挑战性的情况下出现了相当大但同时非常可控的亏损。当时的条件。</blockquote></p><p> On the back of the summer reopening in many Western nations last year, revenues recovered in a big way, down just 8% in the final quarter of the fiscal year. After the dismal second quarter results, full year revenues were down 11% to $19.2 billion, yet earnings took a far larger beating with operating earnings down more than 60%, to just over $1.5 billion.</p><p><blockquote>去年许多西方国家夏季重新开业后，收入大幅复苏，本财年最后一个季度仅下降了8%。在惨淡的第二季度业绩之后，全年收入下降了11%，至192亿美元，但盈利遭受的打击要大得多，营业利润下降了60%以上，至略高于15亿美元。</blockquote></p><p> In fact, almost all the absolute decline in revenues translated into a one-on-one impact on the operating income line amidst higher restructuring costs, stable, or slightly increasing depreciation charges, and store expenses up a bit amidst the many modifications and safety measures taken.</p><p><blockquote>事实上，几乎所有收入的绝对下降都转化为对营业收入线的一对一影响，包括重组成本上升、折旧费用稳定或略有增加，以及在许多修改和安全措施中商店费用略有增加。</blockquote></p><p> Net debt stood at $11.5 billion by the end of the fiscal year. That is quite a bit after the company posted adjusted EBITDA of around $6.0 billion in the fiscal year of 2019, but the EBITDA number came in much closer to $3.5 billion.</p><p><blockquote>截至本财年末，净债务为115亿美元。该公司在2019财年公布的调整后EBITDA约为60亿美元，但EBITDA数字远接近35亿美元。</blockquote></p><p> By the time these results were announced back in October of last year, shares had rebounded to the high-eighties already, which translated both into a high earnings multiple based on the adjusted profits of $1.17 per share, and even on the adjusted earnings of $2.83 per share a year earlier. Even based on the 2019 earnings, shares traded at a 30 times multiple.</p><p><blockquote>到去年10月公布这些业绩时，股价已经反弹至80多岁，这既转化为基于调整后每股1.17美元利润的高市盈率，也转化为调整后每股2.83美元的高市盈率。即使根据2019年的收益，股价也是30倍。</blockquote></p><p> <b>A Big Recovery</b></p><p><blockquote><b>大复苏</b></blockquote></p><p> At the start of 2021 the company posted first quarter results for its fiscal year with sales down more than 6% as the company was not yet lapping the impact of the pandemic. The company reiterated the full year guidance, calling for sales at a midpoint of $28.5 billion with earnings seen at a midpoint of $2.80 per share, although the fact that this calendar year counts 53 weeks, makes that the guidance assumes a ten cent boost from that fact.</p><p><blockquote>2021年初，该公司公布了本财年第一季度业绩，由于该公司尚未克服疫情的影响，销售额下降了6%以上。该公司重申了全年指引，要求销售额中值为285亿美元，每股收益中值为2.80美元，尽管本日历年有53周，这使得指引假设这一事实增加了10美分。</blockquote></p><p> The second quarter results revealed 8% revenue growth, which is quite comforting as Western economies were gradually opening up again. Moreover, this is not the case of easily comparisons, as second quarter revenues were down just 5% in the second quarter of 2020, so we actually see growth now vs the quarterly period in 2019. On the back of the solid results, the company has hiked the full year sales guidance to a midpoint of $28.9 billion. Moreover, the midpoint of the earnings guidance has been hiked by fifteen cents to $2.95 per share.</p><p><blockquote>第二季度业绩显示收入增长8%，随着西方经济体逐渐重新开放，这相当令人欣慰。此外，这并不是一个容易比较的情况，因为2020年第二季度的第二季度收入仅下降了5%，因此我们实际上看到了与2019年季度相比的增长。在稳健业绩的支持下，该公司将全年销售指引上调至289亿美元的中点。此外，盈利指引的中点已上调15美分，至每股2.95美元。</blockquote></p><p> Net debt is down to roughly $10 billion after these relatively softer first two quarters of the year. With net earnings seen at around $3.5 billion this year, and after adding back approximately $1.5 billion in depreciation expenses, as well as a few hundred million in interest and taxes, EBITDA should match or surpass the $6 billion EBITDA number from 2019. In that sense, leverage is very modest, and certainly no concern.</p><p><blockquote>在经历了今年前两个季度相对疲软之后，净债务降至约100亿美元。今年净利润约为35亿美元，在加上约15亿美元的折旧费用以及数亿美元的利息和税收后，EBITDA应该会达到或超过2019年60亿美元的EBITDA数字。从这个意义上说，杠杆是非常适中的，当然也没什么大不了的。</blockquote></p><p></p><p> Based on the current share price of $113 per share, valuations come in around 38 times earnings seen this year. However, the earnings rate based on the second half of the year is seen around $2 per share, which might imply potential for earnings to jump towards $4 per share next year. Such earnings power reduces expectations to 28 times forward earnings. Based on that number, the multiple is still elevated, as I realize that it will take a year before this might be realized.</p><p><blockquote>根据目前每股113美元的股价计算，估值约为今年市盈率的38倍。然而，下半年的市盈率约为每股2美元，这可能意味着明年每股收益有可能跃升至4美元。这种盈利能力将预期市盈率降低至28倍。基于这个数字，倍数仍然很高，因为我意识到这可能需要一年的时间才能实现。</blockquote></p><p> I guess the reasons mentioned above are likely the considerations why Mr. Ackman from Pershing Square sold out of the stock earlier this year. While the $3 earnings per share number for this year is conformed, and there is a real roadmap for earnings of $4 per share next year if the pandemic fades, I fail to see real triggers from here.</p><p><blockquote>我猜上述原因很可能是潘兴广场的阿克曼先生今年早些时候抛售股票的考虑因素。虽然今年每股收益3美元的数字是一致的，而且如果疫情消退，明年每股收益将达到4美元，但我看不到真正的触发因素。</blockquote></p><p> Based on such earnings power I think that valuations certainly look full here, too full for me to see appeal, although I have no doubts whatsoever on the quality and long term potential of this very high quality franchise.</p><p><blockquote>基于这样的盈利能力，我认为这里的估值肯定看起来很满，太满了，我看不到吸引力，尽管我对这个非常高质量的特许经营权的质量和长期潜力毫不怀疑。</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>Starbucks - Too Hot To Handle<blockquote>星巴克-太热而无法处理</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\">\nStarbucks - Too Hot To Handle<blockquote>星巴克-太热而无法处理</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-28 15:31</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Starbucks continues to be the leading global coffee franchise across the globe.</li> <li>The company has been hit hard by the pandemic, but the company continues to open stores to drive further growth post the pandemic.</li> <li>Even if I assume an optimistic $4 earnings per share number next year, valuations look high, too high to see great appeal here.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/860ea0c3c4fcf2d5047e8c0a528096df\" tg-width=\"1536\" tg-height=\"1021\"><span>mysondanube/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>星巴克仍然是全球领先的全球咖啡特许经营店。</li><li>该公司受到了疫情的沉重打击，但该公司继续开设商店，以推动疫情后的进一步增长。</li><li>即使我假设明年每股收益为4美元，估值看起来也很高，太高了，看不到巨大的吸引力。</li></ul><p class=\"t-img-caption\"><span>mysondanube/iStock社论来自Getty Images</span></p></blockquote></p><p> <b>Starbucks (SBUX)</b> has been quite resilient, at least its shares, as the business has done quite well despite very challenging operating conditions. Shares of the leading coffee player peaked at nearly $100 ahead of the pandemic and after an initial move lower, shares have seen a very steady recovery as they currently trade at $113 per share, just 5% from recent and all-time-highs.</p><p><blockquote><b>星巴克(SBUX)</b>至少其股价表现相当有弹性，因为尽管经营条件非常具有挑战性，但该业务仍表现良好。这家领先咖啡公司的股价在疫情爆发前达到近100美元的峰值，在最初走低后，股价出现了非常稳定的复苏，目前交易价格为每股113美元，仅比近期和历史高点上涨5%。</blockquote></p><p> While 2021 is set to match 2019 in terms of the earnings power and growth has returned in a convincing way, I still think that despite the undisputed quality of the franchise, valuations are too high to see any appeal here.</p><p><blockquote>虽然2021年的盈利能力将与2019年持平，增长也以令人信服的方式回归，但我仍然认为，尽管特许经营的质量无可争议，但估值太高，看不到任何吸引力。</blockquote></p><p> <b>Pandemic - A Hit, And Savior</b></p><p><blockquote><b>流行病——大受欢迎，也是救世主</b></blockquote></p><p> Starbucks was early to recognize the impact of the pandemic as it has sizeable Chinese operations of course, and with the pandemic breaking out a few months earlier than was the case in the US and Europe, the impact was early felt.</p><p><blockquote>星巴克很早就认识到了疫情的影响，因为它在中国拥有规模庞大的业务，而且由于疫情比美国和欧洲早几个月爆发，因此很早就感受到了影响。</blockquote></p><p> Starbucks's second quarter fiscal results, corresponding to the first quarter of the calendar year of 2020, saw sales fall 5%. The third quarter results showed the real impact of the pandemic with sales down 38% as no amount of cost control was able to maintain profitability, as the company posted a sizeable, yet at the same time very manageable loss on the back of the very challenging conditions at the time.</p><p><blockquote>星巴克第二季度财报（相当于2020年第一季度）销售额下降5%。第三季度业绩显示了疫情的真正影响，销售额下降了38%，因为再多的成本控制也无法维持盈利能力，因为该公司在非常具有挑战性的情况下出现了相当大但同时非常可控的亏损。当时的条件。</blockquote></p><p> On the back of the summer reopening in many Western nations last year, revenues recovered in a big way, down just 8% in the final quarter of the fiscal year. After the dismal second quarter results, full year revenues were down 11% to $19.2 billion, yet earnings took a far larger beating with operating earnings down more than 60%, to just over $1.5 billion.</p><p><blockquote>去年许多西方国家夏季重新开业后，收入大幅复苏，本财年最后一个季度仅下降了8%。在惨淡的第二季度业绩之后，全年收入下降了11%，至192亿美元，但盈利遭受的打击要大得多，营业利润下降了60%以上，至略高于15亿美元。</blockquote></p><p> In fact, almost all the absolute decline in revenues translated into a one-on-one impact on the operating income line amidst higher restructuring costs, stable, or slightly increasing depreciation charges, and store expenses up a bit amidst the many modifications and safety measures taken.</p><p><blockquote>事实上，几乎所有收入的绝对下降都转化为对营业收入线的一对一影响，包括重组成本上升、折旧费用稳定或略有增加，以及在许多修改和安全措施中商店费用略有增加。</blockquote></p><p> Net debt stood at $11.5 billion by the end of the fiscal year. That is quite a bit after the company posted adjusted EBITDA of around $6.0 billion in the fiscal year of 2019, but the EBITDA number came in much closer to $3.5 billion.</p><p><blockquote>截至本财年末，净债务为115亿美元。该公司在2019财年公布的调整后EBITDA约为60亿美元，但EBITDA数字远接近35亿美元。</blockquote></p><p> By the time these results were announced back in October of last year, shares had rebounded to the high-eighties already, which translated both into a high earnings multiple based on the adjusted profits of $1.17 per share, and even on the adjusted earnings of $2.83 per share a year earlier. Even based on the 2019 earnings, shares traded at a 30 times multiple.</p><p><blockquote>到去年10月公布这些业绩时，股价已经反弹至80多岁，这既转化为基于调整后每股1.17美元利润的高市盈率，也转化为调整后每股2.83美元的高市盈率。即使根据2019年的收益，股价也是30倍。</blockquote></p><p> <b>A Big Recovery</b></p><p><blockquote><b>大复苏</b></blockquote></p><p> At the start of 2021 the company posted first quarter results for its fiscal year with sales down more than 6% as the company was not yet lapping the impact of the pandemic. The company reiterated the full year guidance, calling for sales at a midpoint of $28.5 billion with earnings seen at a midpoint of $2.80 per share, although the fact that this calendar year counts 53 weeks, makes that the guidance assumes a ten cent boost from that fact.</p><p><blockquote>2021年初，该公司公布了本财年第一季度业绩，由于该公司尚未克服疫情的影响，销售额下降了6%以上。该公司重申了全年指引，要求销售额中值为285亿美元，每股收益中值为2.80美元，尽管本日历年有53周，这使得指引假设这一事实增加了10美分。</blockquote></p><p> The second quarter results revealed 8% revenue growth, which is quite comforting as Western economies were gradually opening up again. Moreover, this is not the case of easily comparisons, as second quarter revenues were down just 5% in the second quarter of 2020, so we actually see growth now vs the quarterly period in 2019. On the back of the solid results, the company has hiked the full year sales guidance to a midpoint of $28.9 billion. Moreover, the midpoint of the earnings guidance has been hiked by fifteen cents to $2.95 per share.</p><p><blockquote>第二季度业绩显示收入增长8%，随着西方经济体逐渐重新开放，这相当令人欣慰。此外，这并不是一个容易比较的情况，因为2020年第二季度的第二季度收入仅下降了5%，因此我们实际上看到了与2019年季度相比的增长。在稳健业绩的支持下，该公司将全年销售指引上调至289亿美元的中点。此外，盈利指引的中点已上调15美分，至每股2.95美元。</blockquote></p><p> Net debt is down to roughly $10 billion after these relatively softer first two quarters of the year. With net earnings seen at around $3.5 billion this year, and after adding back approximately $1.5 billion in depreciation expenses, as well as a few hundred million in interest and taxes, EBITDA should match or surpass the $6 billion EBITDA number from 2019. In that sense, leverage is very modest, and certainly no concern.</p><p><blockquote>在经历了今年前两个季度相对疲软之后，净债务降至约100亿美元。今年净利润约为35亿美元，在加上约15亿美元的折旧费用以及数亿美元的利息和税收后，EBITDA应该会达到或超过2019年60亿美元的EBITDA数字。从这个意义上说，杠杆是非常适中的，当然也没什么大不了的。</blockquote></p><p></p><p> Based on the current share price of $113 per share, valuations come in around 38 times earnings seen this year. However, the earnings rate based on the second half of the year is seen around $2 per share, which might imply potential for earnings to jump towards $4 per share next year. Such earnings power reduces expectations to 28 times forward earnings. Based on that number, the multiple is still elevated, as I realize that it will take a year before this might be realized.</p><p><blockquote>根据目前每股113美元的股价计算，估值约为今年市盈率的38倍。然而，下半年的市盈率约为每股2美元，这可能意味着明年每股收益有可能跃升至4美元。这种盈利能力将预期市盈率降低至28倍。基于这个数字，倍数仍然很高，因为我意识到这可能需要一年的时间才能实现。</blockquote></p><p> I guess the reasons mentioned above are likely the considerations why Mr. Ackman from Pershing Square sold out of the stock earlier this year. While the $3 earnings per share number for this year is conformed, and there is a real roadmap for earnings of $4 per share next year if the pandemic fades, I fail to see real triggers from here.</p><p><blockquote>我猜上述原因很可能是潘兴广场的阿克曼先生今年早些时候抛售股票的考虑因素。虽然今年每股收益3美元的数字是一致的，而且如果疫情消退，明年每股收益将达到4美元，但我看不到真正的触发因素。</blockquote></p><p> Based on such earnings power I think that valuations certainly look full here, too full for me to see appeal, although I have no doubts whatsoever on the quality and long term potential of this very high quality franchise.</p><p><blockquote>基于这样的盈利能力，我认为这里的估值肯定看起来很满，太满了，我看不到吸引力，尽管我对这个非常高质量的特许经营权的质量和长期潜力毫不怀疑。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4436869-starbucks-too-hot-to-handle\">seekingalpha</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":{"SBUX":"星巴克"},"source_url":"https://seekingalpha.com/article/4436869-starbucks-too-hot-to-handle","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103137872","content_text":"Summary\n\nStarbucks continues to be the leading global coffee franchise across the globe.\nThe company has been hit hard by the pandemic, but the company continues to open stores to drive further growth post the pandemic.\nEven if I assume an optimistic $4 earnings per share number next year, valuations look high, too high to see great appeal here.\n\nmysondanube/iStock Editorial via Getty Images\nStarbucks (SBUX) has been quite resilient, at least its shares, as the business has done quite well despite very challenging operating conditions. Shares of the leading coffee player peaked at nearly $100 ahead of the pandemic and after an initial move lower, shares have seen a very steady recovery as they currently trade at $113 per share, just 5% from recent and all-time-highs.\nWhile 2021 is set to match 2019 in terms of the earnings power and growth has returned in a convincing way, I still think that despite the undisputed quality of the franchise, valuations are too high to see any appeal here.\nPandemic - A Hit, And Savior\nStarbucks was early to recognize the impact of the pandemic as it has sizeable Chinese operations of course, and with the pandemic breaking out a few months earlier than was the case in the US and Europe, the impact was early felt.\nStarbucks's second quarter fiscal results, corresponding to the first quarter of the calendar year of 2020, saw sales fall 5%. The third quarter results showed the real impact of the pandemic with sales down 38% as no amount of cost control was able to maintain profitability, as the company posted a sizeable, yet at the same time very manageable loss on the back of the very challenging conditions at the time.\nOn the back of the summer reopening in many Western nations last year, revenues recovered in a big way, down just 8% in the final quarter of the fiscal year. After the dismal second quarter results, full year revenues were down 11% to $19.2 billion, yet earnings took a far larger beating with operating earnings down more than 60%, to just over $1.5 billion.\nIn fact, almost all the absolute decline in revenues translated into a one-on-one impact on the operating income line amidst higher restructuring costs, stable, or slightly increasing depreciation charges, and store expenses up a bit amidst the many modifications and safety measures taken.\nNet debt stood at $11.5 billion by the end of the fiscal year. That is quite a bit after the company posted adjusted EBITDA of around $6.0 billion in the fiscal year of 2019, but the EBITDA number came in much closer to $3.5 billion.\nBy the time these results were announced back in October of last year, shares had rebounded to the high-eighties already, which translated both into a high earnings multiple based on the adjusted profits of $1.17 per share, and even on the adjusted earnings of $2.83 per share a year earlier. Even based on the 2019 earnings, shares traded at a 30 times multiple.\nA Big Recovery\nAt the start of 2021 the company posted first quarter results for its fiscal year with sales down more than 6% as the company was not yet lapping the impact of the pandemic. The company reiterated the full year guidance, calling for sales at a midpoint of $28.5 billion with earnings seen at a midpoint of $2.80 per share, although the fact that this calendar year counts 53 weeks, makes that the guidance assumes a ten cent boost from that fact.\nThe second quarter results revealed 8% revenue growth, which is quite comforting as Western economies were gradually opening up again. Moreover, this is not the case of easily comparisons, as second quarter revenues were down just 5% in the second quarter of 2020, so we actually see growth now vs the quarterly period in 2019. On the back of the solid results, the company has hiked the full year sales guidance to a midpoint of $28.9 billion. Moreover, the midpoint of the earnings guidance has been hiked by fifteen cents to $2.95 per share.\nNet debt is down to roughly $10 billion after these relatively softer first two quarters of the year. With net earnings seen at around $3.5 billion this year, and after adding back approximately $1.5 billion in depreciation expenses, as well as a few hundred million in interest and taxes, EBITDA should match or surpass the $6 billion EBITDA number from 2019. In that sense, leverage is very modest, and certainly no concern.\nBased on the current share price of $113 per share, valuations come in around 38 times earnings seen this year. However, the earnings rate based on the second half of the year is seen around $2 per share, which might imply potential for earnings to jump towards $4 per share next year. Such earnings power reduces expectations to 28 times forward earnings. Based on that number, the multiple is still elevated, as I realize that it will take a year before this might be realized.\nI guess the reasons mentioned above are likely the considerations why Mr. Ackman from Pershing Square sold out of the stock earlier this year. While the $3 earnings per share number for this year is conformed, and there is a real roadmap for earnings of $4 per share next year if the pandemic fades, I fail to see real triggers from here.\nBased on such earnings power I think that valuations certainly look full here, too full for me to see appeal, although I have no doubts whatsoever on the quality and long term potential of this very high quality franchise.","news_type":1,"symbols_score_info":{"SBUX":0.9}},"isVote":1,"tweetType":1,"viewCount":1996,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
