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2014联考英语阅读:该看好联想吗?

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2014年08月18日 【我要咨询】 】 来源:清华在线

  Lex_Lenovo: cheerful, not cheap

  If this works, look out. Lenovo thinks the server business it is set to buy from IBM – it hopes to close by the end of this year – will be a $5bn business “with higher margins than PCs,” within 12 months. Lenovo’s personal computer business probably has an operating margin of about three per cent. If Lenovo can squeeze five per cent out of servers, that is $250m of operating income, a bump of almost a quarter over what Lenovo earns now. For this, the company paid IBM $2.3bn in cash and stock.如果事成了,那就要小心了。联想(Lenovo)认为,它将从IBM手中收购的低端服务器业务将在12个月内达到50亿美元的产值规模,且“利润率将高于个人电脑(PC)业务”。联想希望在年底前完成这笔交易。联想PC业务的营运利润率大概在3%左右。如果联想收购的服务器业务能够实现5%的利润率,那么一年的营运利润就有2.5亿美元,接近联想目前盈利的四分之一。为此,联想将向IBM支付23亿美元的现金和股票。

  This arithmetic encapsulates the appeal of Lenovo’s shares. The list of big companies that can pay under 10 times earnings for an acquisition, have earnings rise and margins expand (and still carry no debt) is short. The idea of a lean scavenger that can take such nourishment from businesses cast off by fat technology conglomerates is a capitalist’s delight. And Lenovo pulled this trick once before, buying IBM’s PC business in 2004. It now manufactures more PC’s than anyone and makes good money doing it.这番演算概括出了联想股票的吸引力。能够为一笔收购支付低于10倍盈利的价格、让所收购业务实现盈利增长并提高利润率(且不附带任何债务)的大公司并不多。资本家们很乐于见到这样的情形:一个肥胖的科技巨头甩掉不想要的业务,一个精瘦的清道夫却在其中找到了营养。联想以前就这样做过,它在2004年收购了IBM的PC业务。如今,联想已成为产量最高的PC生产商,而且十分赚钱。

  The deal is not done yet, though. It is worth remembering that the PC deal did not come off with perfect smoothness; one executive likened it to an organ donation that almost failed. Recall, also, that free cash flow fell in the two years after that deal, and did not regain its pre-deal peak until 2012 (this reflects in part the general tenuousness of the PC business and the intervening recession, but it is instructive all the same). And Lenovo will be integrating the Motorola handset business, bought from Google, at the same time. This will be tricky.然而,收购IBM服务器业务的交易尚未完成。我们需要记住,当年的PC交易也并非完全一帆风顺;一名高管曾将这笔交易比作一次几乎失败的器官捐赠。我们还需记得,在PC交易完成后的两年内,联想的自由现金流下滑,直到2012年才恢复到交易前的峰值水平(部分原因是PC业务总体疲弱,以及期间遇上了经济衰退,但它同样具有启发性)。联想还将同时从谷歌(Google)手中收购摩托罗拉(Motorola)移动业务,这个融合过程将相当棘手。

  The stock price has risen 50 per cent in a year and its ratio to expected earnings (18) is at a multiyear top. After a better than expected earnings report on Thursday the shares drifted down. The market is on to something. Its hard to get rich paying a fair price for the best case scenario.联想股价在一年之内上涨了50%,目前预期市盈率为18倍,是多年来的高点。在本周四公布好于预期的业绩报告后,该公司股价下滑。市场意识到了一些事情。把事事想到最好,并不是让人致富的最佳策略。

  Lex专栏是由FT评论家联合撰写的短评,对全球经济与商业进行精辟分析

标签:考研 研究生考试 英语
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