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摩根士丹利歡度Facebook IPO一周年

摩根士丹利歡度Facebook IPO一周年

Stephen Gandel 2013-05-21
摩根士丹利CEO詹姆斯?戈?duì)柭蚱屏怂麜?huì)被趕出公司的預(yù)言,帶領(lǐng)公司實(shí)現(xiàn)了令人嘆為觀止的大逆轉(zhuǎn)。

????對(duì)美邦進(jìn)行估值的第三方咨詢公司Perella Weinberg為戈?duì)柭峁┝擞忠豁?xiàng)戰(zhàn)果,這家咨詢公司基本與摩根士丹利站在一邊,將收購(gòu)交易價(jià)格縮減多達(dá)85億美元。另外,爭(zhēng)取新雇員的工作雖然尚未完成,美邦經(jīng)紀(jì)人并未出現(xiàn)大幅流失。

????Facebook IPO讓摩根士丹利自負(fù)的科技團(tuán)隊(duì)栽了個(gè)大跟頭。摩根士丹利支付的相關(guān)罰款達(dá)到了500萬(wàn)美元。根據(jù)Dealogic的數(shù)據(jù),摩根士丹利在2012年科技股IPO主承銷商中排名第六。在Facebook IPO之前一年,該公司排名第一。但若論美國(guó)投行的科技類交易費(fèi)用收入(包括兼并購(gòu)和非IPO股票發(fā)行),摩根士丹利仍名列第一。

????麥晉桁稱,將Facebook IPO失敗歸咎于戈?duì)柭蚰Ω康だ渌吖苁遣还降?。?8美元發(fā)行的Fackbook股價(jià)一年后仍僅為26美元,“當(dāng)時(shí)我們很多人都說(shuō)不要定這樣高的價(jià)格,”麥晉桁表示,“但Facebook的問(wèn)題是嚴(yán)重超額認(rèn)購(gòu)。”

????麥晉桁表示,F(xiàn)acebook想要出售股票。因此,摩根士丹利的銀行家們覺(jué)得,如果有人打算買(mǎi)下這些額外的股票,不妨由他們來(lái)?!奔幢闳绱?,麥晉桁認(rèn)為,是納斯達(dá)克(Nasdaq)的技術(shù)故障最終搞砸了這宗IPO,造成IPO當(dāng)天交易推遲,整天問(wèn)題不斷。

????戈?duì)柭芙^對(duì)本文置評(píng)。摩根士丹利繼去年虧損,而今年一季度盈利近10億美元后,戈?duì)柭硎?,公司的許多大麻煩已經(jīng)過(guò)去了。

????但是,戈?duì)柭虺觥叭蝿?wù)完成”的標(biāo)語(yǔ)還為時(shí)尚早。一季度業(yè)績(jī)得到改善,但仍低于分析師的預(yù)期。曾經(jīng)買(mǎi)進(jìn)760萬(wàn)股摩根士丹利股票、斷言股價(jià)將翻番的對(duì)沖基金經(jīng)理丹?勒布最近在監(jiān)管文件中披露,其所在公司Third Point已在一季度拋出了全部摩根士丹利股票。勒布拒絕發(fā)表評(píng)論。摩根士丹利的權(quán)益回報(bào)率最近升至了7.6%,但仍遠(yuǎn)遠(yuǎn)低于金融危機(jī)前的水平。而且,摩根士丹利債券交易業(yè)務(wù)顯著落后于長(zhǎng)期競(jìng)爭(zhēng)對(duì)手高盛(Goldman Sachs)等。

????Perella Weinberg, the third-party adviser brought into value Smith Barney, handed another victory to Gorman, mostly siding with Morgan Stanley, cutting the price of the deal by as much as $8.5 billion. And, while the job's not done winning over his new employees, there's been no major exodus of Smith Barney brokers.

????The Facebook IPO has taken Morgan Stanley's vaunted technology team down a notch. Morgan Stanley was forced to pay a $5 million fine related to the deal. Morgan Stanley ranked 6th in the past year as lead underwriter of technology IPOs, according to Dealogic. That's down from No. 1 in the year before Facebook. But when it comes to overall U.S. investment banking fees from tech deals, which also includes mergers and acquisitions and non-IPO stock offerings, Morgan Stanley still ranks No. 1.

????Mack says it's unfair to blame Gorman or any of Morgan Stanley's other bankers for the Facebook flop. A year later, the shares, which went public at $38, still only fetch $26."There were a number of us who said don't price it there," says Mack. "But the Facebook issue was so oversubscribed."

????Mack says Facebook wanted to sell the shares. So Morgan Stanley bankers figured if someone was going to underwrite the extra shares, it might as well be them. Even so, Mack says in the end he believes it was the glitch at the Nasdaq, which delayed trading and caused problems throughout the day of the IPO that ultimately did in the deal.

????Gorman declined to comment for this story. Following the first quarter, in which the firm made nearly $1 billion after losing money last year, Gorman said that he thought many of the firm's biggest issues were behind it.

????Still, it's too soon for Gorman to fly the "mission accomplished" banner. The better earnings in the first quarter still missed analysts' expectations. Hedge fund manager Dan Loeb, who bought 7.6 million Morgan Stanley shares and said he expected the stock price to double, recently revealed in a regulatory filing that his firm Third Point sold its entire stake in the first quarter. Loeb declined to comment. The firm's return on equity has climbed recently to 7.6%, but it is still well below where it was before the financial crisis. And Morgan Stanley's bond trading business significantly lags long-time rival Goldman Sachs (GS) as well as others.

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