成人小说亚洲一区二区三区,亚洲国产精品一区二区三区,国产精品成人精品久久久,久久综合一区二区三区,精品无码av一区二区,国产一级a毛一级a看免费视频,欧洲uv免费在线区一二区,亚洲国产欧美中日韩成人综合视频,国产熟女一区二区三区五月婷小说,亚洲一区波多野结衣在线

立即打開
Facebook IPO能否回饋投資者

Facebook IPO能否回饋投資者

Scott Cendrowski 2012-05-08
Facebook預(yù)計其估值將高達(dá)960億美元。這意味它要實現(xiàn)極其驚人的營收增長率。

????上月,《財富》(Fortune)曾經(jīng)質(zhì)疑如果Facebook估值1000億美元,那么其股票是否還值得購入。當(dāng)時的結(jié)論是:或許值得購買!昨天又傳來新消息:Facebook計劃將其首次公開募股(IPO)發(fā)行股價定在28至35美元之間,這意味著這家年輕的科技巨頭有望實現(xiàn)770億至960億美元的估值。

????我們曾分析過如果Facebook估值達(dá)到1000億美元,將會面臨哪些障礙。不過,如果在首發(fā)日其股票的交易價接近最低定價區(qū)間,比如說為28美元,而且當(dāng)日未實現(xiàn)反彈呢?那樣的情況將預(yù)示怎樣的前景?

????按照EVA Dimensions公司【該公司提出了著名的經(jīng)濟(jì)增加值(EVA)理論——譯注】計算的數(shù)據(jù),每股28美元意味著市場認(rèn)為Facebook營收到2021年有望突破500億美元大關(guān),換句話說,F(xiàn)acebook營收的年復(fù)合增長率要達(dá)到30%!這個數(shù)字令人驚訝,不過,相較于1000億美元估值,即年營收達(dá)到680億美元,前者看來要容易實現(xiàn)得多。上述營收有一個前提條件:從現(xiàn)在起,F(xiàn)acebook的利潤率不會嚴(yán)重惡化。(考慮到Facebook的資金成本,其利潤率可謂高得嚇人。去年,F(xiàn)acebook取得了37億美元營收,利潤為10億美元——EVA Dimensions稱之為“壟斷企業(yè)利潤率”。)

????我們之前提過,谷歌(Google)也曾碰到過類似難題,不過它最終發(fā)展到與其估值相符,而其股價也扶搖直上,投資者們從85美元飛上云霄,最終達(dá)到650美元。

????Facebook股票將來的走勢很難預(yù)測。如果你認(rèn)為Facebook營收將繼續(xù)瘋狂增長,而利潤率又不會急劇下滑的話,那么現(xiàn)在似乎正是購入良機(jī)。如果你質(zhì)疑其增長態(tài)勢,那么請不要出手。

????Last month, Fortune asked if Facebook's stock was worth buying if the company is valued at $100 billion. The conclusion: It might be! Then came news yesterday that Facebook will price its IPO between $28 and $35 a share, implying a valuation between $77 billion and $96 billion for the young tech giant.

????We've already said what kinds of hurdles Facebook faces with a $100 billion valuation. But what if shares trade near the low-end of the spectrum, say for $28, and don't bounce on the first day of trading? What kind of prospects does the stock offer then?

????According to the numbers crunchers at EVA Dimensions, a $28 share price means the market thinks Facebook will grow to sales of just over $50 billion in the year 2021. That's still an impressive 30% annual compound growth rate, but it seems much easier to achieve than the $68 billion in sales implied by a $100 billion valuation. Those sales figures assume that Facebook's margins don't deteriorate badly from here. (Facebook, it turns out, earns amazing profit margins when you consider its capital costs. Last year it earned $1 billion on just $3.7 billion in sales— what EVA Dimensions calls "monopoly-like margins.")

????We've said before, Google (GOOG) once faced the same hurdles but eventually grew into its valuation, and took stock investors on a ride from $85 to $650 along the way.

????There's no easy take on Facebook stock. If you believe it can continue its torrid sales growth without killing margins, the stock looks like an amazing opportunity. If you doubt it can continue boosting sales, stay away.

掃描二維碼下載財富APP
亚洲欧美国产va在线播放频| 无人区码一码二码三码区别新月| 亚洲欧美丝袜制服| 日本裸体熟妇一区二区欧美| 天堂Av无码Av日韩Av国产在线观看流白浆| 国产超薄肉色丝袜视频在线a| 午夜神马福利电影不卡在线a | 日韩欧美国产亚洲另类| 中文字幕天天躁日日躁狠狠躁免费| ,成在线人永久免费视频播放| 无码视频痴汉在线观看| 亚洲av无码日韩av无码导航| 久久久久久久波多野结衣高潮| 国产精品有码无码AV99re视频热这里只有精品 | 亚洲综合色视频在线观看| 亚洲香蕉在线色网视频| 精品人妻AV区波多野结衣| 国产福利在线观看精品| 天天综合网91免费看午夜无码鲁丝片真人一级毛片| 特级做A爰片毛片A片免费| 国产特级毛片AAAAAA高清| 国产乱子伦精品无码码专区| 精品亚洲a∨无码专区毛片| 日本人成在线播放免费课体台| 乌克兰黄色视频在线观看| 又黄又爽又无遮挡的视频1000| 国产成人无码AV在线播放不卡| 精品2021露脸国产偷人在视频| 99国产精品国产精品九九| 日本亚洲国产在线视频| 一级a一级a国产爰片免费免免| 日本狂喷奶水在线播放212| 一区二区三区成人欧美日韩在线观看| 免费大片黄在线观看视频动漫真人3d日韩国产| 国产欧美久久久久久精品一区二区三区| 国产又粗又猛又黄又爽无遮挡,轻点灬大| 野花香影院在线观看视频免费| 老熟女高潮一区二区三区| 国内精品免费久久久久电影院97| 人妻中文字幕无码在线a| 亚洲欧美日韩国产综合专区|