Grocer Albertsons Has Tried Twice to Go Public and Failed. Now It's Mulling a Third Try. -- Barrons.com
Grocer Albertsons Has Tried Twice to Go Public and Failed. Now It's Mulling a Third Try. -- Barrons.com
DJ Grocer Albertsons Has Tried Twice to Go Public and Failed. Now It's Mulling a Third Try. -- Barrons.com
DJ Grocer Albertsons曾兩次嘗試上市，但均以失敗告終。現在它正在考慮第三次嘗試。--Barrons.com
By Evie Liu
作者：艾薇·劉(Evie Liu)
America's second-largest supermarket operator is considering going public again after two failed attempts. Albertsons, owner of grocery chains such as Safeway and Vons, was taken private in 2006 for $17.4 billion. Over the years, it has restructured a number of times, made acquisitions, and invested in technology. Its largest investor -- private equity firm Cerberus Capital Management -- has wanted to cash out for a while now.
在兩次嘗試失敗後，這家美國第二大超市運營商正在考慮再次上市。艾伯森(Albertsons)是Safeway和Vons等雜貨連鎖店的所有者，2006年以174億美元的價格被私有化。多年來，它進行了多次重組，進行了收購，並對技術進行了投資。它最大的投資者--私募股權公司賽伯樂資本管理公司(Cerberus Capital Management)--想要套現已經有一段時間了。
Albertsons filed paperwork for an initial public offering in 2015, but shelved the plan because of a heavy debt burden and a lackluster retail outlook. In 2018, the grocery giant tried again by buying part of drugstore chain Rite Aid, but shareholder pushback killed that effort. Now, it's reportedly preparing for an IPO that would value it at about $19 billion.
艾伯森在2015年提交了首次公開募股(IPO)的文件，但由於沉重的債務負擔和黯淡的零售前景，該計劃被擱置。2018年，這家食品雜貨巨頭再次嘗試收購藥店連鎖店Rite Aid的部分股份，但股東的抵制扼殺了這一努力。現在，據報道，該公司正在準備首次公開募股(IPO)，估值約為190億美元。
Investors may be wary of that price tag. Although U.S. stock indexes have been hitting new highs, traditional grocers have continued to suffer amid competition from larger, better-capitalized rivals. Over the past three years, stock in Albertsons' peer Kroger has declined 14.7%, while the likes of Walmart, Costco Wholesale, and Amazon.com gained 76.4%, 93.1%, and 125.5%, respectively. Kroger posted $28 billion in sales for the latest quarter ended last November and has a $23 billion market valuation. Albertsons had $14 billion in last quarter's sales, making its $19 billion market valuation target a stretch.
投資者可能會對這個價格保持警惕。儘管美國股指屢創新高，但傳統雜貨商在來自規模更大、資本更充裕的競爭對手的競爭中繼續遭受重創。在過去三年中，艾伯森的同行克羅格的股價下跌了14.7%，而沃爾瑪、好市多批發和亞馬遜等公司的股價分別上漲了76.4%、93.1%和125.5%。克羅格公佈，截至去年11月的最近一個季度銷售額為280億美元，市值為230億美元。艾伯森上個季度的銷售額為140億美元，這使得其190億美元的市值目標顯得有些牽強。
Investors may be willing to buy into Albertsons' future. But the grocer has to be careful. Supermarkets aren't baseball, we know, but three whiffs at an IPO won't inspire confidence.
投資者可能願意買入艾伯森的未來。但雜貨商必須小心。我們知道，超市不是棒球，但首次公開募股(IPO)中的三次機會不會激發人們的信心。
Next Week
下週
Monday 1/27
週一1/27
D.R. Horton, Juniper Networks, PerkinElmer, and Whirlpool report quarterly results.
D.R.Horton、Juniper Networks、PerkinElmer和Whirlpool公佈季度業績。
The Census Bureau reports new-home sales for December. Economists forecast a seasonally adjusted annual rate of 728,000 new single-family homes sold, up 1.2% from November's 719,000.
人口普查局報告了12月份的新房銷售情況。經濟學家預測，經季節調整後的年率為72.8萬套獨棟新房，比11月份的71.9萬套增長1.2%。
Tuesday 1/28
週二1/28
3M, Advanced Micro Devices, Apple, eBay, Harley-Davidson, Lockheed Martin, McCormick, Pfizer, SAP, Starbucks, and United Technologies report earnings.
3M，Advanced Micro Devices，Apple，eBay，Harley-Davidson，Lockheed Martin，McCormick，Pfizer，SAP，Starbucks和United Technologies公佈財報。
The Conference Board releases its Consumer Confidence Index for January. Consensus estimates are for a 128.4 reading, up from December's 126.5 figure.
世界大型企業聯合會(Conference Board)發佈了1月份的消費者信心指數。普遍預期讀數為128.4，高於去年12月的126.5。
S&P CoreLogic reports its Case-Shiller 20-City Home Price Index for November. Expectations are for a 2.4% year-over-year rise in home prices, up from October's 2.2% gain.
標準普爾CoreLogic公佈了11月份Case-Shiller 20個城市的房價指數。預計房價同比上漲2.4%，高於10月份2.2%的漲幅。
Wednesday 1/29
星期三1/29
The FOMC announces its monetary-policy decision. The market widely expects the central bank to keep the federal-funds rate unchanged at 1.50% to 1.75%.
聯邦公開市場委員會宣佈其貨幣政策決定。市場普遍預期央行將維持聯邦基金利率在1.50%至1.75%不變。
Ameriprise Financial , AT&T , Automatic Data Processing , Boeing , Dow , Facebook , General Electric , Marathon Petroleum , Mastercard , McDonald's , Microsoft , Norfolk Southern , Novartis , PayPal Holdings , and T. Rowe Price Group report quarterly results.
美國企業金融公司、AT&T公司、自動數據處理公司、波音公司、陶氏化學公司、Facebook公司、通用電氣公司、馬拉鬆石油公司、萬事達卡公司、麥當勞公司、微軟公司、諾福克南方公司、諾華公司、貝寶控股公司和T.Rowe Price集團公佈季度業績。
Goldman Sachs Group hosts its first-ever investor day, in New York. Senior management will detail the firm's strategy going forward.
高盛在紐約舉辦了其有史以來的第一個投資者日。高級管理層將詳細説明公司未來的戰略。
Thursday 1/30
星期四1/30
Altria Group , Amazon.com , Amgen , Biogen , Coca-Cola , Danaher, Electronic Arts , Eli Lilly , Northrop Grumman , Royal Dutch Shell , United Parcel Service , Verizon Communications , and Visa report earnings.
奧馳亞集團、亞馬遜、安進、生物遺傳、可口可樂、丹納赫、電子藝術、禮來公司、諾斯羅普·格魯曼公司、荷蘭皇家殼牌公司、聯合包裹服務公司、Verizon通信公司和Visa公司報告收益。
The Bank of England announces its monetary-policy decision. Futures markets predict a greater-than-50% chance that the central bank will cut its key short-term interest rate to 0.50% from 0.75%.
英國央行宣佈其貨幣政策決定。期貨市場預測，央行將關鍵短期利率從0.75%下調至0.50%的可能性大於50%。
The Bureau of Economic Analysis releases its advanced estimate for gross-domestic-product growth in the fourth quarter of 2019. Economists forecast that the U.S. economy grew at an annual rate of 2.1%, matching third-quarter results.
經濟分析局(Bureau Of Economic Analysis)發佈了對2019年第四季度國內生產總值(GDP)增長的提前估計。經濟學家預測，美國經濟增長年率為2.1%，與第三季度業績持平。
Friday 1/31
星期五1/31
Broadridge Financial Solutions , Caterpillar , Charter Communications , Chevron , Colgate-Palmolive , Exxon Mobil , Honeywell International , and Weyerhaeuser report quarterly results.
Broadbridge金融解決方案公司、卡特彼勒公司、Charge Communications公司、雪佛龍公司、高露潔-棕欖公司、埃克森美孚公司、霍尼韋爾國際公司和Weyerhaeuser公司公佈季度業績。
The BEA releases its Personal Income and Outlays report for December. Personal income and spending are both expected to rise 0.3%. This compares with a 0.5% jump in income and a 0.4% gain in spending in November. The Personal Consumption Expenditure index, the Federal Reserve's favored inflation gauge, is seen edging up 1.5% year over year, matching the November data.
BEA發佈了12月份的個人收入和支出報告。個人所得和支出均料增長0.3%。相比之下，11月份收入增長0.5%，支出增長0.4%。美國聯邦儲備委員會(Federal Reserve)青睞的通脹指標--個人消費支出指數(Personal Consumer Expliture Index)預計同比增長1.5%，與11月份的數據持平。
ISM-Chicago releases its Chicago PMI for January. Consensus estimates are for a 49.5 reading, up from December's 48.9 figure.
ISM-芝加哥公佈1月份芝加哥採購經理人指數(PMI)。普遍預期讀數為49.5，高於12月份的48.9。
Write to Evie Liu at evie.liu@barrons.com
寫信給Evie Liu，電子郵件：evie.liu@Barrons.com
(END) Dow Jones Newswires
(完)道瓊通訊社
January 24, 2020 21:32 ET (02:32 GMT)
美國東部時間2020年1月24日21：32(格林尼治標準時間02：32)
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