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Spinoffs: A Good Place to Discover Long-Term Value

Spinoffs: A Good Place to Discover Long-Term Value

衍生產品:發現長期價值的好地方
GuruFocus.com ·  2020/01/26 23:00

Research has found that spinoff stocks, on average, produce market-beating returns over time. The spinoff, as a type of divestiture, works opposite of mergers and acquisitions, leading to potentially higher capital efficiency and more growth opportunities. Why? The spinoff business, post the transaction, gains greater flexibility to deploy its resources on its operations and investments without limitations imposed on it by the parent company. Hence, value could be unlocked for long-term shareholders.

研究發現,平均而言,隨着時間的推移,剝離出來的股票會產生超越市場的回報。剝離作為一種資產剝離,與併購相反,可能帶來更高的資本效率和更多的增長機會。為什麼?剝離出來的業務(交易後)獲得了更大的靈活性,可以將資源部署到運營和投資上,而不受母公司的限制。因此,可以為長期股東釋放價值。

OFLX 30-Year Financial Data

OFLX 30年財務數據

The intrinsic value of OFLX

OFLX的內在價值

Peter Lynch Chart of OFLX

彼得·林奇(Peter Lynch)的OFLX圖表

One of the most well-known spinoff transactions in recent memory was the divestiture of Philip Morris International (NYSE:PM) from Altria (NYSE:MO), which enabled the former, with more freedom outside the constraints of U.S. corporate ownership, to pursue sales growth in emerging markets. Meanwhile, the new Altria had room to optimize its cost structure with a focus on the U.S. market. As you can see below, Philip Morris is the notable perennial outperformer here in terms of return on assets.

最近記憶中最著名的剝離交易之一是剝離菲利普莫里斯國際公司奧馳亞(NYSE:MO)的新產品上市,使奧馳亞(NYSE:MO)能夠在美國公司所有權之外擁有更多自由,追求新興市場的銷售增長。與此同時,新的奧馳亞有空間優化其成本結構,重點放在美國市場。正如你在下面看到的,菲利普莫里斯在資產回報率方面是這裏值得注意的常年優勝者。

20200127080136519d034sbx34ww2tg1

It is not uncommon that the management team of the spun off entity receives financial incentives, such as shares and options and, therefore, are motivated to build the long-term success of the company. Additionally, we often observed that through spinoffs, companies tend to carve out the good business (or assets) from the mediocre ones, spawning even greater long-term investment opportunities. Take Omega Flex (NASDAQ:OFLX) as an example. The long-standing leader in the so-called flexible metal hose niche was once a subsidiary of Mestek (MCCK), an HVAC and metal forming equipment manufacturer, until being spun off in 2005. Management said the main reason for the break-up was to get Omega Flex out of the internal competition for capital at the parent company. As a result, the high-growth, capital-light, cash-rich business at Omega Flex can access the capital markets to make better strategic decisions itself.

這並不少見,管理層團隊剝離出來的實體中的大多數人都會獲得股票和期權等財務激勵,因此,他們有動力建立公司的長期成功。此外,我們經常觀察到,通過剝離,公司往往會從平庸的業務(或資產)中剝離出優秀的業務(或資產),從而產生更大的長期投資機會。以歐米茄Flex(Omega Flex)為例。納斯達克:OFLX)為例。在所謂的柔性金屬軟管利基市場上,這家長期領先的公司曾是暖通空調和金屬成型設備製造商梅斯特克(Mestek)的子公司,直到2005年被剝離。管理層表示,拆分的主要原因是為了讓歐米茄Flex退出母公司對資本的內部競爭。因此,高增長、輕資本、現金充裕的業務Omega Flex可以進入資本市場,自己做出更好的戰略決策。

According to the chart below, Omega Flex has maintained its annual return on assets above 10% every year since the spinoff, compared to its ex-parent's struggle to break even (before de-listing).

根據下面的圖表,歐米茄Flex自分拆以來,每年的資產回報率都保持在10%以上,而其前母公司(在退市前)難以實現收支平衡。

20200127080139300d034guumzg2zmf0

Checking the ownership structure, we see that Kevin Hoben, chairman and CEO, and Mark Albino, president and chief operating officer, respectively hold approximately 10% and 4% of the total shares outstanding as of the latest filing.

檢查股權結構,我們看到,截至最新提交的文件,董事長兼首席執行官凱文·霍本(Kevin Hoben)和總裁兼首席運營官馬克·阿爾比諾(Mark Albino)分別持有約10%和4%的流通股。

Below, we list a couple of recent value-generative spinoffs that have earned high returns on capital for their shareholders.

下面,我們列出了最近為股東賺取了高資本回報的幾個創造價值的剝離公司。

VF Corp.(NYSE:VFC) spun off Kontoor Brands (NYSE:KTB) in 2019.

VF公司.(紐約證券交易所股票代碼:VFC)剝離孔圖爾品牌(紐約證券交易所股票代碼:KTB)在2019年。

Wyndham Destinations (NYSE:WYND) spun off Wyndham Hotels & Resorts (NYSE:WH) in 2018.

温德姆目的地(紐約證券交易所股票代碼:Wynd)剝離温德姆酒店及度假村(紐約證券交易所股票代碼:WH)在2018年。

Hilton Worldwide (NYSE:HLT) spun off Hilton Grand Vacations (NYSE:HGV) in 2017.

希爾頓全球(紐約證券交易所股票代碼:HLT)剝離希爾頓大度假酒店(紐約證券交易所股票代碼:HGV)在2017年。

ConAgra Brands (NYSE:CAG) spun off Lamb Weston (NYSE:LW) in 2016.

康尼格拉品牌(紐約證券交易所股票代碼:CAG)剝離蘭姆·韋斯頓(紐約證券交易所股票代碼:LW)在2016年。

YUM! Brands (NYSE:YUM) spun off Yum China Holdings (YUMC) in 2016.

好吃!品牌(紐約證券交易所:百勝)剝離百勝中國控股(YUMC)在2016年。

Fiat (FCAU) spun off Ferrari (RACE) in 2016.

菲亞特(Fiat)於2016年剝離了法拉利(Ferrari)。

EBay (EBAY) spun off PayPal Holdings (PYPL) in 2015.

易趣(易趣)剝離貝寶控股(PYPL)在2015年。

And also some anticipated spinoffs that we find interesting:

還有一些我們覺得有趣的預期衍生產品:

The Gap (GPS) to spin off Old Navy.

這個差距(GPS)剝離舊海軍。

United Technologies (UTX) to spin off Otis Elevator.

聯合技術公司(UTX)將剝離奧的斯電梯。

ThyssenKrupp AG (XTER:TKA) to spin off ThyssenKrupp Elevators.

蒂森克虜伯股份公司(交易代碼:TKA)將剝離蒂森克虜伯電梯。

Disclosure: The mention of any security in this article does not constitute an investment recommendation. Investors should always conduct careful analysis themselves or consult with their investment advisors before acting in the financial market. We own shares of Philip Morris.

披露:本文中提及的任何證券並不構成投資建議。投資者在進入金融市場之前,應該自己進行仔細的分析,或者諮詢他們的投資顧問。我們擁有菲利普莫里斯公司的股份。

Read more here:

請在這裏閲讀更多內容:

A Well-Moated, High-Return Bet on One of the Worst Industries

押注於最糟糕的行業之一的高額回報

Happy Chinese New Year With Our Chinese Stock Picks

用我們的中國精選股票祝中國新年快樂

Urbem's 'Megatrend' Series: Consumption Upgrade

URBEM‘s’Megatrend‘系列:消費升級

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不是GuruFocus的高級會員?在這裏報名參加為期7天的試用期。

This article first appeared onGuruFocus.

這篇文章最早出現在GuruFocus上。

OFLX 30-Year Financial Data

OFLX 30年財務數據

The intrinsic value of OFLX

OFLX的內在價值

Peter Lynch Chart of OFLX

彼得·林奇(Peter Lynch)的OFLX圖表

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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