[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio8081778f":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio8081778f","Global-Payments收购传闻引发估值讨论！“大空头”伯里：真正的机会在Fiserv(FISV)和PayPal(PYPL)","\u002Fdoc\u002Fdcio8081778f","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，“大空头”迈克尔·伯里认为，支付处理商Fiserv(FISV)的潜在收购估值在每股100至120美元之间。他还重申PayPal(PYPL)是一只“好球”；此前有报道称，私募股权正对其竞争对手Global Payments(GPN)感兴趣，令行业估值成为关注焦点。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Fiserv“禁区”中的机会\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>伯里给出的100至120美元收购情景，意味着较Fiserv当前市价有100%至140%的上行空间。他是套用潜在Global Payments收购案的估值假设来估算这一区间的。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>他在最新的Substack帖子中表示“相较于Global Payments，Fiserv盈利能力更强，作为收购标的只是略贵一些，资产质量也更好。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>他认为，该股表现挣扎在一定程度上反映了投资者信心的流失。他说“由于前管理层过于乐观的增长目标和未充分披露的阿根廷恶性通胀收益，Fiserv一直处于‘禁区’之中。这种信任缺口在华尔街并不容易修复，即便换了新管理层也是如此。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>伯里维持满仓，并表示新的交易活动可能提前带来潜在回报。他说“总而言之，我认为这种情况是一个机会。”“记住，内部人士一直在这些低位大举买入。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这一收购比较假设新东家能够改变战略、削减成本并重新配置现金流。伯里表示，对普通股东而言，Fiserv目前的交易价约为其IV15基准的1.6倍。他所说的IV15，即他预期15年内实现15%年化回报的价格。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Fiserv将于周二公布第三季度业绩。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Global Payments收购行情被质疑\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>在有报道称克莱顿·杜比利埃与赖斯正与其最大股东GTCR联手寻求收购后，Global Payments股价上周五一度大涨18%。GTCR通过1月完成的Worldpay收购(企业估值242.5亿美元)获得了Global Payments 15%的股份。Global Payments还将其发卡行解决方案业务出售给了富达国民信息服务(FIS)。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>然而，伯里对Global Payments的收购战略和大幅调整后的盈利持怀疑态度。他说“从少数股东的视角来看，我一直认为Global Payments作为一家注定要以糟糕回报率继续收购公司的连续并购者，价值有限。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>即便假设资本配置有所改善，他为寻求15%年化回报的控股买家给出的入场价区间为45至60美元，较当前水平低约38%至54%。在该市价下，他估计控股买家可获得10%的回报。他对FIS给出的18至26美元估值，较上一收盘价低约33%至53%。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>尽管如此，他仍认为这对竞争对手是一个潜在催化因素。他说“不过，Global Payments被收购应该会验证其他传统支付网络的价值。甚至可能让它们也成为收购目标。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>看好PayPal这只“好球”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>伯里仍看好PayPal，但他表示其业务不易与Global Payments直接比较。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>他表示“它目前的交易价约为IV15的0.80倍，在50多美元的价位上是一只‘好球’。”他称自己的仓位规模介于小仓与正常仓之间。他的看多立场早于最新的交易猜测。今年7月，他曾质疑Stripe和Advent每股60.50美元的报价，认为取得PayPal控制权的买家应该支付更高价格。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>他当时表示“60.50美元太低了。我不会卖出，我认为这只是一个初始报价。”据报道，Stripe和Advent已于8月放弃收购。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>在支付领域之外，伯里增持了Sprouts Farmers Market(SFM)于2028年到期的看涨期权，以及京东(JD)于2029年到期的看涨期权。他还加仓了比亚迪，称这家车企为中等仓位，京东为大仓位。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]