· 个股论点
涉及标的： $VVX
研究了 $VVX，看起来是个扎实的价值投资标的，但我的观点是它并非那种爆发力极强的“火箭股”选择。 - 8.5% 的毛利率（大宗商品属性），营收达 44.2 亿美元。但净利率仅为 1.8%。 - 鉴于其债务状况，10-11 倍的前瞻市盈率（Forward P/E）属于正常水平，因为其增长率约为 3%。 - 由于合并原因，净现金为 -9.8 亿美元。 所以超额收益（Alpha）来自于每股收益（EPS）的增长，我对此进行了研究，部分分析师预测其同比增长 24%。今年再降息 2-3 次带来的低利率环境也将对其大有帮助。 因此，如果你有两年的等待耐心，它似乎被低估了，但我更没耐心！
Looked into $VVX, seems like a solid value invest but my option is that it’s not exactly a moonshot type pick - 8.5% gross margin (commodity status) but off $4.42B rev. But with 1.8% net margin - 10-11x fwd earnings is standard given its debt, since its growing ~3% - net cash is -$980m bc of their merger So the alpha comes in if it grows EPS which I’ve looked into and some analysts are projecting 24% y/y. Lower interest rates from another 2-3x rate cuts this year also helps them a lot. So seems undervalued if you have a 2 year waiting horizon but I’m more impatient!