· 个股论点
市场对以色列股票有什么偏见吗？ 我在其中一些股票上损失惨重。 $ETOR 和 $VLN 的市值已接近其现金资产价值。 而对于 $NBIS，其投资组合公司 Clickhouse 的估值几乎已超过其主体公司。 尽管地缘政治风险已计入溢价，但这些估值仍显得不合逻辑。 市场几乎将其实际业务价值归零，尽管它们都在增长，特别是 $ETOR（资产管理规模增长 70%+）产生了可观的自由现金流(FCF)。 我 genuinely 感到惊讶，我在想这是否是一个利用资产负债表进行分部加总(SOTP)套利的潜在交易机会。 或者抛售会持续下去？ 这里存在巨大的认知偏差。
What do markets have against stocks from Israel? I’ve lost an incredible amount on some of these. Both $ETOR and $VLN are close to cash-assets | marketcap. And with $NBIS their portfolio company Clickhouse is almost worth more than their main company at this point. Geopolitical risks factored into premiums, none of the valuations make sense. The market is assigning close to 0 value to their actual business even through they’re all growing with $ETOR in specific (70%+ AUM growth) producing considerable FCF. Im genuinely surprised, l wonder if it’s a potential trade arbitraging sum of parts to balance sheets. Or would the selloff continue? There’s a huge disconnect.