· 个股论点
关于 $VLN，我不觉得自己错了。但市场显然不同意我的看法。 我学到了两件事： - 一些股票，像日本股，确实会交易到远低于账面价值 - 市场不太喜欢以色列股票，比如 $ETOR，我在那上面也亏了不少。 我还是觉得它被低估了。净资产（2.926 亿美元纯现金）对比 1.32 亿美元市值。 净资产是 1.05 亿美元，而且零负债。 那企业价值不就大概 2700 万美元？对于一家 2025 财年营收 7060 万美元、GAAP 毛利率 60% 的成长公司来说。 所以估值看起来很离谱。但股票市场偏偏就是这么运作的。
As for $VLN, I don't think I'm wrong. But markets clearly disagree with my opnion. I've learned two things: - Some stocks like Japanese ones can trade way under book value - Markets don't like stocks from Israel like $ETOR for some reason (lost a lot on that too). I still think it's undervalued. Net assets ($92.6M pure cash) vs. $132M MC. Net assets is $105M with zero debt. So EV is ~$27M? For a growing company with 60% GAAP gross margins on $70.6M FY 2025 revenue. So valuation looks stupid. But somehow stocks operate that way.