[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio0760b8f3":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":77},{"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,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio0760b8f3","联合利华(UL)谋求转型却遭市场“差评”!市值两月跌去四分之一-交易方案复杂及杠杆过高戳破防御股神话","\u002Fdoc\u002Fdcio0760b8f3","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">美股投资网获悉，联合利华(UL)剥离食品业务这一具有转型意义的交易却已颠覆了该股的市场叙事，并引发投资者对这只长期被视为防御型风向标股票的担忧。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">随着业务分拆计划消息在近几周逐步浮出水面，对联合利华股票的抛售进一步加剧。在联合利华同意将旗下食品业务与调味品生产商味好美(MKC)合并后，其股价周二创下自全球金融危机以来最大单日跌幅。自2月份接近六年高点以来，该股累计下跌24%、市值蒸发420亿美元——联合利华当前市值约为1200亿美元，较2月份1620亿美元的峰值明显下降。该股目前的预期市盈率约为14.6倍，比过去五年的平均估值水平低逾10%。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">联合利华股价跌至约两年来最低水平\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">尽管这笔交易将推动联合利华成为全球美容、个人护理及家居护理领域的领先企业，但目前尚不清楚该交易能为联合利华股东立即释放哪些收益。分析师指出，市场担忧包括交易结构复杂，以及部分投资者不愿持有一家高杠杆、在美国上市的食品公司股票。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">TD Cowen分析师Robert Moskow在谈及这笔预计要到明年才能完成的交易时表示“味好美的价值创造‘配方’仍需要时间慢慢酝酿。”与此同时，瑞银分析师Guillaume Delmas认为，未来15个月将是“复杂且充满不确定性”的阶段。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">标普全球评级在交易公告发布后确认联合利华的A+投资级评级，但将评级展望从“稳定”下调至“负面”，理由是“如果交易按预期完成，公司运营规模和业务多元化程度将有所下降”。该评级机构还指出，由于宏观经济和地缘政治波动，公司所处行业环境“更具挑战性”。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">过去十年来，联合利华一直在向更简化的业务模式转型，逐步降低对食品业务的依赖。去年，该公司将其冰淇淋业务分拆为Magnum Ice Cream Co.，并保留了近20%的股份。然而，此次剥离食品业务的交易使联合利华投资者产生疑问。作为交易的一部分，他们将获得新合并公司股份，但不确定是否愿意持有一家负债较高、并在纽约上市的公司股票。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">杰富瑞分析师David Hayes表示，一些投资者担心税务影响、突然持有一家未知实体的敞口、“重组疲劳”的潜在风险，以及联合利华新结构下支持业绩改善的具体措施仍不明确。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">对Bernstein分析师Callum Elliott而言，新合并公司可能将具备较高杠杆率，并且初期主要在纽约上市，因此可能面临来自联合利华欧洲本土股东的显著抛售压力。他表示，这将在未来12个月对联合利华的投资者情绪构成拖累。\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">数据显示，分析师整体对该股的评级分歧较大，共识评分接近两年来最低水平。即便如此，仍有部分人士认为市场对这笔交易的反应过度。巴克莱分析师Warren Ackerman表示，这一反应“有些过头”。Warren Ackerman称“尽管市场反应如此，我们仍然看好这笔交易结构。最终，一个纯粹专注家居及个人护理业务的公司所带来的价值将是值得期待的。”\u003C\u002Fspan>\u003C\u002Fp>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">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>\r\n\u003Cp>\u003Cspan style=\"font-size: large;\">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 StockWe.com 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，每天处理千万级股票数据：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，精准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":78,"search":79,"searchPlaceholder":79,"hotContent":80,"draft":81,"noData":82,"searchNoData":83,"edit":84,"editVideo":85,"courseContent":86,"more":87,"buyNow":88,"subscribeNow":89,"encoding":90,"paidContent":91},"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","编辑","编辑视频","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"]