用户名: 密码: 验证码:    注册 | 忘记密码?
首页|听力资源|每日听力|网络电台|在线词典|听力论坛|下载频道|部落家园|在线背单词|双语阅读|在线听写|普特网校
您的位置:主页 > 英语能力 > 翻译 > 笔译 > 练习材料 > 经济 >

双语:通用电气股票现在值得买入吗?

2015-04-13    来源:forbeschina    【      美国外教 在线口语培训

双语:通用电气股票现在值得买入吗?
After Taking My Advice, Is GE A Buy?

About eight years ago, General Electric's GE +10.8% then-chief financial officer, Keith Sherin, pulled me aside in a conference room at 30 Rockefeller Center in Manhattan and asked me, “Peter, what do you think we should do to get our stock price up?”
大约八年前,在曼哈顿洛克菲勒中心30号(30 Rockefeller Center)的会议室里,当时担任通用电气公司(General Electric)首席财务官的基思·谢林(Keith Sherin)把我拉到旁边问道,“彼得,你觉得我们应该怎么做才能让我们的股价上涨?”

I told him which businesses I thought GE — in which I have a small investment — should sell and which it should try to build. (And for all I know, I could have been the fiftieth person to tell Sherin the same thing.)
我告诉他,我认为通用电气公司(我在这家公司有少量投资)应该出售哪些业务,应该努力构建哪些业务。(而且就我所知,我可能是第五十个告诉谢林同样建议的人。)

Today, GE announced that it will sell most of GE Capital GE Capital, completing a series of divestitures I had recommended to Sherin, who is now Chairman and CEO of that $363 billion (assets) unit. The sales process is starting with Blackstone Group and Wells Fargo's WFC +0.24% purchases of $23 billion worth of GE Capital’s real estate assets, according to the New York Times.
4月10日,通用电气公司宣布,将出售通用电气资本公司(GE Capital)的大部分业务,完成我之前曾经向谢林建议的一系列资产剥离。谢林现在已是通用电气资本公司的董事长和首席执行官,该公司拥有3,630亿美元的资产。根据《纽约时报》( New York Times)的报道,黑石集团(Blackstone Group)和富国银行(Wells Fargo)将收购通用电气资本公司价值230亿美元的房地产资产,为此次资产出售拉开序幕。

And GE plans to give $90 billion to shareholders in the next three years.
同时,通用电气公司还计划在今后三年向股东返还900亿美元的资金。

By the end of the year, GE Capital expects to have sold all the financing units except the ones that help it sell jet engines and other heavy equipment it makes — leaving it with about $90 billion in assets, wrote the Times.
到今年年底,通用电气资本公司预计将出售所有的金融业务——那些帮助销售通用电气公司制造的喷气发动机和其他重型设备的业务除外。据《纽约时报》报道,该公司将留下大约900亿美元的资产。

Does that make GE stock a buy?
这会让通用电气公司的股票值得买入吗?

Before getting into this question, let’s take a look at the nearly 14 years that have elapsed since Jeff Immelt took over as GE’s CEO a few days before the attacks of September 11, 2001. The bad news is that GE’s stock has since lost about 37% of its value and the idea that GE is the world’s greatest company — the legend of Jack Welch — has long-faded from the public’s consciousness.
在讨论这个问题前,让我们先来回顾一下杰夫·伊梅尔特(Jeff Immelt)自2001年911恐怖袭击前几天接任通用电气公司首席执行官以来的近14年时间。坏消息是,通用电气公司的股价从那以后下跌了37%左右,而且,通用电气是全世界最伟大公司——这是杰克·韦尔奇(Jack Welch)缔造的传奇——的这个概念在很久以前就已经被公众遗忘了。

The good news for GE is that it is a slightly bigger company with more profits than it had when Immelt took over. In 2000, GE had $130 billion in revenue and net earnings of $12.7 billion. By 2014, GE had $149 billion in revenue and $15.3 billion in net income — representing paltry compound annual growth of 1% and 1.3%, respectively.
而对于通用电气公司来说,好消息是这家公司现在比伊梅尔特接任首席执行官时的规模更大、利润更多。在2000年,通用电气公司的营收为1,300亿美元,净利润为127亿美元。2014年,通用电气公司的营收为1,490亿美元,净利润为153亿美元——分别为1%和1.3%的低复合年增长率。

Back in June 2007 when Sherin pulled me aside, I thought GE’s stock market value was being charged a conglomerate discount. That’s what happens when a company in many different businesses is allocating capital to some that do not generate a high enough return. The capital sucking businesses take away resources from the ones that earn more than their cost of capital.
2007年6月,谢林把我拉到旁边询问的时候,我认为通用电气公司的股票市值受到多元化折让的影响。如果一家公司从事不同的业务,把资金分配给不能产生足够投资回报的部分业务,就会出现这样的情形。这些消耗资金的业务从那些收益回报高于资本成本的业务中夺走了资源。

And the remedy is to find a better parent company for the laggards. That’s why I recommended to Sherin that GE sell its stakes in its NBC Universal, GE Capital (except for the parts that help it sell industrial equipment), and Appliances units.
补救办法就是为业绩落后的业务找到一家更好的母公司。这就是为什么我要建议谢林让通用电气公司出售持有的NBC环球(NBC Universal)、通用电气资本公司(除了帮助通用电气公司销售工业设备的部门)和通用电气家电业务的股份。

I also suggested that GE invest more in businesses that participated in attractive industries in which it had a strong market position. These included its jet engines, energy, and transportation units.
我还建议,通用电气公司应该在颇具吸引力的行业打造自己的市场地位,该公司已经在这些行业拥有强大的市场地位,包括喷气发动机、能源和运输业务。

As of today, I learned that GE has completed all the divestitures I had recommended. Comcast CMCSA +0.37% bought 51 percent of NBC Universal in 2011 and acquired the remainder for $67 billion in February 2013 and Electrolux bought its Appliances unit in September 2014 for $3.3 billion.
时至今日,我了解到,通用电气公司已经完成了我建议的所有资产剥离。康卡斯特(Comcast)在2011年收购了NBC环球51%的股权,并且在2013年2月以670亿美元的价格收购了剩余股份。而伊莱克斯(Electrolux)则在2014年9月以33亿美元的价格收购了通用电气公司的家电业务。

In 2007, it looked like demand for GE’s jet engines, energy, and transportation products would be strong in emerging economies like China and India. But I remember feeling a little worried that at some point in the ensuing decade, the demand for infrastructure in those regions might wane.
在2007年,中国和印度等新兴经济体对通用电气公司的喷气发动机、能源和交通产品的需求看起来颇为强劲。但是我记得自己当时有些担心,在此后十年的某个时刻,这些地区对基础设施的这种需求可能会有所减弱。

I am more concerned about this happening now than I was in 2007 — especially since China seems to be growing more slowly — albeit still expecting 7% GDP growth.
现在,我比2007年更担心这种情况的出现,尤其是在中国经济增长速度放缓的背景下——尽管中国的国内生产总值增长速度预期依然为7%。

Moody's MCO -0.11% downgraded GE — which it believes is giving too much money back to shareholders. Moody’s Russell Solomon said, ”GE has been increasing cash payments to shareholders for several years but has not yet achieved a commensurate increase in operating earnings and cash flow. While the company had previously promised restraint in further distributions to owners when it announced the Alstom purchase, today’s announcement of $90B in payouts over the next three years is a decisive indication that the company’s financial policies have shifted to a more aggressive posture.”
穆迪(Moody's)下调了通用电气公司的信用评级,认为该公司向股东返还资金过多。穆迪的拉塞尔·所罗门(Russell Solomon)说,“通用电气公司过去几年来一直在增加返还给股东的资金,但是营业利润和现金流并没有出现相应的增长”。尽管这家公司此前在宣布阿尔斯通(Alstom)收购案时,承诺限制进一步分配给股东的资金,但是该公司今天又宣布在未来三年内返还900亿美元,这是“决定性的迹象,表明这家公司的财务政策转向更强势的姿态。”

I wonder whether GE could make better use of that money by investing in faster-growing market opportunities.
我不知道通用电气公司是否可以通过投资快速增长的市场机遇来更好地利用这笔资金。

And I think that investors are over-valuing GE’s shares. After all, they trade at a high Price/Earnings to Growth ratio of 3.4 — with a P/E of 17 and earnings forecast to grow 5% in 2016 to $1.82.
同时,我认为投资者高估了通用电气公司股票的价值。毕竟,该公司股票目前的市盈率相对盈利增长比率较高,为3.4——拥有17倍的市盈率,2016年盈利预期增长5%,为每股1.82美元。

GE still has a growth problem and I see no compelling reason to bet more money on its ability to come up with a near-term solution.
由于通用电气公司依然面临增长问题,我看不出有什么有说服力的理由,能够让我们相信该公司有提出短期解决方案的能力。

(forbeschina)



顶一下
(0)
0%
踩一下
(0)
0%
手机上普特 m.putclub.com 手机上普特
[责任编辑:elly]
------分隔线----------------------------
发表评论 查看所有评论
请自觉遵守互联网政策法规,严禁发布色情、暴力、反动的言论。
评价:
表情:
用户名: 密码: 验证码:
  • 推荐文章
  • 资料下载
  • 讲座录音
普特英语手机网站
用手机浏览器输入m.putclub.com进入普特手机网站学习
查看更多手机学习APP>>