Excited investors who have been looking to a wager on the rebound in the US energy sector may start to feel a little bit deflated

當那些原本想在美國能源復甦下賭注的投資人

when they check the share prices of the once bombed-out oil services companies.

看到已經飆高的美國石油公司的股價，可能會因此開始感到消沉

Shares in Halliburton have almost doubled over the last 12 months as higher oil has,

Halliburton 公司的股票在過去12個月幾乎成長了兩倍，

in the words of Halliburton's chief executive this week, meant that the animal spirits have broken free and they are running.

這都是因為，套一句 Halliburton 首席執行長的話—— 他們的動物本能被激發了

But for those who feel left behind, there is still a bit of hope,

不過，對於那些跟不上腳步的人，他們還是有一些希望的，

but it will require digging around some of the more obscure parts of the US stock market.

只不過就會需要他們在美國股市中尋找一些較不知名的股票

A number of smaller American oil services companies entered into chapter 11 bankruptcy over the last three years,

美國一些較小的石油企業在過去三年進入了破產保護的階段，

having run up too much debt when the energy market took a tumble.

這則是因為能源市場萎縮時，這些企業承擔了太多負債

Some of these are now quietly re-emerging from bankruptcy and relisting on the New York Stock Exchange, having re-structured their debts.

他們有些重新整頓後，已經開始從破產危機中復甦，重新進入紐約證券交易所

They're barely followed by any Wall Street analyst and they trade at the deep discounts to peers,

這些公司鮮少被華爾街的分析師追蹤，而他們的交易價格也比同行低許多

and in some ways can be seen to offer a way to bet on the recovery in US domestic drilling

也許是讓投資人在美國能源復甦下賭注的方式

whilst avoiding being swept up in the irrational exuberance on display in the wider oil services sector.

同時又可以在估價過高的石油企業中生存

One of these companies, which is the Huston-based Key Energy, entered into chapter 11 in October,

這其中有一家公司以休士頓為總部的克羅公司，在 10月聲請破產保護，

and re-emerged from the process just over a month ago.

在一個月前又再度復甦

It was one of the largest US onshore, rig-based well services companies,

它是美國最大的以鑽油為主的公司之一

And Key's re-structuring involved all about wiping out the shareholders and slashing its net debt, from a previous 868 million dollars to now 142 million dollars.

克羅的重整工作包含了消減股東與清除債務，它的債務從8.68億降到了1.42億美元

Since getting out of chapter 11 in mid-December, its equity has traded at a total value of around 700 million dollars,

自從12月中脫離破產保護後，它的股票交易額達到了7億美元，

giving it an enterprise value of 840 million dollars.

企業價值則達到了8.4億美元

If Key Energy Services business recovers to anywhere near where it was before the oil slump,

假使克羅可以完全恢復到石油產業暴跌之前的樣子

so for example in 2012, it made over 400 million dollars and earnings before interest taxation depreciation and amortization,

——也就是說，例如在 2012年，它稅息折舊及攤銷前利潤 (EBITDA) 為4億美元，

then, that would imply the share's trade today on an implied future enterprise value over EBITDA of just about two times.

那麼，它今日的股票交易便是估測的未來企業價值的 EBITDA 的兩倍

So if you then assign Key a fairly conservative multiple of five times EBITDA , we have to remember that Halliburton, a far far larger peer,

所以，如果跟克羅簽下5倍 EBITDA 的較保守的複合式契約，我們要記得——Halliburton——更具勢力的同業

trades on a two year forward multiple of 10 times, so more than double, then Key share price more than doubles itself.

以 EBITDA 10倍的2年期遠期契約交易，為前者的2倍以上，那麼克羅的股價就會以倍數成長

A return like that would certainly help ease any disappointment at missing out on last year's recovery.

這樣的回報，絕對可以平復沒有跟上去年復甦的投資人的失望了