B1 中級 174 分類 收藏
開始影片後,點擊或框選字幕可以立即查詢單字
字庫載入中…
回報字幕錯誤
It is never fun to arrive at a party to discover that it has already ended.
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
when they check the share prices of the once bombed-out oil services companies.
Shares in Halliburton have almost doubled over the last 12 months as higher oil has,
in the words of Halliburton's chief executive this week, meant that the animal spirits have broken free and they are running.
But for those who feel left behind, there is still a bit of hope,
but it will require digging around some of the more obscure parts of the US stock market.
A number of smaller American oil services companies entered into chapter 11 bankruptcy over the last three years,
having run up too much debt when the energy market took a tumble.
Some of these are now quietly re-emerging from bankruptcy and relisting on the New York Stock Exchange, having re-structured their debts.
They're barely followed by any Wall Street analyst and they trade at the deep discounts to peers,
and in some ways can be seen to offer a way to bet on the recovery in US domestic drilling
whilst avoiding being swept up in the irrational exuberance on display in the wider oil services sector.
One of these companies, which is the Huston-based Key Energy, entered into chapter 11 in October,
and re-emerged from the process just over a month ago.
It was one of the largest US onshore, rig-based well services companies,
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.
Since getting out of chapter 11 in mid-December, its equity has traded at a total value of around 700 million dollars,
giving it an enterprise value of 840 million dollars.
If Key Energy Services business recovers to anywhere near where it was before the oil slump,
so for example in 2012, it made over 400 million dollars and earnings before interest taxation depreciation and amortization,
then, that would imply the share's trade today on an implied future enterprise value over EBITDA of just about two times.
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,
trades on a two year forward multiple of 10 times, so more than double, then Key share price more than doubles itself.
A return like that would certainly help ease any disappointment at missing out on last year's recovery.
提示:點選文章或是影片下面的字幕單字,可以直接快速翻譯喔!

載入中…

【金融時報】美國能源股的投資機會 (Investing opportunities in US energy stocks | Short View)

174 分類 收藏
Mii Wei 發佈於 2017 年 2 月 2 日    Mii Wei 翻譯    Hsin 審核
看更多推薦影片
  1. 1. 單字查詢

    在字幕上選取單字即可即時查詢單字喔!

  2. 2. 單句重複播放

    可重複聽取一句單句,加強聽力!

  3. 3. 使用快速鍵

    使用影片快速鍵,讓學習更有效率!

  4. 4. 關閉語言字幕

    進階版練習可關閉字幕純聽英文哦!

  5. 5. 內嵌播放器

    可以將英文字幕學習播放器內嵌到部落格等地方喔

  6. 6. 展開播放器

    可隱藏右方全文及字典欄位,觀看影片更舒適!

  1. 英文聽力測驗

    挑戰字幕英文聽力測驗!

  1. 點擊展開筆記本讓你看的更舒服

  1. UrbanDictionary 俚語字典整合查詢。一般字典查詢不到你滿意的解譯,不妨使用「俚語字典」,或許會讓你有滿意的答案喔