发布于: 修改于: | 雪球 | 转发:68 | 回复:135 | 喜欢:98 |
很快地看了一下,感觉很蹊跷,望高人指正。 看了一下本次出售广告资产:After the restructuring, AM Advertising is expected to own and operate all AirMedia's media business in airports (excluding Digital TV screens in airports and TV-attached digital frames) and all the billboard and LED media outside of airports (excluding gas station media network and digital TV screens on airplanes)。 所以很快地找到14年年报,除去了中间提到的几个业务,得出的是本次出售的资产的Revenue (in '000):2012: $238,405; 2013: $233,520; 2014: $215,209。 下行趋势太明显了(尤其是"Traditional Media")。而Earnout 里面2015换算美金的利润需要达到$32,787(15% NI mergin if we assume 2014 Revenue does not decline further). 2018年换算美金利润需要达到$54,295 (25% NI Margin on 2014 Revenue). 稍微对数字敏感一点的应该能够觉得这简直就是不可能完成的任务啊。 根据Earnout, 没有赚到的钱都要吐出来,Earnout一共划归了接近10亿人民币。所以其实感觉21亿就是虚高。大家怎么看?