Birkenstock下周美股上市 分析師:估值過高
以涼鞋而聞名的德國鞋履公司Birkenstock下周將於美股上市,計劃發行3,230萬股股票,招股價介乎44美元至49美元。
獨立股票研究公司New Constructs CEO David Trainer表示,以該價格範圍的中位計算,公司估值將為 87億美元:較美國鞋履企業Skechers USA(SKX.US)、Crocs(CROX.US)和Steve Madden(SHOO.US)等同行更高。
他稱,Birkenstock雖然實現盈利,但87億美元估值過高,尤其是對於一間2021年初估值僅為43億美元的公司而言。根據其向美國證券交易委員會提交的備案文件,他估計Birkenstock需要錄得超過38億美元的年收入,才足以證明估值合理性,即較其2022年全年收入12.4億美元增加兩倍。
Trainer表示,平心而論,Birkenstock有其優勢,尤其是其盈利能力和客戶忠誠度,例如70%的美國現有消費者至少購買兩雙該公司的鞋子。
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