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2021-11-29
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IBM Cast Off Kyndryl. Here’s What Investors Should Do With the Stock<blockquote>IBM放弃了Kyndryl。以下是投资者应该如何处理该股票</blockquote>
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Here’s What Investors Should Do With the Stock<blockquote>IBM放弃了Kyndryl。以下是投资者应该如何处理该股票</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1169118930","media":"Marketwatch","summary":"A key part of IBM’s turnaround story was written in early November: packaging the company’s low-marg","content":"<p>A key part of IBM’s turnaround story was written in early November: packaging the company’s low-margin, negative-growth information-technology services business, giving it a cool-sounding name, and getting it off the income statement.</p><p><blockquote>IBM 扭亏为盈故事的一个关键部分写于 11 月初：打包公司利润率低、负增长的信息技术服务业务，给它起一个听起来很酷的名字，并将其从损益表中删除。</blockquote></p><p> That’s how Kyndryl Holdings (ticker: KD) was born. The new/old company is a leading player in the IT managed services business, running data centers and other IT operations for more than 4,000 customers.</p><p><blockquote>Kyndryl Holdings（股票代码：KD）就是这样诞生的。这家新/老公司是IT托管服务业务的领先企业，为4,000多家客户运营数据中心和其他IT运营。</blockquote></p><p> Kyndryl has 90,000 employees and dominates the sector. The company had $19.1 billion in revenue, on a pro forma basis, in 2020, about twice as much as rival DXC Technology (DXC), according to Kyndryl’s spinoff documents. It has an even bigger edge on peers such as Atos (ATO.France), HCL Technologies (532281.India), Tata Consultancy Services (532540.India), and Cognizant (CTSH).</p><p><blockquote>Kyndryl 拥有 90,000 名员工，在该行业占据主导地位。根据 Kyndryl 的分拆文件，该公司 2020 年的预计收入为 191 亿美元，大约是竞争对手 DXC Technology (DXC) 的两倍。它比 Atos (ATO.France)、HCL Technologies (532281.India)、Tata Consultancy Services (532540.India) 和 Cognizant (CTSH) 等同行拥有更大的优势。</blockquote></p><p> IBM stockholders got one share of Kyndryl for every five IBM shares held.</p><p><blockquote>IBM 股东每持有五股 IBM 股票，即可获得一股 Kyndryl。</blockquote></p><p> Kyndryl CEO Martin Schroeter recently told Barron’s that he views the company as a “$19 billion start-up,” which is reconfiguring its business for a world in which more and more IT workloads are shifting to the cloud and away from data centers. He says the spinoff will let the company reposition itself for growth, using mergers and acquisitions and internal development to adjust its business mix.</p><p><blockquote>Kyndryl 首席执行官马丁-施罗特（Martin Schroeter）最近告诉《巴伦周刊》，他认为该公司是一家 “价值 190 亿美元的初创公司”，该公司正在重新配置其业务，以适应越来越多的 IT 工作负载转移到云端而远离数据中心的世界。他表示，分拆将让公司重新定位自己以实现增长，利用并购和内部发展来调整其业务结构。</blockquote></p><p> But Kyndryl is having trouble finding its own independent investor base. In late October, the stock traded above $40 on a “when issued” basis. Kyndryl opened for trading on Nov. 4 at $28.41, and has continued to fall from there.</p><p><blockquote>但 Kyndryl 很难找到自己的独立投资者基础。10 月下旬，该股 “发行时 ”的交易价格超过了 40 美元。Kyndryl 于 11 月 4 日开盘价为 28.41 美元，此后持续下跌。</blockquote></p><p> At a recent price of $17.30, Kyndryl has a market cap of just $3.9 billion. With $1.2 billion in net debt, its enterprise value comes to $5.1 billion. That gives the company an enterprise value to sales multiple of less than 0.3. There are just four companies in the S&P 500 index with a multiple lower than that. DXC trades for about 0.7 times projected revenue for its March 2022 fiscal year.</p><p><blockquote>Kyndryl 最近的价格为 17.30 美元，市值仅为 39 亿美元。凭借 12 亿美元的净债务，其企业价值达到 51 亿美元。这使得该公司的企业价值与销售倍数小于 0.3。标普500指数中只有四家公司的市盈率低于这个数字。DXC 2022 年 3 月财年的交易价格约为预计收入的 0.7 倍。</blockquote></p><p> But there are reasons that IBM investors—and others—are shunning the spun-off stock. For one thing, IBM has been attractive to investors in part for its 5.6% dividend yield, the highest of any company in the Dow Jones Industrial Average, and one of the highest in the S&P 500. Anyone who owns IBM for the yield isn’t interested in Kyndryl stock.</p><p><blockquote>但 IBM 投资者和其他人回避分拆股票是有原因的。一方面，IBM 对投资者具有吸引力，部分原因是其 5.6% 的股息收益率，这是道琼斯工业平均指数中最高的公司，也是标普500最高的公司之一。任何拥有 IBM 的人都不会对 Kyndryl 股票感兴趣。</blockquote></p><p> Another issue: Kyndryl doesn’t expect to show growth before 2025. The company projects 2021 revenue of $18.5 billion to $18.7 billion; at the midpoint, that’s a 2.6% decline from 2020’s level. Kyndryl sees adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, of $2.8 billion to $2.9 billion.</p><p><blockquote>另一个问题：Kyndryl 预计在 2025 年之前不会实现增长。该公司预计2021年收入为185亿至187亿美元；在中点，这比 2020 年的水平下降了 2.6%。Kyndryl 预计调整后的息税折旧摊销前利润 (Ebitda) 为 28 亿至 29 亿美元。</blockquote></p><p> For investors, there’s little incentive to own a shrinking IT services company without a dividend yield. Short of a private-equity buyout—with the idea of revamping the company out of sight of the public markets—there are few near-term catalysts for Kyndryl stock.</p><p><blockquote>对于投资者来说，没有什么动力去拥有一家没有股息收益率的萎缩的 IT 服务公司。除了私募股权收购（即将公司从公开市场的视线之外进行改造的想法）之外，Kyndryl 股票的近期催化剂很少。</blockquote></p><p> IBM shareholders have plenty of potential upside from that company’s core business. They don’t need to hold Kyndryl stock.</p><p><blockquote>IBM 的股东可以从该公司的核心业务中获得大量潜在的上升空间。他们不需要持有 Kyndryl 股票。</blockquote></p><p></p>","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>IBM Cast Off Kyndryl. Here’s What Investors Should Do With the Stock<blockquote>IBM放弃了Kyndryl。以下是投资者应该如何处理该股票</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIBM Cast Off Kyndryl. Here’s What Investors Should Do With the Stock<blockquote>IBM放弃了Kyndryl。以下是投资者应该如何处理该股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-11-29 08:35</span>\n</p>\n</h4>\n</header>\n<article>\n<p>A key part of IBM’s turnaround story was written in early November: packaging the company’s low-margin, negative-growth information-technology services business, giving it a cool-sounding name, and getting it off the income statement.</p><p><blockquote>IBM 扭亏为盈故事的一个关键部分写于 11 月初：打包公司利润率低、负增长的信息技术服务业务，给它起一个听起来很酷的名字，并将其从损益表中删除。</blockquote></p><p> That’s how Kyndryl Holdings (ticker: KD) was born. The new/old company is a leading player in the IT managed services business, running data centers and other IT operations for more than 4,000 customers.</p><p><blockquote>Kyndryl Holdings（股票代码：KD）就是这样诞生的。这家新/老公司是IT托管服务业务的领先企业，为4,000多家客户运营数据中心和其他IT运营。</blockquote></p><p> Kyndryl has 90,000 employees and dominates the sector. The company had $19.1 billion in revenue, on a pro forma basis, in 2020, about twice as much as rival DXC Technology (DXC), according to Kyndryl’s spinoff documents. It has an even bigger edge on peers such as Atos (ATO.France), HCL Technologies (532281.India), Tata Consultancy Services (532540.India), and Cognizant (CTSH).</p><p><blockquote>Kyndryl 拥有 90,000 名员工，在该行业占据主导地位。根据 Kyndryl 的分拆文件，该公司 2020 年的预计收入为 191 亿美元，大约是竞争对手 DXC Technology (DXC) 的两倍。它比 Atos (ATO.France)、HCL Technologies (532281.India)、Tata Consultancy Services (532540.India) 和 Cognizant (CTSH) 等同行拥有更大的优势。</blockquote></p><p> IBM stockholders got one share of Kyndryl for every five IBM shares held.</p><p><blockquote>IBM 股东每持有五股 IBM 股票，即可获得一股 Kyndryl。</blockquote></p><p> Kyndryl CEO Martin Schroeter recently told Barron’s that he views the company as a “$19 billion start-up,” which is reconfiguring its business for a world in which more and more IT workloads are shifting to the cloud and away from data centers. He says the spinoff will let the company reposition itself for growth, using mergers and acquisitions and internal development to adjust its business mix.</p><p><blockquote>Kyndryl 首席执行官马丁-施罗特（Martin Schroeter）最近告诉《巴伦周刊》，他认为该公司是一家 “价值 190 亿美元的初创公司”，该公司正在重新配置其业务，以适应越来越多的 IT 工作负载转移到云端而远离数据中心的世界。他表示，分拆将让公司重新定位自己以实现增长，利用并购和内部发展来调整其业务结构。</blockquote></p><p> But Kyndryl is having trouble finding its own independent investor base. In late October, the stock traded above $40 on a “when issued” basis. Kyndryl opened for trading on Nov. 4 at $28.41, and has continued to fall from there.</p><p><blockquote>但 Kyndryl 很难找到自己的独立投资者基础。10 月下旬，该股 “发行时 ”的交易价格超过了 40 美元。Kyndryl 于 11 月 4 日开盘价为 28.41 美元，此后持续下跌。</blockquote></p><p> At a recent price of $17.30, Kyndryl has a market cap of just $3.9 billion. With $1.2 billion in net debt, its enterprise value comes to $5.1 billion. That gives the company an enterprise value to sales multiple of less than 0.3. There are just four companies in the S&P 500 index with a multiple lower than that. DXC trades for about 0.7 times projected revenue for its March 2022 fiscal year.</p><p><blockquote>Kyndryl 最近的价格为 17.30 美元，市值仅为 39 亿美元。凭借 12 亿美元的净债务，其企业价值达到 51 亿美元。这使得该公司的企业价值与销售倍数小于 0.3。标普500指数中只有四家公司的市盈率低于这个数字。DXC 2022 年 3 月财年的交易价格约为预计收入的 0.7 倍。</blockquote></p><p> But there are reasons that IBM investors—and others—are shunning the spun-off stock. For one thing, IBM has been attractive to investors in part for its 5.6% dividend yield, the highest of any company in the Dow Jones Industrial Average, and one of the highest in the S&P 500. Anyone who owns IBM for the yield isn’t interested in Kyndryl stock.</p><p><blockquote>但 IBM 投资者和其他人回避分拆股票是有原因的。一方面，IBM 对投资者具有吸引力，部分原因是其 5.6% 的股息收益率，这是道琼斯工业平均指数中最高的公司，也是标普500最高的公司之一。任何拥有 IBM 的人都不会对 Kyndryl 股票感兴趣。</blockquote></p><p> Another issue: Kyndryl doesn’t expect to show growth before 2025. The company projects 2021 revenue of $18.5 billion to $18.7 billion; at the midpoint, that’s a 2.6% decline from 2020’s level. Kyndryl sees adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, of $2.8 billion to $2.9 billion.</p><p><blockquote>另一个问题：Kyndryl 预计在 2025 年之前不会实现增长。该公司预计2021年收入为185亿至187亿美元；在中点，这比 2020 年的水平下降了 2.6%。Kyndryl 预计调整后的息税折旧摊销前利润 (Ebitda) 为 28 亿至 29 亿美元。</blockquote></p><p> For investors, there’s little incentive to own a shrinking IT services company without a dividend yield. Short of a private-equity buyout—with the idea of revamping the company out of sight of the public markets—there are few near-term catalysts for Kyndryl stock.</p><p><blockquote>对于投资者来说，没有什么动力去拥有一家没有股息收益率的萎缩的 IT 服务公司。除了私募股权收购（即将公司从公开市场的视线之外进行改造的想法）之外，Kyndryl 股票的近期催化剂很少。</blockquote></p><p> IBM shareholders have plenty of potential upside from that company’s core business. They don’t need to hold Kyndryl stock.</p><p><blockquote>IBM 的股东可以从该公司的核心业务中获得大量潜在的上升空间。他们不需要持有 Kyndryl 股票。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/articles/ibm-kyndryl-stock-what-to-do-51637798963?mod=newsviewer_click_seemore\">Marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"KD":"Kyndryl","IBM":"IBM"},"source_url":"https://www.marketwatch.com/articles/ibm-kyndryl-stock-what-to-do-51637798963?mod=newsviewer_click_seemore","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1169118930","content_text":"A key part of IBM’s turnaround story was written in early November: packaging the company’s low-margin, negative-growth information-technology services business, giving it a cool-sounding name, and getting it off the income statement.\nThat’s how Kyndryl Holdings (ticker: KD) was born. The new/old company is a leading player in the IT managed services business, running data centers and other IT operations for more than 4,000 customers.\nKyndryl has 90,000 employees and dominates the sector. The company had $19.1 billion in revenue, on a pro forma basis, in 2020, about twice as much as rival DXC Technology (DXC), according to Kyndryl’s spinoff documents. It has an even bigger edge on peers such as Atos (ATO.France), HCL Technologies (532281.India), Tata Consultancy Services (532540.India), and Cognizant (CTSH).\nIBM stockholders got one share of Kyndryl for every five IBM shares held.\nKyndryl CEO Martin Schroeter recently told Barron’s that he views the company as a “$19 billion start-up,” which is reconfiguring its business for a world in which more and more IT workloads are shifting to the cloud and away from data centers. He says the spinoff will let the company reposition itself for growth, using mergers and acquisitions and internal development to adjust its business mix.\nBut Kyndryl is having trouble finding its own independent investor base. In late October, the stock traded above $40 on a “when issued” basis. Kyndryl opened for trading on Nov. 4 at $28.41, and has continued to fall from there.\nAt a recent price of $17.30, Kyndryl has a market cap of just $3.9 billion. With $1.2 billion in net debt, its enterprise value comes to $5.1 billion. That gives the company an enterprise value to sales multiple of less than 0.3. There are just four companies in the S&P 500 index with a multiple lower than that. DXC trades for about 0.7 times projected revenue for its March 2022 fiscal year.\nBut there are reasons that IBM investors—and others—are shunning the spun-off stock. For one thing, IBM has been attractive to investors in part for its 5.6% dividend yield, the highest of any company in the Dow Jones Industrial Average, and one of the highest in the S&P 500. Anyone who owns IBM for the yield isn’t interested in Kyndryl stock.\nAnother issue: Kyndryl doesn’t expect to show growth before 2025. The company projects 2021 revenue of $18.5 billion to $18.7 billion; at the midpoint, that’s a 2.6% decline from 2020’s level. Kyndryl sees adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, of $2.8 billion to $2.9 billion.\nFor investors, there’s little incentive to own a shrinking IT services company without a dividend yield. Short of a private-equity buyout—with the idea of revamping the company out of sight of the public markets—there are few near-term catalysts for Kyndryl stock.\nIBM shareholders have plenty of potential upside from that company’s core business. They don’t need to hold Kyndryl stock.","news_type":1,"symbols_score_info":{"IBM":0.9,"KD":0.9}},"isVote":1,"tweetType":1,"viewCount":1036,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":2,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/600664647"}
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