NOW是一个投资机会；其估值仅为未来调整后盈利的15.8倍，而历史平均为38倍，因此具备持有吸引力。
逐段跳播
第二个例子。ServiceNow。这绝对不是典型的价值股，因为它是一只高成长股，增长极其迅猛。这是一家对信息技术基础设施至关重要的公司。他们的营收增长速度是过去极少数公司才能达到的水平，以至于如今规模已经相当庞大，而这只对IT基础设施和AI应用至关重要的股票，却因市场担心软件将被AI大幅颠覆而遭到抛售。
我们认为这实际上创造了一个机会。这只股票曾创下52周高点211美元。我们卖出看跌期权时，它的交易价格略高于80美元。我们的做法是卖出一份行权价为70美元的ServiceNow看跌期权。
我们每股收到5.45美元的权利金，总计545美元。这份期权11月到期，也就是199天之后，略多于半年。再说一次，如果到期时股价高于70，你将在最大风险下获得8.4%的收益，折合年化15.5%。
很好。这是一笔很棒的回报。正如我之前提到的，我们通常以两位数的回报为目标。在最坏的情况下，我们最终会持有ServiceNow，一只股票
The second example. "Service Now". This is definitely not your typical value stock because it is a high-growth stock. Extremely high growth . This is a vital company for information technology infrastructure .
They have been growing their revenues at levels that very few companies have achieved in the past, to the point that they are now quite large, and this stock, which is crucial to IT infrastructure and AI application, has been sold off due to concerns that software will be significantly disrupted by AI.
We believe this has actually created an opportunity. This stock reached a 52-week high of $211. When we sold the put option, it was trading at a price slightly above $80. What we did was sell a put option at $70 on ServiceNow.
We received a premium of $5.45 per share . That's $545 in total. This option expires in November. That is, after 199 days, which is a little more than half a year. Again, if the stock is above 70 at expiry, you will achieve 8.4% at maximum risk, which equates to 15.5% annually.
Good. This is a great return. As I mentioned before, we usually target double-digit returns. In the worst-case scenario, we end up owning ServiceNow, a stock
再说一次，如果到期时股价高于70，你将在最大风险下获得8.4%的收益，折合年化15.5%。很好。这是一笔很棒的回报。正如我之前提到的，我们通常以两位数的回报为目标。
Again, if the stock is above 70 at expiry, you will achieve 8.4% at maximum risk, which equates to 15.5% annually. Good. This is a great return. As I mentioned before, we usually target double- digit returns.
在最坏的情况下，我们最终会持有ServiceNow，一只未来增长前景令人印象深刻、未来调整后盈利倍数为15.8倍、而过去五年历史平均为38倍的股票。这就是它们当时的交易水平。我的意思是，这，你知道，曾是一只非常有吸引力的股票。所以，我们很放心持有它。
In the worst-case scenario, we end up owning ServiceNow, a stock with impressive future growth prospects at 15.8 times future adjusted earnings versus their historical average of 38 times over the past five years.
This is the level at which they were trading. I mean, this, you know, was a very attractive stock. So, we are very comfortable having it there.
如你所知，这是调整后盈利，所以包含了股权激励。但这些都是同样的标准。也就是15.8倍对38倍的调整后盈利。所以，这就是一个如何利用这一点的例子。
As you know, it's adjusted earnings, so that includes stock-based compensation. But these are the same standards. That's 15.8 versus 38 times adjusted earnings. So, this is an example of how to take advantage of that.
如果人们不了解这家公司，它实际上在组织工作流和IT服务管理方面定义了这一品类。它的营业利润率在35%左右，并产生大量自由现金流。绝大多数《财富》500强公司都在使用它。
And if people don't know this company, it really defines the category in terms of organizational workflow and IT service management . It has operating margins in the mid-thirties and generates a lot of free cash flow.
It is used by the vast majority of Fortune 500 companies.
这个频道对 $NOW 的历次判断
The Acquirers Podcast 在这只股票上共 2 条判断，这里只列相邻的几条。