$SOLV · Value Investing with Sven Carlin, Ph.D. · 2026-11-03
SOLV 市盈率 11 倍、利润率稳定且经营盈利，看似便宜，但由于 3M 过渡成本和诉讼费用，其现金流相对每股收益非常低；分拆往往会把债务压到新公司身上，说话者觉得这非常复杂，目前看不到真正的价值。
逐段跳播
第二个有意思的故事是Solventum，这是从3M分拆出来的一项投资，涉及大量财务工程，还有这样那样的事情。市盈率是11，所以看起来便宜，如果3M把它分拆出来，大概率有一些价值。
看看吧。手术解决方案、牙科解决方案、健康信息系统。看起来不错，利润率稳定，有盈利。
The second interesting story is Solventum, an investment resulting from a spin-off from 3M, and there is a lot of financial engineering involved, and this and that. The price-to-earnings ratio is at 11, so it looks cheap and if 3M spins it off, there's probably some value.
Let's see. Surgical solutions, dental solutions , health information system. It looks good, stable margins, profitable.
分拆仍会带来一些相关成本。一切看起来都不错。指引指向稳定增长，以及强劲的每股收益，从而带来较低的市盈率。现金流相对于每股收益非常低，但这仍取决于从3M系统过渡所涉及的巨额成本、诉讼费用等等。
There will still be some costs associated with the separation. Everything looks good. The guidance points to stable growth, and strong earnings per share resulting in a low price-to-earnings ratio .
Cash flows are very low compared to earnings per share, but this is still dependent on the enormous costs associated with the transition from 3M systems, litigation fees, etc.
现在他们又有一个想法，要把健康信息系统分拆出去，因为这部分最有价值、在增长，而且与其他业务无关。正如我们稍后会看到的，就像分拆一样，母公司把大量债务甩给分拆出来的公司，拿到钱，皆大欢喜。
但在我看来，所有正在进行、正在讨论的这类分拆，本质上都是母公司以冠冕堂皇的借口甩掉不良资产、把债务甩给新公司，而不是有价值的战略投资。
Now they have another idea to separate health information systems because they are the most valuable, growing, and unrelated to other businesses. As we will see later, as with spin-offs , the parent company dumps a lot of debt on the spin-off company, gets the money and everyone is happy.
But in my view, all the spin-offs that are being carried out, discussed, and the like, are essentially aimed at the parent company getting rid of bad assets and dumping debts on the new company under promising pretexts, rather than being a valuable strategic investment.
因此，分拆有时能提供令人兴奋的投资机会，尤其是当一家高股息公司分拆出一家成长型公司时；所有专注于股息的指数基金和交易所交易基金都被迫卖出，造成巨大的抛售压力，从而产生投资机会。
Therefore, spin-offs can sometimes provide exciting investment opportunities , especially if a high-dividend-paying company spins off a growth company; All index funds and exchange-traded funds that focus on dividends are forced to sell, creating massive selling pressure that generates an investment opportunity.
另外，投资者，包括那些获得股份的“自由”投资者，卖出这些股份只是为了甩掉它们，因为他们不知道该怎么处理，而我们看到分拆之后下跌立刻发生了。
Also, investors, including "freedom" investors who receive shares, sell them simply to get rid of them because they don't know how to handle them, and we saw the decline happen immediately after the split.
现在，公司已经开始复苏，但这些分拆的影响仍然存在，让人难以评估。当然，我们正在关注分拆之后股价的走势，在经历了高成本和糟糕的想法之后，这也算是一种策略。
Now, the company has begun to recover , but there are still effects of these splits that make it difficult to assess. Of course, we are monitoring what happens to the stock after the split, after the high costs and bad ideas, and that is also a strategy of some kind.
目前，我觉得这件事非常复杂，我看不出正在发生的事情有什么真正的价值。
At the moment , I find this very complicated , and I don't see any real value in what is happening.