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????私募股權公司高地合伙人公司（Elevation Partners）曾于2006年投資福布斯傳媒（Forbes Media）。目前，高地即將轉讓手頭持有的福布斯股份，據稱交易報價可能達到4億美元。但私底下，高地認為福布斯根本不值這么多錢。 ????《財富》雜志（Fortune）獲悉，高地持有的福布斯傳媒少數股權目前減價80%，意味著福布斯傳媒的總市值約為1.2億美元。這比起2010年，情況已經略有好轉。當時，福布斯傳媒的股票減記高達90%。 ????確實，私募估值很少完美無缺。而且不管高地向有限責任合伙人發布的季報如何，它的信托責任是拿到盡可能高的價格。不過，按照法律規定，高地公司必須向市場對自身的投資進行估值。這就帶來了以下三種可能性： ????第一種可能性是高地在估值時過于保守。這不會損害到誰的利益。但也存在例外：假如你是高地的投資者，并根據這家公司的報告資產凈值在二級市場上出售股票，那么你可能會受到不利影響。 ????第二種可能性是，高地的估值很準，4億美元的估值是有銀行家撐腰的一個美夢。 ????第三種可能是，高地理論上沒有錯，但來了出手闊綽的買家（或許還帶動了其它投資者對這筆資產給出了過高的估值）。 ????正如我們此前所報道的那樣，高地當初投資了2.64億美元，購買福布斯傳媒的優先股。也就是說，在高地拿回所有本金之前，福布斯的其它股東一分錢也別想拿到。（財富中文網） ????譯者：項航????? |
????Private equity firm Elevation Partners is on the verge of salvaging its 2006 investment in Forbes Media, via a sale process that reportedly could garner bids of $400 million. But, privately, Elevation doesn't believe the company is worth anywhere near that bounty. ????Fortune has learned that Elevation is currently carrying its minority stake in Forbes Media at an 80% discount, meaning that the entire company would be worth around $120 million. And this is actually a slight improvement from around a 90% write-down back in 2010. ????To be sure, private valuations are rarely perfect. And Elevation's fiduciary duty is to get the best price it can, regardless of its quarterly reports to limited partners. But the firm also is legally required to mark its investment to market, which leaves us with three possibilities: ????1. Elevation was much too conservative in its judgment. No real harm done, unless you were an Elevation investor who sold units on the secondary market based on the firm's reported net asset value (NAV). In that case, you may have gotten burned. ????2. Elevation is on point, and the $400 million figure is a banker-sponsored pipe-dream. ????3. Elevation was right in theory, but some profligate buyer has emerged (and, possibly, has prompted others to overvalue the asset). ????As we've previously reported, Elevation structured its original $264 million investment as preferred stock, which means it would get its principle repaid before any other Forbes shareholders see a dime. |
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