標的方式就是各競標者分別伸入類似袖中去了解價碼
| 43. 袖裡來，袖裡去 | ||||
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2011年 09月 22日 12:49
惠普的主要問題在董事會
或
許惠普(Hewlett-Packard)董事會應該炒自己的魷魚。在 11個月的災難性任職後﹐有消息說惠普首席執行長李艾科(Leo Apotheker)可能被解職。消息一經傳出﹐惠普股價漲了6.7%。股市給李艾科投了這樣一張不信任票是可以理解的。李艾科沒能掌控住惠普的業務﹐他 的戰略調整大出投資者意料﹐對股東投入的資金也管理不善。
他的第一項失誤是在去年11月上任後上調惠普的預期﹐之後卻每個季度連連下調。今年5月﹐他大肆宣傳惠普的個人電腦業務和新款TouchPad平板電腦﹐三個月後卻停止TouchPad的研發﹐並宣佈放棄個人電腦業務。
而 致命一擊則可能是他斥資100億美元收購Automony的提議。誠然﹐Automony擁有吸引人的軟件﹐但以其今年預期銷售額約10倍的價格買下它﹐ 這對一家自身業務增長不大的公司來說卻太高了。今年8月李艾科對《華爾街日報》說﹐他將從投資者聽到有關這樁交易的好評時﹐他看來還沒搞清狀況。
不 過﹐這些並不是李艾科一個人的錯。董事會批准了收購Autonomy的交易。該交易的公佈令惠普股價跌了20%。董事會也批准了探索分拆個人電腦業務的計 劃﹐最後高管們放棄了﹐說沒有做出最後決定。也是董事會一開始聘用的李艾科。此外﹐董事會對李艾科前任赫德(Mark Hurd)的解職也處理錯了。
紐 約證券公司Ticonderoga Securities分析師懷特(Brian White)說﹐李艾科看似成了“替罪羊”。實際上﹐經過赫德多年的投資不足之後﹐惠普在與國際商業機器公司(IBM)和甲骨文(Oracle)等競爭對 手的爭奪中處於劣勢。李艾科表現糟糕﹐但他退出硬件業務轉而更多地投資於高利潤率的軟件和服務的基本計劃看起來是正確的。IBM就成功地實現了這樣的轉 型。如今不清楚的是董事會是否準備再次進行戰略調整。
研究公司Sanford C. Bernstein分析師薩克納吉(Toni Sacconaghi)說﹐順便提一句﹐由於合約及其他問題﹐投資者不要認為收購Autonomy的交易能夠輕易撤銷。
儘管惠普面臨種種挑戰﹐如果李艾科離開了﹐應該會有人對CEO的職位感興趣。以目前5倍的市盈率來看﹐惠普股價只會漲不會跌。
與此同時﹐在下次的年度會議上﹐惠普的13位董事都面臨改選的問題﹐屆時投資者可以表達他們的不滿。以510億美元的市值﹐惠普並不是主動型投資者顯而易見的目標。然而﹐如果有人願意帶頭﹐其他人應該會願意加入大戰。
Rolfe Winkler
2011年 09月 22日 12:49
The Board Is H-P's Chief Problem
After his disastrous 11-month tenure, news that Leo Apotheker may be ousted as chief executive drove H-P shares up 6.7%. That vote of no confidence is understandable. Mr. Apotheker has failed to get control of H-P's businesses, has surprised investors with strategy changes and proved a poor steward of shareholder capital.
His first misstep was raising H-P's outlook after taking over in November, only to cut it each quarter since. In May, he touted H-P's PC business and its new TouchPad tablet, only to kill the TouchPad and announce plans to dump the PC business three months later.
The coup de grace was likely his $10 billion proposed purchase of Autonomy. Sure, it has interesting software, but paying about 10 times this year's expected sales seems huge for a company with mediocre organic growth. When Mr. Apotheker told The Wall Street Journal in August he was 'hearing a lot of appreciation' from investors about the deal, he seemed out of touch.
But Mr. Apotheker didn't act alone. The board approved the Autonomy deal, the announcement of which contributed to a 20% collapse in H-P's share price. It approved a plan to explore unloading the PC business, only to have executives backtrack and say there was no final decision. It hired Mr. Apotheker in the first place. And it mishandled the firing of his predecessor, Mark Hurd.
Mr. Apotheker looks like the 'fall guy,' argues analyst Brian White of Ticonderoga Securities. Indeed, after years of underinvestment by Mr. Hurd, H-P was poorly positioned to compete with rivals like International Business Machines and Oracle. Mr. Apotheker has done poorly, but the basic plan to get out of commodity hardware and invest more in high-margin software and services seems correct. IBM pulled that off. What is unclear now is whether the board is preparing yet another strategy shift.
Incidentally, investors shouldn't think the Autonomy deal can be rolled back easily, says Sanford C. Bernstein analyst Toni Sacconaghi, due to contractual and other issues.
Despite H-P's challenges, if Mr. Apotheker departs, the job should be attractive for somebody. The shares, at five times forward earnings, should have nowhere to go but up.
Meanwhile, with all H-P's 13 directors up for re-election at the next annual meeting, investors can voice their displeasure. With a $51 billion market capitalization, H-P isn't an obvious target for activist investors. Yet, if one wants to lead the charge, others should be willing to join the fight.
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