伊坎爲何認爲蘋果股價應翻番

You have twade through thick paragraphs of wheedling, flattery, product assessment and unabashed self-aggrandizement tget there, but buried in Carl Icahn’s rambling 4,200-word “letter tTim Cook” is his justification for the highest Apple price target on Wall Street — nearly twice the current consensus.

卡爾·伊坎在長達4,200字的《致蒂姆o庫克的一封信》中，解釋了他爲什麼給蘋果（Apple）估出了目前整個華爾街最高的目標股價——幾乎是當下股價的兩倍。儘管你得耐着性子讀完大段的甜言蜜語、諂媚討好、產品評估和毫不害臊的自我誇耀之後，才能瞭解到這一點。

His argument takes some wild leaps — he likes tcompare P/Es in the hand with P/Es in the bush — but the math is there for anyone tsee: (I quote)

他的論述非常跳躍——他喜歡比較當下和預期的市盈率（P/E）——不過其他人都可以看看他的計算方法：（引用如下）

Apple, adjusting for net cash, currently sells at a P/E (price tearnings per share ratio) of only 8x our FY 2015 forecast, a significantly lower P/E than a broad market index, the S&P 500, which trades today at a P/E of 15x FY 2015 contrast tthe S&P 500’s slower growth, we expect Apple tgrow its EPS by 30% in each of FY 2016 and FY 2017.

在經過淨現金值調整後，根據我們對蘋果2015年的每股收益預期，公司股票目前的市盈率（股價與每股收益之間的比值）只有8倍，遠遠低於大盤指數的整體水平——根據市場對2015年的平局預期，標普500指數目前的市盈率達到15倍。相較於標普500指數的緩慢增長，我們預計蘋果的每股收益將在2016財年和2017財年分別上漲30%。

Our forecasted growth for FY 2016 and FY 2017 more than adequately justifies using a P/E multiple of 19x our FY 2015 forecast, which along with net cash values Apple at $203 per share today.

對2016和2017財年的增長預期讓我們有充分的理由來使用基於2015年預期值19倍的市盈率來估算蘋果股價，綜合淨現金值考慮之後可以得到蘋果目前的合理股價應該達到203美元。The literary device of a “letter” tCook breaks down pretty quickly. Apple’s CEdoesn’t need tbe told how great Apple’s products are. Or how “flawed and fragmented” Google’s Android.

The literary device of a “letter” tCook breaks down pretty quickly. Apple’s CEdoesn’t need tbe told how great Apple’s products are. Or how “flawed and fragmented” Google’s Android.

從文學手法來說，這封致庫克的公開信很快就跑題了。蘋果的首席執行官不需要聽伊坎再嘮叨一遍蘋果的產品有多麼優秀，或是谷歌（Google）安卓系統的生態環境有多麼“破碎支離”。

What alsbreaks down is the logic of his pitch to Apple’s board of directors for a massive tender offer trepurchase shares.

同樣無甚邏輯的，是他對蘋果董事會提出的大批迴購股票的要求。

According tIcahn, self interest will soon force mutual funds tpour money back intApple. But if that’s inevitable, why would the company need tenlarge what is already the largest share buyback in the history of capitalism?

根據伊坎所述，在自身利益的驅使下，他很快就會敦促投資公司把錢投入蘋果。不過如果這是不可避免的，蘋果爲何還要擴大已經是公司歷史上最大的股票回購規模？

No, this isn’t a letter tTim Cook at all. It’s a letter tinvestors, telling them tbuy Apple before it’s tolate.

所以，這並不是一份給蒂姆o庫克的信，而是一封給投資者的信，告訴他們要儘快購買蘋果的股票。