ALSN
📊 Aggregated Ideas and ratings from 2 Tickers (ALSN.SW, ALSN)
ALSO Holding AG, together with its subsidiaries, operates as a technology services provider for the ICT industry in Switzerland, Germany, the Netherlands, Poland, and internationally. The company dist...
Lux Opes Research on ALSO Holding AG (ALSO HOLDING AG)
主要经营地
瑞士
详细的生意模式
欧洲 IT 分销+服务平台：向企业/渠道销售硬件、软件、云与 IT 服务；通过并购（如 WestCoast）做规模与品类扩张，赚分销毛利+服务利润+供应链/融资服务收入
护城河
✅规模化物流与供应链
✅与上游厂商/下游渠道的长期关系
⚠️本质低毛利、营运资金敏感
估值水平
FCF/EV -9.4%；EV/EBITDA 7.88x；P/E 15.67x
EV/Market Cap
1.13x
网络观点
🌟并购带来收入大增，但 EBITDA 受一次性因素与供应商调整拖累低于预期
⚠️整合期利润率与现金流波动更大
AI 的观点
✅若并购协同兑现，估值有修复空间
❌分销生意“低毛利+重营运资金”，负 FCF 不能忽略
🔎核查：净债务/库存周转/返利稳定性、并购后 ROIC
作者简介
Twitter @LuxOpesResearch；专业投资者❌ 否；顶级作者❌ 否；总回报5.9% (190 trades)；1年回报3.3%
Quick Value #303 - Allison Transmission (ALSN)
Allison Transmission (ALSN), a dominant manufacturer of automatic transmissions, recently acquired Dana's off-highway business. This acquisition is expected to be a significant growth driver, particularly in international markets. The company has a strong track record of returning capital to shareholders through buybacks, having repurchased over 65% of its shares since its IPO. The stock appears undervalued, trading at 8.5x EBITDA and 11.5x FCF after accounting for synergies from the acquisition. Management's focus on deleveraging and continued share repurchases presents a compelling investment case.