福特值得买入；近期的评级上调反映了电动车强制要求放宽、卡车需求等积极因素，尽管汽车行业普遍呈现低个位数的估值倍数。
逐段跳播
福特汽车公司和通用汽车公司是两家美国汽车巨头。销售额正逼近1900亿美元。但在当前市场价格下，这两家之中哪一家是更好的投资？
Ford Motor Company and General Motors Company are two American automotive giants. Sales are approaching a hundred and ninety billion dollars. But which one of these two is a better investment at current market prices?
回顾过去十年，福特汽车和通用汽车公司的销售趋势看起来几乎一模一样。更近一些，福特过去十二个月的营收为1880亿美元，
Sales trends look almost identical for Ford Motor and General Motor Company looking back over the previous decade. More recently, a hundred and eighty-eight billion dollars in trailing twelve-month revenue for Ford,
所幸，关税把中国汽车挡在了美国之外，这让福特和通用汽车得以在美国保持强劲的市场份额。你可能会惊讶地发现，福特和通用汽车在过去十年里从未报告过两位数的营业利润率，一次都没有，没有一年做到过。
Thankfully, tariffs have kept Chinese cars out of the United States and that's allowed Ford and General Motors to keep strong market shares here in the states. You might be surprised to know that Ford and General Motors they haven't reported an operating profit margin in the double digits in the previous decade, not once, not one single year.
福特最高达到约4.25%，2017年可能接近5%。
Ford peaked at about 4 and a quarter percent, maybe closer to 5% in 2017.
但我最近做了上调。福特和通用汽车是我最近上调为买入机会的两家公司，原因是一些有利于它们的动态变化，最显著的是美国政府取消了对电动汽车的这一推动、这一强制力，这此前一直是福特和通用汽车的重大负面因素，但美国政府最近取消了它。因此这些对福特和通用汽车都是利好。
but I recently made upgrades. Ford and GM were two companies that I recently upgraded to buying opportunities as a result of some changing dynamics that work in their favor, most notably the removal of this push, this force from the United States government to electric vehicles that had been a significant negative for Ford and GM, but the US government removed that recently.
And so those have been positive for Ford and GM.
它们受益于销售重型卡车，即福特F-150，那么，这里的估值如何？福特和通用汽车正以中高个位数的估值交易。福特的预期市盈率为7，
They benefit from selling heavy trucks, the Ford F-150, So, what about valuation here? Ford and GM are selling at high mid-single-digit valuations. Forward price to earnings of seven for Ford,
同样，这是因为汽车行业不是一个利润丰厚的行业，所以你很少看到汽车公司以溢价估值交易。除非你能让投资者相信你是一家AI和机器人公司，否则作为一家汽车公司你无法获得溢价估值，对吧？
你得有一位非常厉害的销售型CEO才能让投资者相信这一点。福特和通用汽车一直没能做到，所以它们的估值一直停留在个位数。
Again, it's because the car industry is not a lucrative industry, and so you rarely see car companies trading at premium valuations. Not unless you're able to convince investors that you're an AI and robotics company, can you earn a premium valuation as a car company, right?
You've got to have a really strong salesman as a CEO to be able to convince investors of that fact. Ford and GM haven't been able to do that, so their valuations have remained in the single digits.
如果我必须在这两家之中选一家，记住我现在把这两家都评为买入机会，所以你不必只选其中一家。如果你有兴趣，可以把你的购买拆成两份，两家都买。
If I had to pick one of these two, now remember I have them both ranked as buying opportunities right now, so you don't have to pick just one of them. If you're interested, you can get split your purchase in two and buy both of them.
因为我更喜欢这家公司的卡车产品线，胜过福特的卡车产品线。
because I like the company's truck lineup better than Ford's truck lineup.
这个频道对 $F 的历次判断
Parkev Tatevosian, CFA 在这只股票上只有这一条判断。