Medtronic 分拆 MiniMed 是一项积极的战略举措，通过聚焦更高利润率的业务来支撑更快的盈利增长。
逐段跳播
随着美敦力近期发起一项自愿换股要约，以分拆其糖尿病业务部门MiniMed，我一直在思考普通投资者会如何评估这类公司行为。
With Medtronic recently launching a voluntary exchange offer to spin off its diabetes business unit, MiniMed, I've been thinking about how ordinary investors might evaluate this type of corporate action.
在这种情况下，对于Mini Medtronic MiniMed，作为分拆过程的一部分，投资者可以获得7%的估值折让。
In this case, for Mini Medtronic MiniMed, there is a 7% valuation discount that you receive as an investor as part of the spin-off process.
如果我买入美敦力股票是为了分红，并且我关注的是收益，那么我很可能会保留这份收益，并且更倾向于继续持有美敦力股票和分红。
If I bought Medtronic shares for the dividends, and I was focused on income, I would most likely keep the income, and I would be more inclined to hold Medtronic shares and the dividends.
如果你愿意，你可以保留美敦力股票，同时买入另一家公司MiniMed的股票，税务影响相同。因此，你不必二选一。但你看，如果你是关注收益的投资者，而这正是你买入股息股的原因，那么我认为，如果我是你，我会更倾向于继续持有它们。
如果你关注的是增长，买入美敦力股票是因为对其增长感到兴奋，那么股息对你来说可能就没那么重要，你可能会考虑另一个选项。
You can keep Medtronic shares and buy shares of another company, MiniMed, with the same tax implications if you wish. Therefore, you don't have to choose. But look, if you're an income-focused investor, and that's why you bought dividend stocks, I think if I were you, I'd prefer to hold onto them.
If you are focused on growth, and bought Medtronic shares because you were excited about its growth, then dividends may be less important to you, and you may look at the other option.
在这种情况下，我会说一个危险的信号是，他们向投资者提供溢价来买入美敦力股票。正如Zach提到的，他们在评估中提供了7%的折让。原因可能是美敦力专注于股息派发，因此他们认为自己的投资者群体对增长兴趣不大，于是试图与目标受众拉平条件。或者，这可能表明市场偏向美敦力一方。
I would say in this case that a dangerous indicator is that they are offering a premium to investors to buy Medtronic shares. As Zach mentioned, they offer a 7% discount on the review.
The reason may be that Medtronic is focused on dividend payouts, so they believe their investor base is less interested in growth, and therefore they are trying to level the playing field with their target audience.
Or it could be an indication that the market is tilted in Medtronic's favor.
例如，如果我在处理美敦力，有哪些指标？它们告诉了我什么、又没有告诉我什么，以便我能做出决定？是的，我喜欢将MiniMed从美敦力中分离出来的这一举措。我认为这是一个好举措。
For example, if I am dealing with Medtronic, what are the indicators? What are they telling me and not telling me so that I can make a decision? Yes, I liked the move to separate MiniMed from Medtronic. I think it was a good move.
至于增长率上的差异，并不显著。Mini-Med确实更好，但并非天差地别，因为它处于一个完全不同的增长类别。其增长率介于中高个位数之间。差距并不大，但利润率非常大。
As for the difference in growth rates, it is not significant. It is true that Mini-Med is better, but not radically, as it is in a completely different growth category. Its growth rate ranges between the mid-to-high single digits.
The difference is not huge, but the profit margin is very large.
因此，我认为美敦力分拆MiniMed，然后将其资本配置到增长其更高利润率业务上，是合理的。我相信这将使美敦力的盈利增长速度超过MiniMed的盈利增长速度。因此，我认为这一步完全合理，但你可能以前就听过这些。
Therefore, I think it makes sense for Medtronic to spin off MiniMed and then allocate its capital to growing its higher-margin businesses. I believe this will lead to Medtronic's earnings growing at a faster pace than MiniMed's earnings growing.
Therefore, I think this step makes perfect sense, but you may have heard this before.
这个频道对 $MDT 的历次判断
The Motley Fool 在这只股票上只有这一条判断。