Motorola Solutions 是公共安全领域稳健的价值型标的，利润率强劲、股东回报可观，适合与高增长同行一起或替代高增长同行纳入投资组合。
逐段跳播
Motorola 规模明显更大，增长没那么快，但绝对是一家你应该了解的公司，尤其是在此时对这两家公司中的任何一家做出任何投资组合决策之前。
Motorola is significantly bigger, not growing as fast, but is definitely a company that you should be aware of, especially before making any portfolio decisions on either of these companies at this point.
所以我们要深入挖掘，把这两家公司都看一遍，做比较，同时也会看这个领域里其他一些相邻的公司，我们姑且称之为公共安全板块。
So we're gonna dig deep, look at both of them, compare them, as well as some other adjacent companies in this, we'll call it public safety sector.
但 Motorola 和 Axon 之间的重叠之处。正如 Kasey 所说，Motorola Solutions 在营收上绝对是规模大得多的那家企业。这是最近一个季度的切换对比。
按季度计算，营收是对方的三倍多。Motorola 为 31 亿美元，而 Axon 为 9.04 亿美元。
But the overlap between Motorola and Axon. Motorola Solutions, as Kasey was saying, far and away the bigger business in terms of revenue. Here's the most recent quarter toggle.
Over three times the revenue on a quarterly basis. $3.1 billion for Motorola versus $904 million for Axon.
就规模而言，Motorola 在这里被标为赢家。但在营收增长上，Motorola 同比增长 13%，Axon 为 35%。
In terms of size, Motorola gets highlighted here as the winner. But in revenue growth, 13% year over year for Motorola, 35% for Axon.
此外，Motorola还领投了这家名为Brinc的公司。Brinc的目标是让全国每一个警察局都配备一架无人机，全国大约有8万个警察局或警务中心，并让这些无人机能够在这些紧急情况下投入使用。
And then Motorola has also led the investment in this company called Brinc. Their goal at Brinc is to put a drone on every single police station in the country, which is around 80,000 police stations or police centers, and get those drones to be able to be deployed in these emergency situations.
但Motorola实际上也在帮助引领这一潮流，也许做的是一些不那么激进的投入，这一点值得注意。所以，Motorola，不要忽视它。就增长而言，它不是长期增长趋势的领头羊，但绝对是在技术上进行投入。
But Motorola is actually helping lead the charge as well, maybe making some less aggressive investments, and that's notable. So Motorola, don't ignore that one. Not a secular growth trend leader in terms of growth, but most definitely making investments in technology.
你可以看到，Motorola实际上在许多可能对投资者重要的类别中处于领先地位，如果你更偏向价值型投资者的话。所以是Motorola，其营业利润率接近26%。自由现金流利润率较其历史水平略有下降。他们也在进行投入，但盈利能力强劲。
You can see that Motorola actually leads in a lot of categories that may matter to investors, if you're more of a value-oriented investor. So it's Motorola that actually is almost 26% operating margin.
Free cash flow margin is down from where it is historically, a bit. They're making investments as well, but robustly profitable.
所以，如果你想切入公共安全行业，这一只值得考虑，我们为此做过一份行业股票清单。Axon在这份清单上排第一，紧随其后的是Motorola。
And so this one is worth consideration if you're trying to get in on the public safety industry, which we did an industry stock list on. Axon at the top of this list, followed by Motorola.
这就是Nick所说的，他们的产品和系统集成增长15%，软件和服务增长10%。这个关键任务网络，即MCN，增长14%，那是他们为911服务提供的所有指挥中心软件，以及与之集成的其他互联硬件。视频安防增长12%，指挥中心增长14%。
This is what Nick was talking about, their products and system integration up 15%, software and services up 10%. This mission critical networks, MCN, up 14%, that is all of the command center software that they have for 911 services.
And other inter-connected hardware that integrates with that. Video security up 12%, command center up 14%.
所以，没有你在Axon身上看到的那种巨大的营收增长，但Motorola是一家成熟得多的公司。他们在最近这个季度回购了3.26亿美元的股票，从而回馈股东。他们还向股东支付了2.01亿美元的股息。一家对股东非常友好的企业。
So, not this huge revenue growth that you're seeing with Axon, but Motorola is a much more mature company. They repurchased $326 million worth of shares in this most recent quarter, so helping shareholders out.
And they paid $201 million in dividends to shareholders. A very shareholder friendly business.
他们达成了一项收购Defend Solutions的协议，这又是一家无人机技术公司。Motorola显然看到了投资这项无人机技术的价值。
They entered into a agreement to acquire Defend Solutions, which again, is another drone technology company. Motorola obviously seeing the value in investing in this drone technology.
好，这是产品和系统的季度分部关键绩效指标，然后是软件和服务。软件和服务就是指挥中心软件。所以就季度而言，两个分部都以相当不错的速度增长。过去几年是低双位数的复合年增长率。他们还进一步细分，分为MCN，即关键任务网络，视频收入，那会是像随身摄像头这样的东西，以及指挥中心收入。
那个关键任务网络是遥遥领先的最大收入分部，但增长动力来自这些其他领域，尤其是指挥中心软件。
Okay, here's the quarterly segment KPI for products and systems, and then there are software and services. Software and services would be the command center software. So on a quarterly basis, both segments growing at a pretty nice pace.
Low teens CAGR the last few years. They also further segment this out between that MCN, mission critical networks, the video revenue, that would be things like the body cameras and command center revenue.
That mission critical network's far and away the largest revenue segment, but the growth driver coming from these other areas, especially the command center software.
我们对每一只做一次反向DCF。我在一份关于Motorola的投资论点清单里打开了这个。每股收益和每股自由现金流彼此略有出入，但差距不大。这无疑是现金流的时间安排问题。Motorola在其中一张幻灯片里说，他们在完成硬件交付方面有一个大季度，所以这大概就是自由现金流略有偏高的原因。
我们就按50/50的比例来分，看看什么能让它达到公允价值。我们从10年开始。把终值增长率降到4%。那么前10年的复合年增长率大约是12%到13%。我们就叫它12.5%的每股平均利润增长，能让Motorola达到今天的公允价值。
Let's do a reverse DCF on each. I opened this up within an investment thesis checklist on Motorola. And earnings per share and free cash flow per share are a little off from each other, but not too much.
This is no doubt the timing of cash flows. Motorola in one of its slides said that they had a big quarter in fulfilling hardware delivery, so that's probably why there's a bit of elevated free cash flow.
Let's just leave it at a 50/50 split and see what gets this to fair value. Let's start with 10 years. Let's drop the terminal rate down to 4%. And so the first 10 years CAGR, about 12 to 13%.
Let's call it 12 and a half percent average per share profit growth gets Motorola at a fair value today.
这家公司实际上一直是一只相当不错的复利机器。自互联网泡沫的繁荣与随后的破裂以来，它早已被遗忘。他们做了很多业务分拆，把业务精简到一家服务警察局、消防站、紧急情况、911的公共安全公司，所有迹象都指向它或许会在这个市场中继续是一只相当不错的复利机器。
所以12%到13%，也许这就是你在公共安全领域寻找的那只价值股。
This company has actually been a pretty good compounder. Long forgotten since the dot-com bubble boom and then bust. Have done a lot of spinoffs of their business, whittled things down to a public safety company servicing police stations, fire stations, emergency, 911, and all signs point to this perhaps continuing to be a pretty decent compounder in this market.
So 12 to 13%, maybe this is the value stock that you're looking for within public safety.
观察名单，我们说是成熟增长，因为它的营收确实在以低双位数的速度增长。我会选成熟增长。我们把这称为一只不错的价值股，是Axon的替代选择，或者属于公共安全股票组合的一部分。
Watchlist, let's say mature growth because it is definitely growing its revenue at a low teens rate. I would go with mature growth. And let's call this a good value stock, alternative to Axon or part of a public safety basket of stocks.
市销率低于10倍，考虑到该公司快速的增长步伐，以及以Motorola为代价抢占大量市场份额，这看起来是一次合理的少量买入，对投资组合的一笔小额增持。
Under 10 times price to sales, given the company's fast pace of growth and scooping up lots of market share at Motorola's expense, it looks like a reasonable nibble , a small add to the portfolio.
这个频道对 $MSI 的历次判断
Chip Stock Investor 在这只股票上只有这一条判断。