Zigg Up估值偏低且基本面强劲，但管理层未能把握回购等资本配置机会，尽管激励计划带来较高潜在上行空间，仍令人失望。
逐段跳播
这家公司就是Zigg Up，也就是原来的Northgate。我其实持有这家公司的一小部分股份。所以这是一家提供所谓出行解决方案的公司。我称之为出租商用车辆。如果你想搬家，你需要一辆白色货车，一个带车的人。
那么Ziggup就是可以找的公司。他们在英国商用车辆租赁市场拥有最大的市场份额。他们也有特种车辆，比如带冷藏设备的车之类的。他们还做一系列服务。他们提供一系列属于同一类别的服务，比如为企业的车队管理、发生事故时的理赔管理以及事故替换车辆，诸如此类。
他们是英国最大的这类运营商。他们每年以个位数的速度稳步增长，他们还在爱尔兰和西班牙经营类似的业务。
the company is Zigg Up. This is the former writing Northgate. I I actually own a little bit of this company. So it's a company that provides what they call mobility solutions. I call that they're renting out commercial vehicles.
If you want to move house, you need a white van, a man with a van. Uh then Ziggup is a company to call. They've got the largest market share for the rental of commercial vehicles in the UK.
They've got specialty vehicles as well, like things with refrigeration and stuff like that. They also do a whole range of services. They provide a range of services that fall into that same category like fleet management for corporations, uh claims management in case of accidents and replacement vehicles for accidents, that sort of thing.
They're the largest such operator in the UK. Uh they're growing nicely at singledigit uh rates every year and they're also operating a business like that in Ireland and also in Spain.
合并之后，Ready和Northgate，你在2019年提到过，他们显然要应对新冠疫情。所以经历了一段重大变革和因疫情带来的外部复杂因素的时期。然后疫情带来的整个繁荣显然也冷却了下来。所以这家公司也经历了相当多的挑战。
after the merger, Ready and Northgate, you mentioned it in 2019, they obviously had COVID to deal with. So there's been a period of significant change and external complications because of the pandemic.
And then the whole boom from the pandemic obviously cooled off as well. So this company has had its fair share of challenges as well.
但管理层，让我把这一点说得非常清楚。管理层在执行方面做得非常非常出色，确保这家企业成功，而且它确实是一家好企业。只是它实在太便宜了。
But management and let me just say this very clearly. Management has done a very very good job executing making sure that this business is successful and it is a good business. It's just so damn cheap.
我去年10月就已经写过它，当时它的市盈率是三倍，现在股价涨了一点，但仍低于四倍的EITA，而这家公司正如你所知在我看来杠杆不足，我们可以再进一步讨论这一点，它简直是在大声呼唤股票回购，我给董事会写了一封信，说你们知道我的建议是我强烈建议并真正主张审视你们的杠杆率，所以进行股票回购，最好是要约收购，在资本配置上做点什么。
I wrote about it in October last year already and it was trading at three times EBA and right now the share price has gone up a bit but it's still below four times EITA and this is the business that's underlevered as you know in my view and we can we can talk about that a bit further and it's just screaming out for a share buyback and I've written a letter to the board saying you guys you know my suggestion is I strongly suggest and I really advocate for looking at your leverage ratio So carrying out share buybacks, ideally a tender offer, do something about your capital allocation.
你们公司其他那么多事情都进展得那么好，但你们的股价看起来却没那么好。股价18年来毫无起色。不，这非常正确。我想就此问一些问题。在我问之前，我感兴趣的原因，我认为真正有助于铺垫这一点的是，他们有VIP计划或MIT计划，随你怎么叫，就是他们给管理层的价值激励计划，我参与进来是因为这在美国并不独特，但这是一个信号，我真正会去寻找的信号，算是我的黑暗公司黑暗艺术信号，但它在英国确实很独特，所以你想谈谈VIP计划吗，然后我可以在我们打好基础之后再跟进我的问题。
So much other stuff at your company is going so well, but your share price looks like it's not going that well. The share price has gone nowhere for 18 years. No, that is very true.
Uh I want to ask some questions about that. before I mean the reason I got interested in here and I I think something that really helps stage this is they have the VIP plan or MIT plan whatever you want to call it the value incentive program that they give to management I I got involved because this is really it's not unique in the US though it's a signal I I really look for it's kind of my dark corporate dark art signal but it's really unique in the UK so do you want to talk about the the VIP plan and then I can kind of follow up with my questions after we set the ground work with that
是的，所以非常不寻常的是，他们实施了所谓的VCP，即价值创造计划，其中七名高级管理人员被激励去推高股价。它的运作方式其实相当简单。超过某个门槛，即股价521便士，他们可以获得所增加股东价值的10%，最高上限为每股800便士。
这就是封顶的地方。而且他们获得的是，如果这个奖金实现，会以股票形式发放。然后这些股票有锁定期。但某种程度上那是细节。有趣的是，这七名管理层成员总共可以赚取6900万英镑的奖金股票。
CEO将获得其中最多1900万英镑。这位CEO已经经营这家公司及其前身很多很多年了。他59岁。所以这很可能是在日后可能退休之前的一笔非常不错的奖励。
yes so very unusually they've implemented the they call it the VCP, the value creation plan, where seven senior management members are incentivized to get the share price up. And the way how it works is actually quite simple.
Above a certain hurdle, which is a share price of 521 p, they get 10% of the added shareholder value up to a maximum level of 800 p per share. That's where it's capped. And they get, you know, if this bonus materializes, they get it issued as shares.
And then there's a lock up on these shares. But in a way that's detail. The interesting thing is that the seven management members can earn a total of69 million pounds in bonus shares.
The CEO would receive up to 19 million pounds of that. The CEO has been running this company and the the predecessor for for many many years. He's 59. So this would probably be a very nice um reward ahead of a potential retirement at a later stage.
我们在这里说的是大数字。我的意思是，6900万英镑的奖金分给七个人，对大多数在职的人来说是一笔改变命运的钱。这是一个非常简单的系统，它立刻让人明白为什么这对股东有利，因为他们只有在股价至少达到521便士时才能拿到任何东西。
现在是430便士，而且这一切都有非常紧迫的时间表。他们必须在4月28日之前实现。这整个安排是一年前设立的。所以我们已经进行了一年，而在我看来，令人惊讶的是股价对此的反应并没有更强烈。
And we're speaking big numbers here. I mean a 69 million pound bonus split between seven people is you know is a transformative amount of money for most people who are in employment.
Uh it is a very simple system and it immediately gets across why this is good for shareholders because they only get anything if the share price is at least at 521 p. Right now it's 430 and it's all on a very tight timeline.
They have to deliver this until April 28. Uh this whole thing was put in place a year ago. So we're already a year into it and it's amazing the share price hasn't reacted more strongly to it in my view.
我认为这是，我的意思是你是激励方案黑暗艺术的行家，但我认为这是一个如此强大得令人难以置信的信号，我很惊讶股价没有以你懂的更大的幅度做出反应，但事已至此。
I think this is one of I mean you're the man for the dark arts of of incentive schemes but I think this is such an incredibly powerful signal uh that I'm amazed the share price hasn't reacted to a you know much bigger extent but here we are
而你实际上看到的是一个在其行业中领先的企业。它在增长。它的自由现金流一直处于拐点。去年，自由现金流从1700万英镑上升到9600万英镑，而他们现在正着眼于到28年将其提高到2亿以上。
and you're effectively looking at a business that's leading in its industry. Uh it's growing. It's been at an inflection point for its free cash flow. Last year, free cash flow rose from 17 million pounds to 96 million and they're now looking at getting this above 200 million by 28.
这家公司也是私募股权进入并整合该行业的潜在平台。他们是市场领导者。所以，你知道，这只是在等待一个私募股权玩家介入。我不认为两三年后这还会是一家独立公司。我认为会有人对它提出收购，而这正是危险所在，但也是机会所在，他们必须以某种方式获得他们的估值，他们必须让股价重新估值并以更高的倍数交易，因为否则就只是在向私募股权送钱，因为他们会得到一笔好得离谱的交易，而这是我们必须避免的。
Um the the company is also a potential platform for private equity to come in and consolidate the industry. They're the market leader. So, you know, this is just waiting for a private equity player to step in.
I don't think in two or three years this will still be an independent company. I think someone will have made a bit for it and this is where the danger lies but also the opportunity they have to somehow get their valuation they have to get their share to rerate and trade at a higher multiple because otherwise it's just gifting money to private equity because they're going to get way too good a deal and that's what we have to avoid.
所以那太完美了。正如你所说，我感兴趣的原因是我相信是一位共同的朋友指出了这一点，我当时想，天哪，天哪。我看过一百家英国公司，我从未见过这样的VIP计划。我不能，我想叫它MIT计划。
我认为它是BCP，但我只是把它们混在一起了。但我以前从未见过这样的计划，除了一家在过去10年左右做过类似事情的公司。
So that's perfect. And as you said, the reason I got an interest here was I I believe a mutual friend pointed this out and I was like, "Holy holy smokes. I've looked at a hundred UK companies and I've never seen a a VIP plan like this before.
I can't I want to call it a MIT plan. I think it's a BCP, but I we I'm just combining them." But I I've never seen a plan like this before, except one other company that had done in like the past 10 years.
是的。我的意思是，只是为了给应得的人以肯定。我相信一些英国基金经理参与了这家公司实施这一计划。所以你知道，我并不是在那里抨击整个基金经理行业。那里有一些非常好的异类，而这是一个积极的投资者参与案例。
Yeah. And I mean just to you know give credit where credit is due. I believe some UK fund managers had a hand in this company implementing. So you know it's not like I'm bashing the entire fund manager sector there.
There some very good outliers in there and this was a case of positive investor engagement.
这几乎肯定是正确的。但你知道，我不认为在其他公司，我认为股东们曾推动过类似的事情，而这是我看到的第一个实施了的。所以我非常感兴趣。
That's that's almost certainly true. But you know I I don't think at other companies I think shareholders have pushed for something similar and this was the first one I saw that implemented. So I got really interested.
但我要告诉你，我对这家公司有点失望，因为我以为会发生的事情，你知道，我大概是一年前看到这个计划时买入股票的，这个计划，我的意思是，你做的时候股价大概是300。它需要达到低端的520左右。
我当时想，哦，只要达到低端就开始累积收益。从现在到结束日期，股价必须达到大约25%的年化。这大概就是触发我的原因，把我从这只是一家典型的英国便宜公司变成了这很有趣。
But I will tell you I have been a little disappointed by the company because what I thought was going to happen, you know, and I I probably bought the shares about a year ago when I saw the the plan and the plan I mean the stock was like 300 when you did it.
It needs to hit like 520 in the low end. I was like, "Oh, just hit the low end just to start accuring money. The stock's got to be like 25% annualized from here to the end date."
That was kind of what triggered me and took me from this is just your typical UK cheap company to this interesting.
但我有点失望，因为他们宣布回购以来并没有买回股票。他们宣布了回购，但我不认为他们在推出这个P计划之后买过一股。他们一直坚持分红。我稍后会谈到他们的投资者关系策略，但你知道，他们投资了这个西班牙平台，投资了一些他们声称非常好的成长型资产，但我一直追问他们，嘿，一切都是机会成本，而你们的股价低于账面价值。
你们说你们的股价远低于私人市场价值。我理解你们可能有一个有吸引力的成长机会，但那是一个有风险的成长机会。你知道，投资这个新市场。回购股票不是有风险的机会。出售西班牙资产，也就是我们正在谈论的那个新市场，他们会告诉你他们认为那些西班牙资产极其、极其有价值，价值远超账面价值。
在所有人都说有私募股权竞购的时候把它卖给一家私募股权公司，然后回购更多股票，或者利用这一点，所有这些其实都是选项，而他们并没有真正去追求。所以，我有点失望。最后我要提的一点是分红。
他们支付相当高的股息，你知道，这很好，但他们本可以回购股票。我一直在推动他们，取消分红、回购股票，但就是被置若罔闻。所以，自从他们推出这个计划以来，我一直有点失望，我原以为会一帆风顺，对股东友好，放手干吧。而到目前为止我还没有看到这一点。
But I've been a little disappointed because they have not bought back shares since they announced it. They've announced buybacks, but I don't believe they bought a single share since they put the P plan in place.
They've stuck with the dividends. And I'll talk about their IR strategy in a second, but you know, they've they've invested into this Spanish platform into some growth assets that they say are really good, but I keep hitting them with, hey, everything is opportunity cost and your stock trades below book value.
You're saying your stock trades way below private market value. I understand you might have an attractive growth opportunity, but that is a risky growth opportunity. You know, investing into this new market.
Buying back stock is not a risk opportunity. Selling the Spanish assets, that new market we're talking about, where they will tell you that they think those Spanish assets are massively, massively valuable, worth way more than book value.
Selling that to a private equity firm when everyone says there's a private equity bid and buying back more shares or taking advantage that like all of these are options and haven't really pursued them.
So, I've been a little disappointed. And the last thing I'll mention, dividends. They pay out a pretty big dividend, you know, which is nice, but they they could be buying back shares.
And I've pushed them, cancel the dividend and buy back shares, and it's just fallen on deaf ear. So, I've just been a little disappointed where they put the plan in place, and I thought it was off to the races, shareholder friendly, let's go. And I haven't seen that so far.
这个频道对 $ZIG 的历次判断
Yet Another Value Podcast 在这只股票上只有这一条判断。