<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1737703638422-2cfa152cdcb7/query-Zm09anBnJml4aWQ9TTN3eE1qQTNmREI4TUh4d2FHOTBieTF3WVdkbGZIeDhmR1Z1ZkRCOGZIeDhmQT09Jml4bGliPXJiLTQuMS4wJnE9NjAmdz0zMDAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="3000" height="2001" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1737703638422-2cfa152cdcb7/query-Zm09anBnJml4aWQ9TTN3eE1qQTNmREI4TUh4d2FHOTBieTF3WVdkbGZIeDhmR1Z1ZkRCOGZIeDhmQT09Jml4bGliPXJiLTQuMS4wJnE9NjAmdz0zMDAw"/></p>
<p>照片由 Jakub Żerdzicki 提供于 Unsplash</p>
<p>在我们《收购者的多重性》系列的持续更新中，每周我们都会重点介绍一只可能被严重低估的股票。本周的重点是 APA Corporation (APA)——一家全球性的石油和天然气生产商，拥有遍布美国、埃及和北海的大规模上游资产，得益于严格的资本配置和将商品周期转化为持久自由现金流的悠久历史。</p>
<h3><strong>业务概述</strong></h3>
<p>APA 是一家多元化的勘探和生产公司，拥有覆盖多个地区的平衡原油、天然气和天然气液体资产组合。公司的战略集中在高效勘探、严格控制运营支出以及在高回报钻探地点再投资现金流。</p>
<p>APA 的生产组合、全球资产布局和灵活的资本计划使其能够迅速调整以应对商品价格。即使在波动的市场中，APA 也能持续产生可观的自由现金流，保持精简的运营，并通过回购和分红返还资本。</p>
<h3><strong>什么是 IV/P（内在价值与价格）？</strong></h3>
<p>IV/P 告诉你一只股票是否提供了比你支付的价格更高的内在价值。该比率结合了盈利能力、再投资效率和资本回报政策，以估算保守的价值衡量标准。</p>
<p>IV/P &gt; 1 → 被低估</p>
<p>IV/P &lt; 1 → 被高估</p>
<p>APA 的 IV/P = <strong>1.20</strong>，这意味着内在价值估计比当前市场价格高出约 20%——相对于同行的低估信号虽然积极但更为温和。</p>
<h3><strong>支持指标</strong></h3>
<table>
<thead>
<tr>
<th>指标</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td>市值</td>
<td>≈ 79 亿美元</td>
</tr>
<tr>
<td>企业价值</td>
<td>≈ 140-150 亿美元</td>
</tr>
<tr>
<td>自由现金流（TTM）</td>
<td>≈ 19 亿美元</td>
</tr>
<tr>
<td>自由现金流收益率</td>
<td>≈ 13-14%（基于企业价值）</td>
</tr>
<tr>
<td>收购者的多重性</td>
<td>AM = 4.80</td>
</tr>
</tbody>
</table>
<p>APA 的 AM 为 4.8，深处价值领域——在当前中型 E&amp;P 公司中是最低的 AM 读数之一。市场将 APA 定价为长期盈利能力将持续受到结构性损害，尽管现金生成持续强劲。</p>
<h3><strong>收入与盈利能力</strong></h3>
<table>
<thead>
<tr>
<th>指标</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>96.4 亿美元</td>
</tr>
<tr>
<td>营业收入</td>
<td>29.4 亿美元</td>
</tr>
<tr>
<td>营业利润率</td>
<td>≈ 30%</td>
</tr>
<tr>
<td>净收入</td>
<td>≈ 15.1 亿美元</td>
</tr>
<tr>
<td>净利润率</td>
<td>≈ 15-16%</td>
</tr>
<tr>
<td>稀释每股收益</td>
<td>4.18</td>
</tr>
</tbody>
</table>
<p>APA 依然保持稳健的盈利能力，营业利润率超过许多综合性和独立生产商。尽管商品价格低于往年，APA 仍然能够提供强劲的收益和稳健的自由现金流。</p>
<h3><strong>资产负债表强度</strong></h3>
<table>
<thead>
<tr>
<th>项目</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td>现金及现金等价物</td>
<td>≈ 4.75 亿美元</td>
</tr>
<tr>
<td>总债务</td>
<td>≈ 45.9 亿美元</td>
</tr>
<tr>
<td>净债务</td>
<td>≈ 40.1 亿美元</td>
</tr>
<tr>
<td>股东权益</td>
<td>≈ 59 亿美元</td>
</tr>
</tbody>
</table>
<p>APA 负担着相当大的杠杆，但这对于拥有长期现金流资产的上游运营商来说是典型的。流动性充足，自由现金流强劲，资产负债表支持持续发展和股东回报。</p>
<h3><strong>资本回报</strong></h3>
<table>
<thead>
<tr>
<th>指标</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td>分红支付（TTM）</td>
<td>≈ 3.64 亿美元</td>
</tr>
<tr>
<td>股票回购</td>
<td>活跃（根据周期变化）</td>
</tr>
<tr>
<td>自由现金流（TTM）</td>
<td>≈ 19 亿美元</td>
</tr>
</tbody>
</table>
<p>APA 维持了一种平衡的方法：适度的分红加上在低估期间的机会性回购。随着 IV/P 为 1.20，回购仍然增强每股价值，尽管安全边际不如 IV/P 较高的情况极端。</p>
<h3><strong>为什么 APA 可能被低估</strong></h3>
<p>几个因素指向错误定价：</p>
<ul>
<li>市场仍将 APA 定价为长期商品价格结构性疲软。</li>
<li>尽管存在周期性，APA 仍然能够产生近 20 亿美元的年度自由现金流。</li>
<li>由于严格的成本管理，营业利润率保持强劲。</li>
<li>APA 的多元化全球布局在商品周期中提供了韧性。</li>
<li>IV/P 为 1.20 表示内在价值有显著但更温和的折扣。</li>
<li>收购者的多重性为 4.8 对于拥有 APA 现金生成的企业来说极具吸引力，将其置于经典的深度价值领域。</li>
</ul>
<h3><strong>结论</strong></h3>
<p>凭借 IV/P 为 1.20、非常有吸引力的收购者多重性为 4.80，以及近 20 亿美元的年度自由现金流，APA Corporation 在能源领域被视为一个引人注目的折扣机会。其多元化的资产基础、强劲的盈利能力和严格的资本计划为长期价值创造提供了多种途径。</p>
<p>对于寻求以显著折扣交易的现金生成运营商的价值投资者来说，APA 可能代表了能源领域内一个持久且被错误定价的机会。</p>
<hr/>
<p><em>更多来自此作者的内容：</em></p>
<p>我们对内在价值的计算：Broadcom Inc.</p>
<p>Bath &amp; Body Works：被低估的零售领袖，拥有强劲的自由现金流</p>
<p>我们对内在价值的计算：Apple Inc.</p>

<p>APA 公司被认为是一只深度价值能源股票，其内在价值与价格比率为 1.20，表明其被低估约 20%。该公司产生强劲的自由现金流，保持稳健的运营利润率，并拥有多元化的全球资产基础。APA 的收购倍数为 4.8，表明它在能源领域是一个引人注目的折扣机会，为投资者提供了韧性和长期价值创造</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1737703638422-2cfa152cdcb7/query-Zm09anBnJml4aWQ9TTN3eE1qQTNmREI4TUh4d2FHOTBieTF3WVdkbGZIeDhmR1Z1ZkRCOGZIeDhmQT09Jml4bGliPXJiLTQuMS4wJnE9NjAmdz0zMDAw" alt="" original-src="https://images.unsplash.com/photo-1737703638422-2cfa152cdcb7?fm=jpg&amp;q=60&amp;w=3000&amp;ixlib=rb-4.1.0&amp;ixid=M3wxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHx8fA%3D%3D"/></p>
<p>Photo by Jakub Żerdzicki on Unsplash</p>
<div class="lb-trans"><p>照片由 Jakub Żerdzicki 提供于 Unsplash</p>
</div><p>As part of our ongoing series at The Acquirer’s Multiple, each week we spotlight a stock from our Stock Screeners that might be a deeply undervalued gem hiding in plain sight. This week’s spotlight is APA Corporation (APA) — a global oil &amp; gas producer with large-scale upstream assets spanning the U.S., Egypt, and the North Sea, supported by disciplined capital allocation and a long history of converting commodity cycles into durable free cash flow.</p>
<div class="lb-trans"><p>在我们《收购者的多重性》系列的持续更新中，每周我们都会重点介绍一只可能被严重低估的股票。本周的重点是 APA Corporation (APA)——一家全球性的石油和天然气生产商，拥有遍布美国、埃及和北海的大规模上游资产，得益于严格的资本配置和将商品周期转化为持久自由现金流的悠久历史。</p>
</div><h3><strong>Business Overview</strong></h3>
<div class="lb-trans"><h3><strong>业务概述</strong></h3>
</div><p>APA is a diversified exploration and production company with a balanced portfolio of crude oil, natural gas, and NGL assets across multiple geographies. The company’s strategy centers on efficient exploration, tight opex control, and reinvesting cash flow at high-return drilling locations.</p>
<div class="lb-trans"><p>APA 是一家多元化的勘探和生产公司，拥有覆盖多个地区的平衡原油、天然气和天然气液体资产组合。公司的战略集中在高效勘探、严格控制运营支出以及在高回报钻探地点再投资现金流。</p>
</div><p>APA’s production mix, global asset footprint, and flexible capital program allow it to rapidly adjust to commodity prices. Even in volatile markets, APA consistently generates meaningful free cash flow, maintains lean operations, and returns capital through buybacks and dividends.</p>
<div class="lb-trans"><p>APA 的生产组合、全球资产布局和灵活的资本计划使其能够迅速调整以应对商品价格。即使在波动的市场中，APA 也能持续产生可观的自由现金流，保持精简的运营，并通过回购和分红返还资本。</p>
</div><h3><strong>What Is IV/P (Intrinsic Value to Price)?</strong></h3>
<div class="lb-trans"><h3><strong>什么是 IV/P（内在价值与价格）？</strong></h3>
</div><p>IV/P tells you whether a stock offers more intrinsic value than the price you’re paying. The ratio blends earnings power, reinvestment efficiency, and capital-return policy to estimate a conservative measure of worth.</p>
<div class="lb-trans"><p>IV/P 告诉你一只股票是否提供了比你支付的价格更高的内在价值。该比率结合了盈利能力、再投资效率和资本回报政策，以估算保守的价值衡量标准。</p>
</div><p>IV/P &gt; 1 → Undervalued</p>
<div class="lb-trans"><p>IV/P &gt; 1 → 被低估</p>
</div><p>IV/P &lt; 1 → Overvalued</p>
<div class="lb-trans"><p>IV/P &lt; 1 → 被高估</p>
</div><p>APA’s IV/P = <strong>1.20</strong>, meaning intrinsic value is estimated to be ~20% higher than the current market price — a positive but more moderate signal of undervaluation relative to peers.</p>
<div class="lb-trans"><p>APA 的 IV/P = <strong>1.20</strong>，这意味着内在价值估计比当前市场价格高出约 20%——相对于同行的低估信号虽然积极但更为温和。</p>
</div><h3><strong>Supporting Metrics</strong></h3>
<div class="lb-trans"><h3><strong>支持指标</strong></h3>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Value</th>
</tr>
</thead>
<tbody>
<tr>
<td>Market Cap</td>
<td>≈ US$ 7.9B</td>
</tr>
<tr>
<td>Enterprise Value</td>
<td>≈ US$ 14–15B</td>
</tr>
<tr>
<td>Free Cash Flow (TTM)</td>
<td>≈ US$ 1.90B</td>
</tr>
<tr>
<td>FCF Yield</td>
<td>≈ 13–14% on EV</td>
</tr>
<tr>
<td>Acquirer’s Multiple</td>
<td>AM = 4.80</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td>市值</td>
<td>≈ 79 亿美元</td>
</tr>
<tr>
<td>企业价值</td>
<td>≈ 140-150 亿美元</td>
</tr>
<tr>
<td>自由现金流（TTM）</td>
<td>≈ 19 亿美元</td>
</tr>
<tr>
<td>自由现金流收益率</td>
<td>≈ 13-14%（基于企业价值）</td>
</tr>
<tr>
<td>收购者的多重性</td>
<td>AM = 4.80</td>
</tr>
</tbody>
</table>
</div><p>APA’s AM of 4.8 places it deep in value territory — one of the lowest AM readings among mid-cap E&amp;Ps today. The market is pricing APA as though long-term profitability will remain structurally impaired, despite continued strong cash generation.</p>
<div class="lb-trans"><p>APA 的 AM 为 4.8，深处价值领域——在当前中型 E&amp;P 公司中是最低的 AM 读数之一。市场将 APA 定价为长期盈利能力将持续受到结构性损害，尽管现金生成持续强劲。</p>
</div><h3><strong>Revenue &amp; Profitability</strong></h3>
<div class="lb-trans"><h3><strong>收入与盈利能力</strong></h3>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td>Revenue</td>
<td>US$ 9.64B</td>
</tr>
<tr>
<td>Operating Income</td>
<td>US$ 2.94B</td>
</tr>
<tr>
<td>Operating Margin</td>
<td>≈ 30%</td>
</tr>
<tr>
<td>Net Income</td>
<td>≈ US$ 1.51B</td>
</tr>
<tr>
<td>Net Margin</td>
<td>≈ 15–16%</td>
</tr>
<tr>
<td>Diluted EPS</td>
<td>4.18</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>96.4 亿美元</td>
</tr>
<tr>
<td>营业收入</td>
<td>29.4 亿美元</td>
</tr>
<tr>
<td>营业利润率</td>
<td>≈ 30%</td>
</tr>
<tr>
<td>净收入</td>
<td>≈ 15.1 亿美元</td>
</tr>
<tr>
<td>净利润率</td>
<td>≈ 15-16%</td>
</tr>
<tr>
<td>稀释每股收益</td>
<td>4.18</td>
</tr>
</tbody>
</table>
</div><p>APA remains solidly profitable, with operating margins that outperform many integrated and independent producers. Despite lower commodity prices vs. prior years, APA continues to deliver strong earnings and robust free cash flow.</p>
<div class="lb-trans"><p>APA 依然保持稳健的盈利能力，营业利润率超过许多综合性和独立生产商。尽管商品价格低于往年，APA 仍然能够提供强劲的收益和稳健的自由现金流。</p>
</div><h3><strong>Balance Sheet Strength</strong></h3>
<div class="lb-trans"><h3><strong>资产负债表强度</strong></h3>
</div><table>
<thead>
<tr>
<th>Item</th>
<th>Value</th>
</tr>
</thead>
<tbody>
<tr>
<td>Cash &amp; Equivalents</td>
<td>≈ US$ 475M</td>
</tr>
<tr>
<td>Total Debt</td>
<td>≈ US$ 4.59B</td>
</tr>
<tr>
<td>Net Debt</td>
<td>≈ US$ 4.01B</td>
</tr>
<tr>
<td>Shareholders’ Equity</td>
<td>≈ US$ 5.9B</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>项目</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td>现金及现金等价物</td>
<td>≈ 4.75 亿美元</td>
</tr>
<tr>
<td>总债务</td>
<td>≈ 45.9 亿美元</td>
</tr>
<tr>
<td>净债务</td>
<td>≈ 40.1 亿美元</td>
</tr>
<tr>
<td>股东权益</td>
<td>≈ 59 亿美元</td>
</tr>
</tbody>
</table>
</div><p>APA carries meaningful leverage, but this is typical for upstream operators with long-lived, cash-flowing assets. Liquidity is adequate, FCF is strong, and the balance sheet supports ongoing development and shareholder returns.</p>
<div class="lb-trans"><p>APA 负担着相当大的杠杆，但这对于拥有长期现金流资产的上游运营商来说是典型的。流动性充足，自由现金流强劲，资产负债表支持持续发展和股东回报。</p>
</div><h3><strong>Capital Returns</strong></h3>
<div class="lb-trans"><h3><strong>资本回报</strong></h3>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Value</th>
</tr>
</thead>
<tbody>
<tr>
<td>Dividends Paid (TTM)</td>
<td>≈ US$ 364M</td>
</tr>
<tr>
<td>Share Buybacks</td>
<td>Active (variable by cycle)</td>
</tr>
<tr>
<td>Free Cash Flow (TTM)</td>
<td>≈ US$ 1.90B</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>数值</th>
</tr>
</thead>
<tbody>
<tr>
<td>分红支付（TTM）</td>
<td>≈ 3.64 亿美元</td>
</tr>
<tr>
<td>股票回购</td>
<td>活跃（根据周期变化）</td>
</tr>
<tr>
<td>自由现金流（TTM）</td>
<td>≈ 19 亿美元</td>
</tr>
</tbody>
</table>
</div><p>APA maintains a balanced approach: a modest dividend plus opportunistic buybacks during periods of undervaluation. With an IV/P of 1.20, repurchases still enhance per-share value, although the margin of safety is less extreme than in higher IV/P cases.</p>
<div class="lb-trans"><p>APA 维持了一种平衡的方法：适度的分红加上在低估期间的机会性回购。随着 IV/P 为 1.20，回购仍然增强每股价值，尽管安全边际不如 IV/P 较高的情况极端。</p>
</div><h3><strong>Why APA Might Be Undervalued</strong></h3>
<div class="lb-trans"><h3><strong>为什么 APA 可能被低估</strong></h3>
</div><p>Several factors point toward a mispricing:</p>
<div class="lb-trans"><p>几个因素指向错误定价：</p>
</div><ul>
<li>The market is still pricing APA for structurally weak long-term commodity prices.</li>
<li>Despite cyclicality, APA continues to produce nearly US$ 2B of annual FCF.</li>
<li>Operating margins remain robust due to disciplined cost management.</li>
<li>APA’s diversified global footprint provides resilience through commodity cycles.</li>
<li>An IV/P of 1.20 signals a meaningful, though more moderate, discount to intrinsic value.</li>
<li>An Acquirer’s Multiple of 4.8 is extremely attractive for a business with APA’s cash generation, placing it in classic deep-value territory.</li>
</ul>
<div class="lb-trans"><ul>
<li>市场仍将 APA 定价为长期商品价格结构性疲软。</li>
<li>尽管存在周期性，APA 仍然能够产生近 20 亿美元的年度自由现金流。</li>
<li>由于严格的成本管理，营业利润率保持强劲。</li>
<li>APA 的多元化全球布局在商品周期中提供了韧性。</li>
<li>IV/P 为 1.20 表示内在价值有显著但更温和的折扣。</li>
<li>收购者的多重性为 4.8 对于拥有 APA 现金生成的企业来说极具吸引力，将其置于经典的深度价值领域。</li>
</ul>
</div><h3><strong>Conclusion</strong></h3>
<div class="lb-trans"><h3><strong>结论</strong></h3>
</div><p>With an IV/P of 1.20, a very attractive Acquirer’s Multiple of 4.80, and nearly US$ 2B of annual free cash flow, APA Corporation screens as a compelling discounted opportunity in the energy sector. Its diversified asset base, strong profitability, and disciplined capital program provide multiple avenues for long-term value creation.</p>
<div class="lb-trans"><p>凭借 IV/P 为 1.20、非常有吸引力的收购者多重性为 4.80，以及近 20 亿美元的年度自由现金流，APA Corporation 在能源领域被视为一个引人注目的折扣机会。其多元化的资产基础、强劲的盈利能力和严格的资本计划为长期价值创造提供了多种途径。</p>
</div><p>For value investors seeking a cash-generative operator trading at a solid discount to intrinsic value, APA may represent a durable and mispriced opportunity within energy.</p>
<div class="lb-trans"><p>对于寻求以显著折扣交易的现金生成运营商的价值投资者来说，APA 可能代表了能源领域内一个持久且被错误定价的机会。</p>
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<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多来自此作者的内容：</em></p>
</div><p>Our Calculation of Intrinsic Value: Broadcom Inc.</p>
<div class="lb-trans"><p>我们对内在价值的计算：Broadcom Inc.</p>
</div><p>Bath &amp; Body Works: Undervalued Retail Leader With Strong FCF</p>
<div class="lb-trans"><p>Bath &amp; Body Works：被低估的零售领袖，拥有强劲的自由现金流</p>
</div><p>Our Calculation of Intrinsic Value: Apple Inc.</p>
<div class="lb-trans"><p>我们对内在价值的计算：Apple Inc.</p>
</div>

APA 公司：具有深度价值的能源股票