<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1554224154-26032ffc0d07/query-Zm09anBnJml4aWQ9TTN3eE1qQTNmREI4TUh4d2FHOTBieTF3WVdkbGZIeDhmR1Z1ZkRCOGZIeDhmQT09Jml4bGliPXJiLTQuMS4wJnE9NjAmdz0zMDAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1554224154-26032ffc0d07/query-Zm09anBnJml4aWQ9TTN3eE1qQTNmREI4TUh4d2FHOTBieTF3WVdkbGZIeDhmR1Z1ZkRCOGZIeDhmQT09Jml4bGliPXJiLTQuMS4wJnE9NjAmdz0zMDAw"/></p>
<p>照片由 Kelly Sikkema 提供於 Unsplash</p>
<p>作為我們在 <em>The Acquirer’s Multiple</em> 的持續系列的一部分，每週我們都會重點介紹一隻可能被嚴重低估的股票。本週的重點是 H&amp;R Block, Inc. (NYSE: HRB)。</p>
<p>H&amp;R Block 是美國和加拿大領先的税務準備服務提供商，每年為數百萬個人和小企業提供服務。該公司結合了穩定的、重複的客户基礎與高度季節性但極具現金生成能力的運營模式。在過去十年中，管理層通過積極的股票回購、利潤率擴張以及對資本回報給股東的嚴格關注，補充了穩定的現金流。</p>
<h3><strong>什麼是 IV/P（內在價值與價格）？</strong></h3>
<p>IV/P 比較公司的估計內在價值與其當前市場價格。它結合了盈利能力、資本效率和再投資政策，以估算企業的真實價值。</p>
<ul>
<li><strong>IV/P 大於 1</strong> → 股票可能被低估</li>
<li><strong>IV/P 小於 1</strong> → 股票可能被高估</li>
<li>越高於 1，安全邊際越大。</li>
</ul>
<p><strong>HRB 的 IV/P 為 1.50</strong>，這意味着市場僅以 <strong>其估計內在價值的三分之二</strong> 來定價該公司。對於一家穩定、現金充裕的企業，擁有數十年的品牌價值和經過驗證的資本回報模型，這表明潛在的顯著上行空間。</p>
<h3><strong>支持指標</strong></h3>
<ul>
<li><strong>市值：</strong> ~$61 億</li>
<li><strong>自由現金流（TTM）：</strong> ~$5.76 億</li>
<li><strong>自由現金流收益率：</strong> ~9.4%</li>
<li><strong>收購者倍數：</strong> 8.10×</li>
</ul>
<p>儘管不如深週期性公司低，但 8.10× 的收購者倍數對於一家成熟的服務企業來説仍然具有吸引力，該企業擁有穩定的重複收入和強勁的自由現金流轉化。HRB 的估值繼續暗示低增長或結構性衰退——然而該公司仍持續實現穩定的收入、強勁的利潤率和一致的現金生成。</p>
<h3><strong>收入與盈利能力</strong></h3>
<p><strong>（TTM）</strong></p>
<ul>
<li><strong>收入：</strong> ~$37.7 億</li>
<li><strong>毛利潤：</strong> ~$16.8 億</li>
<li><strong>營業收入：</strong> ~$8.49 億</li>
<li><strong>營業利潤率：</strong> ~22%</li>
<li><strong>淨收入：</strong> ~$6.1 億</li>
<li><strong>稀釋每股收益：</strong> ~$4.37</li>
</ul>
<p>儘管是一家季節性企業，HRB 仍能產生可靠的年度收入和強勁的盈利能力。超過 20% 的營業利潤率反映了其混合在線/線下模式的效率以及其數字税務平台的可擴展性。由於資本支出要求較少，HRB 將相當一部分營業收入轉化為自由現金流。</p>
<h3><strong>資產負債表強度</strong></h3>
<p><strong>（最近一個季度）</strong></p>
<ul>
<li><strong>總資產：</strong> ~$26.2 億</li>
<li><strong>現金及等價物：</strong> ~$3.76 億</li>
<li><strong>應收賬款：</strong> ~$5100 萬</li>
<li><strong>總債務：</strong> ~$22.5 億</li>
<li><strong>淨債務：</strong> ~$13.6 億</li>
<li><strong>營運資本：</strong> –$1.75 億（對於季節性税務業務來説是正常的）</li>
</ul>
<p>H&amp;R Block 的資產負債表反映了其季節性模式——在税季期間，臨時負債大幅增加，然後隨着收入的到來而減少。重要的是，HRB 維持可控的淨債務、強勁的現金生成能力，並且有着通過嚴格的股票回購減少股本的悠久記錄。</p>
<h3><strong>資本回報</strong></h3>
<ul>
<li><strong>自由現金流（TTM）：</strong> ~$5.76 億</li>
<li><strong>股息：</strong> 一直以來都在支付並逐步提高</li>
<li><strong>資本支出：</strong> ~$7600 萬 TTM</li>
<li><strong>股票回購：</strong> 持續且積極</li>
</ul>
<p>很少有公司像 HRB 一樣持續回報資本。管理層幾乎將所有的超額自由現金流用於股票回購和股息，形成了 S&amp;P 中型股中最友好的資本回報計劃之一。</p>
<h3><strong>為什麼 HRB 可能被低估？</strong></h3>
<p>儘管現金流強勁、客户基礎穩固且品牌主導地位持續數十年，市場仍然將 H&amp;R Block 視為一家面臨數字化衝擊的衰退、低增長的税務服務企業。然而：</p>
<ul>
<li>收入和每股收益保持穩定。</li>
<li>自由現金流保持強勁。</li>
<li>公司的數字產品持續增長。</li>
<li>每年回購顯著減少股本。</li>
<li>營業利潤率保持強勁和穩定。</li>
</ul>
<p>憑藉 1.50 的 IV/P 和 8.10 的收購者倍數，HRB 相對於其穩定的盈利能力、重複的季節性現金流和長期的資本配置記錄，似乎被低估。</p>
<h3><strong>結論</strong></h3>
<p>H&amp;R Block, Inc. (HRB) 代表了質量、穩定性和深度價值的引人注目的結合。其耐用的商業模式、強勁的自由現金流和以股東為中心的資本配置與暗示停滯或衰退的估值形成鮮明對比。對於尋求可預測現金流、審慎管理和安全邊際的價值投資者來説，HRB 可能是一個隱藏在明面上的安靜吸引機會。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>我們對內在價值的計算：沃爾瑪公司。</p>
<p>頂級投資者為何購買 Visa Inc。</p>
<p>CF Industries：週期性肥料領導者中的深度價值</p>

HR布洛克服務

<p>H&R Block, Inc.（紐約證券交易所代碼：HRB）被認為是一隻潛在的被低估股票，具有強勁的現金流、高資本回報和穩定的商業模式。儘管市場對其的看法有所下滑，但 HRB 的內在價值與價格比率為 1.50，暗示着顯著的上行空間。該公司保持着強勁的自由現金流、一致的股息和積極的股票回購，使其成為尋求可預測回報和謹慎管理的價值投資者的一個有吸引力的機會</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1554224154-26032ffc0d07/query-Zm09anBnJml4aWQ9TTN3eE1qQTNmREI4TUh4d2FHOTBieTF3WVdkbGZIeDhmR1Z1ZkRCOGZIeDhmQT09Jml4bGliPXJiLTQuMS4wJnE9NjAmdz0zMDAw" alt="" original-src="https://images.unsplash.com/photo-1554224154-26032ffc0d07?fm=jpg&amp;q=60&amp;w=3000&amp;ixlib=rb-4.1.0&amp;ixid=M3wxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHx8fA%3D%3D"/></p>
<p>Photo by Kelly Sikkema on Unsplash</p>
<div class="lb-trans"><p>照片由 Kelly Sikkema 提供於 Unsplash</p>
</div><p>As part of our ongoing series at <em>The Acquirer’s Multiple</em>, each week we spotlight a stock from our Stock Screeners that may be a deeply undervalued opportunity hiding in plain sight. This week’s spotlight is H&amp;R Block, Inc. (NYSE: HRB).</p>
<div class="lb-trans"><p>作為我們在 <em>The Acquirer’s Multiple</em> 的持續系列的一部分，每週我們都會重點介紹一隻可能被嚴重低估的股票。本週的重點是 H&amp;R Block, Inc. (NYSE: HRB)。</p>
</div><p>H&amp;R Block is a leading provider of tax preparation services across the U.S. and Canada, serving millions of individuals and small businesses each year. The company combines a sticky, recurring customer base with a highly seasonal but extremely cash-generative operating model. Over the last decade, management has complemented steady cash flows with aggressive buybacks, margin expansion, and a disciplined focus on returning capital to shareholders.</p>
<div class="lb-trans"><p>H&amp;R Block 是美國和加拿大領先的税務準備服務提供商，每年為數百萬個人和小企業提供服務。該公司結合了穩定的、重複的客户基礎與高度季節性但極具現金生成能力的運營模式。在過去十年中，管理層通過積極的股票回購、利潤率擴張以及對資本回報給股東的嚴格關注，補充了穩定的現金流。</p>
</div><h3><strong>What Is IV/P (Intrinsic Value to Price)?</strong></h3>
<div class="lb-trans"><h3><strong>什麼是 IV/P（內在價值與價格）？</strong></h3>
</div><p>IV/P compares a company’s estimated intrinsic value to its current market price. It blends earnings power, capital efficiency, and reinvestment policy to estimate what the business is truly worth.</p>
<div class="lb-trans"><p>IV/P 比較公司的估計內在價值與其當前市場價格。它結合了盈利能力、資本效率和再投資政策，以估算企業的真實價值。</p>
</div><ul>
<li><strong>IV/P above 1</strong> → stock may be undervalued</li>
<li><strong>IV/P below 1</strong> → stock may be overvalued</li>
<li>The further above 1, the greater the margin of safety.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>IV/P 大於 1</strong> → 股票可能被低估</li>
<li><strong>IV/P 小於 1</strong> → 股票可能被高估</li>
<li>越高於 1，安全邊際越大。</li>
</ul>
</div><p><strong>HRB’s IV/P is 1.50</strong>, implying the market is pricing the company at only <strong>two-thirds of its estimated intrinsic value</strong>. For a stable, cash-rich business with decades of brand equity and a proven capital-return model, this signals potentially meaningful upside.</p>
<div class="lb-trans"><p><strong>HRB 的 IV/P 為 1.50</strong>，這意味着市場僅以 <strong>其估計內在價值的三分之二</strong> 來定價該公司。對於一家穩定、現金充裕的企業，擁有數十年的品牌價值和經過驗證的資本回報模型，這表明潛在的顯著上行空間。</p>
</div><h3><strong>Supporting Metrics</strong></h3>
<div class="lb-trans"><h3><strong>支持指標</strong></h3>
</div><ul>
<li><strong>Market Cap:</strong> ~$6.1B</li>
<li><strong>Free Cash Flow (TTM):</strong> ~$576M</li>
<li><strong>Free Cash Flow Yield:</strong> ~9.4%</li>
<li><strong>Acquirer’s Multiple:</strong> 8.10×</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>市值：</strong> ~$61 億</li>
<li><strong>自由現金流（TTM）：</strong> ~$5.76 億</li>
<li><strong>自由現金流收益率：</strong> ~9.4%</li>
<li><strong>收購者倍數：</strong> 8.10×</li>
</ul>
</div><p>While not as low as deep-cyclical names, an AM of 8.10× remains attractive for a mature service business with resilient recurring revenues and strong free cash flow conversion. HRB’s valuation continues to imply low growth or structural decline—yet the company continues to post stable revenue, strong margins, and consistent cash generation.</p>
<div class="lb-trans"><p>儘管不如深週期性公司低，但 8.10× 的收購者倍數對於一家成熟的服務企業來説仍然具有吸引力，該企業擁有穩定的重複收入和強勁的自由現金流轉化。HRB 的估值繼續暗示低增長或結構性衰退——然而該公司仍持續實現穩定的收入、強勁的利潤率和一致的現金生成。</p>
</div><h3><strong>Revenue &amp; Profitability</strong></h3>
<div class="lb-trans"><h3><strong>收入與盈利能力</strong></h3>
</div><p><strong>(TTM)</strong></p>
<div class="lb-trans"><p><strong>（TTM）</strong></p>
</div><ul>
<li><strong>Revenue:</strong> ~$3.77B</li>
<li><strong>Gross Profit:</strong> ~$1.68B</li>
<li><strong>Operating Income:</strong> ~$849M</li>
<li><strong>Operating Margin:</strong> ~22%</li>
<li><strong>Net Income:</strong> ~$610M</li>
<li><strong>Diluted EPS:</strong> ~$4.37</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>收入：</strong> ~$37.7 億</li>
<li><strong>毛利潤：</strong> ~$16.8 億</li>
<li><strong>營業收入：</strong> ~$8.49 億</li>
<li><strong>營業利潤率：</strong> ~22%</li>
<li><strong>淨收入：</strong> ~$6.1 億</li>
<li><strong>稀釋每股收益：</strong> ~$4.37</li>
</ul>
</div><p>Despite being a seasonal business, HRB generates reliable annual revenue and strong profitability. Operating margins above 20% reflect the efficiency of its hybrid online/in-office model and the scalability of its digital tax platform. HRB converts a significant portion of operating income into free cash flow due to minimal capital expenditure requirements.</p>
<div class="lb-trans"><p>儘管是一家季節性企業，HRB 仍能產生可靠的年度收入和強勁的盈利能力。超過 20% 的營業利潤率反映了其混合在線/線下模式的效率以及其數字税務平台的可擴展性。由於資本支出要求較少，HRB 將相當一部分營業收入轉化為自由現金流。</p>
</div><h3><strong>Balance Sheet Strength</strong></h3>
<div class="lb-trans"><h3><strong>資產負債表強度</strong></h3>
</div><p><strong>(Most recent quarter)</strong></p>
<div class="lb-trans"><p><strong>（最近一個季度）</strong></p>
</div><ul>
<li><strong>Total Assets:</strong> ~$2.62B</li>
<li><strong>Cash &amp; Equivalents:</strong> ~$376M</li>
<li><strong>Receivables:</strong> ~$51M</li>
<li><strong>Total Debt:</strong> ~$2.25B</li>
<li><strong>Net Debt:</strong> ~$1.36B</li>
<li><strong>Working Capital:</strong> –$175M (normal for a seasonal tax business)</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>總資產：</strong> ~$26.2 億</li>
<li><strong>現金及等價物：</strong> ~$3.76 億</li>
<li><strong>應收賬款：</strong> ~$5100 萬</li>
<li><strong>總債務：</strong> ~$22.5 億</li>
<li><strong>淨債務：</strong> ~$13.6 億</li>
<li><strong>營運資本：</strong> –$1.75 億（對於季節性税務業務來説是正常的）</li>
</ul>
</div><p>H&amp;R Block’s balance sheet reflects its seasonal model—large temporary liabilities build during tax season, then unwind as revenue comes in. Importantly, HRB maintains manageable net debt, strong cash generation, and a long track record of reducing share count through disciplined buybacks.</p>
<div class="lb-trans"><p>H&amp;R Block 的資產負債表反映了其季節性模式——在税季期間，臨時負債大幅增加，然後隨着收入的到來而減少。重要的是，HRB 維持可控的淨債務、強勁的現金生成能力，並且有着通過嚴格的股票回購減少股本的悠久記錄。</p>
</div><h3><strong>Capital Returns</strong></h3>
<div class="lb-trans"><h3><strong>資本回報</strong></h3>
</div><ul>
<li><strong>Free Cash Flow (TTM):</strong> ~$576M</li>
<li><strong>Dividends:</strong> Consistently paid and raised over time</li>
<li><strong>CapEx:</strong> ~$76M TTM</li>
<li><strong>Share Repurchases:</strong> Ongoing and aggressive</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>自由現金流（TTM）：</strong> ~$5.76 億</li>
<li><strong>股息：</strong> 一直以來都在支付並逐步提高</li>
<li><strong>資本支出：</strong> ~$7600 萬 TTM</li>
<li><strong>股票回購：</strong> 持續且積極</li>
</ul>
</div><p>Few companies return capital as consistently as HRB. Management targets excess FCF almost entirely toward buybacks and dividends, resulting in one of the most shareholder-friendly capital return programs in the S&amp;P MidCap universe.</p>
<div class="lb-trans"><p>很少有公司像 HRB 一樣持續回報資本。管理層幾乎將所有的超額自由現金流用於股票回購和股息，形成了 S&amp;P 中型股中最友好的資本回報計劃之一。</p>
</div><h3><strong>Why Might HRB Be Undervalued?</strong></h3>
<div class="lb-trans"><h3><strong>為什麼 HRB 可能被低估？</strong></h3>
</div><p>Despite strong cash flows, a resilient customer base, and decades of brand dominance, the market continues to view H&amp;R Block as a declining, low-growth tax service business threatened by digital disruption. Yet:</p>
<div class="lb-trans"><p>儘管現金流強勁、客户基礎穩固且品牌主導地位持續數十年，市場仍然將 H&amp;R Block 視為一家面臨數字化衝擊的衰退、低增長的税務服務企業。然而：</p>
</div><ul>
<li>Revenue and EPS remain stable.</li>
<li>Free cash flow remains robust.</li>
<li>The company’s digital offerings continue to grow.</li>
<li>Buybacks meaningfully reduce share count each year.</li>
<li>Operating margins remain strong and steady.</li>
</ul>
<div class="lb-trans"><ul>
<li>收入和每股收益保持穩定。</li>
<li>自由現金流保持強勁。</li>
<li>公司的數字產品持續增長。</li>
<li>每年回購顯著減少股本。</li>
<li>營業利潤率保持強勁和穩定。</li>
</ul>
</div><p>With an IV/P of 1.50 and an Acquirer’s Multiple of 8.10, HRB appears undervalued relative to its steady earnings power, recurring seasonal cash flows, and long-term capital allocation track record.</p>
<div class="lb-trans"><p>憑藉 1.50 的 IV/P 和 8.10 的收購者倍數，HRB 相對於其穩定的盈利能力、重複的季節性現金流和長期的資本配置記錄，似乎被低估。</p>
</div><h3><strong>Conclusion</strong></h3>
<div class="lb-trans"><h3><strong>結論</strong></h3>
</div><p>H&amp;R Block, Inc. (HRB) represents a compelling blend of quality, stability, and deep value. Its durable business model, strong free cash flow, and shareholder-friendly capital allocation stand in contrast to a valuation that suggests stagnation or decline. For value investors seeking predictable cash flows, prudent management, and a margin of safety, HRB may be a quietly attractive opportunity hiding in plain sight.</p>
<div class="lb-trans"><p>H&amp;R Block, Inc. (HRB) 代表了質量、穩定性和深度價值的引人注目的結合。其耐用的商業模式、強勁的自由現金流和以股東為中心的資本配置與暗示停滯或衰退的估值形成鮮明對比。對於尋求可預測現金流、審慎管理和安全邊際的價值投資者來説，HRB 可能是一個隱藏在明面上的安靜吸引機會。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>Our Calculation Of Intrinsic Value: Walmart Inc.</p>
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