<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 提供於 Unsplash</p>
<p>在我們《收購者的多重性》系列的持續更新中，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 APA Corporation (APA)——一家全球性的石油和天然氣生產商，擁有遍佈美國、埃及和北海的大規模上游資產，得益於嚴格的資本配置和將商品週期轉化為持久自由現金流的悠久歷史。</p>
<h3><strong>業務概述</strong></h3>
<p>APA 是一家多元化的勘探和生產公司，擁有覆蓋多個地區的平衡原油、天然氣和天然氣液體資產組合。公司的戰略集中在高效勘探、嚴格控制運營支出以及在高回報鑽探地點再投資現金流。</p>
<p>APA 的生產組合、全球資產佈局和靈活的資本計劃使其能夠迅速調整以應對商品價格。即使在波動的市場中，APA 也能持續產生可觀的自由現金流，保持精簡的運營，並通過回購和分紅返還資本。</p>
<h3><strong>什麼是 IV/P（內在價值與價格）？</strong></h3>
<p>IV/P 告訴你一隻股票是否提供了比你支付的價格更高的內在價值。該比率結合了盈利能力、再投資效率和資本回報政策，以估算保守的價值衡量標準。</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>，這意味着內在價值估計比當前市場價格高出約 20%——相對於同行的低估信號雖然積極但更為温和。</p>
<h3><strong>支持指標</strong></h3>
<table>
<thead>
<tr>
<th>指標</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td>市值</td>
<td>≈ 79 億美元</td>
</tr>
<tr>
<td>企業價值</td>
<td>≈ 140-150 億美元</td>
</tr>
<tr>
<td>自由現金流（TTM）</td>
<td>≈ 19 億美元</td>
</tr>
<tr>
<td>自由現金流收益率</td>
<td>≈ 13-14%（基於企業價值）</td>
</tr>
<tr>
<td>收購者的多重性</td>
<td>AM = 4.80</td>
</tr>
</tbody>
</table>
<p>APA 的 AM 為 4.8，深處價值領域——在當前中型 E&amp;P 公司中是最低的 AM 讀數之一。市場將 APA 定價為長期盈利能力將持續受到結構性損害，儘管現金生成持續強勁。</p>
<h3><strong>收入與盈利能力</strong></h3>
<table>
<thead>
<tr>
<th>指標</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>96.4 億美元</td>
</tr>
<tr>
<td>營業收入</td>
<td>29.4 億美元</td>
</tr>
<tr>
<td>營業利潤率</td>
<td>≈ 30%</td>
</tr>
<tr>
<td>淨收入</td>
<td>≈ 15.1 億美元</td>
</tr>
<tr>
<td>淨利潤率</td>
<td>≈ 15-16%</td>
</tr>
<tr>
<td>稀釋每股收益</td>
<td>4.18</td>
</tr>
</tbody>
</table>
<p>APA 依然保持穩健的盈利能力，營業利潤率超過許多綜合性和獨立生產商。儘管商品價格低於往年，APA 仍然能夠提供強勁的收益和穩健的自由現金流。</p>
<h3><strong>資產負債表強度</strong></h3>
<table>
<thead>
<tr>
<th>項目</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td>現金及現金等價物</td>
<td>≈ 4.75 億美元</td>
</tr>
<tr>
<td>總債務</td>
<td>≈ 45.9 億美元</td>
</tr>
<tr>
<td>淨債務</td>
<td>≈ 40.1 億美元</td>
</tr>
<tr>
<td>股東權益</td>
<td>≈ 59 億美元</td>
</tr>
</tbody>
</table>
<p>APA 負擔着相當大的槓桿，但這對於擁有長期現金流資產的上游運營商來説是典型的。流動性充足，自由現金流強勁，資產負債表支持持續發展和股東回報。</p>
<h3><strong>資本回報</strong></h3>
<table>
<thead>
<tr>
<th>指標</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td>分紅支付（TTM）</td>
<td>≈ 3.64 億美元</td>
</tr>
<tr>
<td>股票回購</td>
<td>活躍（根據週期變化）</td>
</tr>
<tr>
<td>自由現金流（TTM）</td>
<td>≈ 19 億美元</td>
</tr>
</tbody>
</table>
<p>APA 維持了一種平衡的方法：適度的分紅加上在低估期間的機會性回購。隨着 IV/P 為 1.20，回購仍然增強每股價值，儘管安全邊際不如 IV/P 較高的情況極端。</p>
<h3><strong>為什麼 APA 可能被低估</strong></h3>
<p>幾個因素指向錯誤定價：</p>
<ul>
<li>市場仍將 APA 定價為長期商品價格結構性疲軟。</li>
<li>儘管存在週期性，APA 仍然能夠產生近 20 億美元的年度自由現金流。</li>
<li>由於嚴格的成本管理，營業利潤率保持強勁。</li>
<li>APA 的多元化全球佈局在商品週期中提供了韌性。</li>
<li>IV/P 為 1.20 表示內在價值有顯著但更温和的折扣。</li>
<li>收購者的多重性為 4.8 對於擁有 APA 現金生成的企業來説極具吸引力，將其置於經典的深度價值領域。</li>
</ul>
<h3><strong>結論</strong></h3>
<p>憑藉 IV/P 為 1.20、非常有吸引力的收購者多重性為 4.80，以及近 20 億美元的年度自由現金流，APA Corporation 在能源領域被視為一個引人注目的折扣機會。其多元化的資產基礎、強勁的盈利能力和嚴格的資本計劃為長期價值創造提供了多種途徑。</p>
<p>對於尋求以顯著折扣交易的現金生成運營商的價值投資者來説，APA 可能代表了能源領域內一個持久且被錯誤定價的機會。</p>
<hr/>
<p><em>更多來自此作者的內容：</em></p>
<p>我們對內在價值的計算：Broadcom Inc.</p>
<p>Bath &amp; Body Works：被低估的零售領袖，擁有強勁的自由現金流</p>
<p>我們對內在價值的計算：Apple Inc.</p>

<p>APA 公司被認為是一隻深度價值能源股票，其內在價值與價格比率為 1.20，表明其被低估約 20%。該公司產生強勁的自由現金流，保持穩健的運營利潤率，並擁有多元化的全球資產基礎。APA 的收購倍數為 4.8，表明它在能源領域是一個引人注目的折扣機會，為投資者提供了韌性和長期價值創造</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 提供於 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>在我們《收購者的多重性》系列的持續更新中，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 APA Corporation (APA)——一家全球性的石油和天然氣生產商，擁有遍佈美國、埃及和北海的大規模上游資產，得益於嚴格的資本配置和將商品週期轉化為持久自由現金流的悠久歷史。</p>
</div><h3><strong>Business Overview</strong></h3>
<div class="lb-trans"><h3><strong>業務概述</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產公司，擁有覆蓋多個地區的平衡原油、天然氣和天然氣液體資產組合。公司的戰略集中在高效勘探、嚴格控制運營支出以及在高回報鑽探地點再投資現金流。</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 的生產組合、全球資產佈局和靈活的資本計劃使其能夠迅速調整以應對商品價格。即使在波動的市場中，APA 也能持續產生可觀的自由現金流，保持精簡的運營，並通過回購和分紅返還資本。</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 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 告訴你一隻股票是否提供了比你支付的價格更高的內在價值。該比率結合了盈利能力、再投資效率和資本回報政策，以估算保守的價值衡量標準。</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>，這意味着內在價值估計比當前市場價格高出約 20%——相對於同行的低估信號雖然積極但更為温和。</p>
</div><h3><strong>Supporting Metrics</strong></h3>
<div class="lb-trans"><h3><strong>支持指標</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>指標</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td>市值</td>
<td>≈ 79 億美元</td>
</tr>
<tr>
<td>企業價值</td>
<td>≈ 140-150 億美元</td>
</tr>
<tr>
<td>自由現金流（TTM）</td>
<td>≈ 19 億美元</td>
</tr>
<tr>
<td>自由現金流收益率</td>
<td>≈ 13-14%（基於企業價值）</td>
</tr>
<tr>
<td>收購者的多重性</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 為 4.8，深處價值領域——在當前中型 E&amp;P 公司中是最低的 AM 讀數之一。市場將 APA 定價為長期盈利能力將持續受到結構性損害，儘管現金生成持續強勁。</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><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>指標</th>
<th>TTM</th>
</tr>
</thead>
<tbody>
<tr>
<td>收入</td>
<td>96.4 億美元</td>
</tr>
<tr>
<td>營業收入</td>
<td>29.4 億美元</td>
</tr>
<tr>
<td>營業利潤率</td>
<td>≈ 30%</td>
</tr>
<tr>
<td>淨收入</td>
<td>≈ 15.1 億美元</td>
</tr>
<tr>
<td>淨利潤率</td>
<td>≈ 15-16%</td>
</tr>
<tr>
<td>稀釋每股收益</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 依然保持穩健的盈利能力，營業利潤率超過許多綜合性和獨立生產商。儘管商品價格低於往年，APA 仍然能夠提供強勁的收益和穩健的自由現金流。</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><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>項目</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td>現金及現金等價物</td>
<td>≈ 4.75 億美元</td>
</tr>
<tr>
<td>總債務</td>
<td>≈ 45.9 億美元</td>
</tr>
<tr>
<td>淨債務</td>
<td>≈ 40.1 億美元</td>
</tr>
<tr>
<td>股東權益</td>
<td>≈ 59 億美元</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 負擔着相當大的槓桿，但這對於擁有長期現金流資產的上游運營商來説是典型的。流動性充足，自由現金流強勁，資產負債表支持持續發展和股東回報。</p>
</div><h3><strong>Capital Returns</strong></h3>
<div class="lb-trans"><h3><strong>資本回報</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>指標</th>
<th>數值</th>
</tr>
</thead>
<tbody>
<tr>
<td>分紅支付（TTM）</td>
<td>≈ 3.64 億美元</td>
</tr>
<tr>
<td>股票回購</td>
<td>活躍（根據週期變化）</td>
</tr>
<tr>
<td>自由現金流（TTM）</td>
<td>≈ 19 億美元</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 維持了一種平衡的方法：適度的分紅加上在低估期間的機會性回購。隨着 IV/P 為 1.20，回購仍然增強每股價值，儘管安全邊際不如 IV/P 較高的情況極端。</p>
</div><h3><strong>Why APA Might Be Undervalued</strong></h3>
<div class="lb-trans"><h3><strong>為什麼 APA 可能被低估</strong></h3>
</div><p>Several factors point toward a mispricing:</p>
<div class="lb-trans"><p>幾個因素指向錯誤定價：</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>市場仍將 APA 定價為長期商品價格結構性疲軟。</li>
<li>儘管存在週期性，APA 仍然能夠產生近 20 億美元的年度自由現金流。</li>
<li>由於嚴格的成本管理，營業利潤率保持強勁。</li>
<li>APA 的多元化全球佈局在商品週期中提供了韌性。</li>
<li>IV/P 為 1.20 表示內在價值有顯著但更温和的折扣。</li>
<li>收購者的多重性為 4.8 對於擁有 APA 現金生成的企業來説極具吸引力，將其置於經典的深度價值領域。</li>
</ul>
</div><h3><strong>Conclusion</strong></h3>
<div class="lb-trans"><h3><strong>結論</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>憑藉 IV/P 為 1.20、非常有吸引力的收購者多重性為 4.80，以及近 20 億美元的年度自由現金流，APA Corporation 在能源領域被視為一個引人注目的折扣機會。其多元化的資產基礎、強勁的盈利能力和嚴格的資本計劃為長期價值創造提供了多種途徑。</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>對於尋求以顯著折扣交易的現金生成運營商的價值投資者來説，APA 可能代表了能源領域內一個持久且被錯誤定價的機會。</p>
</div><hr/>
<div class="lb-trans"><hr/>
</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的內容：</em></p>
</div><p>Our Calculation of Intrinsic Value: Broadcom Inc.</p>
<div class="lb-trans"><p>我們對內在價值的計算：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：被低估的零售領袖，擁有強勁的自由現金流</p>
</div><p>Our Calculation of Intrinsic Value: Apple Inc.</p>
<div class="lb-trans"><p>我們對內在價值的計算：Apple Inc.</p>
</div>

APA 公司：具有深度價值的能源股票