Mediterranean hegemon

The valuation of US$200 million shocked everyone. At that time, investment banks generally valued United Motors between US$90 million and US$120 million. Even with the outstanding performance of the new motorcycles, no one thought it could exceed US$1.5. 100 million US dollars, which directly determines the valuation of 200 million US dollars, exceeding everyone's psychological expectations.

Contini smiled: "Let me explain to you why we set the price this way. First, United Motors sold more than 27,000 units last year, making it the largest motorcycle manufacturer in Italy and even Europe. This year we have expanded our production capacity and The assembly line can complete at least 32,000 vehicles; secondly, the newly launched s2 series has received orders for nearly 10,000 vehicles in the past few days, and I expect to receive at least 10,000 more orders in the next six months. Although these orders It is impossible to deliver all this year, but at least it is possible to achieve explosive delivery throughout next year; third, in response to the listing, we are preparing to change our procurement practices. Previously, United Group held more than 90% of the shares of United Motors, so we purchased United Motors. In order to avoid taxes and fees when fighting motorcycles, United Motorcycles completely adopts cost price transactions. In the future, as a public company, United Group’s purchases must follow the market price, which is at least consistent with the Italian Army’s purchase price; fourth, United Motorcycles has developed new peripheral products. You should not just focus on the vehicles. You should see the unique clothing and helmets worn by the riders in this competition. Do you know how many sets they have sold? 20,000 sets are reserved! Riders who use United Motorcycles need this kind of clothing, and use other motorcycles. Motorcycles and cars also need...

To sum up, United Motorcycle’s net profit this year can exceed US$3.5 million, and next year it can exceed US$4.5 million. In the long run, the valuation will tend to be around 35 times. I personally think it is not expensive at all, if not for everyone. The relationship with the United Group is irreversible and we have a good cooperative relationship. I can definitely find other strategic investment institutions. "

This last sentence was half flattery and half demonstration. However, Contini's promise is still guaranteed. If the average price falls below the issue price in the 30 trading days after listing, United Group guarantees to buy back the shares at the issue price, which is a much stronger guarantee. And everyone also knows that United Forces sidecar motorcycles are very popular. This popularity is also guaranteed by Contini's status.

The final valuation of US$200 million was determined. United Group will introduce three strategic investors, transfer 30% of the shares, and then publicly issue an additional 40% of the shares to the market.

Optimistic investors immediately calculated: 3.5 million net profits in 1928 corresponded to a valuation of 200 million, 4.5 million net profits in 1929 corresponded to a market value of 240 million, and 6 million net profits in 1930 corresponded to a valuation of 280 million. That means As the pe multiple gradually drops from 57 times to 46 times, it is still acceptable for a mid-cap stock. A 40% increase in two years seems to be a good deal. If the market becomes hotter and the increase exceeds 50- 60% is not impossible. Everyone hates Contini for refusing to invest in shares two days ago, otherwise there would be no need for such a high valuation of 200 million.

After taking advantage of this opportunity, Contini steadily acquired 60 million U.S. dollars, 50 million of which went back to Italy through Union Bank channels, and another 10 million of which was turned into hard currency in the warehouse. This time, in addition to New York specialties, he also added Got some silver.

Everyone expressed confusion about the president's request to purchase silver. Although silver is also a hard currency, its price is unstable and it is not nationally standardized. It has little practical effect and value. Why should we purchase silver?

However, the president himself does not see it that way. He only cited one reason: China is currently a silver standard! Now everyone understands. The president doesn’t want silver bars as inventory, he plans to take them back to mint coins!

On the one hand, the Chinese workers in Libya are accustomed to using Lira instead of using Lira. Their wages are also settled in Lira. At present, the number of Libyans is close to 180,000. The amount of Lira that needs to be distributed throughout the year is nearly 20 million. Mining 20 million Lira is more than paying the equivalent of 20 million Lire. The lira comes cheap;

On the other hand, the Shenzhen Special Economic Zone and the United Terminal need to be developed vigorously, and the United Bank must also settle in. It is necessary to establish a currency system between the lira and South China. The best intermediary is Dayang. Contini said with Huang Xinguo that he is concerned about China's paper currency policy. Completely distrustful, both the North and South governments are promoting the process of indiscriminate issuance of banknotes, but if they want to purchase from China, they can use universal intermediaries as delivery channels. Huang Xinguo has also seen the silver dollar template cast in the name of United Bank. It looks more exquisite than the state-made Yuan Datou and Sun Datou. It has Mussolini's head on the front, and the United Bank headquarters and badge on the back, with a circle around it. Fine lines effectively prevent someone from filing off scraps with a file.

Therefore, starting in 1928, China began to circulate the second foreign silver dollar, the Italian silver dollar, besides the Mexican Eagle Ocean, known as Mo Datou.

Italy does not produce much silver, and Europe typically purchases it through the London market. However, the United States controls two-thirds of the world's silver production and has no export tax. Contini believes that purchasing from the United States is more conducive to maintaining financial balance. We are about to draw a steady stream of water from the reservoir of the United States. If you can be more subtle, be more subtle.

In addition to small-batch purchases of silver, the rest is a large-scale buying and selling rhythm:

GE and Westinghouse power generation equipment to buy! United Group has placed an order for 4 million kilowatts of installed capacity, which is equivalent to doubling the entire power supply capacity of Italy;

Exxon and Chevron refining equipment to buy! Contini signed a contract for 12 million tons of refining equipment within 7 days, which can increase Italy's refining capacity to 20 million tons;

Dow Chemical

Alcoa

us steel

General Motors

…

Almost all large industrial equipment manufacturing companies listed on the U.S. stock market have received orders from United Group, and the contracts of intent they signed are basically the same: both parties will sign a formal contract before the end of September to determine product specifications and technical parameters, and determine the delivery process. and location; before the end of December, the United Group pays a deposit, and each company starts production. The deposit is generally between 10-15%, with a basic average of 12%; after the equipment production is completed, the United Group pays 30% of the remaining price; the shipment arrives After the destination, 30% of the remaining price will be paid; 30% will be paid after installation and commissioning is completed, and the remaining part will be provided with a one-year observation period warranty.

What makes Wall Street extremely excited is that the amount of this contract is particularly huge: the president's posture is almost to sweep away all the industrial categories he is involved in. Currently, there are 18 heavy industry categories commonly used in the world, mainly including steel, metallurgy, machinery, The United Group is involved in various fields such as vehicles, chemicals, energy, electrical, building materials, mining, etc., so all the objects of this order are also involved. The total contract amount is equivalent to the overall contract of 2.4 billion + 1.8 billion, of which 2.4 billion is The basic contract, 1.8 billion, is a contract that the United Group can continue to add to the original conditions if necessary. Although the contract also gives the United Group the right to terminate and the deposit paid will not be refunded after the termination, market participants believe that the president is still very confident in promoting the development of Italian industry. , the domestic development situation in Italy is also very good, and there is no need to deliberately break the contract.

The only thing that industrial capitalists are worried about now is whether United Group has the solvency. Although the US$2.4 billion does not need to be delivered all at once, it is a large number after all. It is a little more than the entire contract purchased by the president in the past years. Now it is Wall Street Finance The capitalists came out to reassure the industrial capitalists. They announced that they had acquired 30% of United Motorcycle's shares for US$60 million. They also hinted that they would consider issuing and listing Libyan oil field shares at the end of the year at 1.2 billion.

In addition, United Power, as the largest energy supply company in Italy, can also consider issuing and listing under the public utility category. Although the price-to-earning ratio of public utility stocks is only 18-20 times, it cannot stand up to its huge size. United Electric Power controls two-thirds of Italy's power supply. There are 27 power companies in Italy, large and small, but in the eyes of the outside world, there are only 2. : One is United Power and the other is other companies. This is a great selling point.

Combined Gas, which has a higher degree of monopoly than electricity, now mainly provides two types of clean energy: one is liquefied petroleum gas associated with refineries, which are usually filled in 25-30 kg (household), 40-50 kg (commercial) ) are sold in cylinders for households that are scattered, isolated, and temporarily unable to access pipeline gas; one is liquefied natural gas that is continuously pulled from North Africa, usually placed in large LNG tanks weighing several tons. Then provide it to users who bury pipelines (mainly United Community and other new residential areas imitating United Community).

This energy structure is gradually replacing the previously popular gas because both natural gas and liquefied petroleum gas are based on energy sources that Italy can control. The cost is much cheaper than imported coal to make artificial gas, and the safety performance is better. Nowadays, in addition to thermal coal and coal chemical industry, Italy has greatly reduced its coal imports and replaced it with large-scale imports of coke from Germany. The German gas industry has become more prosperous. United Gas also looks set to go public.

If this pattern continues, the rapid railway and commercial belt controlled by the United Group will also be a good selling point. These stocks do not necessarily have to be listed in New York. They will also be very good trading targets in Italy. Even after the stable period of the overall large-scale expansion of the United Group is over, it is not impossible to use this giant for an overall listing. At that time, the operation will be stable and we will no longer suffer losses like this.

Smart financiers began to calculate: 2.4 billion industrial projects, loans can solve half of them, United Motorcycle and United Petroleum can solve 400-600 million, United Bank has just issued a 400 million US dollar bond, as long as Italy raises another 4-6 billion. With a capital amount of US$500 million and delivery in installments of 3-4 years, the 2.4 billion can be fully sustained.

The president said it very well at the press conference: "Utilize the advantages of Fascisti to concentrate on doing big things, and rebuild an Italian heavy industry system in 10 years!" Why doesn't the United States have such a domineering figure to make everyone rich? It must be because of the system!