NVFY私有化猜想：回A股股价或翻20倍！

近期中概股私有化成风，比如大家熟知的RENN人人网，QIHU奇虎，MOMO陌陌等。究其原因是许多中概股在美国资本市场并未获得正确的认知，从而使得许多发展前景广阔，潜力极好的公司被市场所抛弃；而中国国内资本市场近期虽然大幅回调，但许多具有独特概念的股票依然有着较中概股同类公司有较大溢价，那么从美国市场回到中国，不失为一个理想的选择。

而我们的老朋友，诺华家具(代码NVFY)很有可能加入到私有化行列中，目前该事件正在逐步发酵，先看新闻：

NVFY成立特别委员会考虑潜在投资与收购意向

2015年6月29日洛杉矶讯：诺华家具（股票代码：NVFY）是一家美国生活方式家具设计，生产和分销商，今天宣布公司董事会在2015年6月24日成立一个特别委员会，将针对数家基金和券商发来的问询函进行审核，问询函暗示注资或可能对公司进行收购。

特别委员会成员为NVFY的CFO Sammy Ho先生，以及另外4名独董。他们将对该信函进行评估并深度接触这些潜在投资者或公司收购者。问询函为初步构想，无约束性。

NVFY CEO Jeffrey Wong表示：“收到这些投资人的问询函后，董事会认为成立一个特别委员会很有必要，它可以确保企业在评估这种机会时的适当独立性。目前还处于初期评估，而我们将实时通报进展给投资者，全程都将维持透明。”

中国光大集团旗下光大证券并购部门主管GangCheng认为：“随着中国股市的暴涨，中国国内资本市场变得越发活跃，有着全新概念的公司将得到投资者的青睐，比如诺华家具（NVFY）。”

NVFY董事会以谨慎措辞对外宣称：请公司股东以及其他有意交易本公司股票的投资者知悉，特别委员会尚未作出任何决策，不确保将收到任何最终收购报价，相关协议或交易的执行亦存在变量。除适用法律所规定外，公司无义务提供关于这类问询函的任何最新进展。

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NVFY一直处于稳定的上升期，他们从OTC市场摸爬滚打，凭借现代化的设计和高质量的产品质量，让公司的销售额稳步增长，从而顺利完成转板至NASDAQ市场，而转板不是终点，它是起点。

从新闻稿中，我们获知NVFY有两方面的利好可能，无论最后是那一种尘埃落定，都必将会对NVFY较低的股价形成一定刺激。

首先，NVFY收到的问询函有可能迎来大投资者。我们知道，任何企业发展壮大，除了自身过硬的业务能力外，外部投资者的投资尤为重要，资本市场始终是‘钱生钱’的游戏，NVYF是家具设计、销售商，一体化的业务就要求他们前期设计投入，产品定型设计，商品库存整理，市场铺货销售，各个管道都需要耗费大量人力物力，如能引来大金主，将让整个公司的销售额、品牌知名度等更上一层楼。

其次，私有化的可能性。如果私有化，则需要将其价值与中国A股同类公司做横向比较，在中国A股两市‘木业家具’板块中，共计25家公司，按市值从大到小排列，主营业务与NVYF最想象的公司名为好莱客，A股代码603898。

我们将好莱客与NVFY的2015年第一季度业绩进行对比：

注：NVFY原始财务数据单位为美元，已按当前汇率换算（1:6.2）为人民币，或存在误差。好莱客（603898）原始财务数据单位为人民币。

从好莱客603的字头来看，这是一支次新股，所以高达572倍的市盈率请不要惊慌，这种股票在中国A股市场比比皆是，而我们的老朋友NVFY却只有不到5倍的市盈率，这个市盈率，在中国A股2000多支股票中，即使是超大蓝筹股也几乎看不到，更不用说NVFY这种小型，蕴含着无穷未知的公司。

而好莱客在A股木业家具板块市值排名第8，净利润排名15，营收排名17，可以说是一个板块中游公司，但在纯收入，EPS等重要指标被NVFY甩出几条街后，这家公司市值居然高达134亿元人民币，是NVFY的60多倍！

更让人惊叹的是，好莱客现价137元人民币，合美元约为20美元，是NVFY将近10倍！可为何财务资料不理想，却有着高出NVFY如此多的溢价？

我们相信NVFY价值被严重低估了！

我们还无法100%确认NVFY是否会引来投资人或者是私有化，但从管理层这样一个动作看，这家公司即将迈入价值重估的道路上。

NVFY三角整理形态中，底部支撑非常可能企稳反弹。

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