Magna International Inc
MGA高于价值5 位超级投资者持有。
SEC 10-K · 基本面
生意质量
截至 2025-12-31- 营收增速
- -1.9%
- 净利率
- 2.0%
- ROE
- 6.6%
- FCF 利润率
- 5.4%
估值 · 价值带
高于合理价值
零增长底
$42
中枢 IV
$26
乐观上沿
$42
Magna International Inc（MGA）：保守价值带 $42 / 股（零增长底到增速封顶的乐观上沿），中枢约 $26。今日价格高于这条带（价格 $66 截至 2026-08-25）。
中间是主读数；右侧上沿是同一套保守假设下的乐观档，不是绝对上限。
- 最新盈利低于多年均值，价值带按更低的运行率计。
营收增 0%（历史下滑，封顶为零） · 护城河 0 年 · 折现 11.0% · 零增长下行 $42
价格截至 2026-08-25 · yahoo · DGS10 4.6% @ 2026-08-25.
方法与数字
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
保守内在价值带（零增长底到增速封顶的 DCF）加一道有形资产地板 — 非投资建议、非买卖信号、亦非目标价。
所有者盈利 DCF $23.27 – $30.24 · Greenwald 零增长 $42.07 · 零增长基准 $42.07 · 重置 $42.07
护城河 低于资产基础 · 终值占现值 35% · 所有者盈利收益率 4% 对 10Y 4.6%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
年份：2025, 2024, 2023, 2022, 2021
Buffett owner-earnings value$25.31 – $30.69 / 股
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9.4–11.4% band (9–11% base + 0.4pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
年份：2025, 2024, 2023, 2022, 2021
v1 简化：Net income is below its multi-year average (cyclical/declining): normalized owner earnings anchored to the latest year — no peak-earnings capitalization (audit #2). Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 0.4pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 3.8 years of owner earnings, adding 0.4pp of cost-of-equity risk premium.
重置价值 = 有形净资产 $9.49B + 资本化研发 $2.39B（FY 2025, 2024, 2023, 2022, 2021） = $42.07 / 股. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
护城河读数：Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
增长价值被闸至零 — 无护城河或 ROIIC ≤ WACC，故不计入增长价值。
窗口 FY 2025, 2024, 2023, 2022, 2021 · 贴现带 9%–11% · 正常化税率 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · 股数 diluted.
基线 9%–11%，净债务约 3.8 年所有者盈利 → 加 0.4 个百分点风险溢价 → 实际 9.4%–11.4%。
所有者盈利 DCF：增长 g₁ 0%（历史下滑 → 封顶为 0） · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.54%–12.40% (DGS10 +4.5% to a 12% strict end, each +0.40pp for leverage premium, as of 2026-08-25). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
价格在赌什么
现价把公司未来几年的 owner-earnings 年增定在 18.0%；公司过去营收年增 5.5%。
市场要它明显快过自己一贯的水平。
价值带信心不足时仍可对照：这里只说明市场在赌多快，不把它当成「确认便宜」。
SEC 13F · 持有人
持有该证券的超级投资者
5 位持有 · 合计 $2.37B · 本季 +1 新建 / -0 清仓
- 市值$2.23B权重（上季→本季）6.4% → 6.5% ▲
- 市值$101.7M权重（上季→本季）0.2% → 0.2% ▲
- 市值$34.9M权重（上季→本季）0.9% → 1.4% ▲
- 市值$3.0M权重（上季→本季）新建 · 0.0%
- 市值$656,600权重（上季→本季）0.3% → 0.3% ▲
SEC 13F · 说明
文字说明
文字说明
Magna International Inc（MGA）被 Compounder 追踪的 5 位超级投资者持有，合计申报市值 $2.37B。仓位最大的是 Richard Pzena，占其组合 6.5%。
按市值，其他主要持有人包括 Jeremy Grantham（占其组合 0.2%），Andrew Brenton（占其组合 1.4%） 和 Sarah Ketterer（占其组合 0.0%）。
最近一个季度，追踪范围内有 1 位新建 MGA 仓位，1 位加仓，2 位减仓，0 位清仓。
以上持有人数与市值来自最新的 SEC Form 13F 申报，截至 2026-06-30 季度。来源：SEC EDGAR。13F 仅涵盖美股多头持仓，且可能滞后实际组合最多 45 天，因此这是已披露的多头持有情况，并非完整全貌。
SEC 13F · 共持信号
他们还共同持有
持有 Magna International Inc（MGA）的这些人还共同重仓 →
看哪些股票相对价值带便宜。 浏览全部可估值股票
数据来源· SEC EDGAR 13F 截至 2026-06-30 · 2026-08-14 提交
仅供教育与信息参考，不构成投资建议。13F 持仓为机构自行申报，可能滞后最多 45 天。
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