Open Text Corp
1 位超级投资者持有 Open Text Corp（OTEX）。
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。
估值 · 地基层
估值 · 两种方法
盈利能力与资产地基
两种内在价值方法加一道有形资产地板 — 确定性计算，非价格预测、非推荐。
高杠杆 — 价值区间为降级近似（见方法）。
Open Text Corp（OTEX）：一项保守的盈利能力估计，$14–$24 / 股；今日价格高于它（价格 $23 截至 2026-07-02）。
模型警示
- DCF 结果与零增长理智检验出现背离（超过 50%）。
- 增长率几乎等于贴现率 — 估计对假设高度敏感。
源自两种估值方法的一项观察 — 非投资建议、非买卖信号、亦非目标价。
价格截至 2026-07-02 · yahoo · DGS10 4.5% @ 2026-07-01.
方法与数字
所有者盈利 DCF $13.90 – $23.95 · Greenwald 零增长 $14.83 · 零增长基准 $14.83
护城河 无法评估 · 终值占现值 42% · 所有者盈利收益率 6% 对 10Y 4.5%.
Graham earnings-power value (normalized NOPAT)$3.99 – $9.27 / 股
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
年份：2025, 2024, 2023, 2022, 2021
v1 简化：Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$12.13 – $14.83 / 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 9–11% rate band (read as a cost-of-equity proxy). 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：Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). 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 same 9–11% band as a cost-of-equity proxy (theoretically the cost of equity is higher; v2 simplification, v3 to refine).
资产地板：Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
护城河读数：Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; 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 / ROIIC ≤ WACC，故不计入任何增长价值。
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.
所有者盈利 DCF：增长 g₁ 9% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 8.98%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-07-01). 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.
High leverage (net debt / shareholders' equity above 1.0): the single 9–11% rate band is a low-leverage / net-cash approximation and is directionally distorted here. The ranges are shown but should be read as degraded.
持仓 · 13F 共识
谁在买
跨基金聚合的机构持仓——共识强度与本季动向,描述动作、不下判决。
1 位超级投资者持有 · 合计 $1.7M
头号重仓 Ray Dalio
1 位超级投资者持有 Open Text Corp（OTEX）；本季 1 家减仓（截至 2026-03-31）。
13F 持仓为机构自行申报,可能滞后最多 45 天;仅供信息参考,非买卖建议。
下一步 · 值不值
想知道现在哪些股票相对保守价值带便宜？
浏览全部可估值股票，按价值带排序持有该证券的超级投资者
- 市值$1.7M权重(上季→本季)0.1% → 0.0% ▼
持有概览
Open Text Corp（OTEX）被 Compounder 追踪的 1 位超级投资者持有，合计申报市值 $1.7M。仓位最大的是 Ray Dalio，占其组合 0.0%。
最近一个季度，追踪范围内有 0 位新建 OTEX 仓位，0 位加仓，1 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 2026-03-31 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。
持有人趋势
近 8 季持有该证券的超级投资者：1 → 1 家。
早期季度持有人数可能因数据回填偏低，斜率仅供参考。
数据来源· SEC EDGAR 13F 截至 2026-03-31 · 2026-05-15 提交
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