The valuation of 200 million US dollars shocked everyone, and the general valuation of investment banks to United Motorcycle was concentrated between 90 million and 120 million US dollars, even if the outstanding performance of the new motorcycle was added, everyone did not think that it could exceed 150 million US dollars, which directly set the valuation of 200 million, which exceeded everyone's psychological expectations.

Contini smiled: "I'll explain to you why it's priced like this. first Last year, the sales volume of United Motorcycle exceeded 27,000 units, which is the largest motorcycle manufacturer in Italy and even Europe, and this year we have expanded our production capacity and assembly line, at least more than 32,000 units can be completed; second, the new S2 series has received nearly 10,000 orders in the past few days, and I expect to get at least 10,000 orders in the next six months, although these orders cannot be fully delivered this year, but at least it is possible to achieve explosive delivery throughout next year; third, in response to the listing, we are ready to change our procurement practices - In the past, the United Group held more than 90% of the shares of United Motorcycle, so when we purchased the United Force sidecar motorcycle to avoid taxes and fees, we completely adopted the cost price transaction, and in the future, as a public company, the United Group must follow the market price - at least the same as the Italian Army procurement price; Fourthly, United Motorcycles has developed new merchandise, so you should not only focus on the car, but also see the unique clothing and helmets worn by the drivers in this race, and know how much they sold? 20,000 sets are pre-ordered! Riders on combined motorcycles need this garment, as do cars that use other motorcycles......

To sum up, this year's net profit of United Motorcycle can exceed 3.5 million US dollars, next year can exceed 4.5 million US dollars, in the long run, the valuation will tend to be about 35 times, I personally think it is not expensive at all, if you are not with the United Group relationship and have a good cooperative relationship, I can find other strategic investment institutions. ”

This last sentence is half flattering, half demonstrating. However, Contini's promise is still guaranteed that if the average price falls below the issue price for 30 trading days after listing, the United Group guarantees to buy back at the issue price, which is much stronger. And it is also known that the United Force sidecar motorcycle is a best-selling – and this popularity is also guaranteed by Contini's status.

In the end, the valuation of $200 million was determined, and the 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 profit in 1928 corresponds to a valuation of 200 million, 4.5 million net profit in 1929 corresponds to a market value of 240 million, and 6 million net profit in 1930 corresponds to a valuation of 280 million, which means that the PE multiple gradually drops from 57 times to 46 times - for a mid-cap stock, it is still acceptable, so a 40% increase in two years seems to be a good deal, in case the market is a little hotter, up more than 50-60% It's not impossible, everyone hates only that Contini refused to buy shares two days ago, otherwise there would be no need for such a high valuation of 200 million.

After this fishing, Contini steadily bought $60 million, 50 million returned to Italy through the channel of Union Bank, and another 10 million became hard currency in the warehouse - this time in addition to the New York specialty, some silver was added.

Everyone expressed confusion about the president's request to purchase silver, although silver is also a hard currency, but the price is unstable and it is not the standard of each country, there is not much practical role and value, why purchase silver?

However, the president himself does not see it that way, and he only cites one reason: China is currently on the silver standard! Now everyone understands. The president didn't want a large silver bar as an inventory, he was going to take it back and mint it!

At present, the number of Libyan people is close to 180,000, and the ocean that needs to be paid throughout the year is nearly 20 million - it is cheaper to mint 20 million oceans than to pay the equivalent of 20 million oceans;

On the other hand, the Shenzhen Special Economic Zone, the United Wharf, to vigorously develop, the United Bank must also settle in, must establish the lira and South China's monetary system, the best intermediary is the ocean, Contini and Huang Xinguo said that he is completely distrustful of China's paper money policy, both the North and the South are promoting the process of indiscriminate issuance of paper money, but he wants to purchase from China, then he can use the general intermediary as a transmission - the ocean. Huang Xinguo has also seen the silver dollar stencil minted in the name of the Union Bank, which looks a little more exquisite than the state-made Yuan Datou and Sun Datou, with Mussolini's head on the front and the Union Bank headquarters and badge on the back, and a circle of fine lines around it - effectively preventing someone from filing the scraps with a file.

Therefore, from 1928 onwards, China began to circulate the second foreign silver dollar, the Italian silver dollar, known as the Mexican silver dollar.

Italy's own silver production is not much, and Europe is most typically purchased through the London market, but the United States controls two-thirds of the world's silver production and has no export taxes

In addition to the small batch purchase of silver, the others are large-scale buying, buying, buying rhythm:

Power generation equipment from General Electric and Westinghouse – buy! The United Group has placed an order for 4 million kilowatts of installed capacity, which is equivalent to doubling the power supply capacity of the whole of Italy;

Exxon and Chevron refining equipment – buy! Contini signed a 12 million tonne refinery facility in seven days, which could increase Italy's refining capacity to 20 million tonnes;

Dow Chemical

Alcoa

U.S. 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: the two 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 paid the deposit, and the companies started production, and the deposit was roughly between 10-15%, and the basic average was 12%; After the completion of equipment production, the United Group will pay 30% of the remaining price; 30% of the remaining price will be paid upon arrival at the destination; 30% will be delivered after the installation and commissioning is completed, and the remaining part will be guaranteed for a 1-year observation period.

What makes Wall Street extremely excited is that the amount of this contract is particularly huge: the president's posture is almost to exhaust the industrial categories he is involved in - at present, there are a total of 18 heavy industry categories in the world, mainly including steel, metallurgy, machinery, vehicles, chemicals, energy, electrical, building materials, mining and other fields, the United Group is all involved, so the object of this order is also all involved, the total contract amount is equivalent to 2.4 billion + 1.8 billion overall contracts, of which 2.4 billion is the basic contract, 1.8 billion is the contract that the United Group can continue to add according to the original conditions, although the contract also gives the United Group the right to terminate - the deposit that has been paid after the termination will not be refunded, but market participants believe that the president's confidence in promoting the development of Italian industry is still very sufficient, and the domestic development situation in Italy is also particularly good, and there is no need to deliberately break the contract.

Now the only thing that the industrial capitalists are worried about is whether the United Group has this solvency, although 2.4 billion US dollars does not need to be delivered at once, but after all, it is not a small amount, a little more than all the contracts purchased by the president in the past years, and now it is the Wall Street financial capitalists who have come out to reassure the industrial capitalists, they announced that they have acquired a 30% stake in United Motorcycle for 60 million US dollars, and at the same time hinted that they will consider issuing and listing the shares of the Libyan oil fields at 1.2 billion yuan at the end of the year.

In addition, as the largest energy supplier in Italy, United Power can also be considered for listing in the public utility category. Although the stock price-to-earnings ratio of utilities is only 18-20 times, it is not enough to support the large size of people - United Power controls two-thirds of the country's electricity supply, and there are 27 power companies in Italy, large and small, but only two in the eyes of the outside world: one is United Power and one is other companies. That's a great selling point.

United Gas, which has a higher degree of monopoly than electricity, now mainly provides two types of clean energy: one is refinery-related liquefied petroleum gas, which is usually filled in 25-30 kg (domestic) and 40-50 kg (commercial) cylinders for sale in dispersed, isolated households that have no access to piped gas for the time being; One is a steady stream of liquefied natural gas (LNG) pulled from North Africa, usually housed in large LNG tanks weighing several tons, and then supplied to users of buried pipelines, mainly joint communities and other new residential complexes created by imitation unions.

This energy mix is gradually replacing the previously popular gas – because both natural gas and liquefied petroleum gas are based on energy sources that Italy can control, and the cost is much cheaper than that of imported coal to make artificial gas, and the safety performance is better. Now, with the exception of thermal coal and coal chemicals, Italy has drastically reduced its coal imports and replaced them with large-scale coke imports from Germany, and the German gas industry is becoming more prosperous. It seems that United Gas could also be listed.

If this pattern continues, the rapid railway and commercial belt controlled by the United Group is also a good selling point. These stocks do not necessarily have to be listed in New York, and they will also be very good trading targets in Italy, and even after the end of the stable period of large-scale expansion of the United Group as a whole, it is not impossible to use this giant for the overall listing, and then the stable operation will not be like this loss.

Clever financiers began to calculate: 2.4 billion industrial projects, half of which can be solved by loans, 400 million to 600 million by United Motorcycle and United Oil, Union Bank has just issued 400 million US dollars in bonds, as long as Italy raises another 4-500 million US dollars, plus 3-4 years of delivery, this 2.4 billion can be fully supported.

The president said very well at the press conference: "Take advantage of the superiority of fascist forces to concentrate on 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!