投行风云（2020）

Industry S03E01

Part 3 Feb. 12, 2026, 4:42 p.m.

based on the very sneakily timed earnings report
with its surprising net debt figure.
公♥司♥的债务似乎在一夜之间缩水了就赶在你们上市之前
The debt profile of the company has seemingly shrunk overnight,
just as you're about to go public?
所以呢？
So?
在现金和约当现金字段中
In your cash and cash equivalent,
你们加了明知道收不回来的应收账款
you've added in receivables
which you know won't get settled.
你们计算负债用的是…
You've calculated your indebtedness
as a net debt to EBITDA ratio, and it looks like you just
净负债税息折旧及摊销前的获利比率
看来你们在税息折旧及摊销前的利润上动了手脚，让比率下降
massaged the EBITDA to make that ratio decrease.
你想指控我什么？
What are you accusing me of?
这是你们上市后的第一份损益报告书
This earnings report, your first as a public company,
依法必须公布在你们的网站让大众查阅
will legally have to be published
on your website for anyone to see,
你们却想在最后一刻试图美化这件事
and you're putting lipstick on the pig
at the last minute.
让我怀疑你们还有别的事情瞒着大众
Which got me thinking what else you're keeping from people.
所以我请我的分♥析♥师熬夜模拟结果
So I had my analysts up all night
假设根据你们的负债概况
modeling what would happen if, say, given your debt profile,
万一天然气价格飙涨的话
natural gas prices spike.
我的结论是你们将会不堪一击
My conclusion is that you'd be sailing into a storm
on a shit boat.
所以我们不同意码点每股定价430便士的决定
Therefore, we disagree with Pierpoint's price
of 4.30 pence a share.
-什么？-我也不知道
- It should be closer to four pounds. - What?
我们也对480便士收盘的预测存疑
- I don't know. - We have doubts
over the projected closing price of 4.80.
詹姆斯…我们就直接说重点
James.
Let's...
Let's drill down to the crux here, shall we?
你也知道基本面很好
You know the fundamentals are strong.
亨利爵士
Sir Henry.
抱歉，我知道这样让你显得很老气
Sorry, I know that doesn't make you sound very modern.
我是个讲理的人
I'm going to be reasonable.
我让你们以每股430的价钱买♥♥回我一半的股份
I'm going to offer you back half my equity
at 4.30 a share
-这是按照码点的估值 -不行…
as per the Pierpoint valuation.
詹姆斯，我是码点的雅思敏
Hi.
Hi, James, it's Yasmin from Pierpoint on the line.
听我说，鲁米是让能源市场民♥主♥化的先锋，市场…
Look, Lumi is at the forefront
of the democratization of the energy sector and--
我老是听到这句话但还是不知道是什么意思
Yeah, I keep hearing that
and I still have no idea what it means.
好，从我们交易的观点来看首次公开募股已经超额认♥购♥
Okay, well, from our perspective on the floor,
the IPO is oversubscribed. Investors are very eager to buy.
投资人急着入手现在可说是炙手可热
You know, people are clamoring for this.
我知道现在的潮流是买♥♥入
We know that street-wide, it is going to be a buy.
我们的交易员认为明天的买♥♥气会很强，詹姆斯
Our traders are expecting
a very strong bid for it tomorrow, James.
市场不会支持太久
The market won't support it for long.
我实在很讨厌你们这些交易员的话术
You know, I truly hate how you sell-side guys speak.
你们永远在贩卖♥♥假象
It's all just fucking smoke and mirrors
用一堆术语吹捧你们的商品
with you guys, right? Just jargon, tarting it up.
你们当然会想高估股票
- And you're incentivized... - My hands are full.
因为你们的私人股权部门投资进去了
...to overvalue it.
Your private equity division is invested in it.
我愿意让你们用430便士买♥♥下我一半的股份
My offer is 4.30 for half the equity,
另一半明天就走着瞧吧
and we will see what happens to the other half tomorrow.
我用430便士全买♥♥回来
You know, you can have it all back at 4.30.
还有在电♥话♥那头卯起来传福音的那个人
And whoever's voice I keep hearing
evangelizing on that phone,
那种信念，她讲的东西
that belief, that one, is why I feel
让我认为要让市场决定我们的价值
we should let the market decide how valuable we are.
全部？
All of it?
好，一言为定
Okay.
You've got a deal.
And, you know, Henry, I...
亨利，你知道吗？
我一直希望是我看错你了
I always wanted to be wrong about you.
但你知道狂妄的下场吧
You know what comes after hubris.
-我是不是搞砸了？-他提出了很严重的警讯吧
Did I just fuck that?
He raised a pretty big red flag, didn't he?
我相信码点的投资银行家一定有尽职调查
I'm sure that Pierpoint's I-bankers will have done their due diligence
确保第一天交易顺利
to make sure this trades well on day one.
对，但第二天呢，第两百天呢？
Yeah, but like, day two, day 200?
那其实就不关我们的事了
Practically, it's not really our concern.
大家关注的是第一天
Eyeballs are on this day one.
第两百天的交易状况会沉寂下去了
How it trades day 200 is lost in the noise.
我知道这看似很严重因为他是你的客户
Look, I know this feels huge
because he's your client, but really he's a minnow
但说真的，在大玩家入场时他只是一只小虾米
on a day of big players.
但让更多股票上市一定不是好事吧？
Surely it's bad to risk more shares on the open market
万一流出了鲁米在最后一刻在数字上动手脚的传闻呢？
if there is any kind of noise
about Lumi diddling with the numbers so late.
我…
I'll tell Eric we handled it.
会告诉艾瑞克我们处理好了
艾斯佛资产管理的詹姆斯退出了
James from Ashford Asset Management
is pulling back.
他提出了一些对鲁米债务的疑虑
He raised some red flags about debt with him and Lumi,
说是不够透明
non-transparency,
但是雅思敏处理得很好
but Yasmin handled the whole thing really well.
现在有更多股票要卖♥♥ 但是我们会卖♥♥掉的
So we've more stock to shift, but we'll shift it.
市场上的需求很高
There's plenty of demand.
-就这样 -好，谢了
- All right. - Yeah, thanks.
- Ask why I'm a pituitary gland. - What? No.
问我为什么我是脑下垂体嘛
Go on, ask me why I'm a pituitary gland.
好，你为什么是脑下垂体？
Okay, why are you a pituitary gland?
因为我会制♥造♥荷尔蒙
Because I make a whore moan.
肯尼告诉我艾斯佛的事了他的影响力不大
Kenny filled me in on Ashford.
He's not a significant voice,
但在首次公开募股前夕出现任何变故
but anything destabilizing this close to IPO
都会引发谣言，可能会一发不可收拾
can fuel a rumor mill.
It can metastasize. Keep a lid on it.
别让这件事情传开
艾斯佛对执行长的诚信问题提出的质疑很合理吧？
Didn't Ashford raise some pretty legitimate concerns
about the CEO's integrity?
听着，我们的工作就是提出一套说词让鲁米明天交易顺利
Look, our job is to sell the story
that makes Lumi trade well tomorrow.
艾斯佛会是矿坑里的金丝雀吗？
Is Ashford a canary in the coal mine?
我敢说我们的银行家和鲁米执行长比他们公♥司♥懂得多
I'd wager our bankers and the Lumi CEO know better
than Ashford Asset Management.
如果你想好过一点
But if you want to feel better, this business
这一行的人赚钱的方式
is people making money on a hill of dead yellow birds.
都是站在堆积如山的金丝雀尸体上
你希望从这份工作得到什么？
What do you want from this job?
我想向你证明我属于这里
I want to prove to you that I belong here.
我需要的是有用的人才打造出的优秀团队
I need a functional member of a functioning team.
-我需要一名苦工，你是吗？-是，我是苦工
I need a worker.
- Are you a worker? - I am. I am a worker.
那张椅子上本来坐了一枚小钢炮
I had a wrecking ball in that seat.
我也许很快就会开除下一个了
I would just as quickly fire another one.
不对，他是个冒牌货拉链只有一小段，穿着小白鞋
What is it? Veja? Vanilla?
毫不出色，财力不足以住在诺丁丘但常跑酒吧，很讨厌
Not enough money to live in Notting Hill, but frequents the pubs.
Grim.
她真该嫁给他，因为她没钱冻卵
She should definitely marry him,
she's not got liquidity to freeze her eggs.
我不想多事
Hi.
I don't wanna kinda dip my little oar in,
但我看到你把外带杯丢在一般垃圾
but I have spied
you putting your disposable coffee cup
- in the general waste. - Sorry, yeah. I...
对不起，因为里面还有液体所以我不确定算不算…
With the liquid in it, I'm like never sure if it qualifies.
如果容器脏了
So, if the receptacle is sullied, you just clean it out
擦干净再丢进纸类回收桶
and then pop it in the paper recycling.
只要花五秒钟你可能也会有成就感哦
It's five seconds out of your day.
- You might even feel good. - Right.
对，这很合理我完全同意，很抱歉
No, that's totally rational.
I agree. Apologies.
好
Okay.
鲁米对销♥售♥有什么看法？
How does Lumi feel on the sales side?
我觉得从买♥♥方观点来看必须要成功
Between us, I think this one really needs to hit
for us from a bright side perspective.
感觉这会为今年及永续经营定调
Feels like it's a tone-setting...
这里是富东，安娜吉尔林办公室
FutureDawn. Anna Gearing's office.
荷波，我是小雅
Hey, Harper, it's Yas.
天啊，罗伯告诉我昨晚的事了很抱歉我睡太沉了
Hey. Oh, my God.
Rob told me what happened last night.
I'm so sorry I slept through it.
我急着找安娜
Can I get Anna urgently?
她在跟佩特拉讲话，有什么事吗？
She is in with Petra at the moment. What's it about?
我手上多了一些鲁米的股票看安娜想不想加码
I have some more Lumi stock, if Anna would like to add.
你想推销更多给她吗？
Are you trying to dump more on her?