Companies are valued based on future output at least as much as what they produce in the here and now. For few is this as true as it is for KuangChi Science (motto: “Future is Now”) which commands a near-$2bn market capitalisation. Last year, the company made earnings before interest, tax, depreciation and amortisation of just $14m. Where the science ends and fiction begins is not clear; a lot is priced into KuangChi’s shares.
在决定企业估值的因素中，未来预期产出这个因素所占权重至少和当下产出持平。几乎没有哪家企业比市值达到近20亿美元的光启科学（Kuang-Chi，企业格言是“未来即现在”）更适用这句话了。去年该公司的息税折旧及摊销前利润(EBITDA)仅为1400万美元。尚不清楚在光启描绘的世界中，哪些是科学，哪些是幻想；有很多东西都被计入到了光启的股价之中。
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