Amazon's Hidden Gem? Twitch Could Be A $46B Game Changer: Analyst
Amazon's Hidden Gem? Twitch Could Be A $46B Game Changer: Analyst
As Amazon.com, Inc. (NASDAQ:AMZN) gears up for its next earnings report, investors are eyeing more than its e-commerce performance.
随着亚马逊(NASDAQ:AMZN)准备发布下一份财报,投资者们正在关注的不仅仅是它的电子商务表现。
Needham analyst Laura Martin recently highlighted the untapped potential within Amazon's portfolio, particularly focusing on Twitch, the live streaming platform.
Needham分析师Laura Martin最近强调了亚马逊组合中未被开发的潜力,特别关注直播平台Twitch。
Twitch, Martin opines, could bolster Amazon's valuation and offer a compelling reason for investors to stay bullish.
Martin认为,Twitch可以增强亚马逊的估值,并为投资者提供一个看好的理由。
Martin reiterated a Buy rating for Amazon and raised the price target from $205 to $210. The Seattle-based company should be valued as a Services company rather than a Products company due to its expanding margins and the potential upside from generative AI (GenAI).
由于扩大了利润率并从生成式人工智能(GenAI)带来潜在上涨空间,驻地位于西雅图的公司应该被评价为服务业公司而不是产品公司。Martin重申了对亚马逊的买入评级,并将价格目标从205美元上调至210美元。
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Amazon's ability to build large, successful businesses from scratch — like its Cloud and Advertising segments — masks its true value by lowering its reported operating margins, Martin says.
Martin表示,亚马逊能够从头开始构建大型成功的业务,如云计算和广告等领域,掩盖了其真正的价值,降低了其报告的营运利润率。
Twitch: Amazon's $46 Billion Ace
Twitch:亚马逊的460亿美元大王牌
One of the standout elements of Martin's analysis is the deep dive into Twitch, which she estimates to be worth $46 billion.
Martin分析的一个突出元素是对Twitch的深入剖析,她估计Twitch价值达到了460亿美元。
This valuation isn't just about Twitch's direct revenue; it also includes the broader demographic reach, higher lifetime values (LTVs), lower customer acquisition costs (CAC), and other strategic benefits Twitch brings to Amazon.
这个估值不仅仅是关于Twitch直接收入的,它还包括更广泛的人口基础、更高的生命周期价值(LTV)、更低的客户获取成本(CAC)以及其他Twitch为亚马逊带来的战略优势。
Martin believes that two-thirds of Twitch's value comes from these added benefits, making it a crucial asset in Amazon's portfolio.
Martin认为,Twitch的价值的三分之二来自这些额外的优势,使其成为亚马逊组合的重要资产。
Potential Valuation Multiple Expansion
潜在估值倍增
Martin draws a comparison with her previous analysis of YouTube for Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG), where she calculated that spinning off YouTube could add 8% (or $15 per share) to Alphabet's value.
Martin与她之前对Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG)的YouTube的分析进行了比较,她计算出分拆YouTube可以为Alphabet的价值增加8%(或15美元每股)。
In contrast, Twitch's integration into Amazon is seen as a strategic advantage that enhances Amazon's overall value. Martin's analysis suggests that Amazon's services revenue and margins, which include advertising, subscriptions, and Cloud services, are growing faster than its core e-commerce business.
相反,Twitch与亚马逊的整合被视为增强亚马逊整体价值的战略优势。Martin的分析表明,亚马逊的服务收入和利润率,包括广告、订阅和云服务,正在快速增长,超过其核心电子商务业务。
This growth implies a potential valuation multiple expansion due to the high margins associated with these services.
这种增长意味着潜在的估值倍增,因为这些服务的高利润率。
Implications Of The SOTP For Amazon's Valuation
亚马逊估值的SOTP影响
Martin estimates that Amazon invests between $3 billion and $5 billion each quarter into long-term growth initiatives, which are not immediately reflected in the profit and loss statements. These investments, she argues, understate Amazon's normalized economic earnings power.
Martin估计亚马逊每个季度投资30亿至50亿美元的长期增长计划,这些计划不会立即反映在损益表上。她认为,这些投资低估了亚马逊的规范经济收益能力。
By valuing each business within Amazon's portfolio every quarter, Martin provides a comprehensive view of the company's potential.
通过每个季度对亚马逊组合内的每个业务进行估值,Martin提供了一个全面的公司潜力视角。
Martin's insights offer a fresh perspective on Amazon's value, highlighting the significant, yet often overlooked, contributions of Twitch.
Martin的见解提供了一个关于亚马逊价值的全新视角,突显了Twitch所做出的重大但常常被忽视的贡献。
With a raised price target and a strong Buy rating, Martin's analysis underscores the hidden value within Amazon's diverse portfolio, making a compelling case for investors to remain optimistic about the company's future prospects.
随着价格目标的上调和强劲的买入评级,Martin的分析强调了亚马逊多元化组合中的隐藏价值,为投资者进行公开的理由。
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