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.
隨着亞馬遜(NASDAQ:AMZN)準備發佈下一份業績,投資者們正在關注的不僅僅是它的電子商務表現。
Needham analyst Laura Martin recently highlighted the untapped potential within Amazon's portfolio, particularly focusing on Twitch, the live streaming platform.
Needham分析師Laura Martin最近強調了亞馬遜組合中未被開發的潛力,特別關注直播平台Twitch。
Twitch, Martin opines, could bolster Amazon's valuation and offer a compelling reason for investors to stay bullish.
Martin認爲,Twitch可以增強亞馬遜的估值,併爲投資者提供一個看好的理由。
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).
由於擴大了利潤率並從生成式人工智能(GenAI)帶來潛在上漲空間,駐地位於西雅圖的公司應該被評價爲服務業公司而不是產品公司。Martin重申了對亞馬遜的買入評級,並將價格目標從205美元上調至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,亞馬遜能夠從頭開始構建大型成功的業務,如雲計算和廣告等領域,掩蓋了其真正的價值,降低了其報告的營運利潤率。
Twitch: Amazon's $46 Billion Ace
Twitch:亞馬遜的460億美元大王牌
One of the standout elements of Martin's analysis is the deep dive into Twitch, which she estimates to be worth $46 billion.
Martin分析的一個突出元素是對Twitch的深入剖析,她估計Twitch價值達到了460億美元。
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.
這個估值不僅僅是關於Twitch直接收入的,它還包括更廣泛的人口基礎、更高的生命週期價值(LTV)、更低的客戶獲取成本(CAC)以及其他Twitch爲亞馬遜帶來的戰略優勢。
Martin believes that two-thirds of Twitch's value comes from these added benefits, making it a crucial asset in Amazon's portfolio.
Martin認爲,Twitch的價值的三分之二來自這些額外的優勢,使其成爲亞馬遜組合的重要資產。
Potential Valuation Multiple Expansion
潛在估值倍增
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與她之前對Alphabet Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG)的YouTube的分析進行了比較,她計算出分拆YouTube可以爲Alphabet的價值增加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與亞馬遜的整合被視爲增強亞馬遜整體價值的戰略優勢。Martin的分析表明,亞馬遜的服務收入和利潤率,包括廣告、訂閱和雲服務,正在快速增長,超過其核心電子商務業務。
This growth implies a potential valuation multiple expansion due to the high margins associated with these services.
這種增長意味着潛在的估值倍增,因爲這些服務的高利潤率。
Implications Of The SOTP For Amazon's Valuation
亞馬遜估值的SOTP影響
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估計亞馬遜每個季度投資30億至50億美元的長期增長計劃,這些計劃不會立即反映在損益表上。她認爲,這些投資低估了亞馬遜的規範經濟收益能力。
By valuing each business within Amazon's portfolio every quarter, Martin provides a comprehensive view of the company's potential.
通過每個季度對亞馬遜組合內的每個業務進行估值,Martin提供了一個全面的公司潛力視角。
Martin's insights offer a fresh perspective on Amazon's value, highlighting the significant, yet often overlooked, contributions of Twitch.
Martin的見解提供了一個關於亞馬遜價值的全新視角,突顯了Twitch所做出的重大但常常被忽視的貢獻。
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.
隨着價格目標的上調和強勁的買入評級,Martin的分析強調了亞馬遜多元化組合中的隱藏價值,爲投資者進行公開的理由。
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