vendi
2021-06-16
Interesting
Could Amazon Stock Become A Dividend Payer Soon?<blockquote>亚马逊股票很快就会成为股息支付者吗？</blockquote>
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The Amazon Maven di","content":"<p>Amazon stock does not currently offer investors dividend payments, but could it? The Amazon Maven discusses the possibilities and the challenges.</p><p><blockquote>亚马逊股票目前不向投资者提供股息支付，但可以吗？Amazon Maven讨论了可能性和挑战。</blockquote></p><p> In the value-to-growth spectrum, Amazon stock can be safely categorized as the latter. The company has been growing revenues at a robust annual pace of 25% over the past decade, and shares trade at a rich 60 times current-year earnings.</p><p><blockquote>在价值与增长的范围内，亚马逊股票可以安全地归类为后者。过去十年，该公司的收入一直以每年25%的强劲速度增长，其股价是当年市盈率的60倍。</blockquote></p><p> It is unusual for growth stocks to pay a dividend, since much of the cash produced is reinvested in the business. But could the cloud and e-commerce giant begin to distribute dividends to its shareholders in the foreseeable future, possibly unlocking value as the stock becomes more appealing for dividend investors?</p><p><blockquote>成长型股票支付股息是不寻常的，因为产生的大部分现金都被再投资于企业。但这家云和电子商务巨头能否在可预见的未来开始向股东分配股息，并随着股票对股息投资者变得更具吸引力而释放价值？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2aa9a3c7d62d3545e4552311ce166300\" tg-width=\"1180\" tg-height=\"640\"><span>Figure 1: Amazon's fulfilment center.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：亚马逊的履行中心。</span></p></blockquote></p><p> <b>Cash is not a problem</b></p><p><blockquote><b>现金不是问题</b></blockquote></p><p> On its path to world domination, Amazon has been performing superbly in the past several years. The company’s financial results improved even further during the pandemic year, as secular trends in online retail and cloud adoption accelerated.</p><p><blockquote>在统治世界的道路上，亚马逊在过去几年中表现出色。随着在线零售和云采用的长期趋势加速，该公司的财务业绩在大流行期间进一步改善。</blockquote></p><p> The chart below shows how Amazon’s cash from operations spiked from less than $4 billion in 2011 to $17 billion five years later and a whopping $66 billion in 2020. The 33% annualized growth rate has been even higher than the pace of revenue increase, as the business gains scale and margins expand.</p><p><blockquote>下图显示了亚马逊的运营现金如何从2011年的不到40亿美元飙升至五年后的170亿美元，并在2020年达到660亿美元。随着业务规模的扩大和利润率的扩大，33%的年化增长率甚至高于收入增长的速度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/105e7f746a6e633b727605f3347a27c1\" tg-width=\"646\" tg-height=\"389\"><span>Figure 2: Amazon's annual CFOA vs. Capex and cash M&A</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：亚马逊年度CFOA与资本支出和现金并购</span></p></blockquote></p><p> However, Amazon’s cash appetite has also grown alongside cash flow generated. The most important source of cash consumption has been capex – capital investments in things like distribution facilities and data centers. The orange line above represents capex plus cash M&A activity, which has been historically modest, but that has increased fast since the 2017 acquisition of Whole Foods.</p><p><blockquote>然而，亚马逊的现金胃口也随着现金流的产生而增长。现金消费最重要的来源是资本支出——对配送设施和数据中心等的资本投资。上面的橙色线代表资本支出加现金并购活动，该活动历来不大，但自2017年收购全食超市以来，该活动迅速增加。</blockquote></p><p> The graph above makes it clear that Amazon has not had a cash problem. At the same time, it suggests that the company’s lavish cash inflow has been finding good use within Amazon itself.</p><p><blockquote>上图清楚地表明，亚马逊没有现金问题。与此同时，这表明该公司丰厚的现金流入在亚马逊内部得到了很好的利用。</blockquote></p><p> <b>Dividend is unlikely for now</b></p><p><blockquote><b>目前不太可能派息</b></blockquote></p><p> One could reasonably argue that, despite the reinvestments in the business, Amazon would still be able to distribute some of its cash to shareholders in the form of dividends (the company barely buys back any of its shares currently).</p><p><blockquote>人们可以合理地认为，尽管对该业务进行了再投资，但亚马逊仍然能够以股息的形式向股东分配部分现金（该公司目前几乎不回购任何股票）。</blockquote></p><p> The gap between cash from operations and capex plus M&A in 2020 amounted to $37 per share, the equivalent of over 1% of Amazon stock’s value – think of it as a “potential dividend yield” of 1% or more. Even if the company were not able to sustain such dividend through operations only, which it likely could, Amazon would still have access to cheap debt financing to cover any potential shortfalls.</p><p><blockquote>2020年，运营现金与资本支出加上并购之间的差距达到每股37美元，相当于亚马逊股票价值的1%以上——可以将其视为1%或更高的“潜在股息收益率”。即使该公司无法仅通过运营来维持这样的股息（它很可能可以），亚马逊仍然可以获得廉价的债务融资来弥补任何潜在的短缺。</blockquote></p><p> Yet, I find it unlikely that Amazon will consider paying a dividend soon, even after next month’s CEO transition. Growth opportunities in e-commerce, cloud and tech products and services still seem plentiful, and the Seattle-based company is more likely to remain true to its growth DNA for now.</p><p><blockquote>然而，我发现亚马逊不太可能很快考虑支付股息，即使在下个月的首席执行官换届之后。电子商务、云和科技产品及服务的增长机会似乎仍然很多，这家总部位于西雅图的公司目前更有可能保持其增长DNA。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Could Amazon Stock Become A Dividend Payer Soon?<blockquote>亚马逊股票很快就会成为股息支付者吗？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCould Amazon Stock Become A Dividend Payer Soon?<blockquote>亚马逊股票很快就会成为股息支付者吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-06-16 10:22</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Amazon stock does not currently offer investors dividend payments, but could it? The Amazon Maven discusses the possibilities and the challenges.</p><p><blockquote>亚马逊股票目前不向投资者提供股息支付，但可以吗？Amazon Maven讨论了可能性和挑战。</blockquote></p><p> In the value-to-growth spectrum, Amazon stock can be safely categorized as the latter. The company has been growing revenues at a robust annual pace of 25% over the past decade, and shares trade at a rich 60 times current-year earnings.</p><p><blockquote>在价值与增长的范围内，亚马逊股票可以安全地归类为后者。过去十年，该公司的收入一直以每年25%的强劲速度增长，其股价是当年市盈率的60倍。</blockquote></p><p> It is unusual for growth stocks to pay a dividend, since much of the cash produced is reinvested in the business. But could the cloud and e-commerce giant begin to distribute dividends to its shareholders in the foreseeable future, possibly unlocking value as the stock becomes more appealing for dividend investors?</p><p><blockquote>成长型股票支付股息是不寻常的，因为产生的大部分现金都被再投资于企业。但这家云和电子商务巨头能否在可预见的未来开始向股东分配股息，并随着股票对股息投资者变得更具吸引力而释放价值？</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2aa9a3c7d62d3545e4552311ce166300\" tg-width=\"1180\" tg-height=\"640\"><span>Figure 1: Amazon's fulfilment center.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：亚马逊的履行中心。</span></p></blockquote></p><p> <b>Cash is not a problem</b></p><p><blockquote><b>现金不是问题</b></blockquote></p><p> On its path to world domination, Amazon has been performing superbly in the past several years. The company’s financial results improved even further during the pandemic year, as secular trends in online retail and cloud adoption accelerated.</p><p><blockquote>在统治世界的道路上，亚马逊在过去几年中表现出色。随着在线零售和云采用的长期趋势加速，该公司的财务业绩在大流行期间进一步改善。</blockquote></p><p> The chart below shows how Amazon’s cash from operations spiked from less than $4 billion in 2011 to $17 billion five years later and a whopping $66 billion in 2020. The 33% annualized growth rate has been even higher than the pace of revenue increase, as the business gains scale and margins expand.</p><p><blockquote>下图显示了亚马逊的运营现金如何从2011年的不到40亿美元飙升至五年后的170亿美元，并在2020年达到660亿美元。随着业务规模的扩大和利润率的扩大，33%的年化增长率甚至高于收入增长的速度。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/105e7f746a6e633b727605f3347a27c1\" tg-width=\"646\" tg-height=\"389\"><span>Figure 2: Amazon's annual CFOA vs. Capex and cash M&A</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：亚马逊年度CFOA与资本支出和现金并购</span></p></blockquote></p><p> However, Amazon’s cash appetite has also grown alongside cash flow generated. The most important source of cash consumption has been capex – capital investments in things like distribution facilities and data centers. The orange line above represents capex plus cash M&A activity, which has been historically modest, but that has increased fast since the 2017 acquisition of Whole Foods.</p><p><blockquote>然而，亚马逊的现金胃口也随着现金流的产生而增长。现金消费最重要的来源是资本支出——对配送设施和数据中心等的资本投资。上面的橙色线代表资本支出加现金并购活动，该活动历来不大，但自2017年收购全食超市以来，该活动迅速增加。</blockquote></p><p> The graph above makes it clear that Amazon has not had a cash problem. At the same time, it suggests that the company’s lavish cash inflow has been finding good use within Amazon itself.</p><p><blockquote>上图清楚地表明，亚马逊没有现金问题。与此同时，这表明该公司丰厚的现金流入在亚马逊内部得到了很好的利用。</blockquote></p><p> <b>Dividend is unlikely for now</b></p><p><blockquote><b>目前不太可能派息</b></blockquote></p><p> One could reasonably argue that, despite the reinvestments in the business, Amazon would still be able to distribute some of its cash to shareholders in the form of dividends (the company barely buys back any of its shares currently).</p><p><blockquote>人们可以合理地认为，尽管对该业务进行了再投资，但亚马逊仍然能够以股息的形式向股东分配部分现金（该公司目前几乎不回购任何股票）。</blockquote></p><p> The gap between cash from operations and capex plus M&A in 2020 amounted to $37 per share, the equivalent of over 1% of Amazon stock’s value – think of it as a “potential dividend yield” of 1% or more. Even if the company were not able to sustain such dividend through operations only, which it likely could, Amazon would still have access to cheap debt financing to cover any potential shortfalls.</p><p><blockquote>2020年，运营现金与资本支出加上并购之间的差距达到每股37美元，相当于亚马逊股票价值的1%以上——可以将其视为1%或更高的“潜在股息收益率”。即使该公司无法仅通过运营来维持这样的股息（它很可能可以），亚马逊仍然可以获得廉价的债务融资来弥补任何潜在的短缺。</blockquote></p><p> Yet, I find it unlikely that Amazon will consider paying a dividend soon, even after next month’s CEO transition. Growth opportunities in e-commerce, cloud and tech products and services still seem plentiful, and the Seattle-based company is more likely to remain true to its growth DNA for now.</p><p><blockquote>然而，我发现亚马逊不太可能很快考虑支付股息，即使在下个月的首席执行官换届之后。电子商务、云和科技产品及服务的增长机会似乎仍然很多，这家总部位于西雅图的公司目前更有可能保持其增长DNA。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/amazon/stock/could-amazon-stock-become-dividend-payer-soon\">TheStreet</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.thestreet.com/amazon/stock/could-amazon-stock-become-dividend-payer-soon","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1104356504","content_text":"Amazon stock does not currently offer investors dividend payments, but could it? The Amazon Maven discusses the possibilities and the challenges.\nIn the value-to-growth spectrum, Amazon stock can be safely categorized as the latter. The company has been growing revenues at a robust annual pace of 25% over the past decade, and shares trade at a rich 60 times current-year earnings.\nIt is unusual for growth stocks to pay a dividend, since much of the cash produced is reinvested in the business. But could the cloud and e-commerce giant begin to distribute dividends to its shareholders in the foreseeable future, possibly unlocking value as the stock becomes more appealing for dividend investors?\nFigure 1: Amazon's fulfilment center.\nCash is not a problem\nOn its path to world domination, Amazon has been performing superbly in the past several years. The company’s financial results improved even further during the pandemic year, as secular trends in online retail and cloud adoption accelerated.\nThe chart below shows how Amazon’s cash from operations spiked from less than $4 billion in 2011 to $17 billion five years later and a whopping $66 billion in 2020. The 33% annualized growth rate has been even higher than the pace of revenue increase, as the business gains scale and margins expand.\nFigure 2: Amazon's annual CFOA vs. Capex and cash M&A\nHowever, Amazon’s cash appetite has also grown alongside cash flow generated. The most important source of cash consumption has been capex – capital investments in things like distribution facilities and data centers. The orange line above represents capex plus cash M&A activity, which has been historically modest, but that has increased fast since the 2017 acquisition of Whole Foods.\nThe graph above makes it clear that Amazon has not had a cash problem. At the same time, it suggests that the company’s lavish cash inflow has been finding good use within Amazon itself.\nDividend is unlikely for now\nOne could reasonably argue that, despite the reinvestments in the business, Amazon would still be able to distribute some of its cash to shareholders in the form of dividends (the company barely buys back any of its shares currently).\nThe gap between cash from operations and capex plus M&A in 2020 amounted to $37 per share, the equivalent of over 1% of Amazon stock’s value – think of it as a “potential dividend yield” of 1% or more. Even if the company were not able to sustain such dividend through operations only, which it likely could, Amazon would still have access to cheap debt financing to cover any potential shortfalls.\nYet, I find it unlikely that Amazon will consider paying a dividend soon, even after next month’s CEO transition. Growth opportunities in e-commerce, cloud and tech products and services still seem plentiful, and the Seattle-based company is more likely to remain true to its growth DNA for now.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":1806,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":11,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/169976771"}
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