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2021-08-05
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Amazon Stock: The Most Undervalued In Years<blockquote>亚马逊股票：多年来最被低估</blockquote>
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But compared to history, the multiples sit","content":"<p>Amazon stock’s valuations still look rich on the surface. But compared to history, the multiples sit near multi-year lows. Could this be a good time to buy and hold shares?</p><p><blockquote>亚马逊股票的估值表面上看起来仍然很高。但与历史相比，市盈率接近多年低点。现在是购买和持有股票的好时机吗？</blockquote></p><p> Amazon stock has been having a choppy 2021 so far. Shares have managed to stay (barely) in the green for the year, but the zigzagging has been stomach-churning for investors. In the past five trading days alone, the stock has been down about 7%,following a disappointing Q2 earnings report.</p><p><blockquote>到目前为止，亚马逊股票在2021年一直波动。今年以来，股价（勉强）保持绿色，但曲折的走势让投资者感到反胃。在令人失望的第二季度收益报告发布后，仅在过去五个交易日内，该股就下跌了约7%。</blockquote></p><p> The better news is that a stale share price coupled with improving financial performance (e.g. robust growth in revenue, earnings and cash flow) have led to lower valuations. Today, the Amazon Maven shows how AMZN, a traditionally pricy stock, is currently valued near a multi-year trough.</p><p><blockquote>更好的消息是，陈旧的股价加上财务业绩的改善（例如收入、盈利和现金流的强劲增长）导致估值下降。今天，亚马逊专家展示了亚马逊这只传统上昂贵的股票目前的估值如何接近多年低点。</blockquote></p><p> <b>A closer look at valuations</b></p><p><blockquote><b>仔细观察估值</b></blockquote></p><p> The table below, provided by Alpha Spread, summarizes Amazon’s key relative valuation multiples.</p><p><blockquote>下表由Alpha Spread提供，总结了亚马逊的关键相对估值倍数。</blockquote></p><p> On the surface, the stock continues to look expensive, certainly to value investors. Price-to-sales of 4 times is quite rich for a company with modest margins, and so is trailing price-to-earnings ratio of 63 times – the S&P 500 trades at a P/E of nearly half this much, at around 33 times.</p><p><blockquote>从表面上看，该股看起来仍然很昂贵，当然对于价值投资者来说也是如此。对于一家利润率适中的公司来说，4倍的市销率已经相当高了，63倍的历史市盈率也是如此——标普500的市盈率几乎是这个数字的一半，约为33倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/860f7e48708bb908ffebc909f29de7a3\" tg-width=\"578\" tg-height=\"264\" width=\"100%\" height=\"auto\"><span>Figure 1: AMZN current valuation multiples.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：AMZN当前估值倍数。</span></p></blockquote></p><p> But relative to Amazon stock’s own history, these metrics are far from stretched today. The chart below shows how P/E and EV/EBIT, two important P&L-related valuation metrics, currently sit very much at five-year lows.</p><p><blockquote>但相对于亚马逊股票自身的历史，这些指标在今天还远远不够。下图显示了市盈率和EV/EBIT这两个重要的P&L相关估值指标目前处于五年低点。</blockquote></p><p> Better yet, the two figures are based on trailing results. Look forward, and the multiples look even more enticing. For example:according to Seeking Alpha, analysts expect Amazon’s EPS to rise to over $160 by 2025. At those levels, and assuming today’s stock price, the five-year forward P/E is only 20 times. Not bad at all for the stock of a market-dominant, high-growth company.</p><p><blockquote>更好的是，这两个数字是基于过去的结果。展望未来，倍数看起来更加诱人。例如：根据Seeking Alpha的数据，分析师预计亚马逊的每股收益到2025年将升至160美元以上。在这些水平上，假设今天的股价，五年远期市盈率仅为20倍。对于一家占据市场主导地位的高增长公司的股票来说，这一点也不坏。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/23b07b26c4cf9ec8dc47838ac03ca4bb\" tg-width=\"879\" tg-height=\"405\" width=\"100%\" height=\"auto\"><span>Figure 2: AMZN P/E and EV/EBIT.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AMZN市盈率和EV/EBIT。</span></p></blockquote></p><p> Outside the income statement, other valuation metrics also tell a similar story. For instance, price-to-book ratio of 16 times is the lowest in five years at least (see chart below), other than during the most intense few weeks of the COVID-19 bear.</p><p><blockquote>在损益表之外，其他估值指标也讲述了类似的故事。例如，16倍的市净率是至少五年来的最低水平（见下图），除了COVID-19熊市最激烈的几周。</blockquote></p><p> Enterprise value-to-invested capital of 9 times is off the lows of 2020 and late 2019. However, the metric currently sits only two turns away from the ten-year minimum of 7 times reached in 2014.</p><p><blockquote>企业价值与投资资本之比为9倍，脱离了2020年和2019年底的低点。然而，该指标目前距离2014年达到的10年最低7倍仅差两圈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b97f454a0bbfea5d0c639b54997268f\" tg-width=\"850\" tg-height=\"389\" width=\"100%\" height=\"auto\"><span>Figure 3: AMZN P/B and EV/IC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：AMZN P/B和EV/IC。</span></p></blockquote></p><p> <b>The Amazon Maven’s take</b></p><p><blockquote><b>亚马逊专家的看法</b></blockquote></p><p> The graphs and tables above support the bullish views that the Amazon Maven has proposed since the company’s Q2 earnings release:</p><p><blockquote>上面的图表支持了亚马逊专家自公司第二季度财报发布以来提出的看涨观点：</blockquote></p><p> “On one hand, momentum traders will likely want to keep some distance from AMZN, now that e-commerce is expected to decelerate in a post-pandemic environment. On the other hand, investors might want to take advantage of the dip to accumulate shares. The Amazon Maven has published its research on the best time to buy Amazon, and the evidence is clear: doing so after pullbacks tends to result in better forward one-year returns.” </p><p><blockquote>“一方面，动量交易者可能希望与亚马逊保持一定距离，因为电子商务预计将在大流行后的环境中减速。另一方面，投资者可能希望利用下跌的机会积累股票。亚马逊专家发表了关于购买亚马逊最佳时机的研究，证据很清楚：在回调后这样做往往会带来更好的一年远期回报。”</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>Amazon Stock: The Most Undervalued In Years<blockquote>亚马逊股票：多年来最被低估</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\">\nAmazon Stock: The Most Undervalued In Years<blockquote>亚马逊股票：多年来最被低估</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">TheStreet</strong><span class=\"h-time small\">2021-08-05 08:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Amazon stock’s valuations still look rich on the surface. But compared to history, the multiples sit near multi-year lows. Could this be a good time to buy and hold shares?</p><p><blockquote>亚马逊股票的估值表面上看起来仍然很高。但与历史相比，市盈率接近多年低点。现在是购买和持有股票的好时机吗？</blockquote></p><p> Amazon stock has been having a choppy 2021 so far. Shares have managed to stay (barely) in the green for the year, but the zigzagging has been stomach-churning for investors. In the past five trading days alone, the stock has been down about 7%,following a disappointing Q2 earnings report.</p><p><blockquote>到目前为止，亚马逊股票在2021年一直波动。今年以来，股价（勉强）保持绿色，但曲折的走势让投资者感到反胃。在令人失望的第二季度收益报告发布后，仅在过去五个交易日内，该股就下跌了约7%。</blockquote></p><p> The better news is that a stale share price coupled with improving financial performance (e.g. robust growth in revenue, earnings and cash flow) have led to lower valuations. Today, the Amazon Maven shows how AMZN, a traditionally pricy stock, is currently valued near a multi-year trough.</p><p><blockquote>更好的消息是，陈旧的股价加上财务业绩的改善（例如收入、盈利和现金流的强劲增长）导致估值下降。今天，亚马逊专家展示了亚马逊这只传统上昂贵的股票目前的估值如何接近多年低点。</blockquote></p><p> <b>A closer look at valuations</b></p><p><blockquote><b>仔细观察估值</b></blockquote></p><p> The table below, provided by Alpha Spread, summarizes Amazon’s key relative valuation multiples.</p><p><blockquote>下表由Alpha Spread提供，总结了亚马逊的关键相对估值倍数。</blockquote></p><p> On the surface, the stock continues to look expensive, certainly to value investors. Price-to-sales of 4 times is quite rich for a company with modest margins, and so is trailing price-to-earnings ratio of 63 times – the S&P 500 trades at a P/E of nearly half this much, at around 33 times.</p><p><blockquote>从表面上看，该股看起来仍然很昂贵，当然对于价值投资者来说也是如此。对于一家利润率适中的公司来说，4倍的市销率已经相当高了，63倍的历史市盈率也是如此——标普500的市盈率几乎是这个数字的一半，约为33倍。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/860f7e48708bb908ffebc909f29de7a3\" tg-width=\"578\" tg-height=\"264\" width=\"100%\" height=\"auto\"><span>Figure 1: AMZN current valuation multiples.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图1：AMZN当前估值倍数。</span></p></blockquote></p><p> But relative to Amazon stock’s own history, these metrics are far from stretched today. The chart below shows how P/E and EV/EBIT, two important P&L-related valuation metrics, currently sit very much at five-year lows.</p><p><blockquote>但相对于亚马逊股票自身的历史，这些指标在今天还远远不够。下图显示了市盈率和EV/EBIT这两个重要的P&L相关估值指标目前处于五年低点。</blockquote></p><p> Better yet, the two figures are based on trailing results. Look forward, and the multiples look even more enticing. For example:according to Seeking Alpha, analysts expect Amazon’s EPS to rise to over $160 by 2025. At those levels, and assuming today’s stock price, the five-year forward P/E is only 20 times. Not bad at all for the stock of a market-dominant, high-growth company.</p><p><blockquote>更好的是，这两个数字是基于过去的结果。展望未来，倍数看起来更加诱人。例如：根据Seeking Alpha的数据，分析师预计亚马逊的每股收益到2025年将升至160美元以上。在这些水平上，假设今天的股价，五年远期市盈率仅为20倍。对于一家占据市场主导地位的高增长公司的股票来说，这一点也不坏。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/23b07b26c4cf9ec8dc47838ac03ca4bb\" tg-width=\"879\" tg-height=\"405\" width=\"100%\" height=\"auto\"><span>Figure 2: AMZN P/E and EV/EBIT.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图2：AMZN市盈率和EV/EBIT。</span></p></blockquote></p><p> Outside the income statement, other valuation metrics also tell a similar story. For instance, price-to-book ratio of 16 times is the lowest in five years at least (see chart below), other than during the most intense few weeks of the COVID-19 bear.</p><p><blockquote>在损益表之外，其他估值指标也讲述了类似的故事。例如，16倍的市净率是至少五年来的最低水平（见下图），除了COVID-19熊市最激烈的几周。</blockquote></p><p> Enterprise value-to-invested capital of 9 times is off the lows of 2020 and late 2019. However, the metric currently sits only two turns away from the ten-year minimum of 7 times reached in 2014.</p><p><blockquote>企业价值与投资资本之比为9倍，脱离了2020年和2019年底的低点。然而，该指标目前距离2014年达到的10年最低7倍仅差两圈。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b97f454a0bbfea5d0c639b54997268f\" tg-width=\"850\" tg-height=\"389\" width=\"100%\" height=\"auto\"><span>Figure 3: AMZN P/B and EV/IC.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图3：AMZN P/B和EV/IC。</span></p></blockquote></p><p> <b>The Amazon Maven’s take</b></p><p><blockquote><b>亚马逊专家的看法</b></blockquote></p><p> The graphs and tables above support the bullish views that the Amazon Maven has proposed since the company’s Q2 earnings release:</p><p><blockquote>上面的图表支持了亚马逊专家自公司第二季度财报发布以来提出的看涨观点：</blockquote></p><p> “On one hand, momentum traders will likely want to keep some distance from AMZN, now that e-commerce is expected to decelerate in a post-pandemic environment. On the other hand, investors might want to take advantage of the dip to accumulate shares. The Amazon Maven has published its research on the best time to buy Amazon, and the evidence is clear: doing so after pullbacks tends to result in better forward one-year returns.” </p><p><blockquote>“一方面，动量交易者可能希望与亚马逊保持一定距离，因为电子商务预计将在大流行后的环境中减速。另一方面，投资者可能希望利用下跌的机会积累股票。亚马逊专家发表了关于购买亚马逊最佳时机的研究，证据很清楚：在回调后这样做往往会带来更好的一年远期回报。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.thestreet.com/amazon/stock/amazon-stock-the-most-undervalued-in-years\">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/amazon-stock-the-most-undervalued-in-years","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1188919182","content_text":"Amazon stock’s valuations still look rich on the surface. But compared to history, the multiples sit near multi-year lows. Could this be a good time to buy and hold shares?\nAmazon stock has been having a choppy 2021 so far. Shares have managed to stay (barely) in the green for the year, but the zigzagging has been stomach-churning for investors. In the past five trading days alone, the stock has been down about 7%,following a disappointing Q2 earnings report.\nThe better news is that a stale share price coupled with improving financial performance (e.g. robust growth in revenue, earnings and cash flow) have led to lower valuations. Today, the Amazon Maven shows how AMZN, a traditionally pricy stock, is currently valued near a multi-year trough.\nA closer look at valuations\nThe table below, provided by Alpha Spread, summarizes Amazon’s key relative valuation multiples.\nOn the surface, the stock continues to look expensive, certainly to value investors. Price-to-sales of 4 times is quite rich for a company with modest margins, and so is trailing price-to-earnings ratio of 63 times – the S&P 500 trades at a P/E of nearly half this much, at around 33 times.\nFigure 1: AMZN current valuation multiples.\nBut relative to Amazon stock’s own history, these metrics are far from stretched today. The chart below shows how P/E and EV/EBIT, two important P&L-related valuation metrics, currently sit very much at five-year lows.\nBetter yet, the two figures are based on trailing results. Look forward, and the multiples look even more enticing. For example:according to Seeking Alpha, analysts expect Amazon’s EPS to rise to over $160 by 2025. At those levels, and assuming today’s stock price, the five-year forward P/E is only 20 times. Not bad at all for the stock of a market-dominant, high-growth company.\nFigure 2: AMZN P/E and EV/EBIT.\nOutside the income statement, other valuation metrics also tell a similar story. For instance, price-to-book ratio of 16 times is the lowest in five years at least (see chart below), other than during the most intense few weeks of the COVID-19 bear.\nEnterprise value-to-invested capital of 9 times is off the lows of 2020 and late 2019. However, the metric currently sits only two turns away from the ten-year minimum of 7 times reached in 2014.\nFigure 3: AMZN P/B and EV/IC.\nThe Amazon Maven’s take\nThe graphs and tables above support the bullish views that the Amazon Maven has proposed since the company’s Q2 earnings release:\n\n “On one hand, momentum traders will likely want to keep some distance from AMZN, now that e-commerce is expected to decelerate in a post-pandemic environment. On the other hand, investors might want to take advantage of the dip to accumulate shares. The Amazon Maven has published its research on the best time to buy Amazon, and the evidence is clear: doing so after pullbacks tends to result in better forward one-year returns.”","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":382,"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":7,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/890550324"}
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