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Amazon bygger på styrkene, aksjene noe undervurdert

Vi øker vårt estimat på virkelig verdi etter at selskapet, med bred økonomisk vollgrav, viste til aksellerende vekst i sin kjernekundegrupper.

R.J. Hottovy, CFA 30.04.2018 | 9:16

 

 

 

Amazon reported earnings on Thursday. The most important takeaway for investors from Amazon's update is that the drivers of the firm's top and bottom-line outperformance are built to last and that the firm is enhancing the sources of its wide moat.

We're planning to raise our fair value estimate, and even after the rally this morning see shares as modestly undervalued.

Amazon's core retail profit functions saw accelerating growth, and with CEO Jeff Bezos' recent shareholder letter highlighting the strong growth in small and medium businesses sellers and the announcement that U.S. Prime membership prices will rise in May, we believe both of these revenue streams will remain healthy in the years to come.

Outside of the core drivers, we're seeing strong contribution from emergent drivers such as advertising, subscription services like Amazon Music and Kindle Unlimited, and international retail.

On top of retail, Amazon Web Services posted accelerating revenue growth and margin gains indicating that the business unit is managing competition from Google and Microsoft Azure.

Verdipapirer nevnt i artikkel

Navn på verdipapirPrisEndring (%)Morningstar Rating
Amazon.com Inc1 828,34 USD-1,79

Om forfatteren

R.J. Hottovy, CFA  R. J. Hottovy, CFA, is a director of equity analysis with Morningstar.