Zillow暴雷後，看看分析師怎麼說
Zillow(Z.US)在報告第三季度意外虧損並表示將退出 “炒房” 業務(低價買入後翻修，再出售)業務之後，股價週三暴跌24.92%。
財報顯示，該公司第三季度經調整後每股虧損95美分，市場預期每股收益16美分；營收爲17.4億美元，市場預期爲20.1億美元，兩項均低於分析師的普遍預期。
Zillow還表示，計劃關閉旗下購房部門Offers，並裁員25%。
就在Zillow宣佈將關停iBuying幾周後，有媒體報道稱，Zillow實際上已經售出了7000套庫存房屋。
增長催化劑消失
摩根士丹利分析師Brian Nowak表示，Zillow現在已經失去了一個主要的看漲催化劑。
Nowak表示：“該公司炒房業務在經過3.5年的發展後關閉了，這是因爲在開發/擴大有效定價算法方面的執行力比預期的要弱。”
JMP Securities分析師Andrew Boone表示，Zillow的核心業務Premier Agent正變得越來越成熟。“雖然我們承認公司在數字房地產是最完善的品牌，擁有高水平的直接流量以及40%以上的IMT EBITDA利潤率，但我們認爲作爲一家傳媒公司,Zillow目前的股價纔是正常價值，該股之前一直被高估了。”
美國銀行的分析師Curtis Nagle則表示，iBuying對Zillow來說是一個非常昂貴的實驗。“Zillow正在退出一項風險很大且無利可圖的業務，但這讓人對管理層的執行力和對資本分配的判斷產生了疑問。”
未來的不確定性
Needham分析師Bernie McTernan指出，鑑於Zillow公司面臨的不確定性水平升高，投資者應該對該公司採取謹慎的態度。“即便是在數小時後出現拋售，我們認爲，鑑於企業運營的不確定性增加，以及在利潤率增長取得重大進展後面臨難以比較的困難增長前景，風險仍傾向於下行。”
KeyBanc分析師Edward Yruma表示，Zillow的IMT業務可能會隨着美國整體房地產趨勢而放緩。“在我們看來，增長最多隻能接近整體房地產趨勢。”
買入的機會？
Stephens分析師John Campbell表示，如果沒有iBuying業務，Zillow仍然是一個有吸引力的投資。
DA Davidson分析師Tom White表示，iBuying的戲劇化表現令Zillow核心IMT部門第三季度的強勁業績黯然失色。“我們從來都不是iBuying這種商業模式的最大粉絲，但看到ZG突然放棄Offers，我們還是感到有點沮喪。”
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