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裁員有望提振利潤率
uSMART盈立智投 03-28 20:14

在權衡了電子商務巨頭亞馬遜(AMZN.US)的相關裁員措施帶來的影響後,摩根士丹仍然堅持將亞馬遜列入該機構的“首選股”(Top stock pick)行列,並予以該股150美元的目標。

大摩分析師Brian Nowak及其團隊認爲,最近被解僱的大約九千名員工中,大部分來自AWS業務和亞馬遜的廣告部門,他們預計這些領域的員工削減組合將導致“每員工的平均節省額度”更高,最終將提振亞馬遜的利潤率水平。分析師Nowak及其團隊預計,每年額外節省的22億美元開支,將使得亞馬遜2024年的EBIT利潤預期增加至372億美元。

大摩採用EV/EBIT倍數、部分加總法模型對亞馬遜進行估值測算。最終,大摩給出的150美元目標價格代表着該股約50%的潛在上漲空間,這也意味着新的2024年EBIT目標基準下的估值倍數約爲39X,而這比長亞馬遜的長期性質的平均EV/EBIT倍數低了約30%。

今年迄今,亞馬遜(Amazon)股價上漲超16%,但仍比52周高點170.83美元低40%以上。

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