10張圖告訴你華爾街緣何踩蘋果而捧亞馬遜
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????衡量兩只股票的相對價值時，最簡單、使用最廣泛的一項指標是市盈率。去年11月，我們曾對比蘋果（蘋果）和亞馬遜（Amazon）兩家公司的市盈率。當時，蘋果的追溯市盈率為13，而亞馬遜為2,767。 ????此后，我們未能再次對比兩者的市盈率，因為亞馬遜的追溯市盈率——借用動畫人物巴斯光年的臺詞——已經(jīng)趨向無窮大（或者如股價圖的標示，追溯市盈率這個指標對亞馬遜已經(jīng)不再適用）。在此期間，蘋果的市盈率隨著其股價起伏，一直維持在10至11之間。 ????亞馬遜上周五公布了6月份這一季度的財報，報告顯示亞馬遜已經(jīng)連續(xù)三個季度未能實現(xiàn)盈利。盡管業(yè)績慘淡，亞馬遜卻受到華爾街熱捧，股價也被推至歷史高點，達到每股312.01美元。 ????然而，蘋果在三天前發(fā)布了創(chuàng)紀錄的三季度銷售業(yè)績（雖然利潤有所減少），但它的股價卻僅僅有一天出現(xiàn)反彈。各位讀者對此估計已經(jīng)見怪不怪了。 ????這是因為對華爾街而言，蘋果和亞馬遜的業(yè)務完全不同。正如Investor Village's AAPL Sanity論壇上的一位?？蜕现芩裕?/p> ????“華爾街眼中的亞馬遜是世界最大的（線上）全球零售商，增長空間幾乎是無限的。而蘋果在他們看來不過是一家增長空間有限的（手機）設備制造商，因為蘋果完全仰仗自身不斷創(chuàng)新的能力，以及擊退競爭對手、控制極不穩(wěn)定的供應鏈，同時擴大（最終會飽和的）市場能力?！?/p> ????為了強調(diào)華爾街到底有多青睞亞馬遜，而討厭蘋果，讀者“默克爾”發(fā)布了九張柱狀圖以及一張展示兩家公司近八年銷售額的圖表，供各位參考。（財富中文網(wǎng)） ????譯者：項航?
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????In November, the last time we compared Apple's (AAPL) and Amazon's (AMZN) price-to-earnings ratios -- the simplest and most widely used metric to gauge the relative value of a pair of stocks -- Apple's trailing PE was 13 and Amazon's was 2,767. ????We haven't been able to repeat the exercise because while Apple PE has drifted with its stock price to between 10 and 11, Amazon's trailing PE has reached, as Buzz Lightyear might put it, infinity and beyond. (Or, as the stock charts politely have it, NA.) ????That's because Amazon, which reported its June earnings on Friday, hasn't turned a profit for three quarters in a row -- a performance that Wall Street rewarded by pushing its stock to an all-time-high of $312.01. ????It will come as no surprise to readers here that Apple, which posted record fiscal Q3 sales (but lower earnings) three days earlier, couldn't catch more than a one-day break on the stock market. ????That's because as far as Wall Street is concerned, Apple and Amazon are in completely different businesses. As a regular on Investor Village's AAPL Sanity board put it last week: ????"The Street sees Amazon as the world's biggest (online) global retailer with almost limitless growth. [It] sees Apple as a (mobile) device maker that because it is wholly dependent on its ability to innovate nonstop, expand its (ultimately saturated) markets while fighting off competition and controlling its very unstable supply chain, has limited growth." ????To underscore just how much Wall Street loves Amazon and hates Apple, the reader who posts as "Merckel" has submitted for your consideration nine bar graphs and a five-year sales chart:?? |
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