AMZN牛三： Ben Schachter# Stock
H*i
1 楼
Ben Schachter, Macquarie Equities Research:
Reiterates an Outperform rating and a $305 price target. Schachter raised
his 2013 estimates to $73.53 billion in revenue, $5.53 billion in Ebitda, up
from $73.3 billion, $5.35 billion, while maintaining his estimate for $3.04
per share in adjusted EPS. “AMZN posted another solid quarter. A quarter,
however, that is unlikely to change many opinions about the stock. We remain
bullish given the margin potential, growing market opportunities in
emerging businesses (AWS, advertising, devices, growing digital ecosystem),
solid customer growth, and overall strong execution. Bears will likely
continue to focus on declining unit growth, relatively weak 2Q guidance, and
near-term valuation.One of the major drivers on a y/y basis continues to be
the increasing penetration of 3P sellers as a percent of total unit sales,
reaching 40% in the first quarter, which was up from 39% In both 4Q and 1Q’
12 (and only slightly below the seasonal peak of 41% in 3Q’12). The agency
business flows through AMZN’s financials at near 100% gross margin (excl.
FBA costs), though this will be offset by close to 0% GM hardware sales as
well as video content costs. We believe that these trends in aggregate will
continue to push GM higher going forward, as third-party rises as a
percentage of total unit sales .”
Reiterates an Outperform rating and a $305 price target. Schachter raised
his 2013 estimates to $73.53 billion in revenue, $5.53 billion in Ebitda, up
from $73.3 billion, $5.35 billion, while maintaining his estimate for $3.04
per share in adjusted EPS. “AMZN posted another solid quarter. A quarter,
however, that is unlikely to change many opinions about the stock. We remain
bullish given the margin potential, growing market opportunities in
emerging businesses (AWS, advertising, devices, growing digital ecosystem),
solid customer growth, and overall strong execution. Bears will likely
continue to focus on declining unit growth, relatively weak 2Q guidance, and
near-term valuation.One of the major drivers on a y/y basis continues to be
the increasing penetration of 3P sellers as a percent of total unit sales,
reaching 40% in the first quarter, which was up from 39% In both 4Q and 1Q’
12 (and only slightly below the seasonal peak of 41% in 3Q’12). The agency
business flows through AMZN’s financials at near 100% gross margin (excl.
FBA costs), though this will be offset by close to 0% GM hardware sales as
well as video content costs. We believe that these trends in aggregate will
continue to push GM higher going forward, as third-party rises as a
percentage of total unit sales .”