Тоя пич Джейми Пауъл от ФТ вика, че Гугъл са евтини:
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https://ftalphaville.ft.com/2018/04/...Google-cheap-/
So for Google's core advertising business, investors are paying an Alphaville-adjusted 16.5 times forward earnings. With the current price-to-earnings ratio of the S&P 500 at 24 times, one might be forgiven for calling Google cheap.
We have not even accounted for Google's famed 'Other Bets' line -- a collection of misfit, moonshot investments including self-driving software Waymo, health-data laboratory Verily Sciences and Alphaville favourite, smart-city planner SideWalk Labs.
We have not even accounted for Google's famed 'Other Bets' line -- a collection of misfit, moonshot investments including self-driving software Waymo, health-data laboratory Verily Sciences and Alphaville favourite, smart-city planner SideWalk Labs.
Of course, we would be remiss to mention the regulatory guillotine hanging over big technology. Alphabet, by virtue of its clear corporate structure, might seem particularly easy to break up if current political discourse bubbles to boiling point. One only has to think of the role YouTube has played in spreading extremist propaganda, both at home and abroad, as one of the many reasons this could happen.
Our readers may also point out Alphabet's dependence on advertising revenues, a historically cyclical business which is an easy tap to turn off for many corporations in economic downturns. That being said, one could easily counter by mentioning the good ship Alphabet's serene sail through the currently stormy waters of the wider advertising world. Or the fact that there are very few alternatives in terms of audience reach.
Regardless of existential threats, Alphabet is a market-swallowing business trading at a depressed valuation. The question is, to what extent is regulatory Armageddon priced in? Perhaps the answer for Alphabet is “too much”.
Our readers may also point out Alphabet's dependence on advertising revenues, a historically cyclical business which is an easy tap to turn off for many corporations in economic downturns. That being said, one could easily counter by mentioning the good ship Alphabet's serene sail through the currently stormy waters of the wider advertising world. Or the fact that there are very few alternatives in terms of audience reach.
Regardless of existential threats, Alphabet is a market-swallowing business trading at a depressed valuation. The question is, to what extent is regulatory Armageddon priced in? Perhaps the answer for Alphabet is “too much”.
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