8倍！亞馬遜市盈率遠(yuǎn)超蘋果
圖片來源：杰夫?佛斯伯格
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????很難說以下哪件事更讓我覺得難以理解：是亞馬遜（Amazon）的歷史市盈率高達(dá)114.6，還是蘋果（Apple）的市盈率僅為13.9。 ????我們注意到，到這一懸殊的差距自六月以來一直在進(jìn)一步擴(kuò)大。當(dāng)時(shí)杰夫?佛斯伯格給我們發(fā)來他的“蘋果螺旋彈簧狀走勢(shì)圖”，強(qiáng)調(diào)了這兩家公司的股價(jià)與跟蹤該公司的分析師為其設(shè)定的目標(biāo)股價(jià)的中位數(shù)之間的差距。自那時(shí)以來，這個(gè)差距沒有多大改變。 ????然而市盈率的差距卻在變大。五個(gè)月前，亞馬遜的追蹤市盈率大約是蘋果的5倍。上個(gè)月是7倍。而如今是8倍，而且這還沒有考慮一個(gè)因素，即蘋果公司持有的現(xiàn)金和可出售有價(jià)證券（約合825.7億美元）是亞馬遜持有的現(xiàn)金和可出售有價(jià)證券（約合63.3億美元）的13倍。 ????為了亞馬遜的投資者，我希望定于周二發(fā)貨的Kindle Fire能夠如宣傳的那樣大賣特賣。亞馬遜首席執(zhí)行官于假日銷售前在其新的平板電腦產(chǎn)品系列上押下重注。如果出現(xiàn)任何閃失，該公司將遭受沉重的打擊。 ????最新消息：佛斯伯格在進(jìn)一步研究湯姆森金融（Thomson Financial）的數(shù)據(jù)之后，向我們提供了如下對(duì)比數(shù)據(jù)： |
????It's hard to say which makes less sense to me: The fact that Amazon (AMZN) is trading at a price that's 114.6 times its earnings over the past 12 months or that Apple (AAPL) is trading at a P/E of 13.9. ????We've been watching this disparity grow since last June. That's when Jeff Forsberg sent us his Apple as a coiled spring graphic emphasizing the gaps between the stocks' share prices and the median targets set by the analysts who track them -- gaps that haven't changed much since then. ????The price-to-earnings gap, however, has only grown wider. Five months ago, Amazon's trailing P/E ratio was roughly 5 times Apple's. Last month it was 7 times. Today it's 8 times Apple's, and that's not taking into account the 13x difference between the size of Apple's hoard of cash and marketable securities ($82.57 billion) and Amazon's ($6.33 billion). ????I hope for the sake of Amazon investors that the Kindle Fire scheduled to ship Tuesday is as big a hit as it's been touted to be. CEO Jeff Bezos has bet heavily in advance of holiday season sales on his new line of tablets. Any weakness on that front could really hurt. ????UPDATE: Drilling down a bit more into the Thomson Financial data, Forsberg offers this tale of the tape: |
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