lol押注正规app-阿里巴巴遇冷 亚马逊受宠

2021-09-27 06:04:24 文章来源:lol押注正规app   浏览次数 339

杰夫贝佐斯(Jeff Bezos)可能正铆足了劲在西雅图四周勾当,为他家的Fire Phone高声吆喝,并鼓动勉励员工相互撕咬。







Jeff Bezos may run around Seattle, war paint daubed on his head, barking orders into his Fire Phone, urging employees to be nasty to each other.

The Amazon founder claims to be running a gentler company than his critics portray. But whatever he’s doing, investors like it a lot.

There was great fanfare in July when Amazon’s market capitalisation surpassed Walmart’s. There was none on Monday when its enterprise value, which discounts cash and includes debt, rose to 美金251bn, overtaking the supermarket chain to become — for real this time — the world’s most valuable retailer.

Earlier this year, its value overtook that of another company whose founder has magnetic appeal: Jack Ma’s Alibaba. Even though the Chinese ecommerce company enjoys superior revenue growth and fatter margins, its value is sinking. The first anniversary of its initial public offering was on Friday. The shares are below the IPO price and half their high point.

There are some good reasons for reappraising Alibaba, notably Chinese economic worries and the slowest revenue growth in three years recorded in August. Yet Alibaba’s return on invested capital is 8 per cent; Amazon’s is minus 3 per cent. Even at a slightly slower pace, Alibaba’s revenue is growing at 40 per cent against Amazon’s 17 per cent. It is Amazon, though, that now commands a premium valuation: its enterprise value is 20 times next year’s forecast earnings before interest, tax, depreciation and amortisation compared with Alibaba at 19 times.

The suspension of disbelief in Alibaba has been punctured. A lock-up expired on Monday, enabling large investors (including Mr Ma) to sell. They said they would not. The stock still fell 3 per cent. Its strange governance structure and the precarious ways in which value trickles to common stockholders are all part of the problem, yet they are nothing new.

The worry that Alibaba might disappoint has taken hold; the worry that Amazon might disappoint has — in spite of its lengthy record of doing precisely that — vanished.