Analyse aandeel Amazon.com - Aanbevolen Aandeel

Amazon.com heeft een van de grootste concurrentievoordelen in de retailsector en blijft verstorend werken voor traditionele winkeliers. (Engelstalig rapport)

R.J. Hottovy, CFA 05 januari, 2015 | 16:55

INVESTMENT THESIS

Amazon has played a prominent role in the structural shift away from brick-and-mortar retail, and it may lay waste to several other retailers in the years to come. Without the cost burden of physical stores, Amazon can price below traditional rivals and drive recurring traffic online. Even with online sales tax collection, we believe Amazon can maintain its value proposition through other means, including adjustments to shipping policies or Amazon Prime. Aided by the network effect inherent in 260 million active users and recent fulfillment infrastructure, technology, and content investments, Amazon owns one of the wider economic moats in the consumer sector and is likely to remain a disruptive force in retail, digital media, and cloud computing.

Amazon's growth potential is undeniable. Key top-line metrics, including active users (a 22% compound annual growth rate the past five years), total physical and digital units sold (38% CAGR), and third-party units sold (48% CAGR), continue to outpace global e-commerce trends, suggesting that Amazon is gaining share while fortifying its network effect. Nevertheless, based on operating margins of 1.0% in 2013 (2.7% excluding stock-based compensation and amortization of intangibles), our fair value estimate seemingly requires a leap of faith based on whether the company will be able to monetize its growth.

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Effecten genoemd in dit artikel

Naam effectPrijsChange (%)Morningstar Rating
Alphabet Inc A1.497,16 USD0,02
Amazon.com Inc3.114,65 USD-1,06
eBay Inc54,72 USD0,64

Over de auteur

R.J. Hottovy, CFA  R. J. Hottovy, CFA, is a director of equity analysis with Morningstar.

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