05/07/2025, 08:41 PM UTC
基于分部估值法评估Alphabet，假设搜索业务停止增长Valuing Alphabet On A Sum Of The Parts Basis, Assuming Search Stops Growing
1、谷歌搜索面临ChatGPT等AI聊天机器人的竞争压力，但市场份额仅小幅下滑仍保持主导地位；2、Alphabet多元化资产（YouTube、谷歌云、Waymo）提供显著增长潜力并分散搜索业务风险；3、当前估值保守（搜索业务仅5倍EBITDA），目标价232美元/股，预计未来2-3年有53%上涨空间。1. Google Search faces competitive pressure from AI chatbots but maintains stable market share with minimal decline; 2. Alphabet's diversified assets (YouTube, Google Cloud, Waymo) offer substantial growth potential and risk mitigation; 3. The stock appears undervalued with conservative 5x EBITDA multiple on Search and 53% upside potential ($232/share target) over 2–3 years.---
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