<p>在这篇文章中，我评估了两家贷款股票：Affirm Holdings（AFRM）和 SoFi Technologies（SOFI）。仔细观察表明，对于 Affirm 持悲观看法，对于 SoFi 持看涨看法。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/1-1024x217.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/1-1024x217.jpg"/></p>
<p>Affirm Holdings 提供了一个在线平台，用于数字商务，包括为消费者提供分期付款贷款、商家商务解决方案和一个面向消费者的应用程序。与此同时，SoFi 提供从学生贷款到抵押贷款和个人贷款等贷款和金融产品。</p>
<p>在股价表现方面，尽管 Affirm Holdings 股价今年以来下跌了 18%，但在过去一年中仍上涨了 83%，尽管最近有所下降。同样，SoFi Technologies 的股价今年以来下跌了 24%，尽管这一下跌使其一年的回报率降至负 14%。</p>
<p>由于它们 12 个月回报率的巨大差异，它们的估值差异也是意料之中的。</p>
<p>由于两家公司都没有盈利，我们比较它们的市销率（P/S）来衡量它们相互之间以及与行业的估值。作为比较，多元化金融行业的市销率为 4 倍，而其三年平均值为 2.8 倍。</p>
<p>由于 Affirm 和 SoFi 都是金融公司，我们还考虑它们的市净率（P/BV）。任何市净率为 1 倍或以下的股票通常被认为是潜在的低估值。</p>
<h2><strong>Affirm Holdings</strong></h2>
<p>以 5.6 倍的市销率和 4.7 倍的市净率来看，Affirm Holdings 相对于其行业和资产价值显然被高估。股价在 8 月 28 日的最新财报后暴涨了 30%，这进一步支持了 Affirm 可能被高估的观点。因此，至少在出现回调之前，持悲观看法似乎是合适的。</p>
<p>事实上，逆转可能比人们想象的更近。Affirm 的相对强弱指数为 73.7，表明它处于超买区，可能很快就会出现修正。然而，在当前的估值水平下，Affirm 的估值似乎有些超前，这意味着公司需要实现显著增长才能在当前水平上定价合理。</p>
<p>对于 Affirm 来说，并非一切都是坏消息。公司在最新季度取得了一些令人印象深刻的增长，包括营收增长 48%，净亏损从去年同期的 2.06 亿美元缩减至最新季度的 4510 万美元。</p>
<p>此外，Affirm 首席执行官 Max Levchin 在一封致股东的信中表示，他们最近设定了一个目标，即在 2025 财年第四季度实现基于普通会计准则（GAAP）的运营盈利能力。</p>
<p>尽管如此，在短期内没有利润，季度营收为 6.59 亿美元的情况下，投资者应该质疑 Affirm 是否真的应该有 126 亿美元的市值。</p>
<h3><strong>AFRM 股票的目标价格是多少？</strong></h3>
<p>Affirm Holdings 根据过去三个月的五个买入、六个持有和两个卖出评级获得了持有的一致评级。以 40 美元计算，平均 Affirm Holdings 股票价格目标暗示下行潜力为 0.57%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/afrm-forecast.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/afrm-forecast.jpg"/></p>
<p><strong>查看更多 AFRM 分析师评级</strong></p>
<h2><strong>SoFi Technologies</strong></h2>
<p>以 3.4 倍的市销率和 1.4 倍的市净率来看，SoFi 看起来更加合理定价。考虑到其股价最近的下跌以及今年有望实现盈利的机会，持谨慎看涨观点似乎是合适的。</p>
<p>SoFi 在 7 月实现了连续第三个季度的盈利，展示了朝着 2024 年全年实现普通会计准则盈利目标的稳步进展。尽管净收入较少，为 5870 万美元的收入上的 1740 万美元，但 SoFi 显示出了一些稳定的迹象。</p>
<p>由于对利率的担忧，该公司今年股价面临挑战。尽管较低的利率可能帮助 SoFi 吸引更多贷款，但也可能挤压公司的利润率。</p>
<p>尽管如此，一位顶级投资者最近指出，SoFi 继续扩大其客户群，即使在高利率环境下，这通常会导致贷款大幅减少。</p>
<p>这位投资者认为，更高的交易量应该使 SoFi 能够在长期内弥补较低的利润率，我也同意这一观点。因此，这看起来是一个稳健的买入机会，尽管短期波动仍然可能存在。</p>
<h3><strong>SOFI 股票的目标价格是多少？</strong></h3>
<p>SoFi Technologies 根据过去三个月的五个买入、七个持有和三个卖出评级获得了持有的一致评级。以 8.27 美元计算，平均 SoFi Technologies 股票价格目标暗示上行潜力为 10.56%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/sofi.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/sofi.jpg"/></p>
<p><strong>查看更多 SOFI 分析师评级</strong></p>
<h2><strong>结论：对 AFRM 持悲观看法，对 SOFI 持看涨看法</strong></h2>
<p>尽管 Affirm 和 SoFi 采用两种不同的放贷模式将资金投放到消费者手中，但这些不同的模式使得 SoFi 看起来更像是更好、更稳定的长期投资。买现付款模式在购买减少时会面临困难，但即使在利率较高时，SoFi 也成功逆市减少贷款。</p>
<p>此外，Affirm 仍需增长到目前的估值水平，而 SoFi 看起来定价相对合理，在短期内有显著的上行潜力，特别是如果它在 2024 年底前实现全年盈利。然而，鉴于利率波动可能导致股价波动增加，投资者可能需要耐心等待 SoFi 朝着盈利前进。</p>
<p>披露</p>

SOFI

AFRM

<p>在比较 Affirm Holdings（AFRM）和 SoFi Technologies（SOFI）时，对 AFRM 持悲观看法，对 SOFI 持看涨态度。AFRM 的股价今年迄今已下跌 18%，但过去一年上涨了 83%，看起来被高估，P/S 比率高达 5.6 倍。相比之下，SOFI 的 P/S 比率更为合理，为 3.4 倍，并且正朝着盈利的方向发展，尽管面临挑战，但仍展现出增长势头。分析师对这两只股票都给予持有评级，但 SOFI 有 10.56% 的潜在上涨空间，而 AFRM 显示出轻微的 0.57% 下行潜力</p>

<p>In this piece, I evaluated two lending stocks: Affirm Holdings (AFRM) and SoFi Technologies (SOFI). A closer look suggests a bearish view for Affirm and a bullish view for SoFi.</p>
<div class="lb-trans"><p>在这篇文章中，我评估了两家贷款股票：Affirm Holdings（AFRM）和 SoFi Technologies（SOFI）。仔细观察表明，对于 Affirm 持悲观看法，对于 SoFi 持看涨看法。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/1-1024x217.jpg" alt="" original-src="https://blog.tipranks.com/wp-content/uploads/2024/09/1-1024x217.jpg"/></p>
<p>Affirm Holdings provides an online platform for digital commerce consisting of point-of-sale installment loans for consumers, merchant commerce solutions, and a consumer-facing app. Meanwhile, SoFi offers lending and financial products ranging from student loans to mortgages and personal loans.</p>
<div class="lb-trans"><p>Affirm Holdings 提供了一个在线平台，用于数字商务，包括为消费者提供分期付款贷款、商家商务解决方案和一个面向消费者的应用程序。与此同时，SoFi 提供从学生贷款到抵押贷款和个人贷款等贷款和金融产品。</p>
</div><p>In terms of price performance, Affirm Holdings stock has tumbled 18% year-to-date, but it’s still up 83% over the past year despite the recent decline. Similarly, shares of SoFi Technologies have plunged 24% year-to-date, although that decline dragged their one-year return to a negative 14%.</p>
<div class="lb-trans"><p>在股价表现方面，尽管 Affirm Holdings 股价今年以来下跌了 18%，但在过去一年中仍上涨了 83%，尽管最近有所下降。同样，SoFi Technologies 的股价今年以来下跌了 24%，尽管这一下跌使其一年的回报率降至负 14%。</p>
</div><p>With such a dramatic difference in their 12-month returns, it’s no surprise that their valuations are quite different.</p>
<div class="lb-trans"><p>由于它们 12 个月回报率的巨大差异，它们的估值差异也是意料之中的。</p>
</div><p>Since neither company is profitable, we compare their price-to-sales (P/S) ratios to gauge their valuations against each other and that of their industry. For comparison, the diversified financials industry is trading at a P/S of 4x, versus its three-year average of 2.8x.</p>
<div class="lb-trans"><p>由于两家公司都没有盈利，我们比较它们的市销率（P/S）来衡量它们相互之间以及与行业的估值。作为比较，多元化金融行业的市销率为 4 倍，而其三年平均值为 2.8 倍。</p>
</div><p>Since Affirm and SoFi are financial firms, we also consider their price-to-book-value (P/BV) ratios. Anything at a P/BV of 1x or below is often considered potentially undervalued.</p>
<div class="lb-trans"><p>由于 Affirm 和 SoFi 都是金融公司，我们还考虑它们的市净率（P/BV）。任何市净率为 1 倍或以下的股票通常被认为是潜在的低估值。</p>
</div><h2><strong>Affirm Holdings</strong></h2>
<div class="lb-trans"><h2><strong>Affirm Holdings</strong></h2>
</div><p>At a P/S of 5.6x and a P/BV of 4.7x, Affirm Holdings immediately looks overvalued relative to its industry and the value of its assets. The stock surged more than 30% following its last earnings report on August 28, adding fuel to the argument that Affirm may be overvalued. Thus, a bearish view seems appropriate, at least until a pullback occurs.</p>
<div class="lb-trans"><p>以 5.6 倍的市销率和 4.7 倍的市净率来看，Affirm Holdings 相对于其行业和资产价值显然被高估。股价在 8 月 28 日的最新财报后暴涨了 30%，这进一步支持了 Affirm 可能被高估的观点。因此，至少在出现回调之前，持悲观看法似乎是合适的。</p>
</div><p>In fact, a reversal may be closer than one might think. Affirm’s Relative Strength Index stands at 73.7, suggesting it’s in overbought territory and that a correction might be just around the corner. However, at the current valuations, Affirm’s valuation appears to be getting ahead of itself, meaning the company requires significant growth before it will be priced right at current levels.</p>
<div class="lb-trans"><p>事实上，逆转可能比人们想象的更近。Affirm 的相对强弱指数为 73.7，表明它处于超买区，可能很快就会出现修正。然而，在当前的估值水平下，Affirm 的估值似乎有些超前，这意味着公司需要实现显著增长才能在当前水平上定价合理。</p>
</div><p>It’s not all bad news for Affirm, though. The company did put up some impressive growth in the latest quarter, including a 48% jump in revenue and a net loss that narrowed from $206 million in the year-ago quarter to $45.1 million in the latest quarter.</p>
<div class="lb-trans"><p>对于 Affirm 来说，并非一切都是坏消息。公司在最新季度取得了一些令人印象深刻的增长，包括营收增长 48%，净亏损从去年同期的 2.06 亿美元缩减至最新季度的 4510 万美元。</p>
</div><p>Additionally, Affirm CEO Max Levchin told shareholders in a letter that they recently set a goal of achieving operating profitability on a GAAP (generally accepted accounting principles) basis by the fiscal fourth quarter of 2025.</p>
<div class="lb-trans"><p>此外，Affirm 首席执行官 Max Levchin 在一封致股东的信中表示，他们最近设定了一个目标，即在 2025 财年第四季度实现基于普通会计准则（GAAP）的运营盈利能力。</p>
</div><p>Nonetheless, with zero profits in the near term and quarterly revenue of $659 million, investors should question whether Affirm truly deserves a market capitalization of $12.6 billion.</p>
<div class="lb-trans"><p>尽管如此，在短期内没有利润，季度营收为 6.59 亿美元的情况下，投资者应该质疑 Affirm 是否真的应该有 126 亿美元的市值。</p>
</div><h3><strong>What Is the Price Target for AFRM Stock?</strong></h3>
<div class="lb-trans"><h3><strong>AFRM 股票的目标价格是多少？</strong></h3>
</div><p>Affirm Holdings has a Hold consensus rating based on five Buys, six Holds, and two Sell ratings assigned over the last three months. At $40, the average Affirm Holdings stock price target implies a downside potential of 0.57%.</p>
<div class="lb-trans"><p>Affirm Holdings 根据过去三个月的五个买入、六个持有和两个卖出评级获得了持有的一致评级。以 40 美元计算，平均 Affirm Holdings 股票价格目标暗示下行潜力为 0.57%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/afrm-forecast.jpg" alt="" original-src="https://blog.tipranks.com/wp-content/uploads/2024/09/afrm-forecast.jpg"/></p>
<p><strong>See more AFRM analyst ratings</strong></p>
<div class="lb-trans"><p><strong>查看更多 AFRM 分析师评级</strong></p>
</div><h2><strong>SoFi Technologies</strong></h2>
<div class="lb-trans"><h2><strong>SoFi Technologies</strong></h2>
</div><p>At a P/S of 3.4x and a P/BV of 1.4x, SoFi looks far more reasonably valued. Given the recent dip in its stock price and the chance at profitability this year, a cautionary bullish view seems appropriate.</p>
<div class="lb-trans"><p>以 3.4 倍的市销率和 1.4 倍的市净率来看，SoFi 看起来更加合理定价。考虑到其股价最近的下跌以及今年有望实现盈利的机会，持谨慎看涨观点似乎是合适的。</p>
</div><p>SoFi posted its third consecutive quarter of profits in July, demonstrating steady progress toward its goal of full-year GAAP profitability in 2024. Although that net income was slim, at $17.4 million on $587 million in revenue, SoFi is displaying some promising signs of stability.</p>
<div class="lb-trans"><p>SoFi 在 7 月实现了连续第三个季度的盈利，展示了朝着 2024 年全年实现普通会计准则盈利目标的稳步进展。尽管净收入较少，为 5870 万美元的收入上的 1740 万美元，但 SoFi 显示出了一些稳定的迹象。</p>
</div><p>The company’s stock has faced challenges this year due to concerns over interest rates. While lower rates could help SoFi attract more loans, they could also squeeze the company’s profit margins.</p>
<div class="lb-trans"><p>由于对利率的担忧，该公司今年股价面临挑战。尽管较低的利率可能帮助 SoFi 吸引更多贷款，但也可能挤压公司的利润率。</p>
</div><p>Nevertheless, one top investor recently noted that SoFi has continued to grow its customer base, even in a high interest-rate environment, which typically leads to a dramatic drop in lending.</p>
<div class="lb-trans"><p>尽管如此，一位顶级投资者最近指出，SoFi 继续扩大其客户群，即使在高利率环境下，这通常会导致贷款大幅减少。</p>
</div><p>This same investor thinks that higher volumes should enable SoFi to make up for lower margins over the long term, and I tend to agree. Thus, this looks like a solid buy-the-dip opportunity, though short-term volatility remains a possibility.</p>
<div class="lb-trans"><p>这位投资者认为，更高的交易量应该使 SoFi 能够在长期内弥补较低的利润率，我也同意这一观点。因此，这看起来是一个稳健的买入机会，尽管短期波动仍然可能存在。</p>
</div><h3><strong>What Is the Price Target for SOFI Stock?</strong></h3>
<div class="lb-trans"><h3><strong>SOFI 股票的目标价格是多少？</strong></h3>
</div><p>SoFi Technologies has a Hold consensus rating based on five Buys, seven Holds, and three Sell ratings assigned over the last three months. At $8.27, the average SoFi Technologies stock price target implies upside potential of 10.56%.</p>
<div class="lb-trans"><p>SoFi Technologies 根据过去三个月的五个买入、七个持有和三个卖出评级获得了持有的一致评级。以 8.27 美元计算，平均 SoFi Technologies 股票价格目标暗示上行潜力为 10.56%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://blog.tipranks.com/wp-content/uploads/2024/09/sofi.jpg" alt="" original-src="https://blog.tipranks.com/wp-content/uploads/2024/09/sofi.jpg"/></p>
<p><strong>See more SOFI analyst ratings</strong></p>
<div class="lb-trans"><p><strong>查看更多 SOFI 分析师评级</strong></p>
</div><h2><strong>Conclusion: Bearish on AFRM, Bullish on SOFI</strong></h2>
<div class="lb-trans"><h2><strong>结论：对 AFRM 持悲观看法，对 SOFI 持看涨看法</strong></h2>
</div><p>Although Affirm and SoFi utilize two different lending models to place money into the hands of consumers, those different models make SoFi look like the better, more stable long-term play. The buy now, pay later model faces weakness during times when purchases are down, but SoFi managed to buck the trend of reduced lending even when interest rates were high.</p>
<div class="lb-trans"><p>尽管 Affirm 和 SoFi 采用两种不同的放贷模式将资金投放到消费者手中，但这些不同的模式使得 SoFi 看起来更像是更好、更稳定的长期投资。买现付款模式在购买减少时会面临困难，但即使在利率较高时，SoFi 也成功逆市减少贷款。</p>
</div><p>Additionally, Affirm still has to grow into its current valuation, while SoFi looks fairly valued and has significant upside potential in the near term, especially if it achieves full-year profitability, likely by the end of 2024. However, investors may need to be patient with SoFi as it moves forward into profitability, given the potential for increased volatility in its stock price due to interest rate swings.</p>
<div class="lb-trans"><p>此外，Affirm 仍需增长到目前的估值水平，而 SoFi 看起来定价相对合理，在短期内有显著的上行潜力，特别是如果它在 2024 年底前实现全年盈利。然而，鉴于利率波动可能导致股价波动增加，投资者可能需要耐心等待 SoFi 朝着盈利前进。</p>
</div><p>Disclosure</p>
<div class="lb-trans"><p>披露</p>
</div>

Affirm 与 SoFi Tech：哪个借贷股票更好？