<p><strong>谷歌母公司 Alphabet(GOOG -0.10%)(GOOGL -0.18%)</strong>，即谷歌的母公司，目前在公开市场中并未受到太多青睐。事实上，从估值的角度来看，它实际上比更广泛的市场，即 <strong>标普 500 指数</strong>，要便宜。</p><p>考虑到 Alphabet 是当今市场上最主导的科技公司之一，这样的说法有些奇怪。股票存在一些悲观情绪的原因，但是否足以使其价格折价于标普 500 指数呢？</p><h2 id="0vsl2uxv">Alphabet 的股价略低于标普 500 指数</h2><p>Alphabet 的股价在 2024 年一直相当便宜，尽管目前的状态是迄今为止最便宜的。</p><figure class="image"><img src="https://pub.pbkrs.com/uploads/2024/88941309df5803a8f53dd057d6a7ab40?x-oss-process=style/lg" alt="" width="720" height="456" original-src="https://pub.pbkrs.com/uploads/2024/88941309df5803a8f53dd057d6a7ab40"/></figure><p>由 YCharts 提供的 GOOGL 市盈率数据。</p><p>从市盈率（P/E）的角度来看，无论是看待过去的收益还是未来的收益，Alphabet 都比标普 500 指数要便宜。标普 500 指数目前的市盈率为过去收益的 24.7 倍和未来收益的 23.8 倍。</p><p>基本上，市场认为 Alphabet 应该享有比标普 500 指数成分股平均水平更低的溢价，这是一个令人难以置信的说法。</p><p>当然，Alphabet 自身也没有处于最佳位置。司法部表示，在发现 Alphabet 有垄断行为后，可能会寻求拆分该公司。这让许多投资者感到恐慌，因为他们不知道如果被迫拆分，Alphabet 将如何被拆分。然而，这还需要数年的时间，因为 Alphabet 将在法庭上挑战这一切。此外，当其他公司被拆分或剥离部分资产时，拆分通常会释放价值，使部分的总和大于整体。</p><p>尽管司法部的案件值得关注，但我认为投资者决定购买该股票时不应考虑这一因素。</p><p>Alphabet 受到质疑的另一个原因是，一些人担心由生成式人工智能驱动的新搜索引擎可能会将 Alphabet 从互联网搜索市场的霸主地位上拉下来。我认为这种情况发生的可能性非常低，因为 Alphabet 令人难以置信的市场份额（约 90%）意味着许多人将不得不改变他们的习惯。谷歌已经在其搜索结果顶部添加了一个生成式人工智能驱动的摘要，因此在某种程度上，它已经在其他人甚至尝试篡夺之前就改进了其平台。</p><p>Alphabet 周围有许多悲观的头条新闻，导致其股价变得如此便宜。然而，仍然存在一家业绩良好且值得现在投资的公司。其低廉的股价使投资者和公司本身都能以极好的价格购买该股票。</p><h2 id="87upiqd0u">便宜的股票意味着更有效的回购</h2><p>由于 Alphabet 受到司法部的监视，它想要进行的任何收购都受到高度审查。因此，它选择回购股票，而不是利用现金储备收购其他互补公司。</p><p>类似于投资者的资金可以以较低的股价购买更多公司股票，公司的回购也具有相同的效果。上个季度，Alphabet 回购了价值 150 亿美元的股票，使股份数量同比减少了 2.6%。</p><p>Alphabet 的股份回购将在长期内产生强大的影响，并进一步增加其每股收益（EPS）增长。由于收入增长强劲（同比增长 14%），效率提高，以及股份回购，Alphabet 的 EPS 从去年第二季度的 1.44 美元增长到 1.89 美元，同比增长 31%。</p><p>由于股价变动与长期内的盈利增长高度相关，如果 Alphabet 能够保持这样的 EPS 增长，它将在未来击败市场。考虑到它已经以低于更广泛市场的折扣价交易，现在购买它几乎是一个不需要思考的决定。</p>

谷歌-A

谷歌-C

<p>谷歌（GOOG，GOOGL）目前相对标普 500 指数被低估，交易价格较低的市盈率。尽管存在对可能的司法部行动和来自生成式人工智能的竞争的担忧，谷歌在搜索领域仍保持着主导地位。该公司专注于股票回购而非收购，从而提升每股收益（EPS）增长。随着每股收益同比增长 31% 和强劲的营收增长，谷歌已经为未来的成功奠定了基础，使其成为一个具有吸引力的投资机会</p>

<p><strong>Alphabet</strong>(GOOG -0.10%)(GOOGL -0.18%), the parent company of Google, is getting absolutely no love from the public markets right now. In fact, from a valuation standpoint, it's actually cheaper than the broader market, measured by the <strong>S&amp;P 500</strong>.</p>
<div class="lb-trans"><p><strong>谷歌母公司 Alphabet(GOOG -0.10%)(GOOGL -0.18%)</strong>，即谷歌的母公司，目前在公开市场中并未受到太多青睐。事实上，从估值的角度来看，它实际上比更广泛的市场，即 <strong>标普 500 指数</strong>，要便宜。</p>
</div><p>That's an odd statement, considering that Alphabet is one of the most dominant tech companies on the market today. There's a reason for some pessimism with the stock, but is it enough to price it at a discount compared to the S&amp;P 500?</p>
<div class="lb-trans"><p>考虑到 Alphabet 是当今市场上最主导的科技公司之一，这样的说法有些奇怪。股票存在一些悲观情绪的原因，但是否足以使其价格折价于标普 500 指数呢？</p>
</div><h2>Alphabet's stock is slightly cheaper than the S&amp;P 500</h2>
<div class="lb-trans"><h2>Alphabet 的股价略低于标普 500 指数</h2>
</div><p>Alphabet's stock has been fairly cheap throughout 2024, although its current state is about the cheapest it has been.</p>
<div class="lb-trans"><p>Alphabet 的股价在 2024 年一直相当便宜，尽管目前的状态是迄今为止最便宜的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6879e050ec4c7f47e723b38a7b800cd1.png" alt="" original-src="https://media.ycharts.com/charts/6879e050ec4c7f47e723b38a7b800cd1.png"/></p>
<p>GOOGL PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>由 YCharts 提供的 GOOGL 市盈率数据。</p>
</div><p>On a price-to-earnings (P/E) basis, Alphabet is cheaper than the S&amp;P 500, regardless of whether you look at trailing earnings or forward earnings. The S&amp;P 500 currently trades for 24.7 times trailing earnings and 23.8 times forward earnings.</p>
<div class="lb-trans"><p>从市盈率（P/E）的角度来看，无论是看待过去的收益还是未来的收益，Alphabet 都比标普 500 指数要便宜。标普 500 指数目前的市盈率为过去收益的 24.7 倍和未来收益的 23.8 倍。</p>
</div><p>Essentially, the market is saying that Alphabet deserves a lower premium than the average S&amp;P 500 constituent, which is an incredible statement.</p>
<div class="lb-trans"><p>基本上，市场认为 Alphabet 应该享有比标普 500 指数成分股平均水平更低的溢价，这是一个令人难以置信的说法。</p>
</div><p>Granted, Alphabet hasn't put itself in the best place, either. The Department of Justice indicated that it could seek to break up the company after Alphabet was found guilty of monopolistic practices. This frightened many investors, as they don't know how Alphabet would be broken up if it was forced to split up. However, this is years away, as Alphabet will challenge every part of this in court. Furthermore, when other companies are split up or divest a portion, the split often unlocks value, making the sum of the parts greater than the whole.</p>
<div class="lb-trans"><p>当然，Alphabet 自身也没有处于最佳位置。司法部表示，在发现 Alphabet 有垄断行为后，可能会寻求拆分该公司。这让许多投资者感到恐慌，因为他们不知道如果被迫拆分，Alphabet 将如何被拆分。然而，这还需要数年的时间，因为 Alphabet 将在法庭上挑战这一切。此外，当其他公司被拆分或剥离部分资产时，拆分通常会释放价值，使部分的总和大于整体。</p>
</div><p>Although the DOJ case is one to watch, I don't think it should factor into an investor's decision to buy the stock.</p>
<div class="lb-trans"><p>尽管司法部的案件值得关注，但我认为投资者决定购买该股票时不应考虑这一因素。</p>
</div><p>Another reason Alphabet is being doubted is that some are worried the new search engines powered by generative AI could knock Alphabet from its pedestal atop the internet search market. I think there is a very low probability of this happening, as Alphabet's incredible market share (about 90%) means that a large number of people would have to change their habits. Google already added a generative AI-powered summary to the top of its search result, so in some ways, it's already evolved its platform before others could even try to usurp it.</p>
<div class="lb-trans"><p>Alphabet 受到质疑的另一个原因是，一些人担心由生成式人工智能驱动的新搜索引擎可能会将 Alphabet 从互联网搜索市场的霸主地位上拉下来。我认为这种情况发生的可能性非常低，因为 Alphabet 令人难以置信的市场份额（约 90%）意味着许多人将不得不改变他们的习惯。谷歌已经在其搜索结果顶部添加了一个生成式人工智能驱动的摘要，因此在某种程度上，它已经在其他人甚至尝试篡夺之前就改进了其平台。</p>
</div><p>There are many pessimistic headlines surrounding Alphabet, which led to its stock becoming so cheap. However, what remains is a company that's still doing quite well and worth investing in now. Its cheap stock price allows both investors and the company itself to get a great deal on the stock.</p>
<div class="lb-trans"><p>Alphabet 周围有许多悲观的头条新闻，导致其股价变得如此便宜。然而，仍然存在一家业绩良好且值得现在投资的公司。其低廉的股价使投资者和公司本身都能以极好的价格购买该股票。</p>
</div><h2>A cheap stock means more effective buybacks</h2>
<div class="lb-trans"><h2>便宜的股票意味着更有效的回购</h2>
</div><p>Because Alphabet is on the DOJ's radar, any acquisitions it wants to make are highly scrutinized. So, instead of using its cash pile to buy up other complementary companies, it buys back stock.</p>
<div class="lb-trans"><p>由于 Alphabet 受到司法部的监视，它想要进行的任何收购都受到高度审查。因此，它选择回购股票，而不是利用现金储备收购其他互补公司。</p>
</div><p>Similar to how an investor's money can buy more shares of a company with a cheap stock price, a company's buybacks have the same effect. Last quarter, Alphabet bought back $15 billion worth of shares, which reduced the share count by 2.6% year over year.</p>
<div class="lb-trans"><p>类似于投资者的资金可以以较低的股价购买更多公司股票，公司的回购也具有相同的效果。上个季度，Alphabet 回购了价值 150 亿美元的股票，使股份数量同比减少了 2.6%。</p>
</div><p>Alphabet's share repurchases will have a strong effect over a long time period and further amplify its earnings per share (EPS) growth. Because they reduce the denominator of this metric, they increase the output of the equation. Along with strong revenue growth (14% year over year), improved efficiencies, and share buybacks, Alphabet's EPS increased from $1.44 to $1.89 year over year in the second quarter -- a 31% rise.</p>
<div class="lb-trans"><p>Alphabet 的股份回购将在长期内产生强大的影响，并进一步增加其每股收益（EPS）增长。由于收入增长强劲（同比增长 14%），效率提高，以及股份回购，Alphabet 的 EPS 从去年第二季度的 1.44 美元增长到 1.89 美元，同比增长 31%。</p>
</div><p>Since stock price movements are highly correlated to earnings growth over the long term, Alphabet is poised to stomp the market in the future if it can keep delivering EPS growth like that. With it already trading at a discount to the broader market, it's about as no-brainer a buy as you can get right now.</p>
<div class="lb-trans"><p>由于股价变动与长期内的盈利增长高度相关，如果 Alphabet 能够保持这样的 EPS 增长，它将在未来击败市场。考虑到它已经以低于更广泛市场的折扣价交易，现在购买它几乎是一个不需要思考的决定。</p>
</div>

Alphabet Is Cheaper Than the S&P 500 Right Now. It's Time for Investors to Load Up.

- Alphabet 的股票目前比 S&P 500 更便宜，市盈率低于市场平均水平。  
- 市场对 Alphabet 的悲观情绪源于反垄断调查及新 AI 搜索引擎的竞争。  
- 尽管面临挑战，Alphabet 仍通过股票回购和强劲的收入增长提升每股收益。  

目前，Alphabet 的价格低于标普 500，投资者应该抓住机会大量买入