<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/02/warner.jpeg?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://ik.imagekit.io/invezz/uploads/2024/02/warner.jpeg"/></p>
<p>Warner Bros. Discovery（納斯達克股票代碼：WBD）股票是今年媒體行業表現最糟糕的之一。今年下跌超過 28%，而標普 500 指數和納斯達克 100 指數則上漲超過 20%。</p>
<p>自 2022 年 4 月 WarnerMedia 和 Discovery 合併以來，WBD 的表現延續了這一趨勢。自那時以來下跌超過 60%，這意味着對該公司的 1 萬美元投資現在價值不到 4,000 美元。</p>
<p>WBD 的市值已從 500 億美元降至約 200 億美元。另一方面，Netflix 繼續保持強勁增長，在過去 12 個月上漲超過 85%，使其估值達到 3040 億美元。</p>
<h2>Warner Bros. Discovery 為何陷入困境</h2>
<p>Warner Bros. Discovery 的表現與其他媒體公司類似。例如，Paramount Global，CBS、Nickelodeon、Comedy Central 和 MTV 的母公司，在過去幾年中下跌超過 70%，市值為 75 億美元。</p>
<p>迪士尼，擁有 ABC 和 ESPN，從 2020 年最高水平下跌超過 53%。</p>
<p>這些股票下跌是因為媒體行業發生了變化，可能是永久性的。因此，過去熱門的品牌變得不受歡迎。例如，過去人們會觀看 MTV 和 BET 以獲取最新音樂。</p>
<p>如今，情況已經改變，得益於 YouTube 等免費服務和 Apple Music、TikTok 和 Spotify 等流媒體解決方案。</p>
<p>同樣，Nickelodeon 和 Cartoon Network 曾是兒童最喜愛的頻道。現在情況已經改變，YouTube 擁有最大的市場份額。</p>
<p>這一趨勢導致許多美國人開始削減有線電視，因為他們大多數時候很少看電視。Statista 的數據顯示，2014 年沒有傳統電視的電視户比例從 18.8% 增長到 2023 年的 60%。這一趨勢將繼續增長，到 2026 年底將達到 75%。</p>
<p>削減有線電視對 Warner Bros. Discovery 有重大影響。首先，它減少了公司從廣告收入獲得的收入，因為大多數公司現在選擇其他營銷形式。</p>
<p>此外，它減少了公司從像 Charter Communications、Comcast 和 Dish Networks 這樣的有線電視公司獲得的資金。</p>
<h2>WBD 的盈利令人失望</h2>
<p>Warner Bros. Discovery 的股價下跌是因為公司的收入增長緩慢。其第二季度收入在第二季度下降了 5%，至 97 億美元。</p>
<p>這一收入下降分佈在製片廠和網絡部門。製片廠，製作了諸如《哥斯拉大戰金剛》和《沙丘》等熱門院線發行影片，下降了 4%，至 24.5 億美元。電視收入也因許可費低而下降了 27%。</p>
<p>製片廠部門的疲軟表現尤為引人注目，因為它是其搖錢樹之一。它在一個其他大玩家為迪士尼和派拉蒙的行業中擁有很大的市場份額。</p>
<p>與此同時，網絡業務的收入繼續下滑，上季度達到 52 億美元。這一下降主要是因為廣告和分銷部門疲軟。最重要的是，公司對其網絡部門進行了大規模減值，這解釋了為什麼在該季度報告了 101 億美元的鉅額虧損。</p>
<p>最重要的是，Warner 的直接消費業務增長不如預期。總直接消費訂户為 1.033 億，比上一季度增加 360 萬。儘管增加，但由於許可費低，該部門的收入下降了 5%，至 25.6 億美元。</p>
<p>因此，Warner Bros. Discovery 的業務需要一個良好的扭轉策略，尤其是公司失去了 NBA 的權利。在我看來，這種扭轉應包括出售部分資產，並利用資金償還高額債務。</p>
<p>現在是出售部分或全部電視網絡的最佳時機，因為它們仍然具有一定價值。然而，在未來十年，它們的估值將繼續下降，就像我們在派拉蒙身上看到的那樣。事實上，有風險，像 Charter 這樣的有線電視公司將取消一些網絡。</p>
<p>它面臨的另一個挑戰是未來幾年將面臨重大到期債務。到 2026 年，其價值超過 30 億美元，這將影響其內容投資。</p>
<h2>Warner Bros. Discovery 股票分析</h2>
<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/10/Warner-Bros.-Discovery-stock-1024x568.png?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://ik.imagekit.io/invezz/uploads/2024/10/Warner-Bros.-Discovery-stock-1024x568.png"/></p>
<p>日線圖顯示，WBD 股價在過去幾個月內橫盤走勢，投資者在等待下一個催化劑。它形成了一個矩形圖案，下限和上限分別為 6.92 美元和 8.90 美元。</p>
<p>股票還在 50 天和 200 天指數移動平均線之間盤整。</p>
<p>有跡象表明它形成了一個小的看漲旗形圖案。因此，該股的前景是中性的，關鍵點在於觀察 8.90 美元和 6.92 美元。突破支撐將指向更多下跌，而突破 8.90 美元將導致更多漲幅。</p>
<p>文章來源：Invezz</p>

<p>Warner Bros. Discovery（納斯達克股票代碼：WBD）股價今年已下跌超過 28%，明顯表現不佳，與標普 500 指數和納斯達克 100 指數相比。自 2022 年 4 月合併以來，其價值已經下跌超過 60%。這一下滑被歸因於媒體消費習慣的變化，削減有線電視對廣告收入和有線合作伙伴關係的影響。該公司第二季度營收下降了 5%，網絡部門出現了重大虧損。分析師建議制定一項扭轉策略，包括資產出售以管理高額債務，因為該公司面臨着重大的財務挑戰</p>

<p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/02/warner.jpeg" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/02/warner.jpeg"/></p>
<p>Warner Bros. Discovery (NASDAQ: WBD) stock has been one of the worst performers in the media industry this year. It has dropped by over 28% this year, while the S&amp;P 500 and Nasdaq 100 indices have soared by over 20%.</p>
<div class="lb-trans"><p>Warner Bros. Discovery（納斯達克股票代碼：WBD）股票是今年媒體行業表現最糟糕的之一。今年下跌超過 28%，而標普 500 指數和納斯達克 100 指數則上漲超過 20%。</p>
</div><p>WBD’s performance is a continuation of what has been happening since WarnerMedia and Discovery merged in April 2022. It has dropped by over 60% since then, meaning that a $10,000 investment in the company would now be worth less than $4,000.</p>
<div class="lb-trans"><p>自 2022 年 4 月 WarnerMedia 和 Discovery 合併以來，WBD 的表現延續了這一趨勢。自那時以來下跌超過 60%，這意味着對該公司的 1 萬美元投資現在價值不到 4,000 美元。</p>
</div><p>WBD’s market cap has dropped from over $50 billion to about $20 billion. Netflix, on the other hand, has continued firing on all cylinders, rising by over 85% in the last 12 months, bringing its valuation to $304 billion.</p>
<div class="lb-trans"><p>WBD 的市值已從 500 億美元降至約 200 億美元。另一方面，Netflix 繼續保持強勁增長，在過去 12 個月上漲超過 85%，使其估值達到 3040 億美元。</p>
</div><h2>Why Warner Bros. Discovery is struggling</h2>
<div class="lb-trans"><h2>Warner Bros. Discovery 為何陷入困境</h2>
</div><p>Warner Bros. Discovery’s performance has mirrored that of other media companies. For example, Paramount Global, the parent company of CBS, Nickelodeon, Comedy Central, and MTV, has crashed by over 70% in the past few years, giving it a market cap of $7.5 billion.</p>
<div class="lb-trans"><p>Warner Bros. Discovery 的表現與其他媒體公司類似。例如，Paramount Global，CBS、Nickelodeon、Comedy Central 和 MTV 的母公司，在過去幾年中下跌超過 70%，市值為 75 億美元。</p>
</div><p>Walt Disney, which owns ABC and ESPN, has dropped by over 53% from its highest level in 2020.</p>
<div class="lb-trans"><p>迪士尼，擁有 ABC 和 ESPN，從 2020 年最高水平下跌超過 53%。</p>
</div><p>These stocks have dropped because the media industry has changed, possibly for good. As a result, brands that used to be hot a decade ago have become toxic. For example, in the past, people used to watch MTV and BET to get the latest music.</p>
<div class="lb-trans"><p>這些股票下跌是因為媒體行業發生了變化，可能是永久性的。因此，過去熱門的品牌變得不受歡迎。例如，過去人們會觀看 MTV 和 BET 以獲取最新音樂。</p>
</div><p>Today, that has changed, thanks to a free service like YouTube and streaming solutions like Apple Music, TikTok, and Spotify.</p>
<div class="lb-trans"><p>如今，情況已經改變，得益於 YouTube 等免費服務和 Apple Music、TikTok 和 Spotify 等流媒體解決方案。</p>
</div><p>Similarly, Nickelodeon and Cartoon Network were the best channels for children. That has changed, with YouTube having the biggest market share.</p>
<div class="lb-trans"><p>同樣，Nickelodeon 和 Cartoon Network 曾是兒童最喜愛的頻道。現在情況已經改變，YouTube 擁有最大的市場份額。</p>
</div><p>This trend has seen many Americans embrace cord cutting since most of them rarely watch TV. Data by Statista show that the share of TV households without a traditional TV has grown from 18.8% in 2014 to 60% in 2023. This trend will continue to grow to 75% by the end of 2026.</p>
<div class="lb-trans"><p>這一趨勢導致許多美國人開始削減有線電視，因為他們大多數時候很少看電視。Statista 的數據顯示，2014 年沒有傳統電視的電視户比例從 18.8% 增長到 2023 年的 60%。這一趨勢將繼續增長，到 2026 年底將達到 75%。</p>
</div><p>Cord cutting has a major impact on Warner Bros. Discovery. In the first place, it reduces its advertisement revenue now that most companies are opting for other forms of marketing.</p>
<div class="lb-trans"><p>削減有線電視對 Warner Bros. Discovery 有重大影響。首先，它減少了公司從廣告收入獲得的收入，因為大多數公司現在選擇其他營銷形式。</p>
</div><p>Additionally, it reduces the amount of money the company receives from cable companies like Charter Communications, Comcast, and Dish Networks.</p>
<div class="lb-trans"><p>此外，它減少了公司從像 Charter Communications、Comcast 和 Dish Networks 這樣的有線電視公司獲得的資金。</p>
</div><h2>WBD’s earnings have been disappointing</h2>
<div class="lb-trans"><h2>WBD 的盈利令人失望</h2>
</div><p>The Warner Bros. Discovery’s stock has dropped because of the company’s slow revenue growth. Its second-quarter revenue dropped by 5% in the second quarter to $9.7 billion.</p>
<div class="lb-trans"><p>Warner Bros. Discovery 的股價下跌是因為公司的收入增長緩慢。其第二季度收入在第二季度下降了 5%，至 97 億美元。</p>
</div><p>This revenue decline was spread across the studios and networks segments. Studios, which created popular theatrical releases like Godzilla x Kong and Dune dropped by 4% to $2.45 billion. TV revenue also retreated by 27% because of low licensing fees.</p>
<div class="lb-trans"><p>這一收入下降分佈在製片廠和網絡部門。製片廠，製作了諸如《哥斯拉大戰金剛》和《沙丘》等熱門院線發行影片，下降了 4%，至 24.5 億美元。電視收入也因許可費低而下降了 27%。</p>
</div><p>The studio segment’s weakness is notable because it is one of its crown jewels. It also has a big market share in an industry whose other large players are Disney and Paramount.</p>
<div class="lb-trans"><p>製片廠部門的疲軟表現尤為引人注目，因為它是其搖錢樹之一。它在一個其他大玩家為迪士尼和派拉蒙的行業中擁有很大的市場份額。</p>
</div><p>Meanwhile, revenue in the network business continued to fall, reaching $5.2 billion in the last quarter. This decline was mostly because of weak advertising and distribution divisions. Most importantly, the company made a big write-down of its networks division, which explains why it reported a big loss of $10.1 billion during the quarter.</p>
<div class="lb-trans"><p>與此同時，網絡業務的收入繼續下滑，上季度達到 52 億美元。這一下降主要是因為廣告和分銷部門疲軟。最重要的是，公司對其網絡部門進行了大規模減值，這解釋了為什麼在該季度報告了 101 億美元的鉅額虧損。</p>
</div><p>Most importantly, Warner’s direct-to-consumer business is not growing as expected. Total direct-to-consumer subscribers were 103.3 million, a 3.6 million increase from last quarter. Despite the increase, the division’s revenue dropped by 5% to $2.56 billion because of weak licensing fees.</p>
<div class="lb-trans"><p>最重要的是，Warner 的直接消費業務增長不如預期。總直接消費訂户為 1.033 億，比上一季度增加 360 萬。儘管增加，但由於許可費低，該部門的收入下降了 5%，至 25.6 億美元。</p>
</div><p>Warner Bros. Discovery’s business, therefore, needs a good turnaround strategy, especially that the company lost rights to NBA. This turnaround, in my view, should include selling some of its assets and using the funds to pay its high debt.</p>
<div class="lb-trans"><p>因此，Warner Bros. Discovery 的業務需要一個良好的扭轉策略，尤其是公司失去了 NBA 的權利。在我看來，這種扭轉應包括出售部分資產，並利用資金償還高額債務。</p>
</div><p>The best time to sell some or all of its TV networks is now because they still have some value. In the next decade, however, their valuation will continue falling, as we have seen with Paramount. In fact, there is a risk that cable companies like Charter will drop some of its networks.</p>
<div class="lb-trans"><p>現在是出售部分或全部電視網絡的最佳時機，因為它們仍然具有一定價值。然而，在未來十年，它們的估值將繼續下降，就像我們在派拉蒙身上看到的那樣。事實上，有風險，像 Charter 這樣的有線電視公司將取消一些網絡。</p>
</div><p>Its other challenge is that it faces substantial maturities in the coming years. It has over $3 billion worth of maturities through 2026, which will affect its content investments.</p>
<div class="lb-trans"><p>它面臨的另一個挑戰是未來幾年將面臨重大到期債務。到 2026 年，其價值超過 30 億美元，這將影響其內容投資。</p>
</div><h2>Warner Bros. Discovery stock analysis</h2>
<div class="lb-trans"><h2>Warner Bros. Discovery 股票分析</h2>
</div><p><img src="https://imageproxy.pbkrs.com/https://ik.imagekit.io/invezz/uploads/2024/10/Warner-Bros.-Discovery-stock-1024x568.png" alt="" original-src="https://ik.imagekit.io/invezz/uploads/2024/10/Warner-Bros.-Discovery-stock-1024x568.png"/></p>
<p>The daily chart shows that the WBD share price has moved sideways in the past few months as investors wait for the next catalyst. It has formed a rectangle pattern whose lower and upper levels are at $6.92 and $8.90.</p>
<div class="lb-trans"><p>日線圖顯示，WBD 股價在過去幾個月內橫盤走勢，投資者在等待下一個催化劑。它形成了一個矩形圖案，下限和上限分別為 6.92 美元和 8.90 美元。</p>
</div><p>The stock is also consolidating between the 50-day and 200-day Exponential Moving Averages (EMA).</p>
<div class="lb-trans"><p>股票還在 50 天和 200 天指數移動平均線之間盤整。</p>
</div><p>There are signs that it has formed a small bullish flag pattern. Therefore, the outlook for the stock is neutral, with the key points to watch being $8.90 and $6.92. A break below the support will point to more downside, while a move above $8.90 will lead to more gains.</p>
<div class="lb-trans"><p>有跡象表明它形成了一個小的看漲旗形圖案。因此，該股的前景是中性的，關鍵點在於觀察 8.90 美元和 6.92 美元。突破支撐將指向更多下跌，而突破 8.90 美元將導致更多漲幅。</p>
</div><p>The post Warner Bros stock a dirt cheap bargain or a value trap? appeared first on Invezz</p>
<div class="lb-trans"><p>文章來源：Invezz</p>
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華納兄弟的股票是物美價廉的便宜貨還是價值陷阱？