<p><strong>谷歌母公司 Alphabet(GOOG -0.10%)(GOOGL -0.18%)</strong>，即谷歌的母公司，目前在公開市場中並未受到太多青睞。事實上，從估值的角度來看，它實際上比更廣泛的市場，即 <strong>標普 500 指數</strong>，要便宜。</p><p>考慮到 Alphabet 是當今市場上最主導的科技公司之一，這樣的説法有些奇怪。股票存在一些悲觀情緒的原因，但是否足以使其價格折價於標普 500 指數呢？</p><h2 id="0vsl2uxv">Alphabet 的股價略低於標普 500 指數</h2><p>Alphabet 的股價在 2024 年一直相當便宜，儘管目前的狀態是迄今為止最便宜的。</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 市盈率數據。</p><p>從市盈率（P/E）的角度來看，無論是看待過去的收益還是未來的收益，Alphabet 都比標普 500 指數要便宜。標普 500 指數目前的市盈率為過去收益的 24.7 倍和未來收益的 23.8 倍。</p><p>基本上，市場認為 Alphabet 應該享有比標普 500 指數成分股平均水平更低的溢價，這是一個令人難以置信的説法。</p><p>當然，Alphabet 自身也沒有處於最佳位置。司法部表示，在發現 Alphabet 有壟斷行為後，可能會尋求拆分該公司。這讓許多投資者感到恐慌，因為他們不知道如果被迫拆分，Alphabet 將如何被拆分。然而，這還需要數年的時間，因為 Alphabet 將在法庭上挑戰這一切。此外，當其他公司被拆分或剝離部分資產時，拆分通常會釋放價值，使部分的總和大於整體。</p><p>儘管司法部的案件值得關注，但我認為投資者決定購買該股票時不應考慮這一因素。</p><p>Alphabet 受到質疑的另一個原因是，一些人擔心由生成式人工智能驅動的新搜索引擎可能會將 Alphabet 從互聯網搜索市場的霸主地位上拉下來。我認為這種情況發生的可能性非常低，因為 Alphabet 令人難以置信的市場份額（約 90%）意味着許多人將不得不改變他們的習慣。谷歌已經在其搜索結果頂部添加了一個生成式人工智能驅動的摘要，因此在某種程度上，它已經在其他人甚至嘗試篡奪之前就改進了其平台。</p><p>Alphabet 周圍有許多悲觀的頭條新聞，導致其股價變得如此便宜。然而，仍然存在一家業績良好且值得現在投資的公司。其低廉的股價使投資者和公司本身都能以極好的價格購買該股票。</p><h2 id="87upiqd0u">便宜的股票意味着更有效的回購</h2><p>由於 Alphabet 受到司法部的監視，它想要進行的任何收購都受到高度審查。因此，它選擇回購股票，而不是利用現金儲備收購其他互補公司。</p><p>類似於投資者的資金可以以較低的股價購買更多公司股票，公司的回購也具有相同的效果。上個季度，Alphabet 回購了價值 150 億美元的股票，使股份數量同比減少了 2.6%。</p><p>Alphabet 的股份回購將在長期內產生強大的影響，並進一步增加其每股收益（EPS）增長。由於收入增長強勁（同比增長 14%），效率提高，以及股份回購，Alphabet 的 EPS 從去年第二季度的 1.44 美元增長到 1.89 美元，同比增長 31%。</p><p>由於股價變動與長期內的盈利增長高度相關，如果 Alphabet 能夠保持這樣的 EPS 增長，它將在未來擊敗市場。考慮到它已經以低於更廣泛市場的折扣價交易，現在購買它幾乎是一個不需要思考的決定。</p>

谷歌-A

谷歌-C

<p>谷歌（GOOG，GOOGL）目前相對標普 500 指數被低估，交易價格較低的市盈率。儘管存在對可能的司法部行動和來自生成式人工智能的競爭的擔憂，谷歌在搜索領域仍保持着主導地位。該公司專注於股票回購而非收購，從而提升每股收益（EPS）增長。隨着每股收益同比增長 31% 和強勁的營收增長，谷歌已經為未來的成功奠定了基礎，使其成為一個具有吸引力的投資機會</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，目前在公開市場中並未受到太多青睞。事實上，從估值的角度來看，它實際上比更廣泛的市場，即 <strong>標普 500 指數</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>考慮到 Alphabet 是當今市場上最主導的科技公司之一，這樣的説法有些奇怪。股票存在一些悲觀情緒的原因，但是否足以使其價格折價於標普 500 指數呢？</p>
</div><h2>Alphabet's stock is slightly cheaper than the S&amp;P 500</h2>
<div class="lb-trans"><h2>Alphabet 的股價略低於標普 500 指數</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 的股價在 2024 年一直相當便宜，儘管目前的狀態是迄今為止最便宜的。</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 市盈率數據。</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>從市盈率（P/E）的角度來看，無論是看待過去的收益還是未來的收益，Alphabet 都比標普 500 指數要便宜。標普 500 指數目前的市盈率為過去收益的 24.7 倍和未來收益的 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，市場認為 Alphabet 應該享有比標普 500 指數成分股平均水平更低的溢價，這是一個令人難以置信的説法。</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>當然，Alphabet 自身也沒有處於最佳位置。司法部表示，在發現 Alphabet 有壟斷行為後，可能會尋求拆分該公司。這讓許多投資者感到恐慌，因為他們不知道如果被迫拆分，Alphabet 將如何被拆分。然而，這還需要數年的時間，因為 Alphabet 將在法庭上挑戰這一切。此外，當其他公司被拆分或剝離部分資產時，拆分通常會釋放價值，使部分的總和大於整體。</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>儘管司法部的案件值得關注，但我認為投資者決定購買該股票時不應考慮這一因素。</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 受到質疑的另一個原因是，一些人擔心由生成式人工智能驅動的新搜索引擎可能會將 Alphabet 從互聯網搜索市場的霸主地位上拉下來。我認為這種情況發生的可能性非常低，因為 Alphabet 令人難以置信的市場份額（約 90%）意味着許多人將不得不改變他們的習慣。谷歌已經在其搜索結果頂部添加了一個生成式人工智能驅動的摘要，因此在某種程度上，它已經在其他人甚至嘗試篡奪之前就改進了其平台。</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 周圍有許多悲觀的頭條新聞，導致其股價變得如此便宜。然而，仍然存在一家業績良好且值得現在投資的公司。其低廉的股價使投資者和公司本身都能以極好的價格購買該股票。</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購</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>由於 Alphabet 受到司法部的監視，它想要進行的任何收購都受到高度審查。因此，它選擇回購股票，而不是利用現金儲備收購其他互補公司。</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>類似於投資者的資金可以以較低的股價購買更多公司股票，公司的回購也具有相同的效果。上個季度，Alphabet 回購了價值 150 億美元的股票，使股份數量同比減少了 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 的股份回購將在長期內產生強大的影響，並進一步增加其每股收益（EPS）增長。由於收入增長強勁（同比增長 14%），效率提高，以及股份回購，Alphabet 的 EPS 從去年第二季度的 1.44 美元增長到 1.89 美元，同比增長 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>由於股價變動與長期內的盈利增長高度相關，如果 Alphabet 能夠保持這樣的 EPS 增長，它將在未來擊敗市場。考慮到它已經以低於更廣泛市場的折扣價交易，現在購買它幾乎是一個不需要思考的決定。</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，市盈率低於市場平均水平。  
- 市場對 Alphabet 的悲觀情緒源於反壟斷調查及新 AI 搜索引擎的競爭。  
- 儘管面臨挑戰，Alphabet 仍通過股票回購和強勁的收入增長提升每股收益。  

目前，Alphabet 的價格低於標普 500，投資者應該抓住機會大量買入