




版权说明:本文档由用户提供并上传,收益归属内容提供方,若内容存在侵权,请进行举报或认领
文档简介
Morganstanley
August7,202404:01AMGMT
RESEARCH
Idea
USTechnology|NorthAmerica
WhereDoMag7Valuations
StandToday?
Mag7valuationsare30%offtheT5Ypeak,butstill50%abovetheT5Ytrough,andin-linewithT5Yavg.ButwhenadjustedforfutureEPSgrowth,theMag7tradesata40%discounttotheT5YPEG,acriticaldistinctioninasoftlandingscenario&
supportiveofmega-capsoutperformingsmall-caps.
Amidsttherecentstockmarketsell-off,it'simportanttounderstandwhere
valuationsstandforthestalwartsoftheUSstockmarket,TheMag7.TheMag7isdown9%month-to-datethroughAugust5th,onaverage,underperformingthe
broader6%declineintheS&P500and8%MTDdrawdownintheNASDAQ,withTSLAandNVDAtherelativeunderperformerswithintheMag7(eachdown14%
MTD),andMETAtherelativeoutperformerofthegroup(atflatMTD).Acrossthe3mostcommonvaluationmetrics-P/E,P/FCFandEV/EBITDA-Mag7valuationsarenow30%offthetrailing5yearpeak,5%belowthetrailing5yearaverage,and50-60%abovetrailing5yeartroughvaluations(Exhibit1).ThiscomparestotheNASDAQ100thatis20%offitsT5Yvaluationhighand37%aboveitsT5Y
valuationlow,andtheRussell2000thatis56%offitsT5Yvaluationhighsbut50%aboveitsT5Yvaluationlow(Exhibit2).
However,whenadjustedforfuturegrowthprospects,theMag7currentlytradesatamaterialdiscounttothetrailing5yearvaluationaverage,asforwardEPS
growthisexpectedtoacceleratevs.trailing5yeargrowth(25%forwardCAGRvs.21%trailingCAGR;Exhibit3),implyingamedianMag7forwardPEGratioof0.8xvs.atrailingPEGratioof1.3x(Exhibit4).
Asaresult,we'dconcludethatwhileMag7valuationsstillfacesignificant
downsidevaluationriskinablackswanorrecessionscenario,currentMag7valuationsrelativetofuturegrowthprospectsareattractiveaftertherecentdrawdown,withamedianPEGrationearly40%lowerthanthetrailing5yearPEGratio,whichwebelieveisanimportantdistinctioninasoftlandingscenario
(theMShouseview)andsupportiveofmega-capscontinuingtooutperformsmallcaps.
MorganStanley&Co.LLC
ErikWWoodring
EquityAnalyst
212296-8083
+1
Erik.Woodring@
KeithWeiss,CFA
EquityAnalyst
212761-4149
+1
Keith.Weiss@
BrianNowak,CFA
EquityAnalyst
212761-3365
+1
Brian.Nowak@
JosephMoore
EquityAnalyst
212761-7516
+1
Joseph.Moore@
AdamJonas,CFA
EquityAnalyst
212761-1726
+1
Adam.Jonas@
MayaCNeuman
ResearchAssociate
212761-1946
+1
Maya.Neuman@
MattBombassei
ResearchAssociate
Matt.Bombassei@
TheodorJThun
ResearchAssociate
Theo.Thun@+1212761-5356
MasonWayne
ResearchAssociate
Mason.Wayne@+1212761-6012
DanielaMHaigian
ResearchAssociate
Daniela.Haigian@+1212761-6071
ITHardware
NorthAmerica
IndustryViewIn-Line
MorganStanleydoesandseekstodobusinesswith
companiescoveredinMorganStanleyResearch.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofMorganStanley
Research.InvestorsshouldconsiderMorganStanley
Researchasonlyasinglefactorinmakingtheirinvestmentdecision.
Foranalystcertificationandotherimportantdisclosures,refertotheDisclosureSection,locatedattheendofthisreport.
2
Morganstanley
RESEARCH
Idea
Exhibit1:ThemedianMag7stockistradingabout8%belowT5YaverageP/E,about40%abovetheT5Ytrough,andabout30%belowpeakmultiples.
NextFiscalYearP/E
CurrentT5YAvg.T5YTroughT5YPeak
Current%Diffvs.
T5YAvg.T5YTroughT5YPeak
Alphabet17.9x19.4x12.6x26.6x
-8%42%-33%
Amazon23.6x37.5x21.5x58.3x
-37%
10%
-59%
Apple28.3x24.5x14.7x34.8x
15%
93%
-19%
MetaPlatforms19.4x17.6x8.1x26.9x
10%141%-28%
Microsoft25.7x27.4x19.0x34.0x
-6%35%-25%
Nvidia26.6x36.6x20.9x66.7x
-27%28%-60%
Tesla63.3x72.2x16.8x182.9x
-12%
276%
-65%
AverageMedian
-9%-8%
89%42%
-41%-33%
NextFiscalYearP/FCF
CurrentT5YAvg.T5YTroughT5YPeak
Current%Diffvs.
T5YAvg.T5YTroughT5YPeak
Alphabet21.4x21.2x13.7x28.3x
1%57%-24%
Amazon23.9x31.4x19.1x46.9x
-24%
25%
-49%
Apple26.7x22.9x13.5x30.3x
16%98%
-12%
MetaPlatforms23.8x23.0x12.8x32.2x
4%87%-26%
Microsoft32.1x30.3x21.0x44.6x
6%53%-28%
Nvidia30.0x40.4x22.4x69.7x
-26%
34%
-57%
Tesla140.2x110.5x26.2x268.9x
27%
435%
-48%
AverageMedian
-35%-28%
1%4%
113%57%
NextFiscalYearEV/EBITDA
CurrentT5YAvg.T5YTroughT5YPeak
Current%Diffvs.
T5YAvg.T5YTroughT5YPeak
Alphabet11.8x11.8x7.5x16.0x
0%57%-26%
Amazon11.1x15.8x8.4x26.6x
-30%32%-58%
Apple21.4x18.4x9.9x25.0x
16%
117%
-15%
MetaPlatforms11.6x10.2x4.3x16.1x
13%171%-28%
Microsoft17.1x18.4x13.0x22.8x
-7%32%-25%
Nvidia21.5x31.7x19.0x55.3x
-32%
13%
-61%
Tesla32.2x35.6x9.6x78.5x
-10%
234%
-59%
AverageMedian
94%57%
-7%-7%
-39%-28%
Source:Bloomberg,MorganStanleyResearch
Exhibit2:TheS&P500iscurrentlytrading2%aboveT5Yaverage,whiletheNASDAQ100andS&P500arecurrentlytrading3-5%below.
PricetoNextFiscalYearEarnings(ConsensusEstimates)
Trailing5YearRangeCurrentP/ETrailing5YAvg.
80x75x70x65x60x55x50x45x40x
35x30.5x
30x
25x23.4x
20x
15x17.4x
10x13.6x
5x8.1x0x
182.9x
54.4x
16.1x
16.8x
14.7x
34.0x
26.9x
26.6x
34.8x
58.3x
66.7x
20.9x
21.5x
19.0x
12.6x
Russell2000
AppleMetaMicrosoftAlphabetTeslaNvidiaAmazonS&P500NasdaqPlatforms100
Source:Bloomberg,MorganStanleyResearch
Morganstanley
RESEARCH
Idea
Exhibit3:TheMag7medianforward2-yearEPSCAGRpointstoanaccelerationingrowthvs.thetrailing5-yearmedianEPSCAGR...
Trailing5-Yearvs.Forward2-YearEPSCAGR
Trailing5YCAGRForward2YCAGR
80%
70%60%50%40%30%20%10%0%
70%
50%
42%
27%
22%22%23%
20%
21%
25%
16%14%
10%
14%
AlphabetAmazonAppleMetaPlatformsMicrosoftNvidiaMedian
Source:Refinitiv,MorganStanleyResearch.Note:T5Y=FY18-FY23,F2Y=FY23-FY25.TSLAisexcludedduetooutliers.
Exhibit4:...WhichimpliesthatonaPEGratiobasis,themedianMag7stocktradesatanattractive0.8xforwardPEGvs.a1.3xtrailingPEG.
TrailingPEG(5-YearEPSCAGR)vs.ForwardPEG(2-YearEPSCAGR)
3.0
2.5
2.0
1.5
1.0
0.5
0.0
TrailingPEGForwardPEG
2.8
1.9
1.61.6
1.4
0.9
1.2
1.3
0.8
0.6
0.7
0.7
0.4
0.8
AlphabetAmazonAppleMetaPlatformsMicrosoftNvidiaMedian
Source:Bloomberg,Refinitiv,MorganStanleyResearch.Note:T5Y=FY18-FY23,F2Y=FY23-FY25.TSLAisexcludedduetooutliers.
Additionally,Mag7Consensusrevenuerevisions(ex-NVDA&TSLA)areup2%inthelast12months,whileEPSrevisionareup16-21%,whichwebelieveis
supportiveoftheviewthat:1)CY24Mag7results/guidancehavegenerallypannedoutslightlybetterthanexpectedoverthelasttwoquarters(Exhibit5),and2)
CY25expectationsarerising,whichisworthkeepinganeyeonsothatexpectationsdon'tgetaheadofthemselves(Exhibit6).Furthermore,giventhatMag7EPS
revisionsareoutpacingrevenuerevisions(Exhibit7andExhibit8),we'dconcludethat,onaverage,theMag7cohortisbenefittingfromoperationalefficienciesmoresothansmall-caps,supportingthemarket'squalityanddefensibilitybiaswiththeMag7.
Lastly,we'dhighlightthatbasedon13-FfilingsasofMarch31,2024,the
majorityoftheMag7remainsunder-ownedvs.theS&P500weighting.Asoftheendof1Q24(2Q2413-F'swillbeoutAugust15th),MSFTwasthemostunder-ownedoftheMag7bythelargest100activeinstitutionalmanagersrelativetoits
weightingintheS&P500(-234bps),followedbyNVDA(-146bps),AAPL(-126bps),andAMZN(-98bps).Conversely,META(+25bps),TSLA(+15bps)andGOOGL
(+3bps)arethemostover-ownedoftheMag7(Exhibit9).Webelievethisadded
MorganStanleyResearch3
4
Morganstanley
RESEARCH
Idea
contextisimportantgiventhat,onaverage,afteradjustingformarketcapand
earningsbeats,thereisastatisticallysignificantrelationshipbetweenlowactive
ownershiprelativetotheS&P500andfuturestockperformance.Meaningthat,onaverage,stockswithactiveownershipmuchlowerthanthemarkettypically
experienceatechnicalpullhigher,andviceversa.
Below,weshareMag7company-specificviewsonvaluation,fundamentals,andstock-specificriskstoprovideinvestorswithaddedcontextontherecentsell-off.
Exhibit5:Overthepastyear,CY24Consensusrevenueestimateshavebeenrevised2%higher,onaverage,acrosstheMag7...
CY24ConsensusRevenueEstimateRevisions
120%
100%
80%
60%
40%
20%
0%
-20%-40%
Aug-23
Aug-23
Sep-23
Sep-23
Oct-23
Oct-23
Oct-23
Nov-23
Nov-23
Dec-23
Dec-23
Jan-24
Jan-24
Feb-24
Feb-24
Mar-24
Mar-24
Apr-24
Apr-24
Apr-24
May-24
May-24
Jun-24
Jun-24
Jul-24
Jul-24
Aug-24
103%
-4%
——GOOGLAMZN——AAPL——META——MSFT——NVDA——TSLA--Average*
-8%
2%
4%
2%
0%
-21%
Source:Refinitiv,MorganStanleyResearch.*Note:AverageexcludesTSLAandNVDA.
Exhibit7:Overthepastyear,CY24ConsensusEPSestimateshavebeenrevised21%higher,onaverage,acrosstheMag7...
GOOGL——AMZNAAPL——METAMSFT——NVDATSLA--Average*
CY24ConsensusEPSEstimateRevisions
150%
100%
50%
0%
-50%
-100%
Aug-23
Aug-23
Sep-23
Sep-23
Oct-23
Oct-23
Oct-23
Nov-23
Nov-23
Dec-23
Dec-23
Jan-24
Jan-24
Feb-24
Feb-24
Mar-24
Mar-24
Apr-24
Apr-24
Apr-24
May-24
May-24
Jun-24
Jun-24
Jul-24
Jul-24
Aug-24
6%
134%
55%
26%
21%
15%
2%
-50%
Source:Refinitiv,MorganStanleyResearch.*Note:AverageexcludesTSLAandNVDA.
Exhibit6:...andCY25Consensusrevenueestimateshavebeenrevised2%higher,onaverage,overthesameperiod.
CY25ConsensusRevenueEstimateRevisions
160%140%120%100% 80% 60% 40% 20%0%
-20%-40%
Aug-23
Aug-23
Sep-23
Sep-23
Oct-23
Oct-23
Oct-23
Nov-23
Nov-23
Dec-23
Dec-23
Jan-24
Jan-24
Feb-24
Feb-24
Mar-24
Mar-24
Apr-24
Apr-24
Apr-24
May-24
May-24
Jun-24
Jun-24
Jul-24
Jul-24
Aug-24
——GOOGLAMZN——AAPL——META——MSFTNVDA——TSLA--Average*
136%
-4%
10%5%
2%
—————(2%
-26%
Source:Refinitiv,MorganStanleyResearch.*Note:AverageexcludesTSLAandNVDA.
Exhibit8:...andCY25ConsensusEPSestimateshavebeenrevised16%
higher,onaverage,overthesameperiod.
CY25ConsensusEPSEstimateRevisions
200%
——GOOGLAMZN——AAPLMETA——MSFTNVDA——TSLA--Average*
164%
150%
22%
100%
38%
0%
16%
3%
50%
12%
2%
-50%
-45%
-100%
Aug-23
Aug-23
Sep-23
Sep-23
Oct-23
Oct-23
Oct-23
Nov-23
Nov-23
Dec-23
Dec-23
Jan-24
Jan-24
Feb-24
Feb-24
Mar-24
Mar-24
Apr-24
Apr-24
Apr-24
May-24
May-24
Jun-24
Jun-24
Jul-24
Jul-24
Aug-24
Source:Refinitiv,MorganStanleyResearch.*Note:AverageexcludesTSLAandNVDA.
Morganstanley
RESEARCH
Idea
Exhibit9:OftheMag7stocks,MSFT,NVDA,AAPLandAMZNarethemostunder-owned,whileMETA,TSLAandGOOGLarethemostover-owned
AverageActivePortfolioWeightingvs.S&P500Weighting
AMZNMETAGOOGLAAPLMSFTNVDATSLA
2.0%1.5%1.0%0.5%0.0%
0.25%
i0.15%
0.03%
-0.5%
-1.0%-1.5%-2.0%-2.5%-3.0%
-0.98%
-1.26%
-1.46%
-2.34%
Dec-09
Dec-10
Dec-11
Dec-12
Dec-13
Dec-14
Dec-15
Dec-16
Dec-17
Dec-18
Dec-19
Dec-20
Dec-21
Dec-22
Dec-23
Source:Basedon13-Ffilingsfortheperiodfrom1Q09to1Q24.Googlehistoricaltimeperiodbeginsin1Q14andreflectsonlyGOOGLshareclass,whichhasadirectionallysimilardynamicasGOOG.Source:Factset,MorganStanleyResearch.
Alphabet(OW,$205PT):GOOGLnowtradesinlineto8%below5yearaverageFY2P/E,P/FCFandEV/EBITDAmultiplesbutstill42-57%aboveitstroughmultipleswhichwerehitduringlate2022/early2023.Currentmultiplesarealso40%+abovetroughmultiplesreachedduringlate2022/early2023atatimeofbothmacro
pressureandmicro-levelconcerns(seeExhibit5).WhileGOOGL'smultiplehaslessdownsidethanMETAinaslowingmacroenvironment,certainGOOGL-specific
uncertainties(durabilityofgrowth,GenAIsearchincrementality,searchdisruption)arelikelytoweighonthemultiple.ThisisparticularlytruenowthatGOOGLhaslosttheDoJcase,whichwewouldexpecttocauseinvestorstoquestionwhetherChatGPT(orothers)couldbelargerriskstoGOOGL'slong-termpositioninthe
Appleecosystem.
Exhibit10:GOOGLnowtradesbelowits5yearaverageFY2P/Ebutstillaboveits25thpercentilemultiple.WhileGOOGL'smultiplehaslessdownsidethanMETAinaslowingmacroenvironment,certainGOOGL-specificuncertainties(durabilityofgrowth,GenAIsearchincrementality,searchdisruption)arelikelytoweighonthemultiple.
GOOGLFY2P/E-Last5Years
30.0x
25.0x
20.0x
15.0x
10.0x
CombinationofMacropresureandMicro
concerns(i.e.Searchshareloss,incrementality
5.0xofAISearchrevenue,investmentrequiredto
buildAISearch)
0.0x
一FY2P/E25thPercentile50thPercentile75thPercentile
Source:CompanyData,Bloomberg,MorganStanleyResearch
MorganStanleyResearch5
Morganstanley
RESEARCH
Idea
6
Amazon(OW,$210PT):AMZNcurrentlytradesboth~24-37%belowits5year
averageFY2P/E,P/FCFandEV/EBITDAmultiplesandalsotradingclosertoits
troughmultipleonbothP/EandP/FCFthananyotheroftheMag-7.WhileAMZN'smultipleislowvshistory,wethinkhistoryislessapplicableheregivenitsslower
growthandhighercapitalintensity.Inourview,AMZN-specificestimateachievability
(andhelpingthemarketfeelmoreconfidentintheslopeofretailgrowthprofitabilitytocome)willbeimportanttore-ratingithigher.
Exhibit11:WhileAMZN'smultipleislowvshistorywethinkhistoryisless
applicableheregivenitsslowergrowthandhighercapitalintensity.Inourview,
AMZN-specificestimateachievability(andhelpingthemarketfeelmoreconfidentintheslopeofretailgrowthprofitabilitytocome)willbeimportanttore-ratingithigher.
AMZNFY2P/E-Last5Years
70.0x
60.0x
50.0x
40.0x
30.0x
20.0x
10.0x
0.0x
FY2P/E25thPercentile50thPercentile75thPercentile
Source:CompanyData,Bloomberg,MorganStanleyResearch
Apple(OW,$273PT):Applesharesaredown6%MTDandup9%YTD,reflectingthecombinationofseveralfactors,butmostnotably:1)aweakerstarttotheyearfollowedbystrongperformancesinceF2Qearningsinlate-MayasinvestorslooktowardstheupcomingAppleIntelligencelaunchasakeycatalystforacceleratingreplacementcycles,and2)yesterday'sDOJrulingagainstGOOGL(seeourlatesttakehere),whichhasbroader,butstillrelativelyuncertain,implicationsforApple'sGOOGLTACbusiness,akeyServicesgrowthandmargindriver.
Onavaluationbasis,Applecurrentlytradesat28xFY25EPSand25xFY26EPS,
withthelatterapproximatelyin-linewiththetrailing5yearaverage.ComparedtotherestoftheMag7,Applegenerallyscreensasthemost"expensive"stockvs.
trailing5yearvaluations(absoluteandPEG),trading17%aboveitstrailing5yearaverage(of24.5x),nearly100%aboveitstrailing5yeartrough(of14.7x;March
2020),andjust18%belowitstrailing5yearpeak(of34.8x;August2020).Asa
result,we'darguethatforAppletooutperformoverthenext12months,we'dneedtoseethepaceofpositiveearningsrevisionsaccelerate-akeypartofourOW/TopPickthesis,whereweare7%aboveConsensusFY26EPS.
Finally,we'dhighlightthatourcurrent$173bearcasevaluation(5%abovethe
trailing52weeklow)impliesa~24xmultipleonourFY26bearcaseEPSof$7.10.Forcontext,a24xP/Eis0.5xturnbelowApple'sT5Yaverageandslightlyabove
whereshareshavetroughedoverthelast18months,butissupportedbyagrowth-adjustedregressionvs.high-retentionconsumerandtechnologyplatformpeers.
Morganstanley
RESEARCH
Idea
Exhibit12:At24xFY26P/E(but28xFY25P/E)AAPListradingata0.5xturn
discounttoitstrailing5yearaverage,thoughonFY25EPS,valuationiscloserto1standarddeviationaboveitstrailing5yearaverage.
AppleP/ENextFiscalYearvs.History
36.0x
Bull:35.5x
+2SD:32.2x
32.0x
Base:31x
+1SD:28.4x
28.0x
Current:28.3x
T5YAvg:24.5x
24.0x
Bear:24.4x
-1SD:20.7x
20.0x
16.0x
-2SD:16.9x
Aug-…
Dec-…
Aug-…
Dec-…
Aug-…
Dec-…
Aug-…
Dec-…
Aug-…
Dec-…
Aug-…
12.0x
Oct-19
Feb-20
Apr-20
Jun-20
Oct-20
Feb-21
Apr-21
Jun-21
Oct-21
Feb-22
Apr-22
Jun-22
Oct-22
Feb-23
Apr-23
Jun-23
Oct-23
Feb-24
Apr-24
Jun-24
Source:Bloomberg,MorganStanleyResearch
MetaPlatforms(OW,$575PT):METAstilltrades4%-13%aboveits5yearaverageacrossFY2P/E,P/FCFandEV/EBITDA.Currentmultiplesareevenhighervslong-
termtroughsduringlate2022/early2023whenmultiplestroughedduetomicro-levelconcerns.Whileafurtherweakeningoftheconsumercouldleadtomore
multiplecompressionforMETA,wethinkMETAisbestpositionedamongitsmegacapinternetpeerstosustainitsmultiplethroughthisperiodofuncertaintygiven
METAcontinuestoseethemosttangible/incrementalROICfromAIadvancesacrossourmegacapcompanieswithaunifiedvideorecommendationandrankingsystemdrivinghigherengagementandmonetizeabletimeontheplatform.Theresultis
toplinegrowththatisacceleratingona2-yearstackbasis,withthetopendof3Qguideimplying+22%growthona2-yearCAGRyearbasis,upfrom16%in2Q.Wethinkit'sunlikelythatMETAre-approachesthetroughmultipleithitduringlate
2022/early2023whichwasdrivenbyacombinationofmacropressureandmicrofearsaroundscalingmetaversespend,TikTokcompetitiveconcernsandY/Ytoplinedeclines.
MorganStanleyResearch7
Morganstanley
RESEARCH
Idea
8
Exhibit13:METAtradesabovebothitsaverageand25thpercentilemultipleona
trailing5yearbasis,despitethiswethinkMETAhasthegreatestmultiple
durabilitygivenitsdurablerevenuegrowthandthinkitsunlikelyMETAtradesatpriortroughlevels
METAFY2P/E-Last5Years
30.0x
25.0x
20.0x
15.0x
10.0x
5.0xCombinationofMacropressureandMicro
concerns(i.e.Metaversespend,TikTokcompetitiveconcerns,toplinedeclines).
0.0x
一FY2P/E25thPercentile50thPercentile75thPercentile
Source:CompanyData,Bloomberg,MorganStanleyResearch
Microsoft(OW,$506PT):MSFTtradesata-6%discountandabouthalfa
standarddeviationbelowits5-yearaverageonaFY2P/Ebasis,after
underperformingtheS&P500/NASDAQbynearly400bpsyear-to-date.Whilethestockremainsaboveabsolutetroughmultiplelevelsat~21xFY2P/Elevelsand
reflectedinourbearcaseat$296pershare(basedon21.5XFY2P/E,twostandarddeviationsbelowthe5-yearaverage),wedonotexpectthestocktorevisitthese
levelsgivenseveralfactors.Ratherwebelievethecurrentbelow-averagevaluation,relativeunderperformance,andMSFT'spositioningasthemostunder-ownedstockamongtheMag7bodewellforthestockonagoforwardbasis.Weestimatethat
C3Q24markstroughearningsgrowthforMicrosoftbeforegrowthreaccelerates,
furtherpointingtoaninterestingentrypointfromanidiosyncraticperspective.
Longerterm,wecontinuetohavehighconfidenceinthecompany'sabilitytosustainadurablehigh-teensEPSCAGR(seeMicrosoft:AssessingtheOpportunity—EPStoDoubleto$24byFY29),givenMicrosoft'sstrongpositioningforcoresecular
growthtrendsasthetopsharegainerinCloudandGenAI.
Morganstanley
RESEARCH
Idea
Exhibit14:At26xFY26P/E,MSFTistradingata~1.5xturndiscounttoits
trailing5yearaverage,whileourbearcasealignstothehistoricaltroughmultiplesat~21xFY2P/Eortwostandarddeviationslower.
MicrosoftP/ENextFiscalYearvs.History
39.0x
Bull:36.5x
35.0x+2SD:34.0x
Base:33x
31.0x+1SD:30.7xT5YAvg:27.4x
27.0x
-1SD:24.1x
Current:25.7x
23.0x
-2SD:20.8xBear:21.5x
19.0x
Aug-…
Dec-…
Aug-…
Dec-…
Aug-…
Dec-…
Aug-…
Dec-…
Aug-…
Dec-…
Aug-…
15.0x
Oct-19
Feb-20
Apr-20
Jun-20
Oct-20
Feb-21
Apr-21
Jun-21
Oct-21
Feb-22
Apr-22
Jun-22
Oct-22
Feb-23
Apr-23
Jun-23
Oct-23
Feb-24
Apr-24
Jun-24
Source:Bloomberg,MorganStanleyResearch
Nvidia(OW,$144PT):Nowdownabou
温馨提示
- 1. 本站所有资源如无特殊说明,都需要本地电脑安装OFFICE2007和PDF阅读器。图纸软件为CAD,CAXA,PROE,UG,SolidWorks等.压缩文件请下载最新的WinRAR软件解压。
- 2. 本站的文档不包含任何第三方提供的附件图纸等,如果需要附件,请联系上传者。文件的所有权益归上传用户所有。
- 3. 本站RAR压缩包中若带图纸,网页内容里面会有图纸预览,若没有图纸预览就没有图纸。
- 4. 未经权益所有人同意不得将文件中的内容挪作商业或盈利用途。
- 5. 人人文库网仅提供信息存储空间,仅对用户上传内容的表现方式做保护处理,对用户上传分享的文档内容本身不做任何修改或编辑,并不能对任何下载内容负责。
- 6. 下载文件中如有侵权或不适当内容,请与我们联系,我们立即纠正。
- 7. 本站不保证下载资源的准确性、安全性和完整性, 同时也不承担用户因使用这些下载资源对自己和他人造成任何形式的伤害或损失。
最新文档
- 2025年度企业年报封面协议封皮图片制作合同
- 商业空间内部装修承包合同
- 2025年江汉艺术职业学院单招职业适应性测试题库新版
- 2025年度文化创意产业资金托管合同
- 2025年农村土地承包经营权流转合同模板
- 2025年度抖音短视频内容原创保护与维权合同
- 2025年度房产购房意向金确认书
- 2025年度手工艺非物质文化遗产保护合同
- 2025年度房产抵押债务清偿与产权变更及资产处置合同
- 2025年度艺术培训机构与电商平台合作协议
- 2025年安徽电气工程职业技术学院单招职业技能测试题库及答案1套
- 2025年房屋交易代持策划协议书
- 课题申报参考:“四新”建设背景下教育创新与课程数字化实践研究
- 2025年上半年赣州市于都县招聘城管协管员易考易错模拟试题(共500题)试卷后附参考答案
- 2025年烟台汽车工程职业学院高职单招职业适应性测试近5年常考版参考题库含答案解析
- 2025年江苏农牧科技职业学院高职单招职业技能测试近5年常考版参考题库含答案解析
- 2024年广东省《辅警招聘考试必刷500题》考试题库及答案【易错题】
- 中考数学总复习第一章第3课时二次根式课件
- 天然气脱硫完整版本
- 2025年中国电子烟行业发展前景与投资战略规划分析报告
- 货物学基础 课件 项目一 任务一 货物的基本概念
评论
0/150
提交评论