北美互联网-当前交易动态：2025 年收官总结-Internet North America-Where Are We Trading Now Wrapping up '25

Summary of Conference Call Notes Industry Overview - The report focuses on the Internet industry in North America and provides insights into the performance of major companies within this sector [1][2]. Key Companies and Performance - Amazon (AMZN): - Price: $227.35 - Market Cap: $2,465,611 million - 1 Week Performance: +0.5% - 2026E EV/EBITDA: 12.5x, which is a -7% discount compared to the 2-year average [4][5][9]. - Alphabet (GOOGL): - Price: $307.16 - Market Cap: $3,748,273 million - 1 Week Performance: -0.7% - 2026E EV/EBITDA: 17.2x, which is a +36% premium compared to the 2-year average [4][5][9]. - Meta (META): - Price: $658.77 - Market Cap: $1,694,356 million - 1 Week Performance: +2.3% - 2026E EV/EBITDA: 11.9x, which is a -7% discount compared to the 2-year average [4][5][9]. - Uber (UBER): - Price: $79.31 - Market Cap: $168,485 million - 1 Week Performance: -6.8% [5]. - Lyft (LYFT): - Price: $19.42 - Market Cap: $8,127 million - 1 Week Performance: -4.7% [5]. - AppLovin (APP): - Price: $721.37 - Market Cap: $245,968 million - 1 Week Performance: +7.6% [5]. - Roblox (RBLX): - Price: $81.94 - Market Cap: $60,461 million - 1 Week Performance: -7.4% [5]. - Zillow (Z): - Price: $68.96 - Market Cap: $17,671 million - 1 Week Performance: -7.7% [5]. Market Performance Insights - The overall performance of internet names was flat, with the S&P 500 (SPX) and Nasdaq 100 (NDX) showing minimal changes [1][2]. - Digital advertising companies like GOOGL and META showed mixed performance, while e-commerce companies like AMZN and ETSY had slight gains [5]. - The shared economy sector, including UBER and LYFT, experienced declines, indicating potential challenges in this segment [5]. Valuation Metrics - The report highlights the EV/EBITDA multiples for major companies, indicating that: - AMZN is trading at 12.5x, GOOGL at 17.2x, and META at 11.9x, with varying premiums and discounts compared to historical averages [9][10]. - The market-cap weighted average performance for digital ads was +0.3%, while e-commerce was +0.5% [5]. Additional Insights - The report notes that treating stock-based compensation (SBC) as cash can significantly impact EV/EBITDA multiples, with increases of approximately 38% for digital media and 33% for e-commerce [18][23]. - The travel sector showed a market-cap weighted average performance of +3.3%, indicating a recovery trend in this area [5]. Conclusion - The North American internet industry remains attractive, with varied performance across different segments and companies. The analysis of valuation metrics and market performance provides insights into potential investment opportunities and risks within this sector [2].