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2022-03-10
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Amazon's 20-1 Stock Split: What You Need To Know<blockquote>亚马逊20-1股票分割：您需要了解什么</blockquote>
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Here's everything you need to know.Stock splits shou","content":"<p><html><head></head><body>Summary</p><p><blockquote><html><head></head><body>总结</body></html></blockquote></p><p><ul><li>Amazon has announced a 20-1 stock split. Here's everything you need to know.</li><li>Stock splits should, in theory, not change the value of the company.</li><li>And yet, they matter. Take a look at what AMZN's stock split means for liquidity, option usage, and index inclusion.</li></ul>Article Thesis</p><p><blockquote><ul><li>亚马逊宣布以20比1的比例进行股票分割。这是你需要知道的一切。</li><li>理论上，股票分割不应改变公司的价值。</li><li>然而，它们很重要。看看AMZN的股票分割对流动性、期权使用和指数纳入意味着什么。</li></ul>文章论文</blockquote></p><p>Amazon (AMZN) has announced that it will split its shares 20:1. The market has reacted very positively to that announcement. In this report, we'll show why stock splits should theoretically not matter for the underlying value of the company. We'll also highlight why they do still matter for investors to some degree - options, liquidity, index inclusion are noteworthy.</p><p><blockquote>亚马逊(AMZN)宣布将以20：1的比例进行股票分割。市场对这一声明反应非常积极。在本报告中，我们将展示为什么股票分割理论上对公司的潜在价值并不重要。我们还将强调为什么它们在某种程度上对投资者仍然很重要——期权、流动性、指数纳入值得注意。</blockquote></p><p>What Amazon Announced</p><p><blockquote>亚马逊宣布了什么</blockquote></p><p>On Wednesday evening, Amazon announced that it would split its stock at a 20 to 1 ratio. The stock split will, according to Amazon's8-K filing, occur in late May, following approval by shareholders at the company's annual meeting, which will take place on May 25.</p><p><blockquote>周三晚间，亚马逊宣布将以20比1的比例进行股票分割。根据亚马逊的8-K文件，在5月25日举行的公司年会上获得股东批准后，股票分割将于5月下旬进行。</blockquote></p><p>A 20-1 stock split means that each share of Amazon today will turn into 20 shares, 1 existing one and 19 additional ones, following the stock split. Someone holding 10 shares today would own 200 shares in Amazon following the stock split.</p><p><blockquote>20-1的股票分割意味着，股票分割后，亚马逊今天的每股股票将变成20股，1股现有股票和19股额外股票。股票分割后，今天持有10股的人将拥有200股亚马逊股票。</blockquote></p><p>Amazon also announced a $10 billion share repurchase program during the same news announcement, more on that later.</p><p><blockquote>亚马逊还在同一新闻公告中宣布了100亿美元的股票回购计划，稍后将详细介绍。</blockquote></p><p>Why Stock Splits Shouldn't Matter - In Theory</p><p><blockquote>为什么股票分割在理论上并不重要</blockquote></p><p>The underlying value of a company is determined by factors such as the earnings and cash flow the company generates, the assets it owns, while debt levels, growth, patents, branding strength, etc. also play a role. Neither of these is affected by a stock split.</p><p><blockquote>公司的潜在价值由公司产生的收益和现金流、拥有的资产等因素决定，而债务水平、增长、专利、品牌实力等也发挥着作用。这两者都不受股票分割的影响。</blockquote></p><p>A stock split doesn't change what percentage of a company one owns. Suppose someone holds 10 shares of Amazon today, that's ~0.000002% of the company's share count of 510 million. The investor in this scenario thus has a claim on 0.000002% of the cash flows and profits that Amazon generates. Should AMZN ever start to make dividend payments, 0.000002% of the company's total dividends would flow to the investor from our example.</p><p><blockquote>股票分割不会改变一个人拥有公司的百分比。假设今天有人持有10股亚马逊股票，约占该公司5.1亿股股票数量的0.000002%。因此，在这种情况下，投资者对亚马逊产生的现金流和利润的0.000002%拥有索取权。如果AMZN开始支付股息，从我们的例子来看，公司总股息的0.000002%将流向投资者。</blockquote></p><p>Following the stock split, the same investor will own 200 shares of Amazon. But since the share count has risen 20-fold as well, from 510 million to 10.2 billion, the percentage is the same, at 0.000002%. The stock split does neither result in a larger claim when it comes to the company's cash flows or earnings, nor does it have an impact on any future dividends, all else equal.</p><p><blockquote>股票分割后，同一投资者将拥有200股亚马逊股票。但由于股票数量也增加了20倍，从5.1亿股增加到102亿股，因此百分比相同，为0.000002%。在其他条件相同的情况下，股票分割既不会导致公司现金流或收益的更大索赔，也不会对任何未来的股息产生影响。</blockquote></p><p>It also seems reasonable to assume that the change in the company's share count, all else equal, does not translate into higher profits or cash flows for Amazon. It also does not allow for faster business growth, a stronger brand, and so on. From a fundamental basis, stock splits (and reverse stock splits) should thus not have a material impact on a company's share price. And yet, AMZN is up 10% at the time of writing, following the announcement of its stock split.</p><p><blockquote>在其他条件相同的情况下，假设公司股票数量的变化不会转化为亚马逊更高的利润或现金流，这似乎也是合理的。它也不允许更快的业务增长、更强大的品牌等等。因此，从基本面来看，股票分割（和反向股票分割）不应对公司股价产生重大影响。然而，在宣布股票分割后，截至撰写本文时，亚马逊股价上涨了10%。</blockquote></p><p>This is likely due to speculation, to some degree, but there are also some other factors at play that we should consider.</p><p><blockquote>在某种程度上，这可能是由于猜测，但也有一些其他因素在起作用，我们应该考虑。</blockquote></p><p>Why Stock Splits Still Matter - To Some Degree</p><p><blockquote>为什么股票分割在某种程度上仍然很重要</blockquote></p><p>The underlying value of a company is not dependent on its share count. But share count changes, or stock splits, can nevertheless have an impact on the perceived value in the eyes of investors.</p><p><blockquote>公司的潜在价值并不取决于其股票数量。但股票数量的变化或股票分割仍然会对投资者眼中的感知价值产生影响。</blockquote></p><p><b>Fractional shares</b></p><p><blockquote><b>零碎股份</b></blockquote></p><p>First, if a company has a high share price, which holds true for Amazon, buying whole shares is not possible for everyone. Someone starting out and investing a couple of hundred dollars at a time can't buy a complete share of Amazon at $2,800. With fractional share buying being available through many brokers, including Robinhood (HOOD), this has become less of an issue in recent years.</p><p><blockquote>首先，如果一家公司的股价很高（亚马逊就是如此），那么并不是每个人都可以购买全部股票。刚起步并一次投资几百美元的人不可能以2800美元的价格购买亚马逊的全部股份。随着包括Robinhood(HOOD)在内的许多经纪商都可以购买碎股，近年来这已不再是一个问题。</blockquote></p><p>Still, some investors can't buy fractional shares through their brokers. And even among those that could do so, some tend to avoid this feature, instead deciding to buy round lots only. With AMZN splitting its shares at a 20-1 rate, which will bring down the share price to around $140, buying round lots or whole shares will be way easier for many investors.</p><p><blockquote>尽管如此，一些投资者无法通过经纪人购买零碎股票。即使在那些可以这样做的人中，有些人也倾向于避免这一功能，而是决定只购买圆形地段。随着AMZN以20比1的比例分割其股票，这将使股价降至140美元左右，对于许多投资者来说，购买整批或整股股票将变得更加容易。</blockquote></p><p><b>Option strategies</b></p><p><blockquote><b>期权策略</b></blockquote></p><p>A lower share price also is important when it comes to utilizing options. Amazon does, like many other tech stocks, not make any dividend payments. For someone seeking exposure to Amazon's strong business growth, writing covered calls could be a way to generate some income from their investment through the options that are created by this strategy. But selling covered calls requires owning at least 100 individual shares in a company.</p><p><blockquote>在利用期权时，较低的股价也很重要。与许多其他科技股一样，亚马逊不支付任何股息。对于寻求了解亚马逊强劲业务增长的人来说，撰写承保评级可能是通过该策略创建的选项从投资中获得一些收入的一种方式。但出售担保评级需要拥有一家公司至少100股个人股票。</blockquote></p><p></p><p>With AMZN at $2800 per share, that means that there is a minimum position size of $280,000 -- which likely translates into a 7-figure portfolio (assuming at least some diversification). Selling covered calls on Amazon is thus not possible for many investors. But following the announced stock split, selling covered calls on AMZN will only require a minimum investment of around $15,000, which makes this strategy a lot more accessible to many investors.</p><p><blockquote>AMZN的股价为每股2800美元，这意味着最低头寸规模为280,000美元，这可能会转化为7位数的投资组合（假设至少有一些多元化）。因此，对于许多投资者来说，在亚马逊上出售担保评级是不可能的。但在宣布股票分割后，在AMZN上出售担保评级只需要至少15,000美元左右的投资，这使得许多投资者更容易采用这一策略。</blockquote></p><p>In general, the same principle also holds true when it comes to selling cash-secured puts in order to enter a position at a discounted price -- that will also be a lot easier for most investors following the stock split. Last but not least, buying calls for leveraged upside potential, and buying puts to hedge positions will also be easier following the stock split.</p><p><blockquote>一般来说，同样的原则也适用于出售现金担保看跌期权以以折扣价建仓——这对于股票分割后的大多数投资者来说也会容易得多。最后但并非最不重要的一点是，在股票分割后，购买评级以获取杠杆上涨潜力以及购买看跌期权以对冲头寸也将变得更加容易。</blockquote></p><p><b>Index inclusion</b></p><p><blockquote><b>索引包含</b></blockquote></p><p>Most indices are market-cap weighted, which is, I believe, the most reasonable way to construct an index. That does not hold true for all indices, however. The Dow Jones Industrial Average (DIA) is a price-weighted index, which means that the share price, and not the company's market capitalization decides about a company's weight in the index. Naturally, companies with very high share prices can't be included in the index, as this would distort weightings to a large degree.</p><p><blockquote>大多数指数都是市值加权的，我认为这是构建指数最合理的方式。然而，这并不适用于所有指数。道琼斯工业平均指数(DIA)是一个价格加权指数，这意味着决定公司在指数中的权重的是股价，而不是公司的市值。当然，股价非常高的公司不能被纳入指数，因为这会在很大程度上扭曲权重。</blockquote></p><p>This is why Amazon is, so far, not a member of the Dow Jones Industrial Average, despite being one of the largest and most dominant companies in the US. We have seen, following the 7-1 stock split of Apple (AAPL) in2014, that index inclusion in the Dow Jones Industrial Average can happen very quickly once a large company has brought its share price to a suitable level. This will most likely be the case with Amazon as well, which is why investors can expect index inclusion in 2022, I believe.</p><p><blockquote>这就是为什么亚马逊迄今为止还不是道琼斯工业平均指数的成员，尽管它是美国最大和最具主导地位的公司之一。我们已经看到，在2014年苹果(AAPL)以7比1的比例进行股票分割后，一旦大公司将其股价提高到合适的水平，该指数就会很快被纳入道琼斯工业平均指数。亚马逊很可能也是如此，我相信这就是为什么投资者可以期待2022年被纳入指数。</blockquote></p><p>Due to the fact that some ETFs replicate the Dow Jones index, index inclusion will lead to forced buying, which could alter the supply-demand picture for shares of Amazon -- at least for a while.</p><p><blockquote>由于一些ETF复制了道琼斯指数，纳入指数将导致强制购买，这可能会改变亚马逊股票的供需状况——至少在一段时间内。</blockquote></p><p>We can thus summarize that even though Amazon is not becoming a better company by splitting its shares, there is some impact for shareholders. Liquidity will be higher, using options will be way easier, and index inclusion could lead to some forced buying. That being said, investors shouldn't buy based on a stock split alone. Instead, I believe that decisions to buy or sell should be primarily based on fundamentals and considering a stock's valuation.</p><p><blockquote>因此，我们可以总结，尽管亚马逊并没有通过拆股成为一家更好的公司，但对股东来说还是有一些影响。流动性将会更高，使用期权将会更容易，指数纳入可能会导致一些强制购买。话虽如此，投资者不应仅根据股票分割进行购买。相反，我认为买入或卖出的决定应该主要基于基本面并考虑股票的估值。</blockquote></p><p>AMZN: Strong Company, But Not Cheap</p><p><blockquote>AMZN：强大的公司，但并不便宜</blockquote></p><p>Amazon is a dominant company in its industry, and thanks to the rise of AWS, it has become quite profitable in recent years. Compared to the other FAANG+M stocks, Amazon is still rather pricy, however.</p><p><blockquote>亚马逊在其行业中是一家占主导地位的公司，得益于AWS的崛起，它近年来变得相当盈利。然而，与其他FAANG+M股票相比，亚马逊的价格仍然相当昂贵。</blockquote></p><p>Shares are currently trading for around 55x forward net profits, which represents a huge premium relative to how Meta (FB), Alphabet (GOOG),(NASDAQ:GOOGL) and co. are valued. A 50+ earnings multiple also seems quite high relative to how the broad market is valued today (19x 2022's expected net profit).<img src=\"https://static.tigerbbs.com/579d10cfee948f7feb3cea54ed92572a\" tg-width=\"635\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Data byYCharts</p><p><blockquote>目前，该股的预期净利润约为55倍，相对于Meta(FB)、Alphabet(GOOG)、（纳斯达克：GOOGL）等公司的估值而言，这是一个巨大的溢价。相对于当今大盘的估值（2022年预期净利润的19倍），50多倍的市盈率似乎也相当高。数据来自YCharts</blockquote></p><p>That being said, Amazon looks more reasonably valued based on its enterprise value to EBITDA multiple of 16. This isn't especially low but does not represent a high valuation, either. Note that enterprise value accounts for debt usage and cash being held on the balance sheet, making it a more telling metric compared to market capitalization. Amazon's cash flow multiple is 31, which translates into a cash flow yield of slightly above 3%. That's not low, but does not seem outrageous, either, when we assume that Amazon continues to grow its business at a strong pace for the next couple of years.</p><p><blockquote>话虽如此，根据其企业价值与EBITDA的16倍，亚马逊的估值看起来更合理。这并不是特别低，但也不代表高估值。请注意，企业价值考虑了债务使用情况和资产负债表上持有的现金，因此与市值相比，它是一个更能说明问题的指标。亚马逊的现金流倍数为31，换算成现金流收益率略高于3%。这并不低，但当我们假设亚马逊在未来几年继续以强劲的速度增长其业务时，这似乎也不算离谱。</blockquote></p><p>Takeaway</p><p><blockquote>外卖</blockquote></p><p>Amazon is a strong company at a valuation that could be reasonable, but that surely isn't low. The company's $10 billion buybacks program is a positive, but versus a market capitalization of $1.4 trillion, it won't really move the needle - that's just a 0.7% buyback. Still, if AMZN were to do buybacks more regularly going forward, there ultimately could be a more meaningful impact for someone holding shares for many years.</p><p><blockquote>亚马逊是一家实力雄厚的公司，估值可能合理，但肯定不低。该公司100亿美元的回购计划是积极的，但与1.4万亿美元的市值相比，它不会真正起到作用——这只是0.7%的回购。尽管如此，如果亚马逊未来更定期地进行回购，最终可能会对持有股票多年的人产生更有意义的影响。</blockquote></p><p>The stock split is a good decision, I believe. It will make AMZN more accessible and allow more shareholders to use options easily. At the same time, buying solely due to a stock split is not a good idea, I believe. Overall, I rate Amazon a hold today, as the valuation is not low enough to make it an outright great deal at today's prices.</p><p><blockquote>我相信股票分割是一个很好的决定。这将使亚马逊更容易获得，并允许更多股东轻松使用期权。与此同时，我认为仅仅因为股票分割而购买并不是一个好主意。总体而言，我今天对亚马逊的评级为持有，因为估值还没有低到以今天的价格来看它是一笔彻头彻尾的划算交易。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Amazon's 20-1 Stock Split: What You Need To Know<blockquote>亚马逊20-1股票分割：您需要了解什么</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmazon's 20-1 Stock Split: What You Need To Know<blockquote>亚马逊20-1股票分割：您需要了解什么</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Seeking Alpha</strong><span class=\"h-time small\">2022-03-10 11:33</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Summary</p><p><blockquote><html><head></head><body>总结</body></html></blockquote></p><p><ul><li>Amazon has announced a 20-1 stock split. Here's everything you need to know.</li><li>Stock splits should, in theory, not change the value of the company.</li><li>And yet, they matter. Take a look at what AMZN's stock split means for liquidity, option usage, and index inclusion.</li></ul>Article Thesis</p><p><blockquote><ul><li>亚马逊宣布以20比1的比例进行股票分割。这是你需要知道的一切。</li><li>理论上，股票分割不应改变公司的价值。</li><li>然而，它们很重要。看看AMZN的股票分割对流动性、期权使用和指数纳入意味着什么。</li></ul>文章论文</blockquote></p><p>Amazon (AMZN) has announced that it will split its shares 20:1. The market has reacted very positively to that announcement. In this report, we'll show why stock splits should theoretically not matter for the underlying value of the company. We'll also highlight why they do still matter for investors to some degree - options, liquidity, index inclusion are noteworthy.</p><p><blockquote>亚马逊(AMZN)宣布将以20：1的比例进行股票分割。市场对这一声明反应非常积极。在本报告中，我们将展示为什么股票分割理论上对公司的潜在价值并不重要。我们还将强调为什么它们在某种程度上对投资者仍然很重要——期权、流动性、指数纳入值得注意。</blockquote></p><p>What Amazon Announced</p><p><blockquote>亚马逊宣布了什么</blockquote></p><p>On Wednesday evening, Amazon announced that it would split its stock at a 20 to 1 ratio. The stock split will, according to Amazon's8-K filing, occur in late May, following approval by shareholders at the company's annual meeting, which will take place on May 25.</p><p><blockquote>周三晚间，亚马逊宣布将以20比1的比例进行股票分割。根据亚马逊的8-K文件，在5月25日举行的公司年会上获得股东批准后，股票分割将于5月下旬进行。</blockquote></p><p>A 20-1 stock split means that each share of Amazon today will turn into 20 shares, 1 existing one and 19 additional ones, following the stock split. Someone holding 10 shares today would own 200 shares in Amazon following the stock split.</p><p><blockquote>20-1的股票分割意味着，股票分割后，亚马逊今天的每股股票将变成20股，1股现有股票和19股额外股票。股票分割后，今天持有10股的人将拥有200股亚马逊股票。</blockquote></p><p>Amazon also announced a $10 billion share repurchase program during the same news announcement, more on that later.</p><p><blockquote>亚马逊还在同一新闻公告中宣布了100亿美元的股票回购计划，稍后将详细介绍。</blockquote></p><p>Why Stock Splits Shouldn't Matter - In Theory</p><p><blockquote>为什么股票分割在理论上并不重要</blockquote></p><p>The underlying value of a company is determined by factors such as the earnings and cash flow the company generates, the assets it owns, while debt levels, growth, patents, branding strength, etc. also play a role. Neither of these is affected by a stock split.</p><p><blockquote>公司的潜在价值由公司产生的收益和现金流、拥有的资产等因素决定，而债务水平、增长、专利、品牌实力等也发挥着作用。这两者都不受股票分割的影响。</blockquote></p><p>A stock split doesn't change what percentage of a company one owns. Suppose someone holds 10 shares of Amazon today, that's ~0.000002% of the company's share count of 510 million. The investor in this scenario thus has a claim on 0.000002% of the cash flows and profits that Amazon generates. Should AMZN ever start to make dividend payments, 0.000002% of the company's total dividends would flow to the investor from our example.</p><p><blockquote>股票分割不会改变一个人拥有公司的百分比。假设今天有人持有10股亚马逊股票，约占该公司5.1亿股股票数量的0.000002%。因此，在这种情况下，投资者对亚马逊产生的现金流和利润的0.000002%拥有索取权。如果AMZN开始支付股息，从我们的例子来看，公司总股息的0.000002%将流向投资者。</blockquote></p><p>Following the stock split, the same investor will own 200 shares of Amazon. But since the share count has risen 20-fold as well, from 510 million to 10.2 billion, the percentage is the same, at 0.000002%. The stock split does neither result in a larger claim when it comes to the company's cash flows or earnings, nor does it have an impact on any future dividends, all else equal.</p><p><blockquote>股票分割后，同一投资者将拥有200股亚马逊股票。但由于股票数量也增加了20倍，从5.1亿股增加到102亿股，因此百分比相同，为0.000002%。在其他条件相同的情况下，股票分割既不会导致公司现金流或收益的更大索赔，也不会对任何未来的股息产生影响。</blockquote></p><p>It also seems reasonable to assume that the change in the company's share count, all else equal, does not translate into higher profits or cash flows for Amazon. It also does not allow for faster business growth, a stronger brand, and so on. From a fundamental basis, stock splits (and reverse stock splits) should thus not have a material impact on a company's share price. And yet, AMZN is up 10% at the time of writing, following the announcement of its stock split.</p><p><blockquote>在其他条件相同的情况下，假设公司股票数量的变化不会转化为亚马逊更高的利润或现金流，这似乎也是合理的。它也不允许更快的业务增长、更强大的品牌等等。因此，从基本面来看，股票分割（和反向股票分割）不应对公司股价产生重大影响。然而，在宣布股票分割后，截至撰写本文时，亚马逊股价上涨了10%。</blockquote></p><p>This is likely due to speculation, to some degree, but there are also some other factors at play that we should consider.</p><p><blockquote>在某种程度上，这可能是由于猜测，但也有一些其他因素在起作用，我们应该考虑。</blockquote></p><p>Why Stock Splits Still Matter - To Some Degree</p><p><blockquote>为什么股票分割在某种程度上仍然很重要</blockquote></p><p>The underlying value of a company is not dependent on its share count. But share count changes, or stock splits, can nevertheless have an impact on the perceived value in the eyes of investors.</p><p><blockquote>公司的潜在价值并不取决于其股票数量。但股票数量的变化或股票分割仍然会对投资者眼中的感知价值产生影响。</blockquote></p><p><b>Fractional shares</b></p><p><blockquote><b>零碎股份</b></blockquote></p><p>First, if a company has a high share price, which holds true for Amazon, buying whole shares is not possible for everyone. Someone starting out and investing a couple of hundred dollars at a time can't buy a complete share of Amazon at $2,800. With fractional share buying being available through many brokers, including Robinhood (HOOD), this has become less of an issue in recent years.</p><p><blockquote>首先，如果一家公司的股价很高（亚马逊就是如此），那么并不是每个人都可以购买全部股票。刚起步并一次投资几百美元的人不可能以2800美元的价格购买亚马逊的全部股份。随着包括Robinhood(HOOD)在内的许多经纪商都可以购买碎股，近年来这已不再是一个问题。</blockquote></p><p>Still, some investors can't buy fractional shares through their brokers. And even among those that could do so, some tend to avoid this feature, instead deciding to buy round lots only. With AMZN splitting its shares at a 20-1 rate, which will bring down the share price to around $140, buying round lots or whole shares will be way easier for many investors.</p><p><blockquote>尽管如此，一些投资者无法通过经纪人购买零碎股票。即使在那些可以这样做的人中，有些人也倾向于避免这一功能，而是决定只购买圆形地段。随着AMZN以20比1的比例分割其股票，这将使股价降至140美元左右，对于许多投资者来说，购买整批或整股股票将变得更加容易。</blockquote></p><p><b>Option strategies</b></p><p><blockquote><b>期权策略</b></blockquote></p><p>A lower share price also is important when it comes to utilizing options. Amazon does, like many other tech stocks, not make any dividend payments. For someone seeking exposure to Amazon's strong business growth, writing covered calls could be a way to generate some income from their investment through the options that are created by this strategy. But selling covered calls requires owning at least 100 individual shares in a company.</p><p><blockquote>在利用期权时，较低的股价也很重要。与许多其他科技股一样，亚马逊不支付任何股息。对于寻求了解亚马逊强劲业务增长的人来说，撰写承保评级可能是通过该策略创建的选项从投资中获得一些收入的一种方式。但出售担保评级需要拥有一家公司至少100股个人股票。</blockquote></p><p></p><p>With AMZN at $2800 per share, that means that there is a minimum position size of $280,000 -- which likely translates into a 7-figure portfolio (assuming at least some diversification). Selling covered calls on Amazon is thus not possible for many investors. But following the announced stock split, selling covered calls on AMZN will only require a minimum investment of around $15,000, which makes this strategy a lot more accessible to many investors.</p><p><blockquote>AMZN的股价为每股2800美元，这意味着最低头寸规模为280,000美元，这可能会转化为7位数的投资组合（假设至少有一些多元化）。因此，对于许多投资者来说，在亚马逊上出售担保评级是不可能的。但在宣布股票分割后，在AMZN上出售担保评级只需要至少15,000美元左右的投资，这使得许多投资者更容易采用这一策略。</blockquote></p><p>In general, the same principle also holds true when it comes to selling cash-secured puts in order to enter a position at a discounted price -- that will also be a lot easier for most investors following the stock split. Last but not least, buying calls for leveraged upside potential, and buying puts to hedge positions will also be easier following the stock split.</p><p><blockquote>一般来说，同样的原则也适用于出售现金担保看跌期权以以折扣价建仓——这对于股票分割后的大多数投资者来说也会容易得多。最后但并非最不重要的一点是，在股票分割后，购买评级以获取杠杆上涨潜力以及购买看跌期权以对冲头寸也将变得更加容易。</blockquote></p><p><b>Index inclusion</b></p><p><blockquote><b>索引包含</b></blockquote></p><p>Most indices are market-cap weighted, which is, I believe, the most reasonable way to construct an index. That does not hold true for all indices, however. The Dow Jones Industrial Average (DIA) is a price-weighted index, which means that the share price, and not the company's market capitalization decides about a company's weight in the index. Naturally, companies with very high share prices can't be included in the index, as this would distort weightings to a large degree.</p><p><blockquote>大多数指数都是市值加权的，我认为这是构建指数最合理的方式。然而，这并不适用于所有指数。道琼斯工业平均指数(DIA)是一个价格加权指数，这意味着决定公司在指数中的权重的是股价，而不是公司的市值。当然，股价非常高的公司不能被纳入指数，因为这会在很大程度上扭曲权重。</blockquote></p><p>This is why Amazon is, so far, not a member of the Dow Jones Industrial Average, despite being one of the largest and most dominant companies in the US. We have seen, following the 7-1 stock split of Apple (AAPL) in2014, that index inclusion in the Dow Jones Industrial Average can happen very quickly once a large company has brought its share price to a suitable level. This will most likely be the case with Amazon as well, which is why investors can expect index inclusion in 2022, I believe.</p><p><blockquote>这就是为什么亚马逊迄今为止还不是道琼斯工业平均指数的成员，尽管它是美国最大和最具主导地位的公司之一。我们已经看到，在2014年苹果(AAPL)以7比1的比例进行股票分割后，一旦大公司将其股价提高到合适的水平，该指数就会很快被纳入道琼斯工业平均指数。亚马逊很可能也是如此，我相信这就是为什么投资者可以期待2022年被纳入指数。</blockquote></p><p>Due to the fact that some ETFs replicate the Dow Jones index, index inclusion will lead to forced buying, which could alter the supply-demand picture for shares of Amazon -- at least for a while.</p><p><blockquote>由于一些ETF复制了道琼斯指数，纳入指数将导致强制购买，这可能会改变亚马逊股票的供需状况——至少在一段时间内。</blockquote></p><p>We can thus summarize that even though Amazon is not becoming a better company by splitting its shares, there is some impact for shareholders. Liquidity will be higher, using options will be way easier, and index inclusion could lead to some forced buying. That being said, investors shouldn't buy based on a stock split alone. Instead, I believe that decisions to buy or sell should be primarily based on fundamentals and considering a stock's valuation.</p><p><blockquote>因此，我们可以总结，尽管亚马逊并没有通过拆股成为一家更好的公司，但对股东来说还是有一些影响。流动性将会更高，使用期权将会更容易，指数纳入可能会导致一些强制购买。话虽如此，投资者不应仅根据股票分割进行购买。相反，我认为买入或卖出的决定应该主要基于基本面并考虑股票的估值。</blockquote></p><p>AMZN: Strong Company, But Not Cheap</p><p><blockquote>AMZN：强大的公司，但并不便宜</blockquote></p><p>Amazon is a dominant company in its industry, and thanks to the rise of AWS, it has become quite profitable in recent years. Compared to the other FAANG+M stocks, Amazon is still rather pricy, however.</p><p><blockquote>亚马逊在其行业中是一家占主导地位的公司，得益于AWS的崛起，它近年来变得相当盈利。然而，与其他FAANG+M股票相比，亚马逊的价格仍然相当昂贵。</blockquote></p><p>Shares are currently trading for around 55x forward net profits, which represents a huge premium relative to how Meta (FB), Alphabet (GOOG),(NASDAQ:GOOGL) and co. are valued. A 50+ earnings multiple also seems quite high relative to how the broad market is valued today (19x 2022's expected net profit).<img src=\"https://static.tigerbbs.com/579d10cfee948f7feb3cea54ed92572a\" tg-width=\"635\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/>Data byYCharts</p><p><blockquote>目前，该股的预期净利润约为55倍，相对于Meta(FB)、Alphabet(GOOG)、（纳斯达克：GOOGL）等公司的估值而言，这是一个巨大的溢价。相对于当今大盘的估值（2022年预期净利润的19倍），50多倍的市盈率似乎也相当高。数据来自YCharts</blockquote></p><p>That being said, Amazon looks more reasonably valued based on its enterprise value to EBITDA multiple of 16. This isn't especially low but does not represent a high valuation, either. Note that enterprise value accounts for debt usage and cash being held on the balance sheet, making it a more telling metric compared to market capitalization. Amazon's cash flow multiple is 31, which translates into a cash flow yield of slightly above 3%. That's not low, but does not seem outrageous, either, when we assume that Amazon continues to grow its business at a strong pace for the next couple of years.</p><p><blockquote>话虽如此，根据其企业价值与EBITDA的16倍，亚马逊的估值看起来更合理。这并不是特别低，但也不代表高估值。请注意，企业价值考虑了债务使用情况和资产负债表上持有的现金，因此与市值相比，它是一个更能说明问题的指标。亚马逊的现金流倍数为31，换算成现金流收益率略高于3%。这并不低，但当我们假设亚马逊在未来几年继续以强劲的速度增长其业务时，这似乎也不算离谱。</blockquote></p><p>Takeaway</p><p><blockquote>外卖</blockquote></p><p>Amazon is a strong company at a valuation that could be reasonable, but that surely isn't low. The company's $10 billion buybacks program is a positive, but versus a market capitalization of $1.4 trillion, it won't really move the needle - that's just a 0.7% buyback. Still, if AMZN were to do buybacks more regularly going forward, there ultimately could be a more meaningful impact for someone holding shares for many years.</p><p><blockquote>亚马逊是一家实力雄厚的公司，估值可能合理，但肯定不低。该公司100亿美元的回购计划是积极的，但与1.4万亿美元的市值相比，它不会真正起到作用——这只是0.7%的回购。尽管如此，如果亚马逊未来更定期地进行回购，最终可能会对持有股票多年的人产生更有意义的影响。</blockquote></p><p>The stock split is a good decision, I believe. It will make AMZN more accessible and allow more shareholders to use options easily. At the same time, buying solely due to a stock split is not a good idea, I believe. Overall, I rate Amazon a hold today, as the valuation is not low enough to make it an outright great deal at today's prices.</p><p><blockquote>我相信股票分割是一个很好的决定。这将使亚马逊更容易获得，并允许更多股东轻松使用期权。与此同时，我认为仅仅因为股票分割而购买并不是一个好主意。总体而言，我今天对亚马逊的评级为持有，因为估值还没有低到以今天的价格来看它是一笔彻头彻尾的划算交易。</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4494246-amazons-20-1-stock-split-what-you-need-to-know\">Seeking Alpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4494246-amazons-20-1-stock-split-what-you-need-to-know","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1181437469","content_text":"SummaryAmazon has announced a 20-1 stock split. Here's everything you need to know.Stock splits should, in theory, not change the value of the company.And yet, they matter. Take a look at what AMZN's stock split means for liquidity, option usage, and index inclusion.Article ThesisAmazon (AMZN) has announced that it will split its shares 20:1. The market has reacted very positively to that announcement. In this report, we'll show why stock splits should theoretically not matter for the underlying value of the company. We'll also highlight why they do still matter for investors to some degree - options, liquidity, index inclusion are noteworthy.What Amazon AnnouncedOn Wednesday evening, Amazon announced that it would split its stock at a 20 to 1 ratio. The stock split will, according to Amazon's8-K filing, occur in late May, following approval by shareholders at the company's annual meeting, which will take place on May 25.A 20-1 stock split means that each share of Amazon today will turn into 20 shares, 1 existing one and 19 additional ones, following the stock split. Someone holding 10 shares today would own 200 shares in Amazon following the stock split.Amazon also announced a $10 billion share repurchase program during the same news announcement, more on that later.Why Stock Splits Shouldn't Matter - In TheoryThe underlying value of a company is determined by factors such as the earnings and cash flow the company generates, the assets it owns, while debt levels, growth, patents, branding strength, etc. also play a role. Neither of these is affected by a stock split.A stock split doesn't change what percentage of a company one owns. Suppose someone holds 10 shares of Amazon today, that's ~0.000002% of the company's share count of 510 million. The investor in this scenario thus has a claim on 0.000002% of the cash flows and profits that Amazon generates. Should AMZN ever start to make dividend payments, 0.000002% of the company's total dividends would flow to the investor from our example.Following the stock split, the same investor will own 200 shares of Amazon. But since the share count has risen 20-fold as well, from 510 million to 10.2 billion, the percentage is the same, at 0.000002%. The stock split does neither result in a larger claim when it comes to the company's cash flows or earnings, nor does it have an impact on any future dividends, all else equal.It also seems reasonable to assume that the change in the company's share count, all else equal, does not translate into higher profits or cash flows for Amazon. It also does not allow for faster business growth, a stronger brand, and so on. From a fundamental basis, stock splits (and reverse stock splits) should thus not have a material impact on a company's share price. And yet, AMZN is up 10% at the time of writing, following the announcement of its stock split.This is likely due to speculation, to some degree, but there are also some other factors at play that we should consider.Why Stock Splits Still Matter - To Some DegreeThe underlying value of a company is not dependent on its share count. But share count changes, or stock splits, can nevertheless have an impact on the perceived value in the eyes of investors.Fractional sharesFirst, if a company has a high share price, which holds true for Amazon, buying whole shares is not possible for everyone. Someone starting out and investing a couple of hundred dollars at a time can't buy a complete share of Amazon at $2,800. With fractional share buying being available through many brokers, including Robinhood (HOOD), this has become less of an issue in recent years.Still, some investors can't buy fractional shares through their brokers. And even among those that could do so, some tend to avoid this feature, instead deciding to buy round lots only. With AMZN splitting its shares at a 20-1 rate, which will bring down the share price to around $140, buying round lots or whole shares will be way easier for many investors.Option strategiesA lower share price also is important when it comes to utilizing options. Amazon does, like many other tech stocks, not make any dividend payments. For someone seeking exposure to Amazon's strong business growth, writing covered calls could be a way to generate some income from their investment through the options that are created by this strategy. But selling covered calls requires owning at least 100 individual shares in a company.With AMZN at $2800 per share, that means that there is a minimum position size of $280,000 -- which likely translates into a 7-figure portfolio (assuming at least some diversification). Selling covered calls on Amazon is thus not possible for many investors. But following the announced stock split, selling covered calls on AMZN will only require a minimum investment of around $15,000, which makes this strategy a lot more accessible to many investors.In general, the same principle also holds true when it comes to selling cash-secured puts in order to enter a position at a discounted price -- that will also be a lot easier for most investors following the stock split. Last but not least, buying calls for leveraged upside potential, and buying puts to hedge positions will also be easier following the stock split.Index inclusionMost indices are market-cap weighted, which is, I believe, the most reasonable way to construct an index. That does not hold true for all indices, however. The Dow Jones Industrial Average (DIA) is a price-weighted index, which means that the share price, and not the company's market capitalization decides about a company's weight in the index. Naturally, companies with very high share prices can't be included in the index, as this would distort weightings to a large degree.This is why Amazon is, so far, not a member of the Dow Jones Industrial Average, despite being one of the largest and most dominant companies in the US. We have seen, following the 7-1 stock split of Apple (AAPL) in2014, that index inclusion in the Dow Jones Industrial Average can happen very quickly once a large company has brought its share price to a suitable level. This will most likely be the case with Amazon as well, which is why investors can expect index inclusion in 2022, I believe.Due to the fact that some ETFs replicate the Dow Jones index, index inclusion will lead to forced buying, which could alter the supply-demand picture for shares of Amazon -- at least for a while.We can thus summarize that even though Amazon is not becoming a better company by splitting its shares, there is some impact for shareholders. Liquidity will be higher, using options will be way easier, and index inclusion could lead to some forced buying. That being said, investors shouldn't buy based on a stock split alone. Instead, I believe that decisions to buy or sell should be primarily based on fundamentals and considering a stock's valuation.AMZN: Strong Company, But Not CheapAmazon is a dominant company in its industry, and thanks to the rise of AWS, it has become quite profitable in recent years. Compared to the other FAANG+M stocks, Amazon is still rather pricy, however.Shares are currently trading for around 55x forward net profits, which represents a huge premium relative to how Meta (FB), Alphabet (GOOG),(NASDAQ:GOOGL) and co. are valued. A 50+ earnings multiple also seems quite high relative to how the broad market is valued today (19x 2022's expected net profit).Data byYChartsThat being said, Amazon looks more reasonably valued based on its enterprise value to EBITDA multiple of 16. This isn't especially low but does not represent a high valuation, either. Note that enterprise value accounts for debt usage and cash being held on the balance sheet, making it a more telling metric compared to market capitalization. Amazon's cash flow multiple is 31, which translates into a cash flow yield of slightly above 3%. That's not low, but does not seem outrageous, either, when we assume that Amazon continues to grow its business at a strong pace for the next couple of years.TakeawayAmazon is a strong company at a valuation that could be reasonable, but that surely isn't low. The company's $10 billion buybacks program is a positive, but versus a market capitalization of $1.4 trillion, it won't really move the needle - that's just a 0.7% buyback. Still, if AMZN were to do buybacks more regularly going forward, there ultimately could be a more meaningful impact for someone holding shares for many years.The stock split is a good decision, I believe. It will make AMZN more accessible and allow more shareholders to use options easily. At the same time, buying solely due to a stock split is not a good idea, I believe. Overall, I rate Amazon a hold today, as the valuation is not low enough to make it an outright great deal at today's prices.","news_type":1,"symbols_score_info":{"AMZN":0.9}},"isVote":1,"tweetType":1,"viewCount":3014,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/635136540"}
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