We think investors are likely to be modestly disappointed by 3Q’s greater than expected deceleration in unit growth, 3Q’s international growth slowdown, and 4Q revenue and OI guidance, which at the midpoint were below street estimates (4Q revenue guide worse than OI guide). On the plus side, 3Q bright spots included efficiency gains from slower headcount growth along with growing fulfillment and data center efficiencies. Deze kosten-efficiënties, in conjunction with high-margin AWS and advertising revenue growth, propelled a QoQ 100bps operating margin expansion to 6.6% (and 3Q NA operating income over $ 1bn above our estimate). This trend only serves to reinforce the notion of Amazon’s thesis creep towards profitability from revenue growth (for more on this topic see here). Mens de primære regnskabsændringer, lapping of the Whole Foods-overtagelse, og de Diwali timing shift (+ ve) er faktorer overskriften i 4Q, vi tænker på 1
0-20% 4Q vækst i vækst (8 point under vores outlook på midtpunktet, and the lowest 4Q guide since 4Q14) likely weighs on sentiment from here. Alt-i-alt, mens vi opretholder vores Outperform rating, vi modererer vores 4Q18 og 2019/20 omsætningsvækstestimat. As such, we also lower our Target Price to $ 1,970, from $ 2,200, implying ~ 21.5x 2020 EV / EBITDA.