Does valuation matter any more in the age of AI? - FT中文网
登录×
电子邮件/用户名
密码
记住我
请输入邮箱和密码进行绑定操作:
请输入手机号码,通过短信验证(目前仅支持中国大陆地区的手机号):
请您阅读我们的用户注册协议隐私权保护政策,点击下方按钮即视为您接受。
金融市场

Does valuation matter any more in the age of AI?

Durability of corporate growth and profit margins might outweigh metrics showing the cheapness of a stock
00:00

{"text":[[{"start":6.74,"text":"The writer is founder and chief executive of Trivariate Research"}],[{"start":11.47,"text":"Many of us in markets were reared to believe that the key to investing in stocks was to buy low and sell high. We buy our little dream today and sell it to a someone with a bigger dream later. That philosophy implies that buying stocks with a cheap valuation, on metrics such as price-to-forward earnings, or with high free cash flow yield, is important. The truth is, though, that in most cases such an approach has been declining in usefulness for stock selection and over-reliance on it can destroy value."}],[{"start":45.769999999999996,"text":"Three years ago, artificial intelligence was not on most investors’ radar screens. Now it is influencing nearly every investment decision and it is a big reason why a valuation metric-based approach to investing won’t be as effective for stock selection for the coming year."}],[{"start":64.91999999999999,"text":"It not hard to see why. Look no further than semiconductor giant Nvidia’s quarterly revenue over the past two and a half years. The actual reported revenue growth seems almost preposterously high. From $6bn in the first quarter of 2023, revenue is expected to hit $60bn in the first quarter of next year, according to consensus forecasts."}],[{"start":91.11999999999999,"text":"Sentiment might turn on AI eventually, but it is too early to get bearish on its impact. The direct revenue beneficiaries from AI growth are likely to produce solid fundamentals that will probably last for several years. In addition, there are also many stocks that investors consider to be potential productivity beneficiaries from AI. Through it, these companies can better predict their employee and customer behaviours, avoiding substantial hiring to drive profit margins higher through efficiencies."}],[{"start":126.41,"text":"We have seen how increasing net margins can have a significant impact on share prices. One notable case is the membership-only retailer Costco, which saw its share price reached a multiple of more than 50 times its forward earnings estimates last year as confidence on its margins improved."}],[{"start":146.45,"text":"There are also those companies with revenue models that appear to be relatively impregnable to AI. Industries such as select utilities, waste disposal and aggregates come to mind. We believe such robust companies will continue to see their valuation multiples expand given that long-term earnings estimates and growth rates are more likely to be achievable."}],[{"start":171.73999999999998,"text":"Finally, those companies that are seeing their business models disrupted by AI are likely to remain under pressure (and optically cheap). Take Getty Images as an example. This is one of the world’s largest providers of stock photography, video and music. Today’s abundance of AI-generated and free imagery has undermined both its pricing power and growth. This stock has therefore seen a consistent contraction in the multiple of its enterprise value to forecast sales."}],[{"start":null,"text":"

"}],[{"start":205.51999999999998,"text":"If an investor is betting on a mean-reverting approach of buying low and selling high based on valuation, all they are really doing in the current regime is divesting companies that have a higher probability of benefiting from AI and investing in those that have an increased likelihood of being disrupted. We think that is a foolish strategy and is the reason that valuation is unlikely to be effective for stock selection."}],[{"start":232.65999999999997,"text":"There are some other forces that have caused this phenomenon as well. In contrast to the 1980s and the 1990s, more funds are being driven by growth in quantitative investing and trading with a time horizon measured in hours or days instead of quarters or years. These strategies are often intentionally valuation neutral — taking long and short stock positions on the basis of market trends, happily indifferent to traditional valuation metrics. This has increased the momentum effect driving prices and markets."}],[{"start":268.4,"text":"With that as a background, we would still offer some words of caution on eschewing a valuation based approach of buying low, selling high. First, extremely expensive companies should be avoided. In fact, companies that have reached the most expensive decile of price-to-forward earnings multiples do subsequently lag behind (the cheapest quartile also materially lags)."}],[{"start":294.63,"text":"Second, investing is sensitive to changes in the perceptions of growth and rates. In 2022, for example, a hawkish Federal Reserve and interest rate rises had a statistically significant impact on valuations with multiples contracting as investors became more conservative. While markets are now expecting rate cuts, that could change. Third, valuation might fail to be useful in timeframes of less than three years, but could still be valuable in longer horizons, such as 5 to 10 years."}],[{"start":330.73,"text":"While extremes and long-term horizons still matter, near-term investing success depends more on growth durability and margin expansion than on cheapness."}],[{"start":349.51,"text":""}]],"url":"https://audio.ftmailbox.cn/album/a_1757667509_8491.mp3"}

版权声明:本文版权归FT中文网所有,未经允许任何单位或个人不得转载,复制或以任何其他方式使用本文全部或部分,侵权必究。

AI热潮中经济学家能否规避利益冲突?

凯恩斯:研究AI、与AI实验室合作成了经济学家的新热门,但经济学家能否保证自己的研究不被扭曲?

Lex专栏:今日运动鞋价格战,明日轮到AI巨头

恶性价格竞争或许能让消费者受益,但企业利润率可能在这一过程中崩塌。

富豪疯狂囤金之年

富豪们对黄金的信念,如同这种金属一样未曾褪色。

特朗普令冰岛加入欧盟的争论重新升温

冰岛人将于8月29日投票,决定该国是否应再次尝试加入这一集团。

为什么泰国的利率处于全球最低水平之列?

泰国尚未实现富裕便已步入老龄化,而高负债水平抑制了本可提振经济的消费支出。

侯赛因•塔伊布:帮伊朗最高领袖穆杰塔巴巩固国内控制的强硬派神职人员

一度被边缘化的塔伊布,如今获新任最高领袖提拔,负责领导革命卫队旗下权力大增的巴斯基民兵组织。
设置字号×
最小
较小
默认
较大
最大
分享×