Alphabet: Don't Love This Deal

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Alphabet: Don't Love This Deal

seekingalpha2022-03-10

While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...

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Andrewcms
·2022-03-11
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2
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SCLIEW
·2022-03-11
666
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nanehz07
·2022-03-11
Like
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1
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JMZZ
·2022-03-11
Like
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2
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YYKTAN
·2022-03-11
Latest
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1
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linereps
·2022-03-11
Love the alphabet
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2
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Pg kia
·2022-03-11
Like 😊
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4
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DZL
·2022-03-10
Mandiant acquisition for cybersecurity pie and boosting Google Cloud
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3
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sunshine138
·2022-03-10
Great
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2
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Kiwii
·2022-03-10
hallo
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2
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gni
·2022-03-10
Like, please? [love you]
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3
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Andaroo
·2022-03-10
Amc gme
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2
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SanWangtikup
·2022-03-10
[Smile]
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1
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Tamashii
·2022-03-10
This is not so great deal. 23/share!
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3
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GggSlimeR
·2022-03-10
Do not like my comment
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1
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Bi Han
·2022-03-10
Best
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3
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Guardian_J
·2022-03-10
Woo
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2
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Lcc73
·2022-03-10
Like
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3
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nelson21
·2022-03-10
Pls like
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5
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xiaohongdian
·2022-03-10
Yes buy!
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The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Source Link</a>\n\n</div>\n","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4581","symbol_name":"高盛持仓","start_time":0,"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","article_id":"2218623840","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","pubTimestamp":1646921055,"columns":[],"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4581":"高盛持仓","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4514":"搜索引擎","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4532":"文艺复兴科技持仓","AMZN":"亚马逊","MNDT":"Mandiant","BK4554":"元宇宙及AR概念","BK4515":"5G概念","MSFT":"微软","BK4553":"喜马拉雅资本持仓","BK4567":"ESG概念","BK4571":"数字音乐概念","BK4534":"瑞士信贷持仓","BK4507":"流媒体概念","BK4533":"AQR资本管理(全球第二大对冲基金)","BK4576":"AR","BK4525":"远程办公概念","BK4575":"芯片概念","BK4566":"资本集团","BK4535":"淡马锡持仓","BK4524":"宅经济概念","BK4538":"云计算","GOOGL":"谷歌A","BK4501":"段永平概念","BK4527":"明星科技股","BK4559":"巴菲特持仓","BK4577":"网络游戏","AAPL":"苹果","BK4077":"互动媒体与服务","BK4579":"人工智能","GOOG":"谷歌","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4551":"寇图资本持仓","BK4574":"无人驾驶","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4561":"索罗斯持仓","BK4504":"桥水持仓","BK4512":"苹果概念"},"translate_title":"Alphabet：我不喜欢这个交易","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AMZN":1,"MSFT":1,"MNDT":1,"AAPL":1,"GOOGL":0.9,"GOOG":0.9},"content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9036942225,"gmtCreate":1646970489021,"gmtModify":1676534183281,"author":{"id":"4098421504436010","authorId":"4098421504436010","name":"Andrewcms","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"hat":"https://static.tigerbbs.com/a3dee1aa3a3a3c1814833a4d3f8a5669","crmLevel":2,"crmLevelSwitch":0,"idStr":"4098421504436010","authorIdStr":"4098421504436010"},"htmlText":"Like&nbsp;","listText":"Like&nbsp;","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036942225","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9036078724,"gmtCreate":1646956992234,"gmtModify":1676534180977,"author":{"id":"4092970777728640","authorId":"4092970777728640","name":"SCLIEW","avatar":"https://static.tigerbbs.com/5da553e4d3d35db75d1caae023ca8a03","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4092970777728640","authorIdStr":"4092970777728640"},"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036078724","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9036044658,"gmtCreate":1646956357560,"gmtModify":1676534180825,"author":{"id":"4090062734790350","authorId":"4090062734790350","name":"nanehz07","avatar":"https://static.itradeup.com/news/038022539ff9e1b6fe247128b5ed9782","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":5,"crmLevelSwitch":0,"idStr":"4090062734790350","authorIdStr":"4090062734790350"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036044658","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9036046548,"gmtCreate":1646955962836,"gmtModify":1676534180742,"author":{"id":"3577866607265525","authorId":"3577866607265525","name":"JMZZ","avatar":"https://static.tigerbbs.com/e9bba8d23c453ba56027971aabfc7b06","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3577866607265525","authorIdStr":"3577866607265525"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036046548","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9036021096,"gmtCreate":1646953283688,"gmtModify":1676534180146,"author":{"id":"3586858995147972","authorId":"3586858995147972","name":"YYKTAN","avatar":"https://static.tigerbbs.com/e9c7bf12299d79e1cacc0c24919b7a3c","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3586858995147972","authorIdStr":"3586858995147972"},"htmlText":"Latest","listText":"Latest","text":"Latest","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036021096","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9036089545,"gmtCreate":1646949778628,"gmtModify":1676534179461,"author":{"id":"3571046202315678","authorId":"3571046202315678","name":"linereps","avatar":"https://static.tigerbbs.com/3d348014f82002028e364ade841b3433","vip":1,"crmLevel":7,"crmLevelSwitch":1,"idStr":"3571046202315678","authorIdStr":"3571046202315678"},"htmlText":"Love the alphabet","listText":"Love the alphabet","text":"Love the alphabet","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036089545","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9036092547,"gmtCreate":1646930975689,"gmtModify":1676534178866,"author":{"id":"4105621810466220","authorId":"4105621810466220","name":"Pg kia","avatar":"https://static.itradeup.com/news/757b1da54df911cfacfc34e090c40827","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"4105621810466220","authorIdStr":"4105621810466220"},"htmlText":"Like 😊","listText":"Like 😊","text":"Like 😊","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9036092547","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038777496,"gmtCreate":1646926778652,"gmtModify":1676534178260,"author":{"id":"3582006183410147","authorId":"3582006183410147","name":"DZL","avatar":"https://static.tigerbbs.com/640ac3ae648fded99146300a53c24a5b","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3582006183410147","authorIdStr":"3582006183410147"},"htmlText":"Mandiant acquisition for cybersecurity pie and boosting Google Cloud","listText":"Mandiant acquisition for cybersecurity pie and boosting Google Cloud","text":"Mandiant acquisition for cybersecurity pie and boosting Google Cloud","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038777496","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038775347,"gmtCreate":1646926265414,"gmtModify":1676534178200,"author":{"id":"3586655655659820","authorId":"3586655655659820","name":"sunshine138","avatar":"https://static.tigerbbs.com/23149c63a63bfeec1572cc27e1322750","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3586655655659820","authorIdStr":"3586655655659820"},"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038775347","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038770826,"gmtCreate":1646925099206,"gmtModify":1676534178054,"author":{"id":"3579735899676546","authorId":"3579735899676546","name":"Kiwii","avatar":"https://community-static.tradeup.com/news/c31b2d8301c0e367c9f368c3506dad90","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3579735899676546","authorIdStr":"3579735899676546"},"htmlText":"hallo","listText":"hallo","text":"hallo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038770826","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038748613,"gmtCreate":1646924389371,"gmtModify":1676534177928,"author":{"id":"3583162863775152","authorId":"3583162863775152","name":"gni","avatar":"https://static.tigerbbs.com/9bd2327989052e9257ef803c07e504e6","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3583162863775152","authorIdStr":"3583162863775152"},"htmlText":"Like, please?&nbsp;[love you]&nbsp;","listText":"Like, please?&nbsp;[love you]&nbsp;","text":"Like, please? [love you]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038748613","repostId":2218623840,"repostType":2,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038741152,"gmtCreate":1646924183636,"gmtModify":1676534177896,"author":{"id":"3575199303759784","authorId":"3575199303759784","name":"Andaroo","avatar":"https://static.tigerbbs.com/634c9b9f18158d4a4e497249bdbe8fd5","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3575199303759784","authorIdStr":"3575199303759784"},"htmlText":"Amc gme","listText":"Amc gme","text":"Amc gme","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038741152","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038741341,"gmtCreate":1646924181926,"gmtModify":1676534177888,"author":{"id":"4087452914358580","authorId":"4087452914358580","name":"SanWangtikup","avatar":"https://static.tigerbbs.com/c7f061d50a9f915d0ce8e8c879871960","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":0,"idStr":"4087452914358580","authorIdStr":"4087452914358580"},"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038741341","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038756849,"gmtCreate":1646923386258,"gmtModify":1676534177578,"author":{"id":"4087109479010510","authorId":"4087109479010510","name":"Tamashii","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4087109479010510","authorIdStr":"4087109479010510"},"htmlText":"This is not so great deal. 23/share!","listText":"This is not so great deal. 23/share!","text":"This is not so great deal. 23/share!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038756849","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038751972,"gmtCreate":1646923168513,"gmtModify":1676534177524,"author":{"id":"4093058604760480","authorId":"4093058604760480","name":"GggSlimeR","avatar":"https://community-static.tradeup.com/news/4b805c8472adab6d9418f36452434a56","vip":1,"hat":"https://static.tigerbbs.com/b0a2963eb37c60c5d6d4a8dbcd266952","crmLevel":5,"crmLevelSwitch":1,"idStr":"4093058604760480","authorIdStr":"4093058604760480"},"htmlText":"Do not like my comment&nbsp;","listText":"Do not like my comment&nbsp;","text":"Do not like my comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038751972","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038750325,"gmtCreate":1646922956213,"gmtModify":1676534177453,"author":{"id":"3570004939267641","authorId":"3570004939267641","name":"Bi Han","avatar":"https://static.itradeup.com/news/6765c2bb071c1df5b7fd4e34c533c22e","vip":1,"hat":"https://static.tigerbbs.com/f84d87792f02cf78e80ee34979fd31e5","crmLevel":9,"crmLevelSwitch":1,"idStr":"3570004939267641","authorIdStr":"3570004939267641"},"htmlText":"Best","listText":"Best","text":"Best","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038750325","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038727798,"gmtCreate":1646922946442,"gmtModify":1676534177446,"author":{"id":"3577512169946317","authorId":"3577512169946317","name":"Guardian_J","avatar":"https://static.tigerbbs.com/d5732d3790ba7ded4910ae093423ed15","vip":1,"crmLevel":7,"crmLevelSwitch":1,"idStr":"3577512169946317","authorIdStr":"3577512169946317"},"htmlText":"Woo","listText":"Woo","text":"Woo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038727798","repostId":2218623840,"repostType":2,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038724264,"gmtCreate":1646922800054,"gmtModify":1676534177422,"author":{"id":"3564712937580301","authorId":"3564712937580301","name":"Lcc73","avatar":"https://static.tigerbbs.com/72523840e673b42dada1978a1dc74033","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3564712937580301","authorIdStr":"3564712937580301"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038724264","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038724317,"gmtCreate":1646922716364,"gmtModify":1676534177407,"author":{"id":"3581678664547146","authorId":"3581678664547146","name":"nelson21","avatar":"https://static.tigerbbs.com/f3bfb16048c75dbf023d98c18914333e","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3581678664547146","authorIdStr":"3581678664547146"},"htmlText":"Pls like","listText":"Pls like","text":"Pls like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038724317","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9038722441,"gmtCreate":1646922597396,"gmtModify":1676534177374,"author":{"id":"4100056531967130","authorId":"4100056531967130","name":"xiaohongdian","avatar":"https://static.tigerbbs.com/1544d9211a3b0df80108b0fd98212197","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"4100056531967130","authorIdStr":"4100056531967130"},"htmlText":"Yes buy!","listText":"Yes buy!","text":"Yes buy!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9038722441","repostId":2218623840,"repostType":4,"repost":{"id":"2218623840","kind":"news","pubTimestamp":1646921055,"share":"https://ttm.financial/m/news/2218623840?lang=&edition=fundamental","pubTime":"2022-03-10 22:04","market":"us","language":"en","title":"Alphabet: Don't Love This Deal","url":"https://stock-news.laohu8.com/highlight/detail?id=2218623840","media":"seekingalpha","summary":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Man","content":"<html><head></head><body><p>While <b>Alphabet</b> (GOOG, GOOGL) is <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the favorites in the big cap tech sector, the deal to buy <b><a href=\"https://laohu8.com/S/MNDT\">Mandiant</a></b> (MNDT) doesn&#39;t make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.</p><h2>Relatively Small Deal</h2><p>While Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.</p><p>Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn&#39;t material from a financial point of view, but the deal does question the market&#39;s desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of <b>Microsoft</b> (MSFT) is healthy for either company.</p><p>Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from <b>Amazon</b> (AMZN) or Azure from Microsoft.</p><p>Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.</p><p>As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.</p><p>According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.</p><p></p><p><img src=\"https://static.tigerbbs.com/6fe3e865af6a770f6694f5c4bc85b5f4\" tg-width=\"640\" tg-height=\"436\" referrerpolicy=\"no-referrer\"/></p><p>Synergy Research Group</p><p>The biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. <b>Apple</b> (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.</p><h2>Competition Heats Up</h2><p>A big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won&#39;t be the case with Apple, Microsoft and Amazon.</p><p>For Q4&#39;21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.</p><p><img src=\"https://static.tigerbbs.com/52024cba25b921755348629fd2439a30\" tg-width=\"635\" tg-height=\"466\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>Of course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.</p><p>As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.</p><p><img src=\"https://static.tigerbbs.com/9432b972ec040de4fc068f82af0c0ff7\" tg-width=\"635\" tg-height=\"449\" referrerpolicy=\"no-referrer\"/>Data by YCharts</p><p>The amazing part is that this number doesn&#39;t factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.</p><h2>Takeaway</h2><p>The key investor takeaway is that the purchase of Mandiant doesn&#39;t exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.</p><p>The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.</p></body></html>","source":"seekingalpha","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>Alphabet: Don't Love This Deal</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: 11px; color: #7E829C; margin: 0;line-height: 11px;}\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\">\nAlphabet: Don't Love This Deal\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-10 22:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition ...</p>\n\n<a href=\"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4553":"喜马拉雅资本持仓","BK4571":"数字音乐概念","BK4507":"流媒体概念","BK4534":"瑞士信贷持仓","BK4576":"AR","BK4533":"AQR资本管理(全球第二大对冲基金)","MNDT":"Mandiant","AAPL":"苹果","BK4575":"芯片概念","BK4525":"远程办公概念","BK4524":"宅经济概念","BK4535":"淡马锡持仓","BK4561":"索罗斯持仓","BK4577":"网络游戏","BK4538":"云计算","BK4559":"巴菲特持仓","BK4501":"段永平概念","BK4077":"互动媒体与服务","BK4579":"人工智能","AMZN":"亚马逊","BK4527":"明星科技股","MSFT":"微软","BK4550":"红杉资本持仓","BK4503":"景林资产持仓","BK4122":"互联网与直销零售","BK4574":"无人驾驶","BK4551":"寇图资本持仓","BK4573":"虚拟现实","BK4505":"高瓴资本持仓","BK4097":"系统软件","BK4581":"高盛持仓","GOOGL":"谷歌A","BK4504":"桥水持仓","BK4512":"苹果概念","BK4554":"元宇宙及AR概念","BK4566":"资本集团","BK4532":"文艺复兴科技持仓","BK4514":"搜索引擎","BK4548":"巴美列捷福持仓","BK4170":"电脑硬件、储存设备及电脑周边","BK4567":"ESG概念","GOOG":"谷歌","BK4528":"SaaS概念","BK4516":"特朗普概念","BK4515":"5G概念"},"source_url":"https://seekingalpha.com/article/4494043-alphabet-dont-love-this-deal","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2218623840","content_text":"While Alphabet (GOOG, GOOGL) is one of the favorites in the big cap tech sector, the deal to buy Mandiant (MNDT) doesn't make a lot of sense. The company is increasingly moving into a competition space with other tech giants. My investment thesis remains Bullish on the stock at these levels, as the Mandiant purchase is pocket change for Alphabet.Relatively Small DealWhile Alphabet agreed to pay $23 per share in cash for Mandiant amounting to a $5.4 billion cash deal, the tech giant has a cash balance of $140 billion at the end of 2021. The cybersecurity specialist pushes Alphabet into a growth sector, especially prudent as Russia invades Ukraine and cybersecurity remains one of the great corporate risks in the decades ahead.Mandiant is only forecast to produce 2022 revenues of $564 million for 16% growth, so the amount is a drop in the bucket to the $303 billion revenue base of Alphabet. The deal really isn't material from a financial point of view, but the deal does question the market's desire to rely on Alphabet for security considering privacy concerns and whether getting into a battle with the likes of Microsoft (MSFT) is healthy for either company.Mandiant had just spun off FireEye due to the lack of focus on the business and one has to question whether stuck as part of a massive tech conglomerate makes the business work better. As part of Google Cloud, Mandiant will have a captive customer base, but most potential customers likely use AWS from Amazon (AMZN) or Azure from Microsoft.Mandiant is an industry-leading threat intelligence firm with an army of consultants focused on resolving security breaches via managed services. The firm always made more sense as an independent business with no tie-in into a specific cloud platform or cybersecurity products similar to the issue with FireEye.As well, the deal seems to bring Google into more direct competition with Microsoft and Amazon as all parties pursue cybersecurity solutions for the cloud services to provide end-to-end security operations. One of my major negative investment thesis regarding the tech giants is this increasing clash with business units leading to spending or price wars. The majority of the revenues for Alphabet, Microsoft and Amazon are focused on primary businesses outside of the Cloud units, but the companies are increasingly investing in this area of fast growth.According to the latest Cloud data, Google remains a distant third in the category, but the company continues to gain market share on Amazon. Microsoft apparently gets up to $15 billion annually on security revenues suggesting maybe Google has been under-investing in this category.Synergy Research GroupThe biggest concern here is a competitive spending race between the tech giants that have mostly worked independently in the past. Apple (AAPL) planning to enter the autonomous vehicle space will compete directly with Waymo and the Cloud space is likely to become a lot more competitive in the future.Competition Heats UpA big focus of the next decade regarding the tech giants will be the margins as aggressive spending boosted profits in the past decade, but the increasing competition with other tech giants is problematic. Alphabet could outspend smaller tech firms in the past and effectively eliminate competition, but this won't be the case with Apple, Microsoft and Amazon.For Q4'21, Alphabet saw operating margins return to the 31% range after dips into the mid-20% range due to Covid and heavy spending. The company still aggressively spends on Google Cloud and Other Bets contributing to $2.3 billion in quarterly losses now.Data by YChartsOf course, part of the big margin boost this year was a reduction in the depreciation expenses by extending the useful life of servers and network equipment. Those expenses were reduced by $446 million in the quarter and $2.6 billion for the year leading to a nearly $3 EPS boost.As my previous research has supported, Alphabet is an exceptionally cheap stock due to stock-based compensation hiding the actual earnings of the company with the utilization of GAAP earnings. The stock only trades at 19x forward GAAP EPS targets leaving the stock at a big discount to recent prices.Data by YChartsThe amazing part is that this number doesn't factor in the ~$155 billion in net cash and securities plus the over $15 billion in SBC. The current 2023 EPS target of $137 per share quickly becomes closer to $157 per share when considering ~$20 of SBC on 673 million shares.TakeawayThe key investor takeaway is that the purchase of Mandiant doesn't exactly appear logical as part of a bigger Cloud business. Regardless, the size and scope of Mandiant are virtually immaterial to the giant businesses of Alphabet.The stock is far too cheap here, but investors will need to watch out for an increasingly competitive environment with the other tech giants. At about 16x non-GAAP EPS targets before factoring in the large cash balance, Alphabet remains a solid Buy.","news_type":1},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":417,"commentSize":26,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}