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Alphabet Inc. is sinds 2015 het moederbedrijf van Google LLC (het bedrijf achter de populairste zoekmachine Google) en enkele andere technologiebedrijven. Maar hoe verhoud de koers eigenlijk t.o.v. hoe zo’n tech-gigant er nu voor staat? Lees dit artikel als je te weten wil komen of het mogelijk ook een interessante belegging kan zijn.
Deze stockpitch bevat: bedrijfsomschrijving, investment thesis, key risks, waarom bestaat deze kans, catalysts en waardering.
Alphabet (often referred to as Google) is a collection of several high quality businesses arguably synonymous with the internet itself. Alphabet can be split up by the following 4 segments:
Search: Google Search is not only the worlds most used Search engine, it’s also the most profitable. It has become synonymous with the word ‘search engine itself’. (e.g. let me google that for you vs let me look that up for you). Google’s search engine is their most developed revenue stream with over $148B in revenue run through advertising.
Google Network: Consists of Adsense, Ad Manager and Admob, which is a pay per use (ads) platform. This allows users to run ads automatically and target their audience. Google Network does roughly $32B in revenue.
Youtube Ads: Youtube is the #2 most visited website in the world (only trailing Google Search). Everyone knows and loves youtube. Through running ads on this platform, Alphabet has managed to monetise this video platform (it also runs subscriptions). Youtube as a platform did roughly $28,9B in revenue in FY’21.
Google Cloud: Through Google Cloud Platform, Google offers a suite that runs on the same infrastructure that Google uses for their own services. Google Cloud is the #3 player in the Cloud space, trailing only AWS and Azure. Important to note is that Google had a late start and is now growing the fastest of the sector. Google Continues to keep winning large customers. Through Google suite, Alphabet is the only legitimate competitor with Microsoft Office.
Google Play: Google Play serves as the app store for the Android operating system. Besides apps, it also offers other services such as books, games, …
Hardware: Alphabet also sells hardware products such as their Pixel phones, Fitbit wearable devices, Google Nest. The Pixel phones are sold at breakeven as alphabet is trying to lock in their market share. There is arguably tremendous runway in this segment as they become increasingly independent to run their ad services.
Youtube non-ads: Youtube also gets monetised through Youtube Premium and Youtube TV subscriptions
Waymo: Waymo is a self-driving technology that has driven over 20 billion simulated and real world miles (combined). Through this technology Alphabet could solve one of the worlds leading causes of death and monetise human transport completely passively. They’re also involved with Autonomous Trucking which is easily monetisable. Waymo uses the Google Maps technology.
DeepMind: AlphaFold similarly to Schrodinger, develops 3D protein structures through AI. This predictive technology could accelerate research in every field of Biology.
Google Nest: Home products such as security cameras, doorbell, audio etc..
Google Fiber: Google Fiber is a high speed internet service that utilises fiber optic cables.
GV/GC: Google Ventures and Google Capital are venture capital/Equity investment strategies. Through these segments, Google has acquired stakes in Lyft, Uber, Airbnb, Flatiron Health and so on.
Overview
#1 Google services
#2 Pixel Phones
#3 Youtube
#4 Other Bets
#5 Google Cloud
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