MORGAN STANLEY: INTERNET BLOCK VALUATION DISCOUNT, AI CAPITAL EXPENDITURE RETURN DEBATE UNSOLVED

According to early release In A, Morgan Stanley, in an Internet weekly on 18 August, noted that the Internet plate dropped by 1 per cent and Amazon and Google fell by 4 and 2 per cent, respectively, last week. The valuations for Amazon, Google and Meta were 7 to 14 per cent above the five-year average, while the overall Internet plate NTM EV/EBITA was 7 per cent above the five-year average, with a 19 per cent NTM EV/Sales premium. If equity incentives were to be considered cash expenditures, the median figures for digital media, electricians and travel board EV/EBITA would increase by about 36 per cent, 30 per cent and 44 per cent, respectively. In Morgan Stanley ' s judgement, the AI ROIC debate is the central focus of the market, the current low valuation has not yet resulted in a buyout consensus, and the Internet plate probably maintains an inter-zone shock。