Alphabet (GOOGL, Buy, $166 target) First Thoughts After the Call
What’s New: In this first take following tonight’s results, we touch on:1. Search remains strong but begins lapping contribution from APAC-based retailers
2. The dividend finally arrives (plus another $70B share buyback authorization)
3. No surprise, Capex commentary implies 2024 full year figure well above consensus.
4. Cloud + YouTube = $100B run-rate at YE2024; our estimate is slightly higher
5. Continued progress on cost optimization
Alphabet is a holding company. Through its subsidiaries, the company is engaged in a collection of businesses, which its primary business is Google. The company reports all non-Google businesses collectively as Other Bets. Google's main products and platforms are Android, Chrome, Gmail, Google Drive, Google Maps, Google Play, Search, and YouTube. The company also provides advertisers with tools that help them attribute and measure their advertising campaigns. In addition, Other Bets includes Access, Calico, CapitalG, GV, Verily, Waymo, and X, among others. Other Bets primarily engages in the sales of internet and TV services through Access as well as licensing and research and development services through Verily.
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