《大行報告》美銀證券:英偉達(NVDA.US)屬生成式人工智能領域首選 料2024至2025財年自由現金流達千億美元
美銀證券近日發表報告指出,英偉達(NVDA.US)屬生成式人工智能(AI)領域首選,料其於行業領導地位有助公司今明兩年產生約1,000億美元的增量自由現金流。該行料當中有300億至350億美元可用於回購(抵銷股權稀釋),餘下的650億至700億美元可用於自然增長及非自然增長。
該行認為,英偉達相對低迷的交易倍數部分由於對明年增長前景的不確定性,以及公司非常依賴硬件業務,與其他有經常性收入的大型軟件同業不同。該行相信公司穩健的自由現金流狀況可解決有關問題,並幫助將其交易倍數擴大至歷史中位數市盈率35至40倍水平。另預期公司將考慮加強與軟件公司的合作或併購,幫助傳統企業客戶部署、監控和分析生成式AI應用程式。
此外,該行估計遊戲周期低谷和數據中心可能面臨強勁的長期需求下,英偉達未來增長機會更為強勁,對其目標價為700美元,維持「買入」評級。
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