-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下：我們將目標價調高30美元至150美元，採用較高的權益風險溢酬，以符合我們的成長預期，並設定遠期TEV/EBITDA為30倍。我們預計2026年EBITDA為7億美元，到2027年將成長至8.6億美元，年增23%。由於ROKU的業務尚不成熟且尚未獲利，且估值倍數遠高於我們的基準，因此我們不參考其過去三年和五年的TEV/EBITDA歷史數據。 ROKU股票相對於股票市場的貝他係數高達2.00，這意味著其股價波動性可能是市場的兩倍。基於57億美元和65億美元的預期營收，我們將2026年每股收益預期上調0.90美元至2.45美元，2027年每股收益預期上調0.55美元至3.35美元。我們很高興看到ROKU目前沒有未償債務，並擁有23.8億美元的現金及現金等價物。 ROKU擁有超過10億美元的遞延所得稅資產收益，這將使其在未來幾年內保持較低的現金稅負。 ROKU預計其自由現金流將持續強勁。管理階層預計，自由現金流將從2025年的4,836億美元成長至2028年的10億美元以上，讓我們對ROKU的商業模式充滿信心。
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