Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

<ul><li>Since the late 1990s, Amazon has emerged as a paradigmatic case in business history.</li><li>From its origins as an online bookstore to becoming a global powerhouse reshaping retail, cloud computing, and digital entertainment, Amazon’s trajectory has been defined by disruptive innovation and strategic foresight.</li><li>By analyzing its stock price evolution (based on closing prices), we can trace how the company navigated cyclical challenges, seized opportunities, and ultimately solidified its market dominance.</li></ul>

Since the late 1990s, Amazon has emerged as a paradigmatic case in business history.From its origins as an online bookstore to becoming a global powerhouse reshaping retail, cloud computing, and digital entertainment, Amazon’s trajectory has been defined by disruptive innovation and strategic foresight.By analyzing its stock price evolution (based on closing prices), we can trace how the company navigated cyclical challenges, seized opportunities, and ultimately solidified its market dominance.

Company & Stock Analysis:  Amazon, Inc. - October 31, 2025

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.</li><li>Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.</li><li>Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.</li></ul>

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.

Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!

Amazon.com Inc - Amazon’s Robot Army Hits 1 Million—Is This the Future of Fast Delivery?

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>Hyperscalers (AMZN, GOOG, META, MSFT) revenues accelerating from 1Q25. Total revenues in 2025 ~$1.15tn, up 17% YoY.</li>
<li>Cloud (AWS, GOOG, MSFT) revenues accelerating. 2025 Cloud revenues in 2025 ~$375bn, up 25% YoY.</li>
<li>2025 Capex up 63% YoY to $376bn. 2026 Capex will increase by ~46% YoY to reach ~$550bn. I estimate ~30% increase in 2027 to reach $715bn.</li>
</ul>


Hyperscalers (AMZN, GOOG, META, MSFT) revenues accelerating from 1Q25. Total revenues in 2025 ~$1.15tn, up 17% YoY.
Cloud (AWS, GOOG, MSFT) revenues accelerating. 2025 Cloud revenues in 2025 ~$375bn, up 25% YoY.
2025 Capex up 63% YoY to $376bn. 2026 Capex will increase by ~46% YoY to reach ~$550bn. I estimate ~30% increase in 2027 to reach $715bn.


Hyperscalers’ Cloud Revenue and Capex Update

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Amazon announced (31 Oct HKT) 3Q25 results: revenue was US$180.2bn, up 13.4% YoY (3Q24: 11.0%), 2/1% better than our forecast/Bloomberg consensus estimate, and total operating profit was US$17.4bn, flat YoY.</li><li>Excluding the impact of two special charges (US$2.5bn related to a legal settlement with the Federal Trade Commission and US$1.8bn in estimated severance cost related to planned role eliminations), OP would reach US$21.7bn (vs consensus at US$19.8bn), up 25% YoY.</li><li>In 3Q25, YoY revenue growth of AWS accelerated to 20.2% (2Q25: 17.5%; 3Q24: 19.1%), 2ppts ahead of consensus, driven by strong demand and relaxation of supply constraints, and the optimization in cost to serve as well as solid ads revenue growth (24% YoY) continue to drive margin expansion of both North America (NA) and International business (after excluding impact of special charges). </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Amazon announced (31 Oct HKT) 3Q25 results: revenue was US$180.2bn, up 13.4% YoY (3Q24: 11.0%), 2/1% better than our forecast/Bloomberg consensus estimate, and total operating profit was US$17.4bn, flat YoY.Excluding the impact of two special charges (US$2.5bn related to a legal settlement with the Federal Trade Commission and US$1.8bn in estimated severance cost related to planned role eliminations), OP would reach US$21.7bn (vs consensus at US$19.8bn), up 25% YoY.In 3Q25, YoY revenue growth of AWS accelerated to 20.2% (2Q25: 17.5%; 3Q24: 19.1%), 2ppts ahead of consensus, driven by strong demand and relaxation of supply constraints, and the optimization in cost to serve as well as solid ads revenue growth (24% YoY) continue to drive margin expansion of both North America (NA) and International business (after excluding impact of special charges). Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Amazon (AMZN US) - Acceleration in Cloud Revenue Growth Better than Expected

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Company & Stock Analysis: Amazon, Inc. - October 31, 2025

By analyzing its stock price evolution (based on closing prices), we can trace how the company navigated cyclical challenges, seized opportunities...

VRS (Valuation & Research Specialists)

Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business...

Baptista Research

Amazon.com Inc - Amazon’s Robot Army Hits 1 Million—Is This the Future of Fast Delivery?

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business...

Baptista Research

Hyperscalers’ Cloud Revenue and Capex Update

Hyperscalers' revenues and cloud revenues are accelerating from 1Q25, Capex set to increase significantly in the coming years.

Nicolas Baratte

Amazon (AMZN US) - Acceleration in Cloud Revenue Growth Better than Expected

Amazon announced (31 Oct HKT) 3Q25 results: revenue was US$180.2bn, up 13.4% YoY (3Q24: 11.0%), 2/1% better than our forecast/Bloomberg consensus...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Company & Stock Analysis: Amazon, Inc. - October 31, 2025

By analyzing its stock price evolution (based on closing prices), we can trace how the company navigated cyclical challenges, seized opportunities...

VRS (Valuation & Research Specialists)

Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business...

Baptista Research

Amazon.com Inc - Amazon’s Robot Army Hits 1 Million—Is This the Future of Fast Delivery?

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business...

Baptista Research

Hyperscalers’ Cloud Revenue and Capex Update

​Hyperscalers' revenues and cloud revenues are accelerating from 1Q25, Capex set to increase significantly in the coming years.

Nicolas Baratte

Amazon (AMZN US) - Acceleration in Cloud Revenue Growth Better than Expected

Amazon announced (31 Oct HKT) 3Q25 results: revenue was US$180.2bn, up 13.4% YoY (3Q24: 11.0%), 2/1% better than our forecast/Bloomberg consensus...

CMB International

Hyperscalers' revenues and cloud revenues are accelerating from 1Q25, Capex set to increase significantly in the coming years.