Tài liệu Nothing But Net 2009 Internet Investment Guide 29 pdf

... 290 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Our Estimates and Outlook for 2009 We forecast net revenue of US$ 529. 7M in 2009, ... 60.9% for 2009, down from 63.1% for 2008 (due to expected higher SG&A and R&D expenses in 2009) , and adjusted net margin of 55.8% for 2009, up from 48.4% for 2008 (due to net...

Ngày tải lên: 26/01/2014, 18:20

... will be driven by an increase of 2.5% in Internet users and an increase of 3.9% in usage per Internet user. We are modeling RPMs to be roughly flat in 2009, driven by a 2% decline in sell-through, ... optimized ad network $0.50 - 1.00 Source: Revenue Science Presentation Figure 13: Internet Now Ranks Second in Time Consumption but Trails Significantly in Ad Spend 37% 7% 19% 8%...

Ngày tải lên: 15/12/2013, 10:15

... Bookings 58% penetration 37% penetration 13% penetration 17% penetration 20% penetration 23% penetration 40% penetration Source: PhoCusWright reports and J.P. Morgan estimates But Eastern Europe ... Total 182,622 235,811 299 ,397 370,749 438,655 463,546 542,660 618,435 12.1% Y/Y Growth 29. 1% 27.0% 23.8% 18.3% 5.7% 17.1% 14.0% Source: Department of Commerce, Internet WorldStats,...

Ngày tải lên: 24/12/2013, 17:15

... 45.6% -29. 3% 36.1% -54.6% Classmates -3.1% 13.7% 5.6% 20.0% LinkedIn 127.3% 121.8% 170.4% 286.4% All Social Nets 23.9% 32.1% 9.3% 9.3% All Internet 14.3% 9.9% 5.6% 4.5% Source: comScore Networks, ... photographs 36.8% Meet new people 29. 9% Plan social events 17.7% Share music / find new music 15.2% Play games 14.2% Career networking 10.9% Source: J.P. Morgan Internet Team 20...

Ngày tải lên: 24/12/2013, 17:15

... most users to access the Internet, with over two-thirds of all Internet users accessing the Internet from home. Access from an Internet café lost share to the home, but still grew almost 61% ... expect Internet users to grow by around 20% Y/Y in 2009 to reach ~320M, or the penetration rate to reach ~24% of the population by the end of 2009. Figure 57: China Internet Users a...

Ngày tải lên: 24/12/2013, 17:15

... 2004 2005 2006 2007 2008E 2009E 2010E Avg. Internet users (Mn) 87 103 124 174 239 295 348 Number of search (Bn) 47 62 82 123 161 209 254 Coverage 12% 14% 17% 21% 24% 26% 29% Click through rate ... particularly from lower-tier cities. (3) Increasing broadband penetration, with 214M broadband Internet users as of Jun- 08, or 85% of total Internet users; CAGR of ~100% over the last...

Ngày tải lên: 24/12/2013, 17:15

... - Other, net Net cash provided by financing activities of continuing operations (1.1) (24.7) (1.2) (1.2) Net cash provided by operating activities of discontinued operations Net cash used ... Assets 149.1 90.5 106.8 137.6 Property and equipment, net 7.6 7.4 5.7 8.6 Intangible assets, net 0.3 0.3 0.3 0.3 Deferred income taxes, net 3.5 4.7 2.0 2.0 Other assets 0.1 0.1 0.1...

Ngày tải lên: 21/01/2014, 23:20

... 28.8% 29. 4% 30.3% 29. 8% Interest and other income, net 30.0 34.0 38.4 51.9 29. 6 23.4 38.6 12.0 15.0 16.0 18.0 20.0 Interest Expense (4.5) (2.7) (2.7) (6.6) (2.9) (0.6) 0.0 - - - - - Net Interest ... 31.9% 31.8% 28.9% 28.8% 29. 4% 30.3% 29. 8% Net income (reported) 21.3% 20.5% -49.5% 24.3% 21.0% 21.0% 23.2% 15.8% 18.0% 18.5% 18.4% 18.5% Net income (pro forma) 26.0% 25.7% 29....

Ngày tải lên: 21/01/2014, 23:20

... (0.3) - - - Net income (loss) available to common 9.5 16.0 24.2 33.7 Pro Forma Net Income to common 11.4 16.0 24.2 33.7 Net Attributable to preferred 1.9 - - - Net income ex. attributable to ... Property, plant and equipment, net $334.3 $343.9 $ 329. 5 $323.8 Goodwill $1,823.8 $1,910.9 $1,910.9 $1,910.9 Intangible assets, net $401.9 $410.7 $410.7 $410.7 Long-term investments...

Ngày tải lên: 21/01/2014, 23:20

... Operating Expenses SG&A 297 288 275 288 Marketing 296 312 303 325 Depreciation & Amortization 57 66 72 76 Impairment of Intangible Assets 0 297 0 0 Total Operating Expenses ... minority int. (Pro Forma) (5.6) (4.5) - - Net Income (Reported) 157.1 189.1 163.1 227.6 Net Income w/ FAS 123R Adjustment 157.1 189.1 163.1 227.6 Net Income (Pro Forma) 182.5 281.3 257.1...

Ngày tải lên: 21/01/2014, 23:20