Tài liệu Nothing But Net 2009 Internet Investment Guide 1 docx

... report. Global Equity Research 05 January 2009 Nothing But Net 2009 Internet Investment Guide Global Internet Imran Khan AC (1- 212 ) 622-6693 imran.t.khan@jpmorgan.com J.P. ... ($50.76) 15 7 Blue Nile, Inc., Underweight, ($23.67) 16 6 Dice Holdings, Neutral, ($4 .11 ) 17 4 eBay, Neutral, ( $13 .96) 18 1 Expedia, Overweight, ($7.80) 19 1 Google,...

Ngày tải lên: 15/12/2013, 10:15

... 2008E 2009E 2 010 E 2 011 E 08-&apos ;11 E CAGR Internet Population (M) 203 211 217 222 227 2 31 2.2% Queries / Month / User 47 57 68 79 90 10 0 13 .5% Number of Queries (M) 11 4,896 14 4,080 17 7,938 ... Internet Population (M) 710 820 924 1, 020 1, 113 1, 205 1, 295 1, 380 1, 4 71 6.9% Queries / Month / User 17 22 29 36 44 53 60 68 74 12 .1% Number of Queries (M)...

Ngày tải lên: 15/12/2013, 10:15

... operating expenses 29.8 92 .1 103.8 12 1 .1 103.7 10 9.7 11 6.8 12 8.5 11 0 .1 114 .4 11 4.6 11 3.6 Total cost & expenses 75.7 14 1.3 16 0.5 18 2.8 15 9 .1 165.3 17 8.9 18 5.5 16 5.9 16 9.5 17 0.0 16 2.4 Operating Income ... common shares: Basic 16 1.4 15 3.9 14 9.7 14 4.4 14 2.5 14 2.9 14 2.0 14 2.0 14 2.0 14 2.0 14 2.0 14 2.0 Diluted 17 8 .1 169.0...

Ngày tải lên: 26/01/2014, 18:20

... 13 .7 15 .0 15 .4 58.5 16 .4 18 .1 17.5 58.6 16 .5 18 .7 18 .9 68.7 Pro forma Gross Profit 13 .7 15 .1 15.4 58.6 16 .5 18 .2 17 .6 58.7 16 .5 18 .7 18 .9 68.7 Gross Margins 51. 2% 50.4% 47 .1% 60.0% 47.8% 51. 0% ... 1, 288,4 71 1,4 61, 804 1, 660,840 2,650,489 1, 617 ,12 7 1, 5 61, 877 1, 656,050 2,647,839 1, 620,3 61 1,594,676 1, 738,853 2,833 ,18 7 Y/Y Growth...

Ngày tải lên: 26/01/2014, 18:20

... 82.5 91. 3 10 1.3 11 3.2 12 1.7 12 7.4 13 4.2 14 1.0 14 7 .1 Casual games 11 .8 9.3 10 .9 11 .7 16 .6 15 .7 17 .6 17 .1 19.4 19 .9 20.6 20.8 EZ hardware 0.9 0.0 0 .1 0 .1 0 .1 0 .1 0 .1 0 .1 0 .1 0 .1 0 .1 0 .1 EZ ... Growth (%) Revenue 14 .2 7.7 17 .9 11 .9 13 .6 9.9 12 .5 4.8 5.4 5 .1 5.0 3.9 Gross Profit 18 .3 11 .1 22.3 7.6 17 .7 15 .2 12 .7...

Ngày tải lên: 26/01/2014, 18:20

... 46.3 49.4 51. 4 Net Profit (excl 12 3R option expense) 7.0 8 .1 11. 7 17 .0 25 .1 42.3 42.822 48.2 45.5 49 .1 52.2 54 .1 EPS Diluted (US$) 0 .12 0 .15 0.25 0.39 0.55 1. 02 1. 02 1. 16 1. 09 1. 17 1. 24 1. 28 EPS ... 44.2 41. 7 Net Profit (excl 12 3R option exp.) 38.4 62 .1 54.2 51. 7 Pre Tax EPS (US$) 1. 21 2 .14 1. 78 1. 67 After Tax EPS (US$) 1. 17 1. 96 1. 60...

Ngày tải lên: 26/01/2014, 18:20

... 95.4 12 6 .1 125.8 90 .1 96.5 10 2 .1 106.3 10 9.8 11 0 .1 EBITDA 12 1.9 10 6.2 11 6.8 15 1.0 18 2.9 18 4.8 14 9.6 19 0.8 210 .7 219 .6 218 .2 225.3 Equity earnings in affiliates -1. 5 -2 .1 -0.7 -1. 4 -0.4 -0.6 -0.3 ... 45 .1 45.8 38.3 38.6 Net Margin 24.5 18 .7 12 .1 20.3 20.4 25.5 24 .1 15.4 15 .4 15 .7 13 .4 13 .1 Net Margin (excl 12 3R option expense) 26...

Ngày tải lên: 26/01/2014, 18:20

... Price (W) Price Target (W) 01- Oct-07 OW 215 000 260000 30-Oct-07 OW 286400 340000 10 -Nov-08 N 12 2600 14 0000 09-Dec-08 N 11 3000 13 0000 0 1 2 3 4 5 6 7 8 9 10 11 12 Price($) Dec 05 Mar 06 Jun 06 Sep 06 Dec 06 Mar 07 Jun 07 Sep 07 Dec 07 Mar 08 Jun 08 Sep 08 Dec 08 ... ($) 05-Jan-06 UW 16 .06 12 .00 18 -May-06 UW 12 .78 11 .00 16 -Aug-06 UW 16 .55 12 .00 29...

Ngày tải lên: 15/12/2013, 10:15

... 2007 2008E 2009E 2 010 E 2 011 E 08-&apos ;11 E CAGR Internet Population (M) 593 710 820 924 1, 020 1, 113 1, 205 1, 295 1, 380 1, 4 71 6.9% Pages Viewed / User / Day 33 34 36 37 38 39 40 41 43 44 2.7% ... Viewed (B) 7,209 8,897 10 ,724 12 ,607 14 ,275 15 ,986 17 ,793 19 ,590 21, 510 23,539 9.8% RPM (per 1, 000 pages) $1. 02 $0.75 $0. 81 $0.87 $0.97 $1. 07 $1. 09 $1. 0...

Ngày tải lên: 15/12/2013, 10:15

... 19 5 203 211 217 222 227 2 31 2.2% Online shoppers 10 4 11 7 13 0 14 3 15 3 16 0 17 0 17 6 4.8% Shopping sessions / shopper / month 2.00 2.03 2 .11 2 .10 2 .11 2.09 2 .12 2.24 1. 9% Total shopping sessions ... Table 17 : US eCommerce Forecast units as indicated US eCommerce Forecast 2004 2005 2006 2007 2008E 2009E 2 010 E 2 011 E '08-&apos ;11 E CAGR Internet populati...

Ngày tải lên: 15/12/2013, 10:15