Tài liệu Nothing But Net 2009 Internet Investment Guide 4 doc
Tài liệu Nothing But Net 2009 Internet Investment Guide 4 doc
... 2 ,49 7 2, 847 3,289 3,618 3,878 4, 020 4, 3 24 4,7 24 6.8%
Average price / session $39.50 $41 .25 $43 .00 $45 .50 $45 .00 $45 .50 $47 .25 $47 .75 2.0%
Total eCommerce revenue (US $M)) 98, 644 117 ,41 9 141 ,43 7 ... 98, 644 117 ,41 9 141 ,43 7 1 64, 612 1 74, 525 182,902 2 04, 302 225, 549 8.9%
Product return rate 10.0% 9.0% 9.0% 8.0% 8.0% 8.0% 8.0% 8.0% 0.0%
Net Revenue 88,780 106,...
Tài liệu Nothing But Net 2009 Internet Investment Guide 1 docx
... Inc., to
this 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 ... Newspaper Ad Spend Continues to Decline
$ in billions
46 .2
48 .2
49 .4 49.3
37.2
45 .4
-18%
-8%
0%
2%
5%
5%
0.0
10.0
20.0
30.0
40 .0
50.0
60.0
2003 20 04 2005 2006...
Tài liệu Nothing But Net 2009 Internet Investment Guide 2 docx
... 0.0%
$ Revenue / Click $0 .46 $0 .47 $0 .47 $0 .45 $0 .48 $0 .48 0.7%
US Search Forecast ($M) 8,602 11,7 64 14, 518 15,951 20,102 23,576 17.5%
Y/Y Growth 47 .2% 36.8% 23 .4% 9.9% 26.0% 17.3%
Source: ... 38.7% 41 .7% 43 .9% 44 .5% 44 .0% 43 .8% 43 .7% 43 .8% -0.1%
% Clickthrough Rate 16.3% 17.3% 18.8% 20.6% 21.5% 22.0% 22.1% 22.2% 22.8% 1.1%
$ Revenue / Click $0.33 $0.35 $0.36 $...
Tài liệu Nothing But Net 2009 Internet Investment Guide 10 doc
... Reliance on Internet connection. Lose your link to the network, and you
lose your documents – a tradeoff some may not be willing to risk. Some
providers let users edit documents offline – but doing ... Research
05 Januar
y 2009
Imran Khan
(1-212) 622-6693
imran.t.khan@jpmorgan.com
Internet for Social Good
We feel it is important to recognize the increased usage of Internet sit...
Tài liệu Nothing But Net 2009 Internet Investment Guide 14 doc
... 16,375 21,833 49 ,125
Game masters and other labor cost 48 ,000 64, 000 144 ,000
Marketing and promotion 55 ,44 0 110,880 158 ,40 0
Other operating expenses 47 ,520 95, 040 158 ,40 0
Gross Net Income (88,135) ... 1Q06 2Q06 3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08
Shanda 2 ,47 0 2,230 2, 140 2,290 2, 340 2,720 3,080 3 ,47 0 4, 110 4, 240
Sequential growth -9.7% -4. 0% 7.0% 2.2% 16....
Tài liệu Nothing But Net 2009 Internet Investment Guide 16 doc
... 35,905.7 42 , 146 .1 48 ,6 84. 3
As % of total revenues 96.8% 96.5% 96.1% 95.3% 94. 4% 93 .4%
Operating Income (Loss) 7 04. 2 925.3 1,229.6 1,770.8 2,500.2 3 ,46 2.6
Operating margin 3.2% 3.5% 3.9% 4. 7% 5.6% ... 1398.0 141 9.2 17 34. 3 28% 2% 22%
EPS $0.35 $1.32 $1.20 $1. 54 18% -9% 28%
Consensus
Revenue 6563.6 19037.2 21700.5 2 549 2 66% 14% 17%
EBITDA 388.9 1280.7 147 2 1 847...
Tài liệu Nothing But Net 2009 Internet Investment Guide 17 doc
... 2007 2008E 2009E 2010E
Net sales 14, 835 18,711 21,6 94 26,165
Cost of sales 11 ,48 2 14, 5 64 17, 044 20,568
Gross profit 3,3 54 4, 147 4, 650 5,597
Gross Margins 22.6% 22.2% 21 .4% 21 .4%
Fulfillment ... Q4-08E Q1-09E Q2-09E Q3-09E Q4-09E
Net sales 3,015 2,886 3,262 5,673 4, 135 4, 063 4, 2 64 6, 249 4, 597 4, 499 4, 920 7,678
Cost of sales 2,296 2,185 2,500 4, 503 3...
Tài liệu Nothing But Net 2009 Internet Investment Guide 20 doc
... Equipment, Net 179.5 2 64. 2 361.1 46 9.5
Total Assets 8,295 .4 8,659.6 9,106.7 9,592.6
LIABILITIES
Accounts Payable, Trade 852.3 746 .8 746 .8 746 .8
Deferred Merchant Bookings 609.1 644 .3 644 .3 644 .3 ... 58.5% 58.0% 58.0%
Operating Income
(Loss)
7,2 84. 7 8,917.8 10 ,49 0.3 12,151.7 14, 019.8 15, 842 .4
Operating margin 41 .4% 41 .0% 41 .2% 41 .5% 42 .0% 42 .0%
Sour...
Tài liệu Nothing But Net 2009 Internet Investment Guide 23 doc
... Revenue
Sales & marketing 45 .7% 45 .8% 42 .0% 40 .0% 49 .4% 44 .9% 42 .0% 40 .4% 42 .8% 41 .9% 40 .7% 39.7%
Research & development 10.8% 11.9% 12.5% 12.7% 15.5% 12 .4% 11.8% 11.0% 10.7% 10.6% 10.2% ... 77 .4 97.8 1 64% 31% 26%
EPS $ 0.12 $ 0 .42 $ 0.61 $ 0.77 116% 44 % 26%
Consensus
Revenue 84. 8 307.22 3 94. 13 506. 14 112% 28% 28%
EBITDA 17.52 59 .44 83.21 111...
Tài liệu Nothing But Net 2009 Internet Investment Guide 25 docx
... $0.03 $0. 04
Diluted 0.05 0.03 0.05 0.05 0. 04 0.02 (0.00) 0.00 0.02 0.03 0.03 0. 04
Weighted average common shares:
Basic 161 .4 153.9 149 .7 144 .4 142 .5 142 .9 142 .0 142 .0 142 .0 142 .0 142 .0 142 .0
Diluted ... value per share, 0.3 0 .4 0 .4 0 .4
Treasury stock, 2 ,49 6,326 shares and 2 ,49 6,326 (48 9.1) (49 3 .4) (49 3 .4) (49 3 .4)
Additional paid-in capital 2,1 24. 0...
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