Tài liệu Nothing But Net 2009 Internet Investment Guide 8 pdf

... 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, J.P. Morgan estimates Key Sites Some of the notable social networking ... 9M’07 9M’ 08 Y/Y 9M’07 9M’ 08 Y/Y Yahoo 43,565 41 ,84 2 -4.0% 21,327 21,256 -0.3% Windows Live Hotmail 33,7 58 37,970 12.5% 9,425 10,633 12 .8% AOL Email 12,556 11 ,85 2 -5.6% 12,177 1...

Ngày tải lên: 24/12/2013, 17:15

... 326,900 441,315 582 ,536 7 28, 170 87 3 ,80 4 1,031, 089 21.0% RPS (per 1,000 searches) $19.07 $23.19 $25.74 $23.63 $24.39 $24.93 -1.1% % Coverage 37.2% 38. 3% 38. 5% 38. 5% 38. 5% 38. 6% 0.1% % Clickthrough ... Units as indicated International 2006 2007 2008E 2009E 2010E 2011E 08- '11E CAGR Internet Population (M) 81 7 903 988 1,072 1,153 1,239 7 .8% Queries / Month / Us...

Ngày tải lên: 15/12/2013, 10:15

... 2006 2007 2008E 2009E 2010E 2011E 20 08- 2011E CAGR Total Travel Spend 671,000.0 701,000.0 742,040.0 787 ,524.4 81 3,340.6 774, 985 .4 81 1,714.9 85 9,557.7 1 .8% % online 19.1% 22 .8% 28. 1% 34.5% 40.5% ... Table 18: Global eCommerce Forecast (Excluding Travel) $ in millions Global eCommerce Forecast 2004 2005 2006 2007 2008E 2009E 2010E 2011E ’08E – ’11E CAGR US 88 , 780 106 ,85...

Ngày tải lên: 24/12/2013, 17:15

... 7 10 17 31 43 53 64 77 91 122 163 214 0 50 100 150 200 250 Dec- 02 Jun- 03 Dec- 03 Jun- 04 Dec- 04 Jun- 05 Dec- 05 Jun- 06 Dec- 06 Jun- 07 Dec- 07 Jun- 08 Broadband Internet Users (millions) Source: CNNIC. Figure 59: Broadband Internet Users as % of Total Internet Users 11% 14% 22% 36% 46% 51% 58% 63% 66% 75% 78% 85 % 0% 20% 40% 60% 80 % 100% Dec- 02 Jun- 03 Dec- 03 Jun- 04 De...

Ngày tải lên: 24/12/2013, 17:15

... 3Q 08) , and remain a key beneficiary of the industry growth. Table 61: China Search Market Forecast 2004 2005 2006 2007 2008E 2009E 2010E Avg. Internet users (Mn) 87 103 124 174 239 295 3 48 ... (Rmb M) 280 506 1,062 2,472 4,299 6,234 9,039 PPC Market (US$ M) 34 62 134 3 28 623 909 13 18 Growth rate (Rmb, %) 94% 80 % 110% 133% 74% 45% 45% Total Search Market (Rmb M) 584 84 6...

Ngày tải lên: 24/12/2013, 17:15

... - UK/ROW revenue 5.5 6 .8 8.5 9.7 9 .8 9.9 9.9 7.9 8. 3 8. 4 8. 4 8. 3 Other Segments 2.3 2 .8 3.3 2 .8 2.7 2.9 2.6 2.2 2.4 2.5 2.3 2.2 Proforma Total revenues: 31.1 34.9 38. 3 39.5 39.6 40.3 39.6 ... 29.1 30.1 28. 6 26 .8 27.6 27 .8 27 .8 27.5 Total proforma operating expenses 19.4 19.9 21.2 20.9 22.7 23.5 22.0 20.2 20 .8 21.0 20 .8 20.4 Pro Forma EBITDA 11 .8 14.9 17...

Ngày tải lên: 21/01/2014, 23:20

... 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 .8% 27.7% 25.6% 25 .8% 28. 0% ... - - - - - Net Interest Income 25.5 31.2 35.6 45.3 26.7 22 .8 38. 6 12.0 15.0 16.0 18. 0 20.0 EBITDA 683 .2 683 .2 685 .6 85 5.6 80 6.1 81 0.6 792.9 691.3 771.0 781 .9 797.6...

Ngày tải lên: 21/01/2014, 23:20

... 31.0 43.6 56 .8 52.3 66 .8 81.5 81 .8 70.6 85 .5 93.7 99.0 Auction Revenues 14.2 16.1 18. 1 21.1 23.5 28. 3 31.7 25.6 25.4 28. 7 33.3 39.4 Payment Revenues 2.3 2.9 4.7 5 .8 5.4 6.2 8. 5 8. 6 7.3 9.0 ... Gross Profit 13.0 14.9 17.6 20.7 22 .8 27.6 32.1 26 .8 25.7 29.6 34.0 39.4 Gross Margin 78. 8% 78. 5% 77.2% 77.1% 79.1% 80 .0% 79.7% 78. 5% 78. 4% 78. 5% 78. 5% 78. 7% Prod...

Ngày tải lên: 21/01/2014, 23:20

... Gross Profit 170 183 183 156 176 185 199 162 166 181 188 157 Operating Expenses SG&A 68 89 71 69 77 72 75 64 71 72 70 61 Marketing 79 82 78 57 85 81 86 60 81 80 83 59 Depreciation ... outstanding (diluted) 85 .6 85 .6 83 .1 83 .1 83 .2 83 .2 83 .4 83 .4 83 .4 83 .4 83 .4 83 .4 Source: Company reports and J.P. Morgan estimates 233 Global Equity Research...

Ngày tải lên: 21/01/2014, 23:20

... 79.6 81 .1 83 .7 85 .1 84 .5 85 .7 81 .8 82.2 82 .1 81 .9 81 .8 81.7 Operating Margin (ex-123R option expense) 19.2 28. 8 34.5 28. 2 39.3 37 .8 36.2 36.7 37.1 36.9 36 .8 36.7 EBITDA Margin 23.6 32.6 38. 0 ... 1Q' 08 2Q' 08 3Q' 08 4Q'08E 1Q'09E 2Q'09E 3Q'09E 4Q'09E Revenue 4.00 5.72 7.30 8. 88 11.06 14. 68 15.23 15.01 14.30 13.63 13...

Ngày tải lên: 26/01/2014, 18:20