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 ... 100 Global Equity 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 usa...

Ngày tải lên: 24/12/2013, 17:15

... 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 ... the Net Neutrality alliances. We think the Net Neutrality debate will move more to the forefront of mainstream discussions in 2009. In our opinion, Net Neutrality i...

Ngày tải lên: 15/12/2013, 10:15

... subset of mobile Internet users, usage drastically trails that on PCs. Nielsen Online reports that the PC Internet user visits more than 100 domains per month, whereas mobile Internet users visit ... broader Internet space. Table 3: We Project $10B+ in FCF at Large Internet Companies $ in millions 2007 2008E 2009E GOOG 2,272 4,825 6,086 YHOO 1,352 1,699 1,056 AMZN 1,184 6...

Ngày tải lên: 15/12/2013, 10:15

... media companies have also moved onto the Internet by offering TV episodes online and with Internet designed webisodes. However, monetization of Internet videos has trailed its growth. Various ... Forecast 2004 2005 2006 2007 2008E 2009E 2010E 2011E '08-'11E CAGR Internet population (M) 186 195 203 211 217 222 227 231 2.2% Online shoppers 104 117 130 143 153 160 170 176 4...

Ngày tải lên: 15/12/2013, 10:15

... in 2009. Internet ‘09E growth estimate cut to 33% from 53%. We cut our Internet market forecasts by 5% for ‘08, 18% for ‘09 and 23% for 10. We forecast 33% growth in 2009 and 30% in 2 010 ... 2.5% in 2009 and 5.0% in 2 010 (changed over the last three months from our earlier estimate of 6.0% for 2009 and 7.0% for 2 010) , we cut our forecasts for Russia’s ad market by 19% for...

Ngày tải lên: 24/12/2013, 17:15

... 40-80x for Daum. Figure 92: Korean Internet Sector Relative to KOSPI Performance -40% -30% -20% -10% 0% 10% Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Internet sector to KOSPI NHN to KOSPI Daum ... regulations will dampen sentiment on the Internet sector as it reflects the government’s strong intent to apply stricter rules on portals and Internet users’ activities. More import...

Ngày tải lên: 21/01/2014, 23:20

... 13.6 10. 9 10. 8 10. 0 13.0 11.2 11.1 10. 2 14.5 Restructuring FAS 123R Stock based compensation 1.3 1.4 1.4 1.7 1.8 1.9 1.6 1.9 2.0 2.1 1.9 2.1 Total Expenses 9.6 9.9 9.7 13.6 10. 9 10. 8 10. 0 ... 6.3 4.9 10. 6 2.6 4.4 4.6 10. 2 Operating Margin (Reported) 5.4% 7.0% 5.4% 9.0% 4.3% 5.9% 5.0% 8.6% 1.0% 3.5% 4.2% 7.7% Operating Margin (Pro Forma) 7.3% 8.9% 7.4% 10. 5% 6.8% 8.5%...

Ngày tải lên: 21/01/2014, 23:20

... Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Our Estimates and Outlook for 2009 We are lowering our 2009 net revenue, EBITDA, and pro forma EPS estimates to $17.602B, $10. 21B, ... Securities - - - - Increase in Long-Term Investments & Notes Rec. (33.2) 8.3 - - Proceeds from Sale of Business - 1.6 - - Other, Net - (100 .6) - - Net Cash Provided...

Ngày tải lên: 21/01/2014, 23:20

... services and other 1.8 2.9 3.0 3.385 6.0 7.0 8.2 10. 5 10. 8 11.0 11.4 11.6 Total Revenues 29.2 33.5 37.4 43.1 63.2 71.6 77.8 83.5 98.0 102 .6 103 .5 105 .7 Deferred revenue adjustment 0.3 0.6 0.4 ... 42.0 Research & development 3.1 4.0 4.7 5.5 9.8 8.8 9.2 9.2 10. 5 10. 9 10. 6 10. 3 General and administrative 4.4 5.9 6.4 7.6 10. 8 11.8 11.4 12.9 15.6 16.0 16.0 16.1 Total O...

Ngày tải lên: 21/01/2014, 23:20

... Interest income, net 30.9 13.7 10. 8 12.1 Equity in net loss of investments (0.4) (0.4) 0.0 0.0 Gain on sale of equity investments 0.1 0.2 0.0 0.0 Impairment of equity investments 0.0 0.0 ... 0.0 0.0 Equity investments 10. 0 9.3 9.3 9.3 Other assets 10. 2 17.8 17.8 17.8 Deferred tax assets, net, non-current portion 40.9 35.6 35.6 35.6 Other intangible assets, net 107 .7 7...

Ngày tải lên: 26/01/2014, 18:20