Tài liệu Nothing But Net 2009 Internet Investment Guide 13 pdf

... 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 5 years. (4) Efforts ... driven by: (1) Continued strong Internet user growth in China (2008E-2010E CAGR of 18%). (2) Upside in gamer penetration, which is still less than half of Korea’s penetration...

Ngày tải lên: 24/12/2013, 17:15

... 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, ... benefits ~$0.75 - 1.50 Traditional optimized ad network $0.50 - 1.00 Source: Revenue Science Presentation Figure 13: Internet Now Ranks Second in Time Consumption but Trails Sign...

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 ... Inc. EBAY N 13. 96 17,824.7 31% 29% 13% 1-800-Flowers.com FLWS NR 3.55 225.6 17% 1% 5% MercadoLibre Corp. MELI OW 15.69 695.0 84% 64% 62% Netflix Inc. NFLX NR 28.66 1,694.4 46% 21% 13%...

Ngày tải lên: 24/12/2013, 17:15

... -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, J.P. Morgan ... 15.2% Play games 14.2% Career networking 10.9% Source: J.P. Morgan Internet Team 2008 Consumer Survey When it comes to filling this user need, we believe social networks have two key com...

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

... 1.0 1.2 1.0 1.2 1.2 1.2 1.1 1.1 1.1 1.1 1.1 Sales and marketing (1) 13. 2 13. 8 13. 5 12.9 14.9 15.9 14.4 12.8 13. 8 13. 9 13. 8 13. 4 General and Administrative (1) 3.9 4.4 5.2 5.6 5.5 5.4 5.4 5.4 ... Total Current 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....

Ngày tải lên: 21/01/2014, 23:20

... Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Table 106: Growth Profile $ in millions 2009E 2010E 2011E 2012E 2013E 2014E Revenues 9,571.5 10,770.1 12,003.3 13, 131.6 ... FLOWS - Capital Expenditures (454.0) (536.7) (560.0) (595.0) Net Investment 618.1 (65.7) - - ST Investment Purch. - - - - ST Investments Mat. - - - - Acquisitions (863.6) (1,369.1)...

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 ... marketable securities 136 7.2 330.3 0.0 0.0 Proceeds from sale of VUE 15.7 0.0 0.0 0.0 Proceeds from sale of discontinued operations 4.2 32.7 0.0 0.0 Other, net 13. 0 921.0 0.0 0.0 Ne...

Ngày tải lên: 21/01/2014, 23:20

... cash flows 5 (1) - - - - - - Net cash flows (3) 109 5 (3) - - - - Beginning cash balance 18 59 134 139 Net change (3) 109 5 (3) Ending cash balance 59 134 139 136 Free Cash Flow 43 125 ... Total cash from operations 96 182 133 137 Cash flows from investing activities Capital expenditures (53) (57) (68) (80) Proceeds from sale of business, net of cash assumed by buy...

Ngày tải lên: 21/01/2014, 23:20

... Revenue 4.00 5.72 7.30 8.88 11.06 14.68 15.23 15.01 14.30 13. 63 13. 46 13. 44 Subscriptions 3.39 4.93 6.38 7.99 9.85 13. 40 13. 78 13. 67 13. 01 12.21 11.96 11.86 Online Ads 0.25 0.40 0.50 0.41 ... Adj. Net Profit 1,599.7 146.9 -13. 0 2.2 Adj. Diluted EPS 1,508.4 134 .6 -13. 1 0.9 Source: Company reports and J.P. Morgan estimates. 286 Global Equity Research 05 Ja...

Ngày tải lên: 26/01/2014, 18:20