Tài liệu Nothing But Net 2009 Internet Investment Guide 14 doc

... (vs. 0.58%) 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% ... 2006 2007 2008E 2009E 2010E 2011E 2012E 2013E 2014E 2015E 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% 0.9% 1.0% Russia's Ad market (lhs) Russia's Ad market, net* (lhs) Ad Spend (net) /GDP (rhs)...

Ngày tải lên: 24/12/2013, 17:15

... 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 ... 12/30 2008E 2009E 2010E '07/'08E '08/09E 09/10E 2008E 2009E 2010E 2008E 2009E 2010E 2008E 2009E 2010E '07/'08E '08/09E '09/10E 2008E 2009E 2010E 2008E 2009E 2010E...

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 ... We think mobile Internet adoption will not accelerate until the introduction of better phones and technologies. 3G networks perform up to 6x faster than prior mobile Internet netwo...

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 ... the publisher network will likely limit its scale, this premium network will offer a point of differentiation from competitive networks. Figure 18: DRIVEpm Ad Network DRIVEpm Network Top...

Ngày tải lên: 15/12/2013, 10:15

... 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...

Ngày tải lên: 24/12/2013, 17:15

... Valuations for Korean Internet companies remained at a 20-30% discount to their global peers until 1H07, but the gap almost disappeared in late 2007 and early 2008 when Korean Internet share prices ... 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 im...

Ngày tải lên: 21/01/2014, 23:20

... in millions FY FY FY FY 2007 2008E 2009E 2010E Net sales 14, 835 18,711 21,694 26,165 Cost of sales 11,482 14, 564 17,044 20,568 Gross profit 3,354 4 ,147 4,650 5,597 Gross Margins 22.6% 22.2% ... Operations 140 6.5 993.4 1388.4 1943.0 FCF 1183.5 661.4 1038.4 147 3.0 Y/Y Growth 143 .9% -44.1% 57.0% 41.8% INVESTING CASH FLOWS Mat./ST Investments 1,269.6 1,034.0 - - Pur...

Ngày tải lên: 21/01/2014, 23:20

... as a % GB 11.2% 13.5% 15.0% 14. 7% 11.7% 13.4% 15.4% 14. 8% 11.7% 13.6% 15.5% 15.0% Cost of Revenues 120.4 143 .0 150.5 145 .6 151.3 168.3 176.5 145 .8 146 .5 169.6 175.1 147 .2 Gross Profit 430.1 ... millions 2009E 2010E 2011E 2012E 2013E 2014E Revenues 17,596.5 21,762.2 25,461.8 29,281.1 33,380.4 37,719.9 Y/Y change 23.7% 17% 15% 14% 13% Less: Operating Expenses 10,311.8...

Ngày tải lên: 21/01/2014, 23:20

... Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Table 143 : MercadoLibre Annual Cash Flow Statement $ in millions 2007 2008E 2009E 2010E Cash flows from operations Net income ... Table 146 : Growth Profile $ in millions 2009E 2010E 2011E 2012E 2013E 2014E Revenues 409.8 511.2 608.4 699.6 783.6 854.1 Y/Y change 24.8% 19% 15% 12% 9% Less: Operating Exp...

Ngày tải lên: 21/01/2014, 23:20

... 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 178.1 169.0 163.1 157.6 154.7 142 .9 142 .0 142 .0 142 .0 142 .0 142 .0 142 .0 Source: J.P. Morgan estimates ... shares: Basic 152.3 142 .3 142 .0 142 .0 Diluted 167.0 145 .4 142 .0 142 .0 Source: Company reports and J.P. Morgan estimates. 246...

Ngày tải lên: 26/01/2014, 18:20