Tài liệu Nothing But Net 2009 Internet Investment Guide 14 doc
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)...
Tài liệu Nothing But Net 2009 Internet Investment Guide 1 docx
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 2 docx
...
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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 4 doc
... 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...
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 16 doc
...
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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 17 doc
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 20 doc
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 23 doc
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 25 docx
... 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...