Tài liệu Nothing But Net 2009 Internet Investment Guide 16 doc
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 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 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% ... products that
they plan to buy.
Table 69: Online Shoppers as a % of Internet Population
Online shoppers as a % of Internet population
Global 86%
China 33%
US 94%
UK 97%
Japan 97%...
Tài liệu Nothing But Net 2009 Internet Investment Guide 17 doc
... 182 216 160 168 168 241
Tax Rate 22.9% 29.6% 35.5% 26.3% 30.2% 22.1% 32.4% 29.5% 29.0% 29.0% 29.0% 29.0%
Provision (benefit) for taxes 33 33 44 74 62 46 59 64 46 49 49 70
Pro Forma Net income ... Amazon Annual Income Statement
$ 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 20 doc
... Income of Unconsolidated Affiliates
EBT (Earnings Before Taxes) 57.9 160 .2 164 .8 114.0 78.7 161 .1 163 .7 96.9 82.0 143.7 166 .0 111.3
EBT (Earnings Before Taxes - Pro forma) 100.5 187.7 211.8 ... 12.6%
EBITDA 165 .8 781.3 755.9 883.0 7.2% -3.3% 16. 8%
Pro Forma EPS 0.27 1.30 1.26 1.40 5.8% -2.6% 11.0%
Consensus
Revenue 679.3 2,971.7 2,869.8 3,063.8 11.5% -3.4% 6.8%
EBITDA...
Tài liệu Nothing But Net 2009 Internet Investment Guide 23 doc
... -24.6% -16. 6% -10.8% -8.6% -5.9% -4.4% -2.6% -0.7%
Adjusted EBITDA 4.0 5.1 6.1 7.2 12.2 13.7 16. 2 17.0 16. 3 18.1 20.3 22.7
EBITDA Margin 13.6% 15.1% 16. 4% 16. 7% 19.3% 19.1% 20.9% 20.3% 16. 7% ... income 9.8 16. 0 24.2 33.7
Depreciation & amortization 2.3 3.7 6.1 8.1
Interest expense (income) - 1.0 5.5 6.8
Realized gains on investments (0.8) (1.3) - -
Unrealized gains on i...
Tài liệu Nothing But Net 2009 Internet Investment Guide 25 docx
...
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 ... expenses 75.7 141.3 160 .5 182.8 159.1 165 .3 178.9 185.5 165 .9 169 .5 170.0 162 .4
Operating Income $53.7 ($5.2) ($15.4) ($25.9) ($11.5) ($12.7) ($27.0) ($30.9) ($18.0) ( $16. 3) ($20.0)...