Tài liệu Nothing But Net 2009 Internet Investment Guide 17 doc

... 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 4,147 4,650 5,597 Gross ... continuing operations 840 1, 017 1,049 1,308 Interest Income 91 87 80 80 Interest Expense (78) (75) (47) (57) Other Income, net (1) 21 - - Total non-operating expenses, net 12 33...

Ngày tải lên: 21/01/2014, 23:20

... 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 ... Table 17: US eCommerce Forecast units as indicated US eCommerce Forecast 2004 2005 2006 2007 2008E 2009E 2010E 2011E '08-'11E CAGR Internet population (M) 186 195 203 211 217...

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

... (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% ... 544.9% 25.2% 2.8% 38.8% 3.7% 7.1% 24.5% Sohu 171 118 147 199 179 Sequential growth -30.8% 24.6% 35.4% -10.1% Shanda 91 137 155 165 177 174 179 173 156 164 Sequential growth 49.7% 13...

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 ... 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...

Ngày tải lên: 21/01/2014, 23:20

... yr forward EBIT CAGR 17% 1x EBIT Growth 17 2009 EBIT 7,284.7 Implied Enterprise Value 123,839.5 + Cash 12,531.7 - Debt - Market Value 136,371.1 Share count 317. 8 2009 Price Target 429.14 ... 18.7% 18.1% 17. 9% 17. 8% 17. 8% 17. 8% Source: Company reports and J.P. Morgan estimates. Table 114: EV/EBIT Multiple Analysis $ in millions 5 yr forward EBIT CAGR 7% 1x EBIT Gro...

Ngày tải lên: 21/01/2014, 23:20

... 12.7% 15.5% 12.4% 11.8% 11.0% 10.7% 10.6% 10.2% 9.7% General and administrative 15.0% 17. 5% 17. 1% 17. 6% 17. 1% 16.5% 14.6% 15.4% 15.9% 15.6% 15.5% 15.2% Growth Y/Y Subscription 75.8% 73.9% 75.9% ... debt - - - - Net Cash Provided by Operating Activities 18.3 69.2 79.5 93.8 Free Cash Flow (FCF) 6.3 17. 6 30.5 37.8 INVESTING ACTIVITIES Purchases of short-term investments,...

Ngày tải lên: 21/01/2014, 23:20

... definition) $11.9 $12.7 $17. 6 $15.7 $20.1 $17. 8 $11.6 $8.9 $16.3 $17. 9 $17. 2 $19.1 Interest income, net 9.1 8.1 7.3 6.4 5.0 3.4 2.9 2.5 2.6 2.7 2.7 2.8 Equity in net loss of investments (0.1) 0.0 ... 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 invest...

Ngày tải lên: 26/01/2014, 18:20