Tài liệu Nothing But Net 2009 Internet Investment Guide 20 doc

... December 200 9 price target of $430. The parameters of our EV/EBIT multiple analysis are in the table below: Table 120: Growth Outlook $ in millions 200 9E 201 0E 201 1E 201 2E 201 3E 201 4E Revenues ... Januar y 200 9 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Table 118: EXPE Annual Cash Flow Statement $ in millions 200 7 200 8E 200 9E 201 0E CASH...

Ngày tải lên: 21/01/2014, 23:20

... 12/30 200 8E 200 9E 201 0E '07/'08E '08/09E 09/10E 200 8E 200 9E 201 0E 200 8E 200 9E 201 0E 200 8E 200 9E 201 0E '07/'08E '08/09E '09/10E 200 8E 200 9E 201 0E 200 8E 200 9E 201 0E ... Global Equity Research 05 January 200 9 Nothing But Net 200 9 Internet Investment Guide Global Internet Imran Khan AC (1-...

Ngày tải lên: 15/12/2013, 10:15

... Advertising Revenue Forecast Units as indicated United States 200 6 200 7 200 8E 200 9E 201 0E 201 1E 08-'11E CAGR Internet Population (M) 203 211 217 222 227 231 2.2% Queries / Month / User 47 ... nearly $40B in FCF generated in the broader Internet space. Table 3: We Project $10B+ in FCF at Large Internet Companies $ in millions 200 7 200 8E 200 9E GOOG 2,...

Ngày tải lên: 15/12/2013, 10:15

... Forecast units as indicated US eCommerce Forecast 200 4 200 5 200 6 200 7 200 8E 200 9E 201 0E 201 1E '08-'11E CAGR Internet population (M) 186 195 203 211 217 222 227 231 2.2% Online shoppers ... media companies have also moved onto the Internet by offering TV episodes online and with Internet designed webisodes. However, monetization of Internet videos has tr...

Ngày tải lên: 15/12/2013, 10:15

... Research 05 Januar y 200 9 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 sites and communications ... 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 documen...

Ngày tải lên: 24/12/2013, 17:15

... 0 5,000 10,000 15,000 20, 000 25,000 30,000 200 5 200 6 200 7 200 8E 200 9E 201 0E 201 1E 201 2E 201 3E 201 4E 201 5E 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) ... China - 100 200 300 400 500 600 200 5A 200 6A 200 7A 200 8E 200 9E 201 0E 201 1E 0% 20% 40% 60% 80% 100% 120% 140% GMV (RMB, billions, LHS)...

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 200 7 and early 200 8 when Korean Internet share prices ... range is 20- 50x for NHN and 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-0...

Ngày tải lên: 21/01/2014, 23:20

... Gross Margin (Rpt) 19.5% 20. 7% 19.8% 21.1% 19.8% 20. 5% 20. 3% 21.5% 19.8% 20. 5% 20. 3% 21.5% Gross Margins (PF) 19.5% 20. 7% 19.8% 21.1% 19.8% 20. 5% 20. 3% 21.5% 19.8% 20. 5% 20. 3% 21.5% SG&A ... Income 20 20 23 28 26 20 21 20 20 20 20 20 Interest Expense (19) (19) (19) (21) (22) (21) (17) (15) (11) (11) (12) (13) Other Income, net - (1) (1) 1 5 (8) 24...

Ngày tải lên: 21/01/2014, 23:20

... Januar y 200 9 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Table 143: MercadoLibre Annual Cash Flow Statement $ in millions 200 7 200 8E 200 9E 201 0E Cash flows from operations Net income ... Januar y 200 9 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Table 150: Omniture Annual Cash Flow Statement $ in millions 200 7 200 8E 200 9E 201 0E OPE...

Ngày tải lên: 21/01/2014, 23:20

... Januar y 200 9 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Table 167: RNWK Annual Cash Flow Statement $ in millions 200 7 200 8E 200 9E 201 0E Cash flows from operating activities Net ... Equity Research 05 Januar y 200 9 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Table 166: RNWK Annual Balance Sheet $ in millions 200 7 200 8E 200 9E 201 0E...

Ngày tải lên: 26/01/2014, 18:20