Tài liệu Nothing But Net 2009 Internet Investment Guide 23 doc
Tài liệu Nothing But Net 2009 Internet Investment Guide 23 doc
...
Net Income (Loss) - GAAP (9.4) (44.3) (11.4) (3.2)
Net Income (Loss) - Pro forma 11.8 32.2 47.8 61.6
EPS - GAAP (w/FAS123R) $ (0.18) $ (0.62) $ (0.15) $ (0.04)
EPS - Pro forma (ex-FAS123R) ... 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...
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 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 ... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 17 doc
... 762 1,170 956 967 999 1,225 1,011 1,048 1,132 1,459
Gross Margins 23. 8% 24.3% 23. 4% 20.6% 23. 1% 23. 8% 23. 4% 19.6% 22.0% 23. 3% 23. 0% 19.0%
Fulfillment 253 248 285 467 343 345 378 506 379 382 ... PF Net Income 15% -12% 3% 95% -23% -5% 2% 23% -18% 4% 1% 28%
Y/Y Change
Revenue 32% 35% 41% 42% 37% 41% 31% 10% 11% 11% 15% 23%
Fulfillment 33% 36% 36% 41% 36% 39% 33% 8% 1...
Tài liệu Nothing But Net 2009 Internet Investment Guide 20 doc
...
Operating Margin (Pro forma) 25.1% 23. 9% 23. 2% 22.5%
EBITDA 729.0 781.3 755.9 883.0
OIBA 669.5 708.4 677.9 739.7
OIBA Margin 25.1% 23. 9% 23. 2% 22.5%
Net Interest Income (13.5) (35.5) (44.0) ...
Other, Net (0.8) - - -
Net Cash Provided by Investing Activities (790.0) 62.4 - -
Effect of FX on Cash & Equivalents 21.5 (48.5) - -
Net Increase in Cash & Equivalen...
Tài liệu Nothing But Net 2009 Internet Investment Guide 25 docx
... reconcile net income to net cash provided by (used in) operating
activities:
Depreciation and amortization 45 .23 50.8 52.3 53.9
Stock-based compensation 23. 9 23. 9 24.6 24.9
Equity in net loss of investments ...
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 o...
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