Tài liệu Nothing But Net 2009 Internet Investment Guide 24 pdf

... from financing (24) (15) (60) (60) - - - - Exchange rate effects on cash flows 5 (1) - - - - - - Net cash flows (3) 109 5 (3) - - - - Beginning cash balance 18 59 134 139 Net change (3) ... minority int. (Pro Forma) (5.6) (4.5) - - Net Income (Reported) 157.1 189.1 163.1 227.6 Net Income w/ FAS 123R Adjustment 157.1 189.1 163.1 227.6 Net Income (Pro Forma) 182.5 281.3 257.1...

Ngày tải lên: 21/01/2014, 23:20

... will be driven by an increase of 2.5% in Internet users and an increase of 3.9% in usage per Internet user. We are modeling RPMs to be roughly flat in 2009, driven by a 2% decline in sell-through, ... as indicated Global 2002 2003 2004 2005 2006 2007 2008E 2009E 2010E 2011E 08-'11E CAGR Internet Population (M) 593 710 820 924 1,020 1,113 1,205 1,295 1,380 1,471 6.9% Page...

Ngày tải lên: 15/12/2013, 10:15

... Bookings 58% penetration 37% penetration 13% penetration 17% penetration 20% penetration 23% penetration 40% penetration Source: PhoCusWright reports and J.P. Morgan estimates But Eastern Europe ... eCommerce growth than slower forms of Internet access. Other factors include: (1) continued rises in online shopping penetration in Western Europe, (2) continued investments by online re...

Ngày tải lên: 24/12/2013, 17:15

... 286.4% All Social Nets 23.9% 32.1% 9.3% 9.3% All Internet 14.3% 9.9% 5.6% 4.5% Source: comScore Networks, J.P. Morgan estimates Key Sites Some of the notable social networking sites worldwide ... both in US and Worldwide All Internet 1,160,692 1,275,400 9.9% 310,837 324, 762 4.5% Source: comScore Networks, J.P. Morgan estimates High User Engagement Social network sites excel i...

Ngày tải lên: 24/12/2013, 17:15

... expect Internet users to grow by around 20% Y/Y in 2009 to reach ~320M, or the penetration rate to reach ~24% of the population by the end of 2009. Figure 57: China Internet Users and Penetration ... most users to access the Internet, with over two-thirds of all Internet users accessing the Internet from home. Access from an Internet café lost share to the home, but still g...

Ngày tải lên: 24/12/2013, 17:15

... 2008E 2009E 2010E Avg. Internet users (Mn) 87 103 124 174 239 295 348 Number of search (Bn) 47 62 82 123 161 209 254 Coverage 12% 14% 17% 21% 24% 26% 29% Click through rate 20.0% 21.0% 22.5% 24. 3% ... also be supported by: (1) still-low Internet penetration, (2) diverse advertiser base, and (3) higher ROI. 123 Global Equity Research 05 Januar y 2009 Imran Khan (1-212) 62...

Ngày tải lên: 24/12/2013, 17:15

... - Other, net Net cash provided by financing activities of continuing operations (1.1) (24. 7) (1.2) (1.2) Net cash provided by operating activities of discontinued operations Net cash used ... 68.4% 68.1% 68.6% 71.9% 70.6% 70.4% 70.8% 71.3% eFinancial Careers 16.9% 18.9% 21.9% 24. 5% 24. 7% 24. 6% 24. 9% 22.0% 22.9% 22.9% 22.8% 22.7% Other 6.2% 7.6% 8.4% 7.0% 6.9% 7.3% 6.5%...

Ngày tải lên: 21/01/2014, 23:20

... Income (reported) 348.3 1,757.5 1,758.8 1,964.6 Net Income (pro forma) 2,100.4 2,216.5 2 ,247 .9 2, 524. 7 FASB Adjustment net of Taxes Reported Net Income Adj. for FASB123 348.3 1,757.5 1,758.8 ... Marketing Services Rev 163.7 182.5 191.6 250.6 245 .1 251.9 240 .1 273.9 276.3 281.9 264.9 305.6 Marketplaces 138.8 157.3 164.7 222.2 216.7 224. 7 213.0 246 .8 248 .0 254.6 236.3 27...

Ngày tải lên: 21/01/2014, 23:20

... (0.3) - - - Net income (loss) available to common 9.5 16.0 24. 2 33.7 Pro Forma Net Income to common 11.4 16.0 24. 2 33.7 Net Attributable to preferred 1.9 - - - Net income ex. attributable to ... (10.6) (14.8) (20.7) Net Income before disc. 9.8 16.0 24. 2 33.7 Net income (loss) 9.8 16.0 24. 2 33.7 Add back non-cash effect of warrants 2.0 Pro forma Net Income 11.7 16.0 2...

Ngày tải lên: 21/01/2014, 23:20

... 60.9% for 2009, down from 63.1% for 2008 (due to expected higher SG&A and R&D expenses in 2009) , and adjusted net margin of 55.8% for 2009, up from 48.4% for 2008 (due to net forex ... Equity Research 05 Januar y 2009 Imran Khan (1-212) 622-6693 imran.t.khan@jpmorgan.com Our Estimates and Outlook for 2009 We forecast net revenue of US$529.7M in 2009, up 22% Y/Y,...

Ngày tải lên: 26/01/2014, 18:20