Tài liệu Nothing But Net 2009 Internet Investment Guide 24 pdf
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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 3 pdf
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 5 pdf
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 8 pdf
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 11 pdf
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 13 pdf
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 18 pdf
... -
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%...
Tài liệu Nothing But Net 2009 Internet Investment Guide 19 pdf
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 22 pdf
... (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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 29 pdf
... 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,...
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