TAILIEUCHUNG - Nothing But Net 2009 Internet Investment Guide 19

Nothing But Net 2009 Internet Investment Guide 19. Leading . Morgan Internet industry analyst Imran Khan provides a comprehensive look at key Internet industry characteristics, drivers, and trends in his seminal industry outlook, Nothing But Net. Geared toward Internet investing novices and experienced professionals, this book provides a detailed look at data points and trends that should be considered when investing in the Internet space. With almost 8 years of technology banking and investing experience, Khan provides a detailed analysis of multiple Internet sectors including online advertising, e-commerce, online travel, and social networking. This book is a must have for. | Morgan Imran Khan 1-212 622-6693 Global Equity Research 05 January 2009 eBay Neutral We are maintaining our Neutral rating on eBay. We believe weakness in usage and conversion as well as a more competitive broader eCommerce market present challenges that will make it difficult for eBay stock to outperform in the coming months. Our 12-month price target is 17. Marketplaces usage metrics point the wrong way. ComScore data indicates that the number of US users coming to eBay s sites declined 17 Y Y in the three months ended 10 08. We believe the decreased usage and difficulties in optimizing the search algorithm have resulted in significant weakening of conversion for eBay listings. These factors are offsetting the gains from revitalized listings growth on the platform. Are online auctions a mature market Auctions traffic has been anemic as we believe a more mature eCommerce market is increasingly driving buyers to expect a top-flight user experience and an ability to order items especially new items immediately. We think this shift presents a challenge to eBay auctions are a near-monopoly for the company whereas consumers seeking immediate purchases have a wealth of options of which eBay is only one. PayPal unit remains a prize asset. Payments revenue was up 32 Y Y through 9M 08 and we are projecting 22 growth in F 09 as the off-eBay side of PayPal remains a key growth contributor additionally we expect a slight benefit as the impact of the Bill Me Later acquisition is folded in. 2009 drivers. In our view the following factors will drive shares in 2009 1 changes in Marketplaces conversion driven by better search 2 corporate structure changes such as a sale of Skype and 3 the impact of any credit market developments on the receivables book at Bill Me Later. Maintaining 4Q 08 F 09 estimates. We are maintaining our 4Q 08 and F 09 revenue EBITDA and EPS estimates we are introducing new F 10 estimates all these are summarized in the .

• Internet Marketing
• Imran Khan
• Ngành công nghiệp internet
• quảng cáo trực tuyến
• thương mại điện tử
• online advertising
• e commerce
• online travel
• social networking