TAILIEUCHUNG - Nothing But Net 2009 Internet Investment Guide 26

Nothing But Net 2009 Internet Investment Guide 26. 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 b even the public companies were still in their early-growth and for some rapid growth stage during the last economic downturn. As such given our projection for eBay of a 54 F 09 - F 14 EBIT CAGR and our view of the beginning of a possible economic turnaround in 2H 09 we believe the stock can achieve a 54x EV EBIT multiple to our F 09 EBIT estimate reflecting better forward visibility than the current valuation of 22x our F 09 estimate and thus arrive at our December 2009 price target of 12. The parameters of our EV EBIT multiple analysis are in the table below Table 170 Key Valuation Assumptions 5 yr forward EBIT CAGR 54 1x EBIT Growth 54 2009 EBIT 4 Implied Enterprise Value 201 Cash 88 - Debt - Market Value 289 Share count 25 2009 Price Target 12 Source Company reports and . Morgan estimates. Our EV EBIT valuation is based on the following projections for revenue and operating income growth Table 171 Growth Profile in millions 2009E 2010E 2011E 2012E 2013E 2014E Revenues Y Y change 16 14 12 10 Less Operating Expenses As of total revenues Operating Income L oss Operating margin Source . Morgan estimates. Valuation and Rating Analysis Shutterfly trades at a discount to its peers. On an EV EBITDA basis SFLY trades at our F 09 EBITDA estimate of vs. its peer group at . Given SFLY s strong growth prospects we believe there is opportunity for multiple expansion and thus rate the stock Overweight. Risks to Our Rating We believe there are three primary risks to our Overweight rating on Shutterfly Seasonality Currently Shutterfly s business is very seasonal with approximately 50 of revenues earned in the fourth quarter. If the company were unable to deliver customer orders during the holiday .

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