19.10.2012
Ticker: Google Inc Benchmark:
Currency: NASDAQ GS: GOOG, Currency: USD S&P 500 INDEX (SPX)
Sector: Information Technology Industry: Internet Software & Services Year:
Telephone 1-650-253-0000 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)
Website http://www.google.com/about/company/No of Employees Internet Search Engine Advertising Revenue 36531 United States 17560
Address 1600 Amphitheatre Parkway Mountain View, CA 94043 United States Licensing & Other Revenue 1374 Rest of the world 16288
Share Price Performance in USD United Kingdom 4057
Price 695.42 1M Return -4.4%
52 Week High 774.32 6M Return 15.9%
52 Week Low 556.55 52 Wk Return 19.8%
52 Wk Beta 0.79 YTD Return 7.7%
Credit Ratings
Bloomberg IG2
S&P AA- *+ Date 21.08.2012 Outlook -
Moody's Aa2 Date 15.07.2010 Outlook STABLE
Fitch - Date - Outlook -
Valuation Ratios
12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
P/E 18.4x 30.4x 22.6x 21.7x 16.3x 14.0x 12.2x
EV/EBIT 12.2x 20.7x 15.3x 14.4x - - -
EV/EBITDA 10.0x 17.5x 13.5x 12.4x 9.7x 8.1x 6.9x
P/S 4.4x 8.3x 6.5x 5.5x 5.4x 4.2x 3.7x
P/B 3.4x 5.5x 4.1x 3.6x 3.2x 2.7x 2.2x
Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Profitability Ratios %
12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Gross Margin 60.4 62.6 64.5 65.2 68.4 65.6 66.0
EBITDA Margin 37.3 41.6 40.2 35.9 45.4 42.9 44.2
Operating Margin 30.4 35.1 35.4 31.0 33.8 32.3 33.6
Profit Margin 19.4 27.6 29.0 25.7 33.1 30.8 31.8
Return on Assets 14.8 18.0 17.3 14.9 16.2 15.9 25.8
Return on Equity 16.6 20.3 20.7 18.7 19.9 19.0 19.0
Leverage and Coverage Ratios
12/08 12/09 12/10 12/11
Current Ratio 8.8 10.6 4.2 5.9 Current Capitalization in USD
Quick Ratio 8.0 10.1 3.9 5.6 Common Shares Outstanding (M) 324.9
EBIT/Interest - - - 202.4 Market Capitalization (M) 227972.7
Tot Debt/Capital 0.0 0.0 0.1 0.1 Cash and ST Investments (M) 46787.0
Tot Debt/Equity 0.0 0.0 0.1 0.1 Total Debt (M) 6206.0
Eff Tax Rate % 27.8 22.2 21.2 21.0 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 0.0
Enterprise Value (M) 187391.7
Google Inc. is a global technology company that provides a web based search engine
through its website. The Company offers a wide range of search options, including
web, image, groups, directory, and news searches.
GOOG UW
37'905
53'546
Company Analysis - Overview
96%
4%
Fkqbokbq PbXoZe Bkdfkb 7asboqfpfkdObsbkrb
IfZbkpfkd Lqebo Obsbkrb
46%
43%
11%
Rkfqba PqXqbp Obpq lc qeb tloia
Rkfqba Hfkdalj
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Google Inc
Target price in USD
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
/5(Pbm(./ 5/% .5% -% .6(LZq(./ 362)1/ 5-.)01 JlodXk PqXkibv P9LQQ T ABSFQQ Lsbotq,7qqoXZqfsb 431)-- .6(LZq(./0.(7rd(./ 5/% .5% -% .5(LZq(./ 362)1/ 5-5)21 GMJlodXk ALRDI7P 7KJRQE lsbotbfdeq 5-/)-- .6(LZq(./0.(Gri(./ 5/% .5% -% .4(LZq(./ 422)16 5-6)1- OXvjlka GXjbp 77OLK J HBPPIBO lrqmbocloj 442)-- .6(LZq(.//6(Grk(./ 53% .1% -% .3(LZq(./ 411)4- 5-3)// KljroX 8OF7K KLT7H Yrv 51-)-- .6(LZq(./0.(JXv(./ 51% .3% -% .2(LZq(./ 41-)65 463)03 P M 9XmfqXi FN P9LQQ E HBPPIBO elia 342)-- .6(LZq(./0-(7mo(./ 51% .3% -% ./(LZq(./ 411)42 46.)45 Mfmbo GXccoXv BRDBKB B JRKPQBO lsbotbfdeq 442)-- .6(LZq(./0-(JXo(./ 5/% .5% -% ..(LZq(./ 42.)15 453)1- PrkQorpq OlYfkplk Erjmeobv PL VLRKD IBB Yrv 42-)-- .5(LZq(.//6(CbY(./ 5.% .6% -% .-(LZq(./ 411)23 446)1- Gbccbofbp 8OF7K G MFQW Yrv 52-)-- .5(LZq(./0.(GXk(./ 5-% /-% -% 6(LZq(./ 411)-6 444).. KbbaeXj 9l HBOOV OF9B Yrv 5/2)-- .5(LZq(./0-(AbZ(.. 6-% .-% -% 5(LZq(./ 424)51 444).. MXZfcfZ 9obpq PbZrofqfbp BS7K P TFIPLK lrqmbocloj 462)-- .5(LZq(./0-(Kls(.. 60% 5% -% 2(LZq(./ 434)32 441)64 9Xkqlo CfqwdboXia VLRPPBC E PNR7IF Yrv 5/-)-- .5(LZq(./0.(LZq(.. 6-% .-% -% 1(LZq(./ 435)-2 441)64 Lmmbkebfjbo 9l G7PLK P EBICPQBFK jXohbq mbocloj 432)-- .5(LZq(./
0(LZq(./ 43/)2- 441)64 Tbiip CXodl PbZrofqfbp& II9 G7PLK J7VK7OA jXohbq mbocloj .5(LZq(.//(LZq(./ 423)66 440)21 8XoZiXvp 7KQELKV G AF9IBJBKQB lsbotbfdeq 42-)-- .5(LZq(./.(LZq(./ 43.)65 440)21 TbaYrpe G7JBP D AFU kbrqoXi 36-)-- .4(LZq(./
/5(Pbm(./ 421)2- 440)21 BsboZlob MXoqkbop HBK PBK7 lsbotbfdeq 53-)-- .4(LZq(.//4(Pbm(./ 423)2- 440)21 JXZnrXofb 8BKG7JFK 7 P9E79EQBO lrqmbocloj 462)-- .3(LZq(.//3(Pbm(./ 420)12 44-)1- 8D9 MXoqkbop 9LIFK T DFIIFP elia 36-)-- .3(LZq(.//2(Pbm(./ 416).3 430)/3 PrpnrbeXkkX CfkXkZfXi Dolrm EBOJ7K IBRKD Mlpfqfsb 55-)-- .3(LZq(.//1(Pbm(./ 416)05 43-)64 9obafq 7dofZlib PbZrofqfbp !RP7% G7JBP IBB Yrv 6--)-- .3(LZq(.//.(Pbm(./ 400)62 422)50 Pqfcbi KfZliXrp GLOA7K OLE7K elia .2(LZq(.//-(Pbm(./ 4/5).- 422)5. Tbadb MXoqkbop J7OQFK MVVHHLKBK kl oXqfkd pvpqbj .2(LZq(./.6(Pbm(./ 4/4)2- 411)11 PXkcloa 9) 8bokpqbfk 9l 97OILP HFOGKBO lrqmbocloj 52-)-- ./(LZq(./.5(Pbm(./ 4.5)01 411)11 MfslqXi ObpbXoZe Dolrm II9 8OF7K TFBPBO Yrv 55-)-- ./(LZq(./.4(Pbm(./ 4-6)65 411)-3 9obafq Prfppb PQBMEBK GR lrqmbocloj 52-)-- .-(LZq(./.1(Pbm(./ 4-6)35 411)-3 9XkXZZloa Dbkrfqv 9lom JF9E7BI DO7E7J Yrv 52-)-- .-(LZq(./.0(Pbm(./ 4-3)-1 41-)31 8JL 9XmfqXi JXohbqp A7KFBI P7IJLK lrqmbocloj 50-)-- 5(LZq(./
Company Analysis - Analysts Ratings
6rt RkT Bagg 9aSliiakTRodlkn sn 8mdSa RkT PRmcao 8mdSa
4!% 40% 4!%3!% 3%% 3'% 31% 31% 32% 3'% 3'% 3'%
%!% 3% %!%'!% %4% %3% %2% %2% %1% %3% %3% %3%
!% !% !% !% !% !% !% !% !% !% !% !%
-%
/-%
1-%
3-%
5-%
.--%
lZq).. kls).. axZ).. gXks)./ cxso)./ jXop)./ Xso)./ jXf)./ grfk)./ grfi)./ Xlyq)./ pbmq)./
8ol
hbo O
bZlj
jbk
aXqfl
k
-
.--
/--
0--
1--
2--
3--
4--
5--
6-- MofZ
b
8rv Elia Pbii MofZb QXodbq MofZb
6mleamn PRmcao 8mdSa
431 5-
/44
2 51-
342 44
242
- 52-
5/2
462
5/-
432
42-
36-
53-
462
36-
55-
6--
52- 55-
52-
52-
50-
45- 52
- 6.-
422
56-
42-
33- 4/
2
52-
40.
362
-.--/--0--1--2--3--4--5--6--
.---
Jlo
dXk
GMJ
lodX
kO
Xvj
lka
Klj
roX
P
M 9
XmfqX
iM
fmbo
GXc
coXv
Prk
Qorp
qGb
ccbofb
pK
bbae
Xj
MXZ
fcfZ
9ob
pq9
Xkql
oL
mmbk
ebfj
boT
biip
CXo
dl8
XoZi
Xvp
Tba
Yrpe
Bsb
oZlo
bJ
XZnr
Xofb
8D
9P
rpnr
beXk
kX9
obaf
qP
qfcbi
Tba
dbP
Xkcl
oa 9
)M
fslq
Xi9
obaf
q Prf
ppb
9Xk
XZZl
oa8
JL
9Xm
fqXi
7qiX
kqfZ
7od
rpB
atXo
aO
lYbo
q T)
9Xm
pqlk
bFk
abmb
kabk
qA
brqp
Zeb
Tfii
fXj
8iX
foB
S7
AXf
tX
Dli
ajXk
EXj
Yrod
boE
fiifX
oa I
vlkp
9lt
bk X
kaO
89
9Xm
fqXi
8 O
fibv
Qb
ipbv
Google Inc
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 324.9 United States 83.06%
Float 99.6% Britain 4.93%
Short Interest (M) 4.8 Canada 2.00%
Short Interest as % of Float 1.48% Japan 1.48%
Days to Cover Shorts 1.18 Germany 1.25%
Institutional Ownership 87.47% Luxembourg 1.05%
Retail Ownership 12.20% Switzerland 0.93%
Insider Ownership 0.34% Others 5.31%
Institutional Ownership Distribution
Investment Advisor 84.44%
Hedge Fund Manager 8.16%
Pension Fund (Erisa) 2.79%
Mutual Fund Manager 1.32%
Pricing data is in USD Others 3.28%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
FIDELITY MANAGEMENT 13'998'105 1'029'480 9'734'562'179 5.34% 30.06.2012 13F UNITED STATES
VANGUARD GROUP INC 11'000'190 337'807 7'649'752'130 4.20% 30.06.2012 13F UNITED STATES
STATE STREET CORP 10'237'398 738'119 7'119'291'317 3.91% 30.06.2012 13F UNITED STATES
T ROWE PRICE ASSOCIA 9'315'156 -91'244 6'477'945'786 3.56% 30.06.2012 13F UNITED STATES
BLACKROCK INSTITUTIO 7'069'157 217'457 4'916'033'161 2.70% 30.06.2012 13F UNITED STATES
CAPITAL WORLD INVEST 5'463'186 -935'960 3'799'208'808 2.09% 30.06.2012 13F UNITED STATES
BANK OF NEW YORK MEL 4'559'855 478'921 3'171'014'364 1.74% 30.09.2012 13F UNITED STATES
INVESCO LTD 4'253'814 -178'622 2'958'187'332 1.62% 30.06.2012 13F UNITED STATES
NORTHERN TRUST CORPO 3'718'416 355'178 2'585'860'855 1.42% 30.06.2012 13F UNITED STATES
JP MORGAN CHASE & CO 3'289'767 131'799 2'287'769'767 1.26% 30.06.2012 13F UNITED STATES
PRIMECAP MANAGEMENT 3'256'315 -113'218 2'264'506'577 1.24% 30.06.2012 13F UNITED STATES
DAVIS SELECTED ADVIS 2'816'233 227'830 1'958'464'753 1.08% 30.06.2012 13F UNITED STATES
GOLDMAN SACHS GROUP 2'467'848 171'530 1'716'190'856 0.94% 30.06.2012 13F UNITED STATES
SANDS CAPITAL MANAGE 2'428'364 219'500 1'688'732'893 0.93% 30.06.2012 13F UNITED STATES
TIAA CREF INVESTMENT 2'409'094 -18'492 1'675'332'149 0.92% 30.06.2012 13F UNITED STATES
BLACKROCK FUND ADVIS 2'278'306 70'375 1'584'379'559 0.87% 30.06.2012 13F UNITED STATES
JENNISON ASSOCIATES 2'045'414 36'224 1'422'421'804 0.78% 30.06.2012 13F UNITED STATES
DEUTSCHE BANK AG 1'992'319 667'296 1'385'498'479 0.76% 30.06.2012 13F GERMANY
GRANTHAM MAYO VAN OT 1'970'297 11'230 1'370'183'940 0.75% 30.06.2012 13F UNITED STATES
BAILLIE GIFFORD AND 1'950'437 13'020 1'356'372'899 0.74% 30.06.2012 13F BRITAIN
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
KORDESTANI OMID 344'943 239'880'261 0.13% 09.03.2009 Form 4
SHRIRAM KAVITARK RAM 237'677 -24'974 165'285'339 0.09% 04.10.2012 Form 4
PAGE LAWRENCE E 80'000 55'633'600 0.03% 11.10.2012 Form 4
SCHMIDT ERIC EMERSON 57'384 39'905'981 0.02% 26.09.2012 Form 4
DOERR L JOHN 38'774 26'964'215 0.02% 01.10.2012 Form 4
Company Analysis - Ownership
Ownership Type
88%
12%0%
FkpqfqrqflkXi Ltkbopefm ObqXfi Ltkbopefm Fkpfabo Ltkbopefm
Geographic Ownership
84%
5%
2%
1%1%
1% 1%
5%
Rkfqba PqXqbp 8ofqXfk 9XkXaX GXmXkDbojXkv IrubjYlrod PtfqwboiXka Lqebop
Institutional Ownership
85%
3%
3%1%
8%
Fksbpqjbkq 7asfplo Ebadb Crka JXkXdbo Mbkpflk Crka !BofpX%JrqrXi Crka JXkXdbo Lqebop
TOP 20 ALL
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Google Inc
Financial information is in USD (M)
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Income Statement
Revenue 86 440 1'466 3'189 6'139 10'605 16'594 21'796 23'651 29'321 37'905 42'586 53'728 61'090
- Cost of Goods Sold 14 132 626 1'458 2'572 4'225 6'649 8'622 8'844 10'417 13'188
Gross Income 72 308 840 1'732 3'567 6'380 9'945 13'174 14'806 18'904 24'717 29'149 35'259 40'292
- Selling, General & Admin Expenses 61 122 498 890 1'460 2'830 4'861 6'542 6'494 8'523 12'975
(Research & Dev Costs) 17 32 91 226 484 1'229 2'120 2'793 2'843 3'762 5'162
Operating Income 11 186 342 841 2'107 3'550 5'084 6'632 8'312 10'381 11'742 14'380 17'340 20'542
- Interest Expense 2 3 2 1 1 0 1 0 0 0 58
- Foreign Exchange Losses (Gains) 0 0 0 0 0 -5 16 172 260 355 379
- Net Non-Operating Losses (Gains) -1 -1 -6 190 -35 -456 -607 606 -329 -770 -1'021
Pretax Income 10 185 347 650 2'142 4'011 5'674 5'854 8'381 10'796 12'326 15'304 18'207 21'315
- Income Tax Expense 3 85 241 251 676 934 1'470 1'627 1'861 2'291 2'589
Income Before XO Items 7 100 106 399 1'465 3'077 4'204 4'227 6'520 8'505 9'737
- Extraordinary Loss Net of Tax 0 0 0 0 0 0 0 0 0 0 0
- Minority Interests 0 0 0 0 0 0 0 0 0 0 0
Diluted EPS Before XO Items 1.46 5.02 9.94 13.29 13.31 20.41 26.31 29.76
Net Income Adjusted* 7 100 106 684 1'633 2'909 4'204 5'296 6'520 8'505 9'737 14'107 16'546 19'404
EPS Adjusted 0.00 0.00 0.00 2.51 5.70 9.40 13.29 16.68 20.41 26.31 29.76 42.65 49.53 57.24
Dividends Per Share 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratio % 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.00 0.00 0.00
Total Shares Outstanding 267 293 309 313 315 318 321 325
Diluted Shares Outstanding 273 292 310 316 318 319 323 327
EBITDA 25 204 393 990 2'401 4'122 6'052 8'132 9'836 11'777 13'593 19'348 23'035 26'981
*Net income excludes extraordinary gains and losses and one-time charges.
Equivalent Estimates
Company Analysis - Financials I/IV
Fiscal Year
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Balance Sheet
Total Current Assets 231.796005 560.234009 2693.465 9001 13040 17289 20178 29167 41562 52758
+ Cash & Near Cash Items 58 149 427 3'877 3'545 6'082 8'657 10'198 13'630 9'983
+ Short Term Investments 89 186 1'705 4'157 7'699 8'137 7'189 14'287 21'345 34'643
+ Accounts & Notes Receivable 62 155 312 688 1'322 2'163 2'642 3'178 4'252 5'427
+ Inventories 0 0 0 0 0 0 0 0 0 0
+ Other Current Assets 23 71 249 279 474 908 1'690 1'504 2'335 2'705
Total Long-Term Assets 55 311 620 1'271 5'434 8'047 11'589 11'330 16'289 19'816
+ Long Term Investments 0 0 0 0 1'032 1'060 85 129 523 790
Gross Fixed Assets 87 262 583 1'417 3'290 5'520 7'576 8'130 11'771 14'400
Accumulated Depreciation 33 74 204 456 894 1'481 2'342 3'286 4'012 4'797
+ Net Fixed Assets 54 188 379 962 2'395 4'039 5'234 4'845 7'759 9'603
+ Other Long Term Assets 1 123 241 309 2'006 2'948 6'270 6'356 8'007 9'423
Total Current Liabilities 90 235 340 745 1'305 2'036 2'302 2'747 9'996 8'913
+ Accounts Payable 9 46 33 116 211 282 178 216 483 588
+ Short Term Borrowings 4 5 2 0 0 0 0 0 3'465 1'218
+ Other Short Term Liabilities 76 185 306 630 1'093 1'753 2'124 2'532 6'048 7'107
Total Long Term Liabilities 10 33 44 107 129 611 1'227 1'745 1'614 5'516
+ Long Term Borrowings 7 2 0 0 0 0 0 0 0 2'986
+ Other Long Term Borrowings 3 31 44 107 129 611 1'227 1'745 1'614 2'530
Total Liabilities 99 269 384 853 1'434 2'646 3'529 4'493 11'610 14'429
+ Long Preferred Equity 58 58 0 0 0 0 0 0 0 0
+ Minority Interest 0 0 0 0 0 0 0 0 0 0
+ Share Capital & APIC 84 725 2'583 7'478 11'883 13'242 14'451 15'817 18'235 20'264
+ Retained Earnings & Other Equity 46 -181 346 1'941 5'157 9'448 13'788 20'187 28'006 37'881
Total Shareholders Equity 188 603 2'929 9'419 17'040 22'690 28'239 36'004 46'241 58'145
Total Liabilities & Equity 287 871 3'313 10'272 18'473 25'336 31'768 40'497 57'851 72'574
Book Value Per Share 10.97 32.14 55.15 72.51 89.61 113.30 143.92 178.97 215.91 259.19 314.49
Tangible Book Value Per Share 9.98 30.91 47.90 64.05 71.09 95.44 121.20 151.50
Company Analysis - Financials II/IV
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Cash Flows
Net Income 7 100 106 399 1'465 3'077 4'204 4'227 6'520 8'505 9'737 11'974 14'265 16'695
+ Depreciation & Amortization 14 18 50 148 294 572 968 1'500 1'524 1'396 1'851
+ Other Non-Cash Adjustments 12 33 246 683 656 28 285 1'799 785 1'279 2'347
+ Changes in Non-Cash Capital -2 5 -6 -253 44 -97 319 327 486 -99 630
Cash From Operating Activities 31 155 395 977 2'459 3'581 5'775 7'853 9'316 11'081 14'565
+ Disposal of Fixed Assets 0 0 0 0 0 0 0 0 0 0 0
+ Capital Expenditures -13 -37 -177 -319 -838 -1'903 -2'403 -2'358 -810 -4'018 -3'438 -3'309 -3'899 -4'292
+ Increase in Investments 0 0 0 0 0 0 0 0 0 0 0
+ Decrease in Investments 0 0 0 0 0 0 0 0 0 0 0
+ Other Investing Activities -16 -73 -137 -1'582 -2'520 -4'996 -1'279 -2'961 -7'209 -6'662 -15'603
Cash From Investing Activities -29 -110 -314 -1'901 -3'358 -6'899 -3'682 -5'319 -8'019 -10'680 -19'041
+ Dividends Paid 0 0 0 0 0 0 0 0 0 0 0
+ Change in Short Term Borrowings 0 0 0 0 0 0 0 0 0 3'463 726
+ Increase in Long Term Borrowings 0 0 0 0 0 0 0 0 0 0
+ Decrease in Long Term Borrowings -5 -8 -7 -5 -1 0 0 0 0 0 0
+ Increase in Capital Stocks 2 2 15 1'195 4'372 2'966 403 88 233 94 86
+ Decrease in Capital Stocks 0 0 0 0 0 0 0 0 0 -801 0
+ Other Financing Activities 0 0 2 12 -22 20 40 -46 11 275 17
Cash From Financing Activities -2 -5 10 1'202 4'349 2'986 443 42 244 3'031 829
Net Changes in Cash -0 40 91 278 3'450 -333 2'537 2'575 1'541 3'432 -3'647
Free Cash Flow (CFO-CAPEX) 18 118 219 658 1'621 1'678 3'373 5'494 8'506 7'063 11'127 12'613 14'912 17'003
Free Cash Flow To Firm 19 119 219 659 1'622 1'678 3'373 5'494 8'506 7'063 11'173
Free Cash Flow To Equity 211 595 1'620 1'678 3'373 5'494 8'506 10'526 11'853
Free Cash Flow per Share 3.41 5.88 5.57 10.85 17.50 26.90 22.16 34.47
Company Analysis - Financials III/IV
Periodicity: 12/01 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12E 12/13E 12/14E
Ratio Analysis
Valuation Ratios
Price Earnings 76.8x 72.8x 49.0x 52.0x 18.4x 30.4x 22.6x 21.7x 16.3x 14.0x 12.2x
EV to EBIT 61.0x 54.7x 36.6x 39.6x 12.2x 20.7x 15.3x 14.4x
EV to EBITDA 51.9x 48.0x 31.5x 33.2x 10.0x 17.5x 13.5x 12.4x 9.7x 8.1x 6.9x
Price to Sales 11.7x 18.6x 13.1x 13.0x 4.4x 8.3x 6.5x 5.5x 5.4x 4.2x 3.7x
Price to Book 17.6x 12.9x 8.4x 9.5x 3.4x 5.5x 4.1x 3.6x 3.2x 2.7x 2.2x
Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Profitability Ratios
Gross Margin 83.5% 70.1% 57.3% 54.3% 58.1% 60.2% 59.9% 60.4% 62.6% 64.5% 65.2% 68.4% 65.6% 66.0%
EBITDA Margin 29.1% 46.5% 26.8% 31.0% 39.1% 38.9% 36.5% 37.3% 41.6% 40.2% 35.9% 45.4% 42.9% 44.2%
Operating Margin 12.7% 42.4% 23.4% 26.4% 34.3% 33.5% 30.6% 30.4% 35.1% 35.4% 31.0% 33.8% 32.3% 33.6%
Profit Margin 8.1% 22.7% 7.2% 12.5% 23.9% 29.0% 25.3% 19.4% 27.6% 29.0% 25.7% 33.1% 30.8% 31.8%
Return on Assets 18.2% 19.1% 21.6% 21.4% 19.2% 14.8% 18.0% 17.3% 14.9% 16.2% 15.9% 25.8%
Return on Equity 31.3% 23.0% 23.7% 23.3% 21.2% 16.6% 20.3% 20.7% 18.7% 19.9% 19.0% 19.0%
Leverage & Coverage Ratios
Current Ratio 2.59 2.38 7.91 12.08 10.00 8.49 8.77 10.62 4.16 5.92
Quick Ratio 2.33 2.08 7.18 11.70 9.63 8.05 8.03 10.07 3.92 5.62
Interest Coverage Ratio (EBIT/I) 6.24 72.55 177.35 975.86 2715.56 13813.21 4226.43 202.45
Tot Debt/Capital 0.05 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.07
Tot Debt/Equity 0.06 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.07
Others
Asset Turnover 2.53 1.52 0.90 0.74 0.76 0.76 0.65 0.60 0.58
Accounts Receivable Turnover 13.53 13.67 12.28 10.55 9.52 9.07 8.13 7.89 7.83
Accounts Payable Turnover 22.53 36.97 34.69 25.86 26.96 37.48 44.91 29.81 24.63
Inventory Turnover
Effective Tax Rate 30.6% 46.1% 69.5% 38.6% 31.6% 23.3% 25.9% 27.8% 22.2% 21.2% 21.0%
Company Analysis - Financials IV/IV
GOOGLE INC-CL A YAHOO! INC MICROSOFT CORP APPLE INC FACEBOOK INC-ATIME WARNER
INC
BAIDU INC-SP
ADRNETEASE INC-ADR SOHU.COM INC
DAUM
COMMUNICATIVALUECLICK INC EBAY INC
AMAZON.COM
INCBLUCORA INC LOOKSMART LTD
12/2011 12/2011 06/2012 09/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011 12/2011
774.32 16.79 32.95 705.07 45.00 46.59 154.15 65.54 69.48 152'000.00 21.86 50.94 264.11 18.63 1.50
05.10.2012 19.10.2011 16.03.2012 21.09.2012 18.05.2012 09.10.2012 27.03.2012 07.06.2012 28.10.2011 19.10.2011 01.05.2012 18.10.2012 14.09.2012 02.10.2012 19.01.2012
556.55 14.35 24.30 363.32 17.55 32.09 99.71 40.69 33.75 91'000.00 13.80 28.15 166.97 8.23 0.53
14.06.2012 06.03.2012 25.11.2011 25.11.2011 04.09.2012 25.11.2011 17.07.2012 25.11.2011 23.07.2012 04.06.2012 28.06.2012 25.11.2011 29.12.2011 28.10.2011 18.05.2012
3'349'983 26'362'626 59'238'423 17'022'216 52'157'366 3'829'717 5'349'480 403'857 277'598 270'909 531'474 34'945'364 5'305'942 421'863 9'400
695.42 16.00 29.50 644.61 18.98 45.88 113.18 52.61 39.31 94'500.00 17.13 50.83 244.85 17.68 0.80
-10.2% -4.7% -10.5% -10.3% -57.8% -1.5% -26.6% -19.7% -43.4% -37.8% -21.6% -0.2% -7.3% -5.1% -46.7%
25.0% 11.5% 21.4% 74.1% 8.1% 43.0% 13.5% 29.3% 16.5% 3.8% 24.1% 80.6% 46.6% 114.8% 52.2%
324.9 1'190.0 8'381.0 929.3 1'330.0 974.0 349.1 131.0 38.1 13.5 80.1 1'286.5 455.0 39.5 17.3
227'972.7 18'953.9 248'243.6 593'040.6 45'831.6 43'536.6 39'545.0 6'875.1 1'493.5 1'275'847.3 1'286.3 65'503.1 110'688.2 714.4 13.8
4'204.0 41.0 11'944.0 - 677.0 19'524.0 2'497.7 - 35.8 - 167.5 2'089.6 2'299.0 - 0.8
- - - - 615.0 - - - - - - - - - -
- 40.3 - - - (3.0) 1'033.8 (4.5) 210.6 - - - - - -
45'416.0 2'529.9 63'040.0 81'570.0 3'908.0 3'476.0 14'179.1 2'051.7 829.5 190'671.6 116.7 5'929.4 9'576.0 293.6 24.8
187'391.7 16'596.1 193'549.6 475'819.5 36'349.6 60'945.6 232'433.2 4'662.0 874.8 1'102'524.6 1'370.7 60'886.1 108'103.2 646.9 -
LFY 37'905.0 4'984.2 73'723.0 108'249.0 3'711.0 28'974.0 14'500.8 1'158.4 852.1 418'717.6 560.2 11'651.7 48'077.0 228.8 27.6
LTM 47'544.0 4'979.8 72'359.0 148'812.0 3'711.0 28'984.0 18'369.5 1'261.5 961.3 418'717.6 632.4 13'459.0 54'326.0 339.5 20.2
CY+1 42'586.1 4'421.3 80'044.5 156'526.5 4'906.8 29'040.3 22'167.5 1'338.3 1'044.1 537'286.0 681.5 14'106.5 62'775.4 404.4 -
CY+2 53'727.8 4'504.9 85'902.3 193'271.8 6'294.6 30'147.2 31'023.9 1'550.7 1'239.3 663'392.0 756.9 16'223.3 80'698.6 457.6 -
LFY 4.1x 3.3x 2.7x 4.0x - 1.9x 16.6x 4.6x 1.3x 3.4x 2.3x 5.0x 2.1x 1.9x -
LTM 3.3x 3.3x 2.7x 2.9x - 1.9x 13.1x 4.4x 1.1x 3.4x 2.1x 4.3x 1.9x 1.3x -
CY+1 4.3x 3.7x 2.2x 3.0x 7.8x 2.0x 10.6x 4.1x 0.9x 2.1x 1.8x 4.3x 1.6x - -
CY+2 3.3x 3.5x 1.9x 2.2x 5.8x 1.9x 7.2x 3.2x 0.6x 1.6x 1.4x 3.7x 1.3x - -
LFY 13'593.0 1'473.0 30'923.0 35'604.0 2'079.0 6'877.0 8'461.6 574.6 351.7 143'627.2 160.4 3'313.0 1'945.0 28.9 (0.2)
LTM 15'347.0 1'420.4 29'012.0 55'846.0 2'079.0 6'836.0 - 614.7 343.1 143'627.2 177.2 3'922.7 2'217.0 63.6 (4.3)
CY+1 19'347.7 1'505.0 33'886.1 58'774.6 2'594.7 6'904.8 12'419.7 652.3 251.8 199'022.0 213.0 4'628.4 3'131.2 85.1 -
CY+2 23'035.0 1'642.3 36'498.4 71'921.3 3'482.4 7'355.2 16'929.8 753.2 333.4 270'454.0 237.2 5'351.8 4'526.2 101.4 -
LFY 11.6x 11.2x 6.3x 12.1x - 7.8x 28.4x 9.4x 3.1x 9.9x 8.2x 17.4x 51.7x 14.8x -
LTM 10.2x 11.6x 6.8x 7.7x - 7.9x - 8.8x 3.1x 9.9x 7.4x 14.7x 45.4x 6.8x -
CY+1 9.4x 10.8x 5.3x 7.9x 14.7x 8.5x 18.8x 8.5x 3.6x 5.6x 5.8x 13.2x 32.9x - -
CY+2 7.7x 9.7x 4.4x 5.9x 10.5x 7.9x 13.2x 6.6x 2.3x 4.0x 4.6x 11.1x 22.3x - -
LFY 29.76 0.84 2.74 27.68 0.46 2.95 18.99 3.92 4.39 8'367.75 1.24 1.76 1.37 0.85 -0.13
LTM 33.07 0.94 2.59 42.54 0.46 2.93 24.49 4.27 3.14 7'846.00 1.33 2.04 0.90 1.16 -0.38
CY+1 42.65 1.01 2.98 44.39 0.48 3.19 29.50 4.57 2.08 7'416.04 1.65 2.35 2.04 0.96 -
CY+2 49.53 1.13 3.29 53.02 0.62 3.65 38.96 5.17 3.44 9'228.10 1.77 2.74 3.88 1.23 -
LFY 21.0x 17.0x 11.4x 14.9x 41.3x 15.7x 28.9x 12.3x 12.5x 12.0x 12.9x 24.9x 272.1x 15.2x -
LTM 21.0x 17.0x 11.4x 14.9x 41.3x 15.7x 28.9x 12.3x 12.5x 11.3x 12.9x 24.9x 272.1x 15.2x -
CY+1 16.3x 15.8x 9.9x 14.3x 39.3x 14.4x 24.0x 11.5x 18.9x 12.7x 10.4x 21.6x 120.0x 18.4x -
CY+2 14.0x 14.2x 9.0x 11.9x 30.7x 12.6x 18.2x 10.2x 11.4x 10.2x 9.7x 18.5x 63.2x 14.3x -
1 Year 29.3% (21.2%) 5.4% 66.0% 88.0% 7.8% 83.2% 38.8% 39.1% 21.2% 30.0% 27.3% 40.6% 6.8% (41.8%)
5 Year 27.9% (5.8%) 4.0% 46.1% - (7.8%) 69.9% 37.0% 53.2% 17.0% 4.5% 13.0% 35.4% 28.8% (18.5%)
1 Year 15.4% (2.6%) 3.3% 83.4% 77.5% 7.2% 92.3% 36.6% 36.9% 17.8% 36.8% 16.8% (1.5%) 56.0% -
5 Year 27.0% (0.1%) 9.1% 67.8% - (17.0%) 90.9% 26.9% 59.0% 21.2% 3.8% 11.0% 26.8% 5.0% -
LTM 35.9% 29.6% 41.9% 32.9% 56.0% 23.7% 58.4% 49.6% 41.3% 34.3% 28.6% 28.4% 4.0% 12.6% (0.7%)
CY+1 45.4% 34.0% 42.3% 37.5% 52.9% 23.8% 56.0% 48.7% 24.1% 37.0% 31.3% 32.8% 5.0% 21.1% -
CY+2 42.9% 36.5% 42.5% 37.2% 55.3% 24.4% 54.6% 48.6% 26.9% 40.8% 31.3% 33.0% 5.6% 22.2% -
Total Debt / Equity % 7.2% 0.3% 18.0% 0.0% 15.8% 65.2% 16.3% 0.0% 3.4% 0.0% 29.7% 11.7% 29.6% 0.0% 3.2%
Total Debt / Capital % 6.7% 0.3% 15.3% 0.0% 12.1% 39.5% 13.3% 0.0% 2.7% 0.0% 22.9% 10.4% 22.9% 0.0% 3.1%
Total Debt / EBITDA 0.309x 0.028x 0.386x 0.000x 0.326x 2.839x 0.295x 0.000x 0.102x 0.000x 1.044x 0.631x 1.182x 0.000x -
Net Debt / EBITDA -3.032x -1.690x -1.652x -2.291x -1.554x 2.334x -1.381x -3.570x -2.257x -1.367x 0.317x -1.159x -3.741x -10.145x -
EBITDA / Int. Expense 234.362x - 81.376x - 49.500x 5.206x - - - 18799.366x - 132.359x 29.923x - -2.222x
S&P LT Credit Rating AA- *+ NR AAA NR - BBB - - - - - A NR - -
S&P LT Credit Rating Date 21.08.2012 18.04.2008 22.09.2008 16.04.2004 - 27.03.2009 - - - - - 02.03.2010 07.12.2011 - -
Moody's LT Credit Rating Aa2 - Aaa WR - Baa2 - - - - - A2 WR - -
Moody's LT Credit Rating Date 16.05.2011 - 11.05.2009 31.03.2004 - 06.03.2006 - - - - - 21.10.2010 28.05.2003 - -
52-Week High Date
52-Week Low
Latest Fiscal Year:
52-Week High
Total Debt
Market Capitalization
Daily Volume
52-Week Low % Change
Current Price (10/dd/yy)
52-Week High % Change
Cash and Equivalents
EBITDA
EV/EBITDA
Enterprise Value
Valuation
Preferred Stock
52-Week Low Date
Minority Interest
Total Common Shares (M)
P/E
Revenue Growth
Total Revenue
EV/Total Revenue
EPS
EBITDA Growth
EBITDA Margin
Credit Ratings
Leverage/Coverage Ratios
Company Analysis - Peers Comparision
