19.10.2012
Company Analysis - Overview Ticker:
Google Inc
GOOG UW
Benchmark: S&P 500 INDEX (SPX)
NASDAQ GS: GOOG, Currency: USD
Currency: Sector: Information Technology
Industry: Internet Software & Services
Year:
Telephone 1-650-253-0000 Revenue (M) Website http://www.google.com/about/company/ No of Employees Address 1600 Amphitheatre Parkway Mountain View, CA 94043 United States Share Price Performance in USD Price 695.42 1M Return 52 Week High 774.32 6M Return 52 Week Low 556.55 52 Wk Return 52 Wk Beta 0.79 YTD Return Credit Ratings Bloomberg S&P Moody's Fitch
37'905 53'546
Business Segments in USD Internet Search Engine Advertising Revenue Licensing & Other Revenue
Sales (M) 36531 1374
Geographic Segments in USD United States Rest of the world United Kingdom
Sales (M) 17560 16288 4057
-4.4% 15.9% 19.8% 7.7%
IG2 AA- *+ Aa2 -
Date Date Date
12/08 18.4x 12.2x 10.0x 4.4x 3.4x 0.0%
12/09 30.4x 20.7x 17.5x 8.3x 5.5x 0.0%
12/10 22.6x 15.3x 13.5x 6.5x 4.1x 0.0%
12/11 21.7x 14.4x 12.4x 5.5x 3.6x 0.0%
12/12E 16.3x 9.7x 5.4x 3.2x 0.0%
12/13E 14.0x 8.1x 4.2x 2.7x 0.0%
12/14E 12.2x 6.9x 3.7x 2.2x 0.0%
12/08 Gross Margin 60.4 EBITDA Margin 37.3 Operating Margin 30.4 Profit Margin 19.4 Return on Assets 14.8 Return on Equity 16.6 Leverage and Coverage Ratios 12/08 Current Ratio 8.8 Quick Ratio 8.0 EBIT/Interest Tot Debt/Capital 0.0 Tot Debt/Equity 0.0 Eff Tax Rate % 27.8
12/09 62.6 41.6 35.1 27.6 18.0 20.3
12/10 64.5 40.2 35.4 29.0 17.3 20.7
12/11 65.2 35.9 31.0 25.7 14.9 18.7
12/12E 68.4 45.4 33.8 33.1 16.2 19.9
12/13E 65.6 42.9 32.3 30.8 15.9 19.0
12/14E 66.0 44.2 33.6 31.8 25.8 19.0
12/09 10.6 10.1 0.0 0.0 22.2
12/10 4.2 3.9 0.1 0.1 21.2
12/11 5.9 5.6 202.4 0.1 0.1 21.0
21.08.2012 15.07.2010 -
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.
Outlook Outlook Outlook
STABLE -
4%
11%
Valuation Ratios P/E EV/EBIT EV/EBITDA P/S P/B Div Yield Profitability Ratios %
46%
43%
96%
Internet Search Engine Advertising Revenue
Licensing & Other Revenue
Current Capitalization in USD Common Shares Outstanding (M) Market Capitalization (M) Cash and ST Investments (M) Total Debt (M) Preferred Equity (M) LT Investments in Affiliate Companies (M) Investments (M) Enterprise Value (M)
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
United States
Rest of the world
United Kingdom
324.9 227972.7 46787.0 6206.0 0.0 0.0 0.0 187391.7
Company Analysis - Analysts Ratings Google Inc
19%
18%
16%
16%
900
0%
0%
0%
18%
18%
18%
700
80%
60%
40%
800
90%
93%
90% 80%
81%
82%
84%
84%
86%
82%
82%
82%
500
400
0 nov.11
déc.11
janv.12
févr.12
Buy
mars.12
Hold
avr.12
Sell
mai.12
Price
juin.12
juil.12
août.12
sept.12
Target Price
Date
Buy
Hold
Sell
Date
28-Sep-12 31-Aug-12 31-Jul-12 29-Jun-12 31-May-12 30-Apr-12 30-Mar-12 29-Feb-12 31-Jan-12 30-Dec-11 30-Nov-11 31-Oct-11
82% 82% 82% 86% 84% 84% 82% 81% 80% 90% 93% 90%
18% 18% 18% 14% 16% 16% 18% 19% 20% 10% 8% 10%
0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
19-Oct-12 18-Oct-12 17-Oct-12 16-Oct-12 15-Oct-12 12-Oct-12 11-Oct-12 10-Oct-12 9-Oct-12 8-Oct-12 5-Oct-12 4-Oct-12 3-Oct-12 2-Oct-12 1-Oct-12 28-Sep-12 27-Sep-12 26-Sep-12 25-Sep-12 24-Sep-12 21-Sep-12 20-Sep-12 19-Sep-12 18-Sep-12 17-Sep-12 14-Sep-12 13-Sep-12
Price Target Price 695.42 695.42 755.49 744.70 740.98 744.75 751.48 744.56 744.09 757.84 767.65 768.05 762.50 756.99 761.98 754.50 756.50 753.45 749.16 749.38 733.95 728.10 727.50 718.34 709.98 709.68 706.04
700 600
100 oct.11
800
500
200
0%
900
600
300
20%
Brokers' Target Price 1000
801.34 808.54 809.40 806.22 796.36 791.78 786.40 779.40 777.11 777.11 774.97 774.97 774.97 773.54 773.54 773.54 773.54 770.40 763.26 760.97 755.83 755.81 744.44 744.44 744.06 744.06 740.64
850
20%
0% 14%
731 695
0%
725
0%
750 660
0%
890
0%
850 910
0%
755
0% 10%
850 880 850 850 830 780
0% 8%
750 690 860 795 690 880 900
0% 10%
400 300 200 100 0 Morgan JPMorgan Raymond Nomura S&P Capital Piper Jaffray SunTrust Jefferies Needham & Pacific Crest Cantor Oppenheimer Wells Fargo Barclays Wedbush Evercore Macquarie BGC Susquehanna Credit Stifel Wedge Sanford C. Pivotal Credit Suisse Canaccord BMO Capital Atlantic Argus Edward Robert W. Capstone Independent Deutsche William Blair EVA Daiwa Goldman Hamburger Hilliard Lyons Cowen and RBC Capital B Riley & Telsey
100%
764 802 775 840 675 775 750 850 825 795 820 765
Buy and Sell Recommendations vs Price and Target Price
Price
Broker Recommendation
Target price in USD
Broker
Analyst
Morgan Stanley JPMorgan Raymond James Nomura S&P Capital IQ Piper Jaffray SunTrust Robinson Humphrey Jefferies Needham & Co Pacific Crest Securities Cantor Fitzgerald Oppenheimer & Co Wells Fargo Securities, LLC Barclays Wedbush Evercore Partners Macquarie BGC Partners Susquehanna Financial Group Credit Agricole Securities (USA) Stifel Nicolaus Wedge Partners Sanford C. Bernstein & Co Pivotal Research Group LLC Credit Suisse Canaccord Genuity Corp BMO Capital Markets
SCOTT W DEVITT DOUGLAS ANMUTH AARON M KESSLER BRIAN NOWAK SCOTT H KESSLER EUGENE E MUNSTER SO YOUNG LEE BRIAN J PITZ KERRY RICE EVAN S WILSON YOUSSEF H SQUALI JASON S HELFSTEIN JASON MAYNARD ANTHONY J DICLEMENTE JAMES G DIX KEN SENA BENJAMIN A SCHACHTER COLIN W GILLIS HERMAN LEUNG JAMES LEE JORDAN ROHAN MARTIN PYYKKONEN CARLOS KIRJNER BRIAN WIESER STEPHEN JU MICHAEL GRAHAM DANIEL SALMON
Recommendation Overwt/Attractive overweight outperform buy hold overweight buy buy buy outperform buy market perform market perform overweight neutral overweight outperform hold Positive buy hold no rating system outperform buy outperform buy outperform
Target
Date
764.00 802.00 775.00 840.00 675.00 775.00 750.00 850.00 825.00 795.00 820.00 765.00
19-Oct-12 19-Oct-12 19-Oct-12 19-Oct-12 19-Oct-12 19-Oct-12 18-Oct-12 18-Oct-12 18-Oct-12 18-Oct-12 18-Oct-12 18-Oct-12 18-Oct-12 18-Oct-12 17-Oct-12 17-Oct-12 16-Oct-12 16-Oct-12 16-Oct-12 16-Oct-12 15-Oct-12 15-Oct-12 12-Oct-12 12-Oct-12 10-Oct-12 10-Oct-12 8-Oct-12
750.00 690.00 860.00 795.00 690.00 880.00 900.00
850.00 880.00 850.00 850.00 830.00
Google Inc
Company Analysis - Ownership Ownership Type
Ownership Statistics Shares Outstanding (M) Float Short Interest (M) Short Interest as % of Float Days to Cover Shorts Institutional Ownership Retail Ownership Insider Ownership
12%
324.9 99.6% 4.8 1.48% 1.18 87.47% 12.20% 0.34%
88%
Institutional Ownership
Retail Ownership
Insider Ownership
Pricing data is in USD Top 20 Owners: Holder Name FIDELITY MANAGEMENT VANGUARD GROUP INC STATE STREET CORP T ROWE PRICE ASSOCIA BLACKROCK INSTITUTIO CAPITAL WORLD INVEST BANK OF NEW YORK MEL INVESCO LTD NORTHERN TRUST CORPO JP MORGAN CHASE & CO PRIMECAP MANAGEMENT DAVIS SELECTED ADVIS GOLDMAN SACHS GROUP SANDS CAPITAL MANAGE TIAA CREF INVESTMENT BLACKROCK FUND ADVIS JENNISON ASSOCIATES DEUTSCHE BANK AG GRANTHAM MAYO VAN OT BAILLIE GIFFORD AND
Geographic Ownership
Geographic Ownership Distribution
0%
United States Britain Canada Japan Germany Luxembourg Switzerland Others
83.06% 4.93% 2.00% 1.48% 1.25% 1.05% 0.93% 5.31%
Institutional Ownership Distribution Investment Advisor Hedge Fund Manager Pension Fund (Erisa) Mutual Fund Manager Others
84.44% 8.16% 2.79% 1.32% 3.28%
1% 2%
1%
1% 1% 5%
5%
84%
United States
Britain
Canada
Japan
Germany
Luxembourg
Switzerland
Others
TOP 20 ALL
Position 13'998'105 11'000'190 10'237'398 9'315'156 7'069'157 5'463'186 4'559'855 4'253'814 3'718'416 3'289'767 3'256'315 2'816'233 2'467'848 2'428'364 2'409'094 2'278'306 2'045'414 1'992'319 1'970'297 1'950'437
Position Change 1'029'480 337'807 738'119 -91'244 217'457 -935'960 478'921 -178'622 355'178 131'799 -113'218 227'830 171'530 219'500 -18'492 70'375 36'224 667'296 11'230 13'020
Market Value 9'734'562'179 7'649'752'130 7'119'291'317 6'477'945'786 4'916'033'161 3'799'208'808 3'171'014'364 2'958'187'332 2'585'860'855 2'287'769'767 2'264'506'577 1'958'464'753 1'716'190'856 1'688'732'893 1'675'332'149 1'584'379'559 1'422'421'804 1'385'498'479 1'370'183'940 1'356'372'899
% of Ownership 5.34% 4.20% 3.91% 3.56% 2.70% 2.09% 1.74% 1.62% 1.42% 1.26% 1.24% 1.08% 0.94% 0.93% 0.92% 0.87% 0.78% 0.76% 0.75% 0.74%
Report Date
Holder Name
Position
Position Change
Market Value
% of Ownership
Report Date
KORDESTANI OMID SHRIRAM KAVITARK RAM PAGE LAWRENCE E SCHMIDT ERIC EMERSON DOERR L JOHN
344'943 237'677 80'000 57'384 38'774
239'880'261 165'285'339 55'633'600 39'905'981 26'964'215
0.13% 0.09% 0.03% 0.02% 0.02%
30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.09.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012 30.06.2012
Source 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F 13F
09.03.2009 04.10.2012 11.10.2012 26.09.2012 01.10.2012
Form 4 Form 4 Form 4 Form 4 Form 4
Top 5 Insiders:
-24'974
Source
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |
Country UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES UNITED STATES GERMANY UNITED STATES BRITAIN
Institutional Ownership 1% 3%
3%
8%
85%
Investment Advisor
Hedge Fund Manager
Mutual Fund Manager
Others
Pension Fund (Erisa)
Company Analysis - Financials I/IV Google Inc Financial information is in USD (M) Periodicity:
Fiscal Year
Equivalent Estimates 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
Revenue - Cost of Goods Sold
86 14
440 132
1'466 626
3'189 1'458
6'139 2'572
10'605 4'225
16'594 6'649
21'796 8'622
23'651 8'844
29'321 10'417
37'905 13'188
42'586
53'728
61'090
Gross Income - Selling, General & Admin Expenses (Research & Dev Costs)
72 61 17
308 122 32
840 498 91
1'732 890 226
3'567 1'460 484
6'380 2'830 1'229
9'945 4'861 2'120
13'174 6'542 2'793
14'806 6'494 2'843
18'904 8'523 3'762
24'717 12'975 5'162
29'149
35'259
40'292
Operating Income - Interest Expense - Foreign Exchange Losses (Gains) - Net Non-Operating Losses (Gains)
11 2 0 -1
186 3 0 -1
342 2 0 -6
841 1 0 190
2'107 1 0 -35
3'550 0 -5 -456
5'084 1 16 -607
6'632 0 172 606
8'312 0 260 -329
10'381 0 355 -770
11'742 58 379 -1'021
14'380
17'340
20'542
Pretax Income - Income Tax Expense
10 3
185 85
347 241
650 251
2'142 676
4'011 934
5'674 1'470
5'854 1'627
8'381 1'861
10'796 2'291
12'326 2'589
15'304
18'207
21'315
7 0 0
100 0 0
106 0 0
399 0 0
1'465 0 0
3'077 0 0
4'204 0 0
4'227 0 0
6'520 0 0
8'505 0 0
9'737 0 0
1.46
5.02
9.94
13.29
13.31
20.41
26.31
29.76
684 2.51 0.00 0.0
1'633 5.70 0.00 0.0
2'909 9.40 0.00 0.0
4'204 13.29 0.00 0.0
5'296 16.68 0.00 0.0
6'520 20.41 0.00 0.0
8'505 26.31 0.00 0.0
9'737 29.76 0.00 0.0
14'107 42.65 0.00 0.00
16'546 49.53 0.00 0.00
19'404 57.24 0.00 0.00
267 273
293 292
309 310
313 316
315 318
318 319
321 323
325 327
990
2'401
4'122
6'052
8'132
9'836
11'777
13'593
19'348
23'035
26'981
Income Statement
Income Before XO Items - Extraordinary Loss Net of Tax - Minority Interests Diluted EPS Before XO Items Net Income Adjusted* EPS Adjusted Dividends Per Share Payout Ratio %
7 0.00 0.00 0.0
100 0.00 0.00 0.0
106 0.00 0.00 0.0
Total Shares Outstanding Diluted Shares Outstanding EBITDA
25
204
*Net income excludes extraordinary gains and losses and one-time charges.
393
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
231.796005 560.234009 58 149 89 186 62 155 0 0 23 71
2693.465 427 1'705 312 0 249
9001 3'877 4'157 688 0 279
13040 3'545 7'699 1'322 0 474
17289 6'082 8'137 2'163 0 908
20178 8'657 7'189 2'642 0 1'690
29167 10'198 14'287 3'178 0 1'504
41562 13'630 21'345 4'252 0 2'335
52758 9'983 34'643 5'427 0 2'705
12/12E
12/13E
12/14E
215.91
259.19
314.49
Balance Sheet Total Current Assets + Cash & Near Cash Items + Short Term Investments + Accounts & Notes Receivable + Inventories + Other Current Assets Total Long-Term Assets + Long Term Investments Gross Fixed Assets Accumulated Depreciation + Net Fixed Assets + Other Long Term Assets
55 0 87 33 54 1
311 0 262 74 188 123
620 0 583 204 379 241
1'271 0 1'417 456 962 309
5'434 1'032 3'290 894 2'395 2'006
8'047 1'060 5'520 1'481 4'039 2'948
11'589 85 7'576 2'342 5'234 6'270
11'330 129 8'130 3'286 4'845 6'356
16'289 523 11'771 4'012 7'759 8'007
19'816 790 14'400 4'797 9'603 9'423
Total Current Liabilities + Accounts Payable + Short Term Borrowings + Other Short Term Liabilities
90 9 4 76
235 46 5 185
340 33 2 306
745 116 0 630
1'305 211 0 1'093
2'036 282 0 1'753
2'302 178 0 2'124
2'747 216 0 2'532
9'996 483 3'465 6'048
8'913 588 1'218 7'107
Total Long Term Liabilities + Long Term Borrowings + Other Long Term Borrowings
10 7 3
33 2 31
44 0 44
107 0 107
129 0 129
611 0 611
1'227 0 1'227
1'745 0 1'745
1'614 0 1'614
5'516 2'986 2'530
Total Liabilities + Long Preferred Equity + Minority Interest + Share Capital & APIC + Retained Earnings & Other Equity
99 58 0 84 46
269 58 0 725 -181
384 0 0 2'583 346
853 0 0 7'478 1'941
1'434 0 0 11'883 5'157
2'646 0 0 13'242 9'448
3'529 0 0 14'451 13'788
4'493 0 0 15'817 20'187
11'610 0 0 18'235 28'006
14'429 0 0 20'264 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
10.97 9.98
32.14 30.91
55.15 47.90
72.51 64.05
89.61 71.09
113.30 95.44
143.92 121.20
178.97 151.50
Book Value Per Share Tangible Book Value Per Share
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
7 14 12 -2
100 18 33 5
106 50 246 -6
399 148 683 -253
1'465 294 656 44
3'077 572 28 -97
4'204 968 285 319
4'227 1'500 1'799 327
6'520 1'524 785 486
8'505 1'396 1'279 -99
9'737 1'851 2'347 630
11'974
14'265
16'695
Cash From Operating Activities + Disposal of Fixed Assets + Capital Expenditures + Increase in Investments + Decrease in Investments + Other Investing Activities
31 0 -13 0 0 -16
155 0 -37 0 0 -73
395 0 -177 0 0 -137
977 0 -319 0 0 -1'582
2'459 0 -838 0 0 -2'520
3'581 0 -1'903 0 0 -4'996
5'775 0 -2'403 0 0 -1'279
7'853 0 -2'358 0 0 -2'961
9'316 0 -810 0 0 -7'209
11'081 0 -4'018 0 0 -6'662
14'565 0 -3'438 0 0 -15'603
-3'309
-3'899
-4'292
Cash From Investing Activities + Dividends Paid + Change in Short Term Borrowings + Increase in Long Term Borrowings + Decrease in Long Term Borrowings + Increase in Capital Stocks + Decrease in Capital Stocks + Other Financing Activities
-29 0 0 0 -5 2 0 0
-110 0 0 0 -8 2 0 0
-314 0 0 0 -7 15 0 2
-1'901 0 0 0 -5 1'195 0 12
-3'358 0 0 0 -1 4'372 0 -22
-6'899 0 0 0 0 2'966 0 20
-3'682 0 0 0 0 403 0 40
-5'319 0 0 0 0 88 0 -46
-8'019 0 0 0 0 233 0 11
-10'680 0 3'463 0 0 94 -801 275
-19'041 0 726
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 Free Cash Flow To Equity Free Cash Flow per Share
19
119
219 211
659 595 3.41
1'622 1'620 5.88
1'678 1'678 5.57
3'373 3'373 10.85
5'494 5'494 17.50
8'506 8'506 26.90
7'063 10'526 22.16
11'173 11'853 34.47
Cash Flows Net Income + Depreciation & Amortization + Other Non-Cash Adjustments + Changes in Non-Cash Capital
0 86 0 17
Company Analysis - Financials IV/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
76.8x 61.0x 51.9x 11.7x 17.6x 0.0%
72.8x 54.7x 48.0x 18.6x 12.9x 0.0%
49.0x 36.6x 31.5x 13.1x 8.4x 0.0%
52.0x 39.6x 33.2x 13.0x 9.5x 0.0%
18.4x 12.2x 10.0x 4.4x 3.4x 0.0%
30.4x 20.7x 17.5x 8.3x 5.5x 0.0%
22.6x 15.3x 13.5x 6.5x 4.1x 0.0%
21.7x 14.4x 12.4x 5.5x 3.6x 0.0%
16.3x
14.0x
12.2x
9.7x 5.4x 3.2x 0.0%
8.1x 4.2x 2.7x 0.0%
6.9x 3.7x 2.2x 0.0%
68.4% 45.4% 33.8% 33.1% 16.2% 19.9%
65.6% 42.9% 32.3% 30.8% 15.9% 19.0%
66.0% 44.2% 33.6% 31.8% 25.8% 19.0%
Ratio Analysis Valuation Ratios Price Earnings EV to EBIT EV to EBITDA Price to Sales Price to Book Dividend Yield Profitability Ratios Gross Margin EBITDA Margin Operating Margin Profit Margin Return on Assets Return on Equity Leverage & Coverage Ratios Current Ratio Quick Ratio Interest Coverage Ratio (EBIT/I) Tot Debt/Capital Tot Debt/Equity
83.5% 29.1% 12.7% 8.1%
70.1% 46.5% 42.4% 22.7%
57.3% 26.8% 23.4% 7.2% 18.2% 31.3%
54.3% 31.0% 26.4% 12.5% 19.1% 23.0%
58.1% 39.1% 34.3% 23.9% 21.6% 23.7%
60.2% 38.9% 33.5% 29.0% 21.4% 23.3%
59.9% 36.5% 30.6% 25.3% 19.2% 21.2%
60.4% 37.3% 30.4% 19.4% 14.8% 16.6%
62.6% 41.6% 35.1% 27.6% 18.0% 20.3%
64.5% 40.2% 35.4% 29.0% 17.3% 20.7%
65.2% 35.9% 31.0% 25.7% 14.9% 18.7%
2.38 2.08 177.35 0.01 0.01
7.91 7.18 975.86 0.00 0.00
12.08 11.70 2715.56 0.00 0.00
10.00 9.63 13813.21 0.00 0.00
8.49 8.05 4226.43 0.00 0.00
8.77 8.03
10.62 10.07
4.16 3.92
6.24
2.59 2.33 72.55 0.05 0.06
0.00 0.00
0.00 0.00
0.07 0.07
5.92 5.62 202.45 0.07 0.07
2.53 13.53 22.53
1.52 13.67 36.97
0.90 12.28 34.69
0.74 10.55 25.86
0.76 9.52 26.96
0.76 9.07 37.48
0.65 8.13 44.91
0.60 7.89 29.81
0.58 7.83 24.63
69.5%
38.6%
31.6%
23.3%
25.9%
27.8%
22.2%
21.2%
21.0%
Others Asset Turnover Accounts Receivable Turnover Accounts Payable Turnover Inventory Turnover Effective Tax Rate
30.6%
46.1%
Company Analysis - Peers Comparision GOOGLE INC-CL A Latest Fiscal Year: 52-Week High 52-Week High Date 52-Week Low 52-Week Low Date Daily Volume
Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change Total Common Shares (M)
Market Capitalization
YAHOO! INC
12/2011 774.32 05.10.2012 556.55 14.06.2012 3'349'983
12/2011 16.79 19.10.2011 14.35 06.03.2012 26'362'626
695.42 -10.2% 25.0% 324.9
MICROSOFT CORP
APPLE INC
06/2012 32.95 16.03.2012 24.30 25.11.2011 59'238'423
09/2011 705.07 21.09.2012 363.32 25.11.2011 17'022'216
16.00
29.50
-4.7% 11.5% 1'190.0
-10.5% 21.4% 8'381.0
FACEBOOK INC-A
12/2011 154.15 27.03.2012 99.71 17.07.2012 5'349'480
644.61
18.98
45.88
113.18
-10.3% 74.1% 929.3
-57.8% 8.1% 1'330.0
-1.5% 43.0% 974.0
-26.6% 13.5% 349.1
18'953.9
248'243.6
593'040.6
45'831.6
Minority Interest Cash and Equivalents
41.0 40.3 2'529.9
11'944.0 63'040.0
81'570.0
677.0 615.0 3'908.0
Enterprise Value
187'391.7
16'596.1
193'549.6
475'819.5
36'349.6
EV/Total Revenue
EBITDA
EV/EBITDA
EPS
P/E
Revenue Growth EBITDA Growth EBITDA Margin
LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 LFY LTM CY+1 CY+2 1 Year 5 Year 1 Year 5 Year LTM CY+1 CY+2
NETEASE INC-ADR SOHU.COM INC
12/2011 46.59 09.10.2012 32.09 25.11.2011 3'829'717
4'204.0 45'416.0
Total Revenue
BAIDU INC-SP ADR
12/2011 45.00 18.05.2012 17.55 04.09.2012 52'157'366
227'972.7
Total Debt Preferred Stock
TIME WARNER INC
37'905.0 47'544.0 42'586.1 53'727.8 4.1x 3.3x 4.3x 3.3x 13'593.0 15'347.0 19'347.7 23'035.0 11.6x 10.2x 9.4x 7.7x 29.76 33.07 42.65 49.53 21.0x 21.0x 16.3x 14.0x 29.3% 27.9% 15.4% 27.0% 35.9% 45.4% 42.9%
4'984.2 4'979.8 4'421.3 4'504.9 3.3x 3.3x 3.7x 3.5x 1'473.0 1'420.4 1'505.0 1'642.3 11.2x 11.6x 10.8x 9.7x 0.84 0.94 1.01 1.13 17.0x 17.0x 15.8x 14.2x (21.2%) (5.8%) (2.6%) (0.1%) 29.6% 34.0% 36.5%
73'723.0 72'359.0 80'044.5 85'902.3 2.7x 2.7x 2.2x 1.9x 30'923.0 29'012.0 33'886.1 36'498.4 6.3x 6.8x 5.3x 4.4x 2.74 2.59 2.98 3.29 11.4x 11.4x 9.9x 9.0x 5.4% 4.0% 3.3% 9.1% 41.9% 42.3% 42.5%
108'249.0 148'812.0 156'526.5 193'271.8 4.0x 2.9x 3.0x 2.2x 35'604.0 55'846.0 58'774.6 71'921.3 12.1x 7.7x 7.9x 5.9x 27.68 42.54 44.39 53.02 14.9x 14.9x 14.3x 11.9x 66.0% 46.1% 83.4% 67.8% 32.9% 37.5% 37.2%
7.2% 6.7% 0.309x -3.032x 234.362x
0.3% 0.3% 0.028x -1.690x -
18.0% 15.3% 0.386x -1.652x 81.376x
AA- *+ 21.08.2012 Aa2 16.05.2011
NR 18.04.2008 -
AAA 22.09.2008 Aaa 11.05.2009
3'711.0 3'711.0 4'906.8 6'294.6
43'536.6 19'524.0 (3.0) 3'476.0
60'945.6
7.8x 5.8x 2'079.0 2'079.0 2'594.7 3'482.4 14.7x 10.5x 0.46 0.46 0.48 0.62 41.3x 41.3x 39.3x 30.7x 88.0% 77.5% 56.0% 52.9% 55.3%
28'974.0 28'984.0 29'040.3 30'147.2 1.9x 1.9x 2.0x 1.9x 6'877.0 6'836.0 6'904.8 7'355.2 7.8x 7.9x 8.5x 7.9x 2.95 2.93 3.19 3.65 15.7x 15.7x 14.4x 12.6x 7.8% (7.8%) 7.2% (17.0%) 23.7% 23.8% 24.4%
0.0% 0.0% 0.000x -2.291x -
15.8% 12.1% 0.326x -1.554x 49.500x
65.2% 39.5% 2.839x 2.334x 5.206x
NR 16.04.2004 WR 31.03.2004
-
BBB 27.03.2009 Baa2 06.03.2006
39'545.0 2'497.7 1'033.8 14'179.1
232'433.2 Valuation 14'500.8 18'369.5 22'167.5 31'023.9 16.6x 13.1x 10.6x 7.2x 8'461.6 12'419.7 16'929.8 28.4x 18.8x 13.2x 18.99 24.49 29.50 38.96 28.9x 28.9x 24.0x 18.2x 83.2% 69.9% 92.3% 90.9% 58.4% 56.0% 54.6%
12/2011 65.54 07.06.2012 40.69 25.11.2011 403'857
DAUM COMMUNICATI
12/2011 69.48 28.10.2011 33.75 23.07.2012 277'598
12/2011 152'000.00 19.10.2011 91'000.00 04.06.2012 270'909
52.61
39.31
-19.7% 29.3% 131.0
-43.4% 16.5% 38.1
6'875.1 (4.5) 2'051.7
4'662.0
VALUECLICK INC
EBAY INC
AMAZON.COM INC
BLUCORA INC
LOOKSMART LTD
12/2011 21.86 01.05.2012 13.80 28.06.2012 531'474
12/2011 50.94 18.10.2012 28.15 25.11.2011 34'945'364
12/2011 264.11 14.09.2012 166.97 29.12.2011 5'305'942
12/2011 18.63 02.10.2012 8.23 28.10.2011 421'863
12/2011 1.50 19.01.2012 0.53 18.05.2012 9'400
94'500.00
17.13
50.83
244.85
17.68
0.80
-37.8% 3.8% 13.5
-21.6% 24.1% 80.1
-0.2% 80.6% 1'286.5
-7.3% 46.6% 455.0
-5.1% 114.8% 39.5
-46.7% 52.2% 17.3
1'493.5
1'275'847.3
1'286.3
65'503.1
110'688.2
714.4
13.8
35.8 210.6 829.5
190'671.6
167.5 116.7
2'089.6 5'929.4
2'299.0 9'576.0
293.6
0.8 24.8
874.8
1'102'524.6
1'370.7
60'886.1
108'103.2
646.9
-
1'158.4 1'261.5 1'338.3 1'550.7 4.6x 4.4x 4.1x 3.2x 574.6 614.7 652.3 753.2 9.4x 8.8x 8.5x 6.6x 3.92 4.27 4.57 5.17 12.3x 12.3x 11.5x 10.2x 38.8% 37.0% 36.6% 26.9% 49.6% 48.7% 48.6%
852.1 961.3 1'044.1 1'239.3 1.3x 1.1x 0.9x 0.6x 351.7 343.1 251.8 333.4 3.1x 3.1x 3.6x 2.3x 4.39 3.14 2.08 3.44 12.5x 12.5x 18.9x 11.4x 39.1% 53.2% 36.9% 59.0% 41.3% 24.1% 26.9%
418'717.6 418'717.6 537'286.0 663'392.0 3.4x 3.4x 2.1x 1.6x 143'627.2 143'627.2 199'022.0 270'454.0 9.9x 9.9x 5.6x 4.0x 8'367.75 7'846.00 7'416.04 9'228.10 12.0x 11.3x 12.7x 10.2x 21.2% 17.0% 17.8% 21.2% 34.3% 37.0% 40.8%
560.2 632.4 681.5 756.9 2.3x 2.1x 1.8x 1.4x 160.4 177.2 213.0 237.2 8.2x 7.4x 5.8x 4.6x 1.24 1.33 1.65 1.77 12.9x 12.9x 10.4x 9.7x 30.0% 4.5% 36.8% 3.8% 28.6% 31.3% 31.3%
11'651.7 13'459.0 14'106.5 16'223.3 5.0x 4.3x 4.3x 3.7x 3'313.0 3'922.7 4'628.4 5'351.8 17.4x 14.7x 13.2x 11.1x 1.76 2.04 2.35 2.74 24.9x 24.9x 21.6x 18.5x 27.3% 13.0% 16.8% 11.0% 28.4% 32.8% 33.0%
48'077.0 54'326.0 62'775.4 80'698.6 2.1x 1.9x 1.6x 1.3x 1'945.0 2'217.0 3'131.2 4'526.2 51.7x 45.4x 32.9x 22.3x 1.37 0.90 2.04 3.88 272.1x 272.1x 120.0x 63.2x 40.6% 35.4% (1.5%) 26.8% 4.0% 5.0% 5.6%
228.8 339.5 404.4 457.6 1.9x 1.3x 28.9 63.6 85.1 101.4 14.8x 6.8x 0.85 1.16 0.96 1.23 15.2x 15.2x 18.4x 14.3x 6.8% 28.8% 56.0% 5.0% 12.6% 21.1% 22.2%
27.6 20.2 (0.2) (4.3) -0.13 -0.38 (41.8%) (18.5%) (0.7%) -
0.0% 0.0% 0.000x -3.570x -
3.4% 2.7% 0.102x -2.257x -
0.0% 0.0% 0.000x -1.367x 18799.366x
29.7% 22.9% 1.044x 0.317x -
11.7% 10.4% 0.631x -1.159x 132.359x
29.6% 22.9% 1.182x -3.741x 29.923x
0.0% 0.0% 0.000x -10.145x -
3.2% 3.1% -2.222x
-
-
-
-
A 02.03.2010 A2 21.10.2010
NR 07.12.2011 WR 28.05.2003
-
-
Leverage/Coverage Ratios Total Debt / Equity % Total Debt / Capital % Total Debt / EBITDA Net Debt / EBITDA EBITDA / Int. Expense
16.3% 13.3% 0.295x -1.381x -
Credit Ratings S&P LT Credit Rating S&P LT Credit Rating Date Moody's LT Credit Rating Moody's LT Credit Rating Date
-