This document from RBC Capital Markets provides an analysis of the top internet trends for 2013 and commentary on several internet companies. The document includes:
1) An overview of RBC's coverage of internet stocks, including price targets and ratings.
2) Analysis of trends at Google and Facebook that could impact their mobile advertising businesses.
3) A outlook for 15%+ growth in the US online advertising and retail sectors in 2013, driven by social, local, mobile, video and same-day delivery trends.
4) A projection of high single digit growth in the US online travel market in 2013, with the sector seen as maturing.
The document concludes by identifying Google, Pric
iPhone 5 ranked fifth in user satisfaction, behind four Android powered devices.
These are the findings from our latest device satisfaction study, which is one of the largest studies of device satisfaction, measuring 320,000 mobile and tablet users across six countries, including the US, UK, France, Germany, Japan and Indonesia.
The results were surprising, with the much anticipated iPhone 5 only ranking fifth in device satisfaction in a study of 93,825 US mobile users, behind four Android powered devices. In fact US mobile users reported a higher satisfaction with their Motorola’s Atrix device (8.57), an Android powered device at a lower price point, than Apple iPhone 5 users (8.23).
Although Apple created one of the most revolutionary devices of the past decade, other manufactures have caught up, with some Android powered devices now commanding higher levels of user satisfaction.
What’s really interesting is the 4G impact - the top 5 devices for satisfaction in the US are 4G capable devices, and users with a 4G subscription reported a higher device satisfaction (7.76) than those with no 4G subscription (7.28).
Device satisfaction also has an impact on network operator satisfaction, which also showed a positive increase (+0.48) amongst 4G subscribers. 4G users also have a higher monthly mobile bill. In contrast, in the UK where there is only one 4G network operator EE, the iPhone 5 is under less pressure from competitive devices, ranking second in user satisfaction.
However in the study of 52,140 UK mobile users, the HTC One X scores higher (8.47) does score higher than Apple’s iPhone 5 (8.21).
As 4G opens up to more UK cities in 2013, it will provide opportunities for both mobile network operators and handset manufacturers, to increase satisfaction, device usage and loyalty.
eMarketer Webinar: Key Digital Trends, a Midyear UpdateeMarketer
Join eMarketer for a mid-year look at the digital trends affecting marketers, including important shifts in media fragmentation and consumer behavior, media buying and digital marketing.
WebRTC: Show me the money! Where's the beef for gateway, platform, API and te...Harry Behrens, PhD
We analyse WebRTC to identify the evolving market and business environment .
We especially focus on API providers, gateway manufacturers and telecommunication carriers as some of those who might benefit from the coming boom.
They are in clear, uncharted "blue ocean" waters, where there is little competition and clear business cases to be made.
This in contrast to the many B2C sites, who will create what is known as a "red ocean" environment. Dog eat doc, 1000s of upstarts, 1000s of roadkill. Good for very lean, very idealistic teams targeting "black swan" success stories.
This is a talk I originally prepared for the Alchemist Series (www.alchemistseries.com) about working with industry analysts. I'd appreciate any other tips and suggestions from analysts, as well as feedback from entrepreneurs. Cheers!
2013 Digital & Social Marketing Trend Predictions (re-post of my presentation...Hannah Law
How will 3D printers, tablets, life-saving forks, Google Glasses and the interest graph change the way you do business this year?
This presentation will show you 5 trends that will change the way you do digital marketing in 2013. We explain the trend, show you some early adopters (including Nike, IBM, Heineken and Burberry) and recommend how you can make the most of it.
The Lucky 5 trends that you need to know about in 2013 are:
1. Be mobile, not do mobile
2. Bricks and Bytes: create shopping experiences, not transactions
3. Brand-awakened: brands with a higher purpose rule
4. Live in 60 Seconds: concept to production at speed
5. Smart Data: Big Data’s older, wiser sister
NB: This presentation was originally posted on my company's official slideshare account,: http://www.slideshare.net/socialogilvy/five-trend-predictions-for-2013
(Corrected version, 11/7/2013) Lee Rainie, Director of the Pew Research Center’s Internet Project, presented the project’s latest findings about who has and doesn’t have access to the internet, broadband, and cell phones. He noted that some of the factors associated with non-use of technology are age, household income, educational attainment, community type, and disability. He also cited findings about why people say they do not use the internet.
In our ninth annual report, we see how consumers are both welcoming and resisting technology's growing omnipresence in our lives. For many, technology serves as a gateway to opportunity and an enabler of hyper-efficient lifestyles, but those who are most immersed are starting to question its effect on their lives and their privacy. One result is that more people are trying to find a balance and lead more mindful, in-the-moment lives.
Our forecast also puts a spotlight on the growth of immersive experiences; the accelerating shift to a visual vocabulary; the new appeal of imperfection; and the rise of telepathic technology, which will enable brands to better understand minds and moods and react in a very personalized way.
The full report-in which we cover each trend in detail, highlighting what's driving the shift, how it's manifesting and what it means for brands-is available at www.jwtintelligence.com
The notion of family is rapidly evolving, but many brands aren’t yet portraying the new reality of today’s families or fully speaking to their needs. Marriage is no longer a given in many parts of the world, nor are children; at the same time, gay couples are embracing these milestones as attitudes and laws change. Meanwhile, as people live longer, more are forming new families in later decades, and households are expanding to include multiple generations. On the other end of the spectrum, more people are living in households of one, forming families out of friends or even treating pets as family. This report spotlights what’s driving these trends, supporting data and examples of how marketers are responding.
On Digital Transformation - 10 ObservationsMike Arauz
The ideas about technology that have become lenses and points of view I return to as I try to makes sense of how things are changing, and what can be done. This is a digital world, so none of this is etched in stone. But from what I’ve seen so far, these things seem to be true.
Digital Advertising Trends—Programmatic, Big Data, Native, ViewabilityeMarketer
Join eMarketer for a free webinar that explores how four trends—programmatic advertising, audience data, native advertising and viewability measurement—are making the digital display advertising space more brand friendly.
“Retail Rebooted” bundles three trends JWTIntelligence has outlined in recent years that spotlight how retailers are evolving for an increasingly sophisticated digital and data-centric world: Retail As the Third Space, Predictive Personalization and Everything Is Retail. We’ve updated and revised these trends since their initial publication.
The report also maps out 20-plus Things to Watch in Retail, spotlighting a range of developments, from innovative business models to shifting consumer behaviors to the latest tech developments.
This report is the result of quantitative, qualitative and desk research conducted by JWTIntelligence throughout the year. It includes input from experts and influencers in retail and data from a survey JWTIntelligence conducted in the U.S. and the U.K. in November 2012, using SONAR™, JWT’s proprietary online tool.
OECD, Supporting Investment in Knowledge Capital, Growth and Innovation, 10 O...innovationoecd
On 10 October 2013, the OECD launched a new report called "Supporting Investment in Knowledge Capital, Growth and Innovation" at the 2013 Innovation Summit hosted by the Lisbon Council and NESTA.
iPhone 5 ranked fifth in user satisfaction, behind four Android powered devices.
These are the findings from our latest device satisfaction study, which is one of the largest studies of device satisfaction, measuring 320,000 mobile and tablet users across six countries, including the US, UK, France, Germany, Japan and Indonesia.
The results were surprising, with the much anticipated iPhone 5 only ranking fifth in device satisfaction in a study of 93,825 US mobile users, behind four Android powered devices. In fact US mobile users reported a higher satisfaction with their Motorola’s Atrix device (8.57), an Android powered device at a lower price point, than Apple iPhone 5 users (8.23).
Although Apple created one of the most revolutionary devices of the past decade, other manufactures have caught up, with some Android powered devices now commanding higher levels of user satisfaction.
What’s really interesting is the 4G impact - the top 5 devices for satisfaction in the US are 4G capable devices, and users with a 4G subscription reported a higher device satisfaction (7.76) than those with no 4G subscription (7.28).
Device satisfaction also has an impact on network operator satisfaction, which also showed a positive increase (+0.48) amongst 4G subscribers. 4G users also have a higher monthly mobile bill. In contrast, in the UK where there is only one 4G network operator EE, the iPhone 5 is under less pressure from competitive devices, ranking second in user satisfaction.
However in the study of 52,140 UK mobile users, the HTC One X scores higher (8.47) does score higher than Apple’s iPhone 5 (8.21).
As 4G opens up to more UK cities in 2013, it will provide opportunities for both mobile network operators and handset manufacturers, to increase satisfaction, device usage and loyalty.
eMarketer Webinar: Key Digital Trends, a Midyear UpdateeMarketer
Join eMarketer for a mid-year look at the digital trends affecting marketers, including important shifts in media fragmentation and consumer behavior, media buying and digital marketing.
WebRTC: Show me the money! Where's the beef for gateway, platform, API and te...Harry Behrens, PhD
We analyse WebRTC to identify the evolving market and business environment .
We especially focus on API providers, gateway manufacturers and telecommunication carriers as some of those who might benefit from the coming boom.
They are in clear, uncharted "blue ocean" waters, where there is little competition and clear business cases to be made.
This in contrast to the many B2C sites, who will create what is known as a "red ocean" environment. Dog eat doc, 1000s of upstarts, 1000s of roadkill. Good for very lean, very idealistic teams targeting "black swan" success stories.
This is a talk I originally prepared for the Alchemist Series (www.alchemistseries.com) about working with industry analysts. I'd appreciate any other tips and suggestions from analysts, as well as feedback from entrepreneurs. Cheers!
2013 Digital & Social Marketing Trend Predictions (re-post of my presentation...Hannah Law
How will 3D printers, tablets, life-saving forks, Google Glasses and the interest graph change the way you do business this year?
This presentation will show you 5 trends that will change the way you do digital marketing in 2013. We explain the trend, show you some early adopters (including Nike, IBM, Heineken and Burberry) and recommend how you can make the most of it.
The Lucky 5 trends that you need to know about in 2013 are:
1. Be mobile, not do mobile
2. Bricks and Bytes: create shopping experiences, not transactions
3. Brand-awakened: brands with a higher purpose rule
4. Live in 60 Seconds: concept to production at speed
5. Smart Data: Big Data’s older, wiser sister
NB: This presentation was originally posted on my company's official slideshare account,: http://www.slideshare.net/socialogilvy/five-trend-predictions-for-2013
(Corrected version, 11/7/2013) Lee Rainie, Director of the Pew Research Center’s Internet Project, presented the project’s latest findings about who has and doesn’t have access to the internet, broadband, and cell phones. He noted that some of the factors associated with non-use of technology are age, household income, educational attainment, community type, and disability. He also cited findings about why people say they do not use the internet.
In our ninth annual report, we see how consumers are both welcoming and resisting technology's growing omnipresence in our lives. For many, technology serves as a gateway to opportunity and an enabler of hyper-efficient lifestyles, but those who are most immersed are starting to question its effect on their lives and their privacy. One result is that more people are trying to find a balance and lead more mindful, in-the-moment lives.
Our forecast also puts a spotlight on the growth of immersive experiences; the accelerating shift to a visual vocabulary; the new appeal of imperfection; and the rise of telepathic technology, which will enable brands to better understand minds and moods and react in a very personalized way.
The full report-in which we cover each trend in detail, highlighting what's driving the shift, how it's manifesting and what it means for brands-is available at www.jwtintelligence.com
The notion of family is rapidly evolving, but many brands aren’t yet portraying the new reality of today’s families or fully speaking to their needs. Marriage is no longer a given in many parts of the world, nor are children; at the same time, gay couples are embracing these milestones as attitudes and laws change. Meanwhile, as people live longer, more are forming new families in later decades, and households are expanding to include multiple generations. On the other end of the spectrum, more people are living in households of one, forming families out of friends or even treating pets as family. This report spotlights what’s driving these trends, supporting data and examples of how marketers are responding.
On Digital Transformation - 10 ObservationsMike Arauz
The ideas about technology that have become lenses and points of view I return to as I try to makes sense of how things are changing, and what can be done. This is a digital world, so none of this is etched in stone. But from what I’ve seen so far, these things seem to be true.
Digital Advertising Trends—Programmatic, Big Data, Native, ViewabilityeMarketer
Join eMarketer for a free webinar that explores how four trends—programmatic advertising, audience data, native advertising and viewability measurement—are making the digital display advertising space more brand friendly.
“Retail Rebooted” bundles three trends JWTIntelligence has outlined in recent years that spotlight how retailers are evolving for an increasingly sophisticated digital and data-centric world: Retail As the Third Space, Predictive Personalization and Everything Is Retail. We’ve updated and revised these trends since their initial publication.
The report also maps out 20-plus Things to Watch in Retail, spotlighting a range of developments, from innovative business models to shifting consumer behaviors to the latest tech developments.
This report is the result of quantitative, qualitative and desk research conducted by JWTIntelligence throughout the year. It includes input from experts and influencers in retail and data from a survey JWTIntelligence conducted in the U.S. and the U.K. in November 2012, using SONAR™, JWT’s proprietary online tool.
OECD, Supporting Investment in Knowledge Capital, Growth and Innovation, 10 O...innovationoecd
On 10 October 2013, the OECD launched a new report called "Supporting Investment in Knowledge Capital, Growth and Innovation" at the 2013 Innovation Summit hosted by the Lisbon Council and NESTA.
This presentation represents Borrell Associates' analysis of Canadian advertising and marketing expenditures in 2011 with forecasts to 2012. It highlights the results of surveys and research conducted from November 2011 to April 2012 to assess the size, trending and forecasts in each Canadian market.
Hi Kenji, attached is an updated deck. (I removed a few confidential slides.) Thanks again - keep me posted on feedback to the presentation! Best, Alina
Dividend Weekly Stock Yield Rep12/13 By http://long-term-investments.blogspot...Dividend Yield
The Dividend Weekly is a weekly published Fact Book with focus on dividend stocks. With this book, investors get a full overview of major leaders and laggards. In addition, they get a feeling of which dividend stocks are popular and which ones are the best investment opportunities in markets that are going up and down.
The book has the following items:
- Best 1-Week Performing Dividend Stocks
- Best Dividend Stocks Year-To-Date
- Best Yielding Stocks At New Highs
- Most Recommended Dividend Stocks
- Overbought Dividend Stocks
- Most Shorted Dividend Stocks
- Best Dividend Aristocrats in Canada and USA
- Stocks With Dividend Growth From Last Week
- Best Yielding Stocks From the World's Leading Stock Exchanges and Indices
- Ex-Dividend Stocks For Next Week
Thanks to http://long-term-investments.blogspot.com
Similar to The Top Ten Internet Trends in 2013 (20)
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𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
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Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
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Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
What are the main advantages of using HR recruiter services.pdfHumanResourceDimensi1
HR recruiter services offer top talents to companies according to their specific needs. They handle all recruitment tasks from job posting to onboarding and help companies concentrate on their business growth. With their expertise and years of experience, they streamline the hiring process and save time and resources for the company.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
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Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Sustainability: Balancing the Environment, Equity & Economy
The Top Ten Internet Trends in 2013
1. EQUITY I RESEARCH
Ad Age Digital Conference 2013
The Top Ten Internet Trends in 2013
RBC Capital Markets, LLC
Mark S. Mahaney (Analyst) (415) 633-8608 mark.mahaney@rbccm.com
André Séquin (Analyst) (212) 618-7688 andre.sequin@rbccm.com
Brian Peak (Associate) (212) 548-3183 brian.peak@rbccm.com
Kevin Potterton (Associate) (212) 428-6489 kevin.potterton@rbccm.com
April 16, 2013
This report is priced as of market close April 9, 2013 EST.
All values in U.S. dollars unless otherwise noted.
For Required Conflicts Disclosures, please see page 34.
2. Agenda
I. Internet Sector Coverage & Comps
II. GOOG and FB Drill Down
III. 2013 U.S. Internet Sector Outlook
IV. Top 10 Internet Trends in 2013
V. RBC’s Top 3 Internet Stock Picks…GOOG, PCLN, AMZN
Mark S. Mahaney (Analyst) (415) 633-8608 mark.mahaney@rbccm.com 2
André Séquin (Analyst) (212) 618-7688 andre.sequin@rbccm.com
4. Internet Sector Coverage
Company Name Ticker Price Rating Target Price
Active Network ACTV $4.16 OP $8
Amazon AMZN $261.14 OP $330
Angie's List ANGI $19.34 SP $18
AOL AOL $39.28 OP $45
Bankrate RATE $11.75 SP $11
Blue Nile NILE $32.28 OP $38
Demand Media DMD $8.23 OP $13
eBay EBAY $56.07 OP $64
Expedia EXPE $62.43 SP $73
Facebook FB $26.59 OP $32
Google GOOG $777.65 OP $950
Groupon GRPN $5.94 SP $5
IAC/InterActiveCorp IACI $44.50 OP $56
Liquidity Services LQDT $33.07 OP $46
LinkedIn LNKD $172.07 SP $190
Marchex MCHX $4.01 SP $4
Netflix NFLX $169.36 OP $210
Priceline PCLN $696.13 OP $900
Shutterstock SSTK $42.53 OP $35
TripAdvisor TRIP $48.29 SP $45
Trulia TRLA $31.80 OP $41
Velti VELT $1.92 SP $3
Web.com WWWW $16.55 OP $20
Yahoo! YHOO $23.83 OP $24
Yelp YELP $24.62 SP $26
Zillow Z $54.14 OP $60
Source: RBC Capital Markets
*VELT, MCHX, and Z are rated Speculative Risk
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André Séquin (Analyst) (212) 618-7688 andre.sequin@rbccm.com
5. Sector Coverage Comps Table
Comparable Valuation Analysis
(in millions, except per share amounts)
Shares Market Adjusted P/E EV/EBITDA FCF/EV Yield
Company Ticker Price Outstanding Cap (USD) EV (USD) FY13E FY13E FY13E
Active Network, Inc. ACTV $4.16 60.42 251.36 192.87 N/M 3.8x 8.4%
Amazon.com, Inc. AMZN $261.14 461.00 120,385.54 112,021.54 89.5x 20.0x 3.9%
Angie's List Inc. ANGI $19.34 57.89 1,119.57 1,091.80 N/M N/M N/M
AOL Inc. AOL $39.28 88.10 3,460.57 2,993.97 27.0x 7.1x 9.1%
Bankrate, Inc. RATE $11.75 100.10 1,176.19 1,286.55 24.0x 11.5x 4.8%
Blue Nile, Inc. NILE $32.28 12.76 411.80 324.78 29.5x 13.0x 8.3%
Demand Media, Inc. DMD $8.23 88.44 727.89 624.96 21.2x 5.5x 6.9%
eBay, Inc. EBAY $56.07 1,318.00 73,900.26 65,967.26 20.5x 12.4x 4.7%
Expedia, Inc. EXPE $62.43 140.76 8,787.40 8,396.12 19.4x 9.3x 11.9%
Facebook, Inc. FB $26.59 2,506.00 66,634.54 52,708.54 48.4x 14.4x 3.0%
Google Inc. GOOG $777.65 334.98 260,494.86 220,931.86 17.0x 9.8x 6.6%
Groupon, Inc. GRPN $5.94 655.68 3,894.73 2,685.44 56.5x 8.8x 1.1%
IAC/InterActiveCorp IACI $44.50 94.27 4,194.88 4,020.14 11.8x 6.2x 11.7%
Liquidity Services, Inc. LQDT $33.07 33.05 1,093.10 1,047.21 15.1x 8.1x 7.8%
LinkedIn Corp. LNKD $172.07 114.10 19,632.33 18,882.78 134.3x 53.9x 0.7%
Marchex, Inc. MCHX $4.01 40.37 161.90 31.37 25.0x 2.4x 18.9%
Netflix, Inc. NFLX $169.36 62.38 10,564.51 10,113.22 75.7x 34.1x 1.4%
priceline.com Inc. PCLN $696.13 51.47 35,829.81 31,701.09 17.8x 12.7x 6.1%
Shutterstock, Inc. SSTK $42.53 32.68 1,389.95 1,287.85 57.9x 28.3x 2.7%
TripAdvisor Inc. TRIP $48.29 144.15 6,960.91 6,854.32 27.3x 17.0x 4.4%
Trulia, Inc. TRLA $31.80 27.33 869.04 775.47 196.7x 65.9x 0.8%
Velti plc VELT $1.92 66.00 126.71 118.33 N/M 10.6x 9.7%
Web.com WWWW $16.55 50.00 827.50 1,499.86 8.4x 9.7x 6.7%
Yahoo! Inc. YHOO $23.83 1,130.00 26,927.90 10,052.28 20.8x 6.1x 7.4%
Yelp Inc. YELP $24.62 63.02 1,551.43 1,456.31 242.8x 66.5x 0.2%
Zillow Inc. Z $54.14 36.29 1,964.85 1,814.81 196.4x 51.8x 1.6%
Source: Company reports and RBC Capital Markets estimates
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10. U.S. Online Advertising – 15%+ Growth in ’13…Thanks to SoLoMoVo*
($ in MM) 2009 2010 2011 2012E 2013E 2014E
Total U.S. Advertising $162,024 $166,600 $171,750 $178,620 $183,979 $189,498
Y/Y Change -15% 3% 3% 4% 3% 3%
U.S. Online Advertising $22,661 $26,041 $31,735 $36,963 $42,508 $48,034
Y/Y Change -3% 15% 22% 16% 15% 13%
Internet as % of Total 14% 16% 18% 21% 23% 25%
Y/Y Incr. in Penetration (bps) 181 164 285 222 241 224
Source: RBCCM Estimates, Magna Global *Social, Local, Mobile, Video
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11. U.S. Online Retail – 15%+ Growth in ’13…Upside Due to Mobile & SDD*
($ in B) 2009 2010 2011 2012A 2013E 2014E
Total U.S. Retail* $1,743 $1,803 $1,916 $2,011 $2,091 $2,186
Y/Y Change -5.4% 3.5% 6.3% 5.0% 4.0% 4.5%
Total U.S. Online Retail Sales $143 $166 $194 $225 $258 $292
Y/Y Change 0.8% 16.0% 16.6% 15.9% 15.0% 13.0%
Online As % of Total U.S. Retail* 8% 9% 10% 11% 12% 13%
Y/Y Incr. in Penetration (bps) 50 99 90 106 118 100
*Excludes Auto, Gas, Food, and Health & Personal Care
Source: RBCCM Estimates, Department of Commerce *Same Day Delivery
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12. U.S. Online Travel – High Single Digit Growth in 2013…Maturing
($ in MM) 2009 2010 2011 2012E 2013E 2014E
U.S. Leisure Travel Sales $160,228 $172,217 $183,393 $192,562 $201,228 $211,289
Y/Y Change -10% 7% 6% 5% 4% 5%
U.S. Online Travel Sales $89,343 $99,069 $108,540 $117,417 $125,828 $135,225
Y/Y Change -6% 11% 10% 8% 7% 7%
Online as % of Total 56% 58% 59% 61% 63% 64%
Y/Y Incr. in Penetration (bps) 239 177 166 179 155 147
Source: RBCCM Estimates, PhocusWright
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13. What The “Almighty 2nd Derivative” Says About Online Penetration…
Growth of Online Retail Sales as a Percent of Total Retail
14%
14% 175
175
12%
12% 150
150
Y/Y Incr. in Penetration (bps)
Y/Y Incr. in Penetration (bps)
Online As % of Retail
Online As % of Retail
10%
10% 125
125
8%
8% 118
118 100
100
99 104
106
6% 99 75
6% 90
90 75
4%
4% 50
50
50
50
2%
2% 25
25
0%
0% 0
0
2009
2009 2010
2010 2011
2011 2012E
2012A 2013E
Online As %%of Total U.S. Retail (Adj.)*
Online As of Total U.S. Retail* Y/Y Incr. inin Penetration (bps)
Y/Y Incr. Penetration (bps)
*Excludes Auto, Gas, Food, and Health & Personal Care
Source: RBCCM Estimates, Department of Commerce
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14. The Unit Growth Potential That Secular Growth Begets***
Unit Growth at a Sampling of Internet Companies in Q3:12
100%
90% 87%
82%
80%
80%
68%
70%
YoY Growth
60%
54%
52%
50%
39%
40% 37% 36%
33%
30%
20%
10%
0%
L NKD YEL P Z (P r A NGI P ( Li TR LA A MZN GR PN PC LN GO O
(C or p (Bus i emie (P aid s tene (A ge (Unit (A ct i (Roo G (Pa
orate ness r Ag e Mem r Hou nt Su s Shi ve C u m Ni id Cl
C ust A cc o nt S u bers h rs) bs ) pped st om g hts ) i ck s)
omer unt s) bs) ips) ) ers )
s)
*** Assuming effective management, market share gains, successful product innovation, etc…
Source: RBCCM, Company Reports
Mark S. Mahaney (Analyst) (415) 633-8608 mark.mahaney@rbccm.com 14
André Séquin (Analyst) (212) 618-7688 andre.sequin@rbccm.com
16. 1. International Recovery…The Implications Of “Less Worse” Overseas Markets
Growth in Core Euro Area Countries International Revenue Exposure
100%
8
90% 81%
6
80%
4
70%
2
56%
YoY Growth
60% 53% 52%
0 49% 49%
50% 43% 43%
-2
1
40% 32%
-4 30%
30%
-6
20%
-8 10%
10%
-10
0%
2005 2006 2007 2008 2009 2010 2011 2012 2013
PCLN GRPN GOOG EBAY FB TRIP AMZN EXPE YHOO IACI AOL
GER EA FRA NED
Source: RBC Europe Limited Jens Larsen, Haver Analytics, Company Reports
Stock Plays: AMZN, EBAY, GOOG, and especially PCLN
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17. 2. Mobile Materiality
Company Mobile Data Point
Active Network ~20% of Traffic Comes Via Mobile
eBay $13B in mobile GMV and $14B in mobile TPV in 2012
Google 1/3 of Total Queries Come Via Mobile
LinkedIn 25% of Traffic Comes Via Mobile
OpenTable 32% of Seated Diners Come Via Mobile
Pandora 77% of Listener Hours Come Via Mobile
WebMD 25% of Traffic Comes Via Mobile
Facebook 23% of Ad Revenue Comes Via Mobile
Expedia 20% of Transactions Come Via Mobile
TripAdvisor 70% of Mobile Traffic Comes Via Tablet
Mobile surpassed 10% of Online Retail Sales for the 1st time in Q4:12 (per ComScore)
Mobile Devices account for ~13% of Web-Based Page Views (per ComScore)
Source: RBCCM, Company Reports, ComScore
Stock Plays: AMZN, EBAY, TRIP
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18. 2. Mobile Materiality … Look 2
Percentage of Retail e-Commerce Dollars Spent via Mobile
14% 13%
12%
10%
10% 9% 9%
8% 8%
8%
6% 6%
6%
4%
2%
0%
Q1:11 Q2:11 Q3:11 Q4:11 Q1:12 Q2:12 Q3:12 Q4:12E
Source: ComScore
Stock Plays: AMZN, EBAY
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André Séquin (Analyst) (212) 618-7688 andre.sequin@rbccm.com
19. 2. Mobile Materiality … Look 3
Growth of EBAY Mobile GMV and Mobile TPV
16
10% of TPV
14 17% of GMV
12
Billion USD
10
8
$14B
7% of GMV $13B
6
3% of TPV
4 3% of GMV
1% of TPV
$5B
2 $4B
$2.0B $0.75B
0
2010 2011 2012
Mobile GMV Mobile TPV
Source: RBCCM, Company Reports
Stock Plays: EBAY
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21. 4. Facebook Ubiquity…What 1B Served Means…
Facebook Monthly Active User (MAU) Growth
1200 140%
1 billion users
120%
1000
100%
800
Million MAU
80%
YoY Growth
600
60%
400
40%
200
20%
0 0%
Q1:09 Q2:09 Q3:09 Q4:09 Q1:10 Q2:10 Q3:10 Q4:10 Q1:11 Q2:11 Q3:11 Q4:11 Q1:12 Q2:12 Q3:12 Q4:12
MAU Y/Y Growth
Source: Company Reports
Stock Plays: FB…With Negative Implications For AOL, YHOO
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22. 5. Online Video Rampup…And The Migration Of TV Ad Budgets…
Time Spent Watching Video Online/Mobile (Monthly)
13:6
12:24
Hours:Minutes Per Month
11:11
2012E Global Ad Spend
10:25
10:09
Out of Home,
9:23 9:15 $33
Radio,
8:43 8:51 $33B
8:33
Magazines,
$34B Television,
$198B
3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Newspapers,
Time Spent Watching Traditional TV (Monthly) $84B
158:47 156:24
154:5 153:19 155:46
145:28 146:20 146:45 148:03
144:54
Hours:Minutes Per Month
Internet,
$98B
3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12
Source: RBCCM, Nielsen, Magna Global
Stock Plays: AMZN, AOL, FB, YHOO, and especially GOOG
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23. 6. Same Day Delivery Surge…The ‘Net Coming To A Doorstep Near You
Average Distance Between Nearest AMZN Fulfilment Top 50 US Cities by Population and AMZN Fulfilment
Center and 50 Largest US Cities Center Locations
300
254 249
250
225
198
200
(miles)
150
112
100
50
0
2009 2010 2011 2012 2013E
Source: RBCCM, Company Reports
Stock Plays: AMZN, With Negative Implications For EBAY
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24. 7. Local Internet Adoption…The Final Frontier
Annual Growth In Local Presence
100%
35.5K Business
90% 26.7K Premier Accounts
Agent Subscribers
80%
82%
80%
70%
33K Service
60% Providers
50%
52%
22.8K Agent
40% Subscribers
27.4MM Seated
Diners
30% 22.1K Active 11.9MM Monthly 34%
Advertisers Patch Visitors
20% 26%
18% 19%
10%
0%
RLOC AOL OPEN TRLA ANGI Z YELP
Source: RBCCM, Company Reports
Stock Plays: AOL, GOOG, GRPN, TRIP
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25. 8. Cloud Computing Critical Mass
Cloud Computing Market Growth Forecast
$250
$207
$200 17.3% CAGR
$150
Billion USD
$109
$91
$100
$50
$0
2011 2012E 2013E 2014E 2015E 2016E
Source: Gartner press release
Stock Plays: AMZN, GOOG…But The Negative Implications of 19-Year-Old Risk…
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André Séquin (Analyst) (212) 618-7688 andre.sequin@rbccm.com
26. 9. Alternative Payments Rollout…What Will Be In Your Wallet?
Global Mobile Payment Volume Forecast
$450
$400
$352.7
$350
$300
69% CAGR $255.8
Billion USD
$250
$200 $171.5
$150
$105.9
$100 $58.9
$50 $25.6
$0
2009 2010 2011 2012E 2013E 2014E
Source: Gartner press release
Stock Plays: AMZN, GOOG, GRPN…And Especially EBAY
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André Séquin (Analyst) (212) 618-7688 andre.sequin@rbccm.com
27. 10. The Cash Pileup…Implications For M&A And (Hopefully) Cash Returns…
Company Acquisition Date Price 3Q Cash Balance 3Q Cash Balance Cash / Dividend
($MM) Market Cap (Current / Potential)
Google Motorola Mobility 8/15/11 $12.5B $45.7B
AMZN $5,248 4.3%
Microsoft Skype 5/10/11 $8.5B $63.0B AOL $867 30.5% P
eBay GSI Commerce 3/28/11 $2.4B $11.6B EBAY $11,635 16.8% P
Priceline Kayak 11/8/12 $1.8B $4.7B EXPE $1,337 14.8% C
Facebook Instagram 4/9/12 $1.0B $10.5B FB $10,452 13.2%
GOOG $45,724 18.6% P
Amazon Kiva Systems 3/19/12 $775M $5.2B
GRPN $1,201 35.9%
Expedia Trivago 12/21/12 $630M $1.3B IACI $561 12.9% C
AOL HuffPo 2/7/11 $315M $867M PCLN $4,675 13.9% P
IAC About.com 8/26/12 $300M $641M TRIP $548 8.6% P
YHOO $6,927 30.0% P
Apple Quattro 1/4/10 $275M $121.25B
Zynga OMGPop 3/21/12 $210M $1.4B
Average $8,107 18.1%
Yahoo! -- -- -- $6.9B Median $4,675 14.8%
Source: Company Reports, Bloomberg
Stock Plays: EBAY, EXPE, GOOG, IACI, PCLN, YHOO
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André Séquin (Analyst) (212) 618-7688 andre.sequin@rbccm.com
28. Stock Plays Summary…The Beneficiaries Are…AMZN, EBAY, GOOG
AMZN AOL EBAY EXPE FB GOOG GRPN IACI PCLN TRIP YHOO
International Recovery
Mobile Materiality
Tablet Traction
Facebook Ubiquity
Online Video Rampup
Same Day Delivery Surge
Local Internet Adoption
Cloud Computing Critical Mass
Alternative Payments Rollout
Cash Pileup
Biggest Beneficiaries
Source: RBCCM Estimates
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29. RBC’s Top 3 Large/Mid Cap Internet Stock Picks
30. Google (GOOG) OP, $950 Price Target
The GOOG Long Thesis:
1. Still Significant Secular Growth for Online Advertising – 20%ish global growth thanks to SoLoMoVo
2. Very Strong Market Share in Core Search – 70%+ of global Search ad revenue
3. Strong Market Share in Other Ad Segments – Display with YouTube & GDN, Mobile
4. Significant Competitive Moats – $17B in capex and $13B in R&D over past 5 years
5. One of the Best Management Teams on the Internet – excellent record of innovation & acquisition
6. Reasonable Valuation – trades in line with growth rate
GOOG Investment Risks
Exposure to European macro slowdown
Integrating MMI and moving into the hardware business (Nexus devices)
Regulatory Concerns – though U.S. risks have recently abated
Social Media sites gaining ad traction
Price Target: Our $950 price target is based on a 18x P/E multiple on our 2014 estimates
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31. Priceline (PCLN) OP, $900 Price Target
The PCLN Long Thesis:
1. Still Significant Secular Growth for Online Travel – double-digit global bookings growth market
2. Still Significant Hotel Market Share Potential – PCLN accounts for approx 5% of global hotel sales
3. Sustainable Competitive Advantages in Europe – largest base of hotel partners and lowest commission rates
4. Significant Growth opportunity in Asia and LatAm – via Agoda & Booking.com properties
5. One of the Best Management Teams on the Internet
6. High Growth and High Quality EPS – high conversion into FCF
7. Very Reasonable Valuation – discount to growth rate (18x 2013E P/E vs. 20%+ EPS CAGR through 2015)
PCLN Investment Risks
Significant Exposure to International Markets – 80% of revenue, with Europe 60% of revenue
Inventory Access Challenges of Domestic Opaque Segment – Air and Rental Car
Potential for Marketing Deleverage – given increased competition for Search keywords
Risk of Google Disintermediation in Online Travel
Price Target: Our $900 price target is based on a blended average of a 18x P/E Multiple,
and a 13x EV/EBITDA multiple on our 2014 estimates
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32. Amazon (AMZN) OP, $330 Price Target
The AMZN Long Thesis:
1. Significant Secular Growth for Online Retail – 10% addressable market penetration rising 1% per year…
2. Clear Amazon Market Share Gains and a Path for More of the Same – Mobile, SDD Surge…the Double-
Double Thesis
3. New Revenue Growth Opportunities – Consumer Staples, Amazon Web Services, International Expansion,
Digital Media, Office/Industrial Supplies, Advertising Revenue…
4. Material Margin Expansion Potential – from 3% level to historical average 6%...3rd party sales, AWS, scale
5. One of the Best Management Teams on the Internet
6. High Growth and High Quality EPS – high conversion into FCF
AMZN Investment Risks:
Intrinsically High Valuation
“Media Hole” – transition to digital media could hurt market share
Sales Tax Overhang – imposition of sales tax across the U.S.
Omnipresent Competitive Risk – from Offline retailers, Online competitors, new business models
Price Target: Our $330 price target is based on a blended average of a 33x Price/FCF Multiple,
and a 1.8x Price/Sales multiple on our 2014 estimates.
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33. Required Disclosures
Conflicts Disclosures
This product constitutes a compendium report (covers six or more subject companies). As such, RBC Capital Markets chooses to provide
specific disclosures for the subject companies by reference. To access current disclosures for the subject companies, clients should refer to
https://www.rbccm.com/GLDisclosure/PublicWeb/DisclosureLookup.aspx?entityId=1 or send a request to RBC CM Research Publishing,
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The analyst(s) responsible for preparing this research report received compensation that is based upon various factors, including total
revenues of the member companies of RBC Capital Markets and its affiliates, a portion of which are or have been generated by investment
banking activities of the member companies of RBC Capital Markets and its affiliates.
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For the purpose of ratings distributions, regulatory rules require member firms to assign ratings to one of three rating categories - Buy,
Hold/Neutral, or Sell - regardless of a firm's own rating categories. Although RBC Capital Markets' ratings of Top Pick/Outperform, Sector
Perform and Underperform most closely correspond to Buy, Hold/Neutral and Sell, respectively, the meanings are not the same because our
ratings are determined on a relative basis (as described above).
Distribution of Ratings
RBC Capital Markets, Equity Research
Investment Banking
Serv./Past 12 Mos.
Rating Count Percent Count Percent
BUY[TP/O] 791 50.64 281 35.52
HOLD[SP] 701 44.88 180 25.68
SELL[U] 70 4.48 8 11.43
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34. Required Disclosures
Conflicts Policy
RBC Capital Markets Policy for Managing Conflicts of Interest in Relation to Investment Research is available from us on request. To access
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All of the views expressed in this report accurately reflect the personal views of the responsible analyst(s) about any and all of the subject
securities or issuers. No part of the compensation of the responsible analyst(s) named herein is, or will be, directly or indirectly, related to the
specific recommendations or views expressed by the responsible analyst(s) in this report.
The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”) and is licensed for use
by RBC. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or
classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with
respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS
classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.
Mark S. Mahaney (Analyst) (415) 633-8608 mark.mahaney@rbccm.com 34
André Séquin (Analyst) (212) 618-7688 andre.sequin@rbccm.com