Issuu on Google+

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

-


Company Analysis - Google Inc - US38259P5089 - GOOG UW Equity