Web 2.0 Weekly - Apr. 20, 2010

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Highlighting key transactions in Web 2.0/Social Media. Provides valuation and price performance metrics and trends on ~100 public companies by sector.

Transcript of Web 2.0 Weekly - Apr. 20, 2010

  • 1. Web 2.0 Weekly DST cashes up and then spends more April 20, 2010 David Shore, CFA, MBA 416.860.6784 dshore@mackieresearch.com Damian Wojcichowsky, CFA 416.860.7652 This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report. www.mackieresearch.com Copyright 2000-2010, Mackie Research Capital Corporation, All rights reserved www.mackieresearch.com
  • 2. Key Developments Tencent (SEHK:700) invests $300mm in Digital Sky Technologies (investor in Facebook, Zynga etc.) DST invests $135mm in Groupon at $1.2b valuation Frogster Interactive Pictures AG (XTRA:FRG) reported revenue for 2009 rose 6x to Euro16.7mm with net profit of Euro2.3mm Webzen Inc. (KOSE: A069080) signed an agreement to acquire NHN Games Co., Ltd. for approximately KRW 240b The9 Limited (NasdaqGS:NCTY) reported consolidated earnings results for the fourth quarter and full year ended December 31, 2009. For the quarter, the company reported loss from operations of RMB 220.2mm on revenue of RMB22.5mm NetDragon WebSoft, Inc. (SEHK:777) announced unaudited consolidated earnings results for the fourth quarter ended December 31, 2009. For the quarter, the company reported operating profit of RMB 1,584,000 on revenues of RMB 134,190,000. 2 www.mackieresearch.com
  • 3. Public Company Data 3 www.mackieresearch.com
  • 4. Aggregate Public Data Web 2.0 Public Companies Total Median Max Min # Companies 98 - - - Market Cap (US$ mm) 81,864.6 76.0 37,060.2 1.7 Revenue (US$ mm) 90,908.6 22.7 67,563.7 0.0 1 Year revenue growth 4.3% 1178.9% -91.4% EBITDA as % of revenue - 5.9% 62.7% -91.9% Net cash (US$ mm) 9,008.8 1.5 1,754.9 -732.7 TEV/Revenue - 1.9x 46.6x 0.1x TEV/EBITDA - 8.7x 43.5x 0.1x P/E - 14.1x 92.7x 0.0x Relative to 52 week high -32.1% -1.9% -98.1% Source: CapitalIQ 4 www.mackieresearch.com
  • 5. 5 0 5 10 15 20 25 30 Gaming 26 Social Networking 16 Media 10 6 Diversified 6 Marketing 5 Mobile Source: CapitalIQ 4 Advertising 3 Infrastructure 3 SMS/Voice 3 Enterprise 2 Internet Retail 2 Virtual World By Sector 2 Dating 2 Music 1 Vertical Communities 1 Collaboration 1 Podcasting 1 Search 1 Video 1 Learning 1 Payment 1 Financial Services Public Company Distribution 0 5 10 15 20 25 30 35 40 45 United States Canada China South Korea Japan Taiwan Germany