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Analyst Research Report Snapshot


eBay - Company Profile - Strong execution & mobile focus




Indigo Equity Research


19 Jan 2013





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Investment thesis - Strong execution & mobile focus. eBay's value depends on a continued turnaround at MarketPlaces, maximizing PayPal's growth, the success of the GSI acquisition and launch of the new X.commerce platform. Mobile is increasingly important for driving usage on both PayPal and MarketPlaces. Marketplaces has been boosted with the GSI acquisition, better website experience, more fixed price sales, increased focus on selling new goods, better advertising & mobile commerce. Marketplaces' margins are threatened by low fees and needing to 'buy' traffic (via advertising). PayPal continues to perform extremely well and is placed to benefit from the expected growth in mobile & e-commerce, digital goods, offline payments, virtual goods & services …. PayPal is pushing into mobile & offline with the Discovery & smartphone payment systems. There is much earnings upside if PayPal lifts its margins, as it gains scale and market position. In summary, momentum & news flow are positive; eBay is headed in the right direction. Management have executed extremely well. The main problem now is the high valuation. Excellent 2012 Q4 results - MarketPlaces growth accelerates The important development this Quarter was that group revenue growth accelerated due to stronger growth in MarketPlaces; while PayPal continued to perform very well..... This report includes: SWOT analysis, investment thesis, fundamental & DCF valuation, significant recent events, operations analysis, ten year financial analysis, business model, strategy, industry overview, analysis of latest Q results, .... www.indigo-equity-research.com

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