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《US Internet Industry Primer 2013》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、Internet/e-CommercePrimerEquity
2、Americas
3、Internet/e-Commerce23January2013USInternetIndustryPrimerJustinPost+14156763547ResearchAnalystMLPF&S¢Internetindustryprimerjustin.post@baml.comOur2013InternetindustryprimerprovidesadetailedoverviewoftheInternetNatSchindler+14156763574Resea
4、rchAnalystindustry,including:1)globaleCommerce;OnlineAdvertisingandOnlinetravelMLPF&Sforecasts;2)topinvestmentthemesthatwillshapetheindustry;3)asectornathaniel.schindler@baml.comvaluationoverview;and4)riskstoourindustryestimates.PaulBieber+14156763510ResearchAnalystMovingalongpe
5、netrationcurves,double-digitgrowthin‘13MLPF&SNewplatforms(mobile,IPtoTV),businessmodels(social,local),andapossiblepaul.bieber@baml.comEuropeanrecoveryshouldcontinuetodrivestronglow-teensOnlineindustryJoyceTran+14156763537growthin2013,outpacingmostothertechnologyandmediasectors.I
6、ntheUS,ResearchAnalystMLPF&SweexpectOnlineadvertisingtogrow13%y/y(vs.16%in2012),Onlineretailtojoyce.tran@baml.comgrow14%(vs.16%),andOnlinetravelbookingstobeup7%y/y(vs.11%).RyanGee+14156763560ResearchAnalystKeythemesshapingInternetsectorreturnsin2013MLPF&SThetopthemesfor2013thatw
7、illshapethesectorincludeMobileusageryangee@baml.comexplosion,HWcompetition,Googledisintermediation,OfflineretailersstrikingJacobSonnenberg+14156763548back,andthedigitalcontentlandgrab.WealsoseepotentialformobilefocusedResearchAnalystMLPF&Sand/orcashreturningcompaniestooutperform
8、,andsomeIPOstoseeabouncejacob.sonnenberg@baml.comafterarough2012.TheUSbudgetwilllikelyremaintopofmindinearly2013andwethinksentimentshouldimproveduringtheyearasourEuropeaneconomistexpectsEuropetoexit2013inbettershapethatitenters.Timetopaybackinvestors,cashreturnersoutperformedCom
9、panieswiththatboughtbackstockorpaiddividendswererewardedin2012assharepricedatashowsthesecompaniessignificantlyoutperformedboththeS&P500andcompanieswithoutsharebuybacks.WewouldliketoseeGOOG,PCLNandEBAYgetmoreaggressivereturningcashin2013.Estimaterevisions,notmultipleexpansiontodr
10、ivereturnsThegroupforwardP/Ehasincreasedfromaro
