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Module 3: Market multiple valuation Catalog & Mail order houses industry

Module 3: Market multiple valuation Catalog & Mail order houses industry. Industry Definition. Comprised of companies that sell products through “non-store” channels, including catalogs, online sales, television, and radio Products and services are delivered through the mail

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Module 3: Market multiple valuation Catalog & Mail order houses industry

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  1. Module 3: Market multiple valuation Catalog & Mail order houses industry

  2. Industry Definition Comprised of companies that sell products through “non-store” channels, including catalogs, online sales, television, and radio Products and services are delivered through the mail Companies in this industry typically have low amounts of inventory and commonly act as the “middle-man” in sales transactions Source: business.highbeam.com

  3. eBay • Transaction based business model • Marketplace • eBay.com • StubHub.com and other small websites • Payments • PayPal • Bill Me Later • Marketing, Classifieds, Advertising Services • eBay Enterprises

  4. Multiple Valuation EPAT NEA Book Value of Equity Sales Website Traffic

  5. eBay

  6. EPAT Multiple

  7. EPAT Multiple without Amazon

  8. NEA Multiple

  9. BV of Equity Multiple

  10. BV of Equity Multiple without Amazon

  11. Sales Multiple

  12. Sales Multiple without B&N

  13. Our Unique Multiple • Importance on Internet Generated Sales • United States rankings for web traffic • Amazon: 5th • eBay: 8th • Apple: 29th • Barnes & Noble: 213th • Alexa Multiple • Reward for having higher web traffic Source: alexa.com

  14. Alexa Multiple

  15. Alexa Multiple without Apple

  16. Recommendation/Confidence • Very little consistency for all 4 firms • Very volatile • No confidence • Financial statements do not compare well • Impossible to make recommendation • Hold

  17. Questions?

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