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Industry Definition

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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Industry Definition

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  1. 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

  2. Benchmark • Closing Price 1/24/2014: $16.75

  3. NEA Multiple Buy

  4. NEA Multiple without Apple Buy

  5. Sales Multiple Buy

  6. Market to Book Multiple Buy

  7. Market to Book Multiple Without AMNZ Buy

  8. Website Traffic Multiple • Alexa.com—ranked top 500 trafficked websites in USA • AMZN—5 • BKS—221 • AAPL—29 • EBAY—9 • Take 500 less rank to adjust size to reward more trafficked sites • purpose: find value derived from web traffic

  9. Adjusted Alexa Buy

  10. Conclusion and Q&A • Confidence: slim to none • Benefit from averaging multiples much larger than its own • Reason: industry definition—far too expansive • APPL one of largest market caps in world • ???

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