Be Research

Companies
Amazon.com Ebay Inc. Netflix Inc. Overstock.co
Key Inputs

Sales 19166 8541.261 1364.661 834.367

EBIT 842 2075.682 121.506 -10.913
EBITDA 1129 2795.496 363.717 11.754
# of Stores

Stock Price 135.38 22.53 56.74 14.62

Outstanding Shares
(millions) 432.98 1290 54.64 22.9
Market Value of Equity 58620 29130 3100 334.79
Total Debt 5642 4508.581 270.791 175.43

Revenue Growth 0.29 0.113 0.132 0.089

Comparable Store Sales
Increase/(Decrease)
Basic Earnings per share 1.52 1.37 1.36 -0.55
Diluted Earnings per share 1.49 1.36 1.32 -0.55
Dividend per share declared 0 0 0 0

Profitability Ratios
Net Income 645 1779.474 83.026 -12.658
Average Total Assets 7399.5 15479.238 648.472 201.794
Average Shareholder's Equity 1934.5 11394.23 388.4835 7.6135

Liquidity Ratio
Total Current Assets 6157 6286.59 361.447 145.979
Total Current Liabilities 4746 3705.087 216.017 106.3

Solvency Ratios
Long-term Debt 468 49.529 39.14 69.13
Interest Expense 71 8.037 2.458 3.462

Activity Ratios
Cost of Goods Sold 14896 2228.069 910.234 691.458
Average Inventory 1299.5 - - 21.683

Price Multiples
Book Value 2074 3322.326 345.311 -6.266

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Key Assumptions

All figures are in USD millions

except for ratios, percentages,
multiples and where indicated
otherwise.

Long-term Debt is defined as total Long-term

interest bearing instruments including portions
coming due within a year.

Total Debt is calculated as the sum of all

Liabilities, current and non-current.

Average Total Assets

These are calculated by simple
averaging the beginning and end
Average Shareholder's Equity (S.E)
period values for the period
concerned.
Average Inventory

Dividend Yield is calculated using the most

current Stock Price which will be dated.

Tangible Book Value is calculated as Total

Shareholder's Equity - Intangible Assets

Enterprise Value is calculated as the sum of

Market Value of Equity plus Total Debt

EBITDA is calculated as EBIT + Depreciation

expense on any PP&E + Amortization on
Intangible Assets + Impairment charges

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Formulae Numerator Denominator

Sales/# of stores Sales # of stores

Dividend Yield(%) Dividend per share Current Share Price

Profitability Ratios

Gross Margin Gross Profit Total Revenue

Net Margin Net Income Total Revenue
EBIT Margin EBIT Total Revenue
Return on Assets (ROA) Net Income Avg. Total Assets
Return on Equity(ROE) Net Income Avg. Shareholder's Equity
Return on Capital Employed EBIT (Total Debt + Avg. S.E)

Liquidity Ratio
Current Ratio Total Current Assets Total Current Liabilities

Solvency Ratios
Total Debt/ Total Capital Total Debt (Total Debt + Avg. S.E)
Long-term Debt/Equity Long-term Debt Avg. Shareholder's Equity
Interest Coverage Ratio EBIT Interest Expense
Total Debt/Total Assets Total Debt Avg. Total Assets
Financial Leverage Ratio Avg. Total Assets Avg. Shareholder's Equity

Activity Ratios
Total Asset Turnover Total Revenue Avg. Total Assets
Inventory Turnover Cost of Goods Sold Avg. Inventory

Price Multiples
Price/Revenue Current Share Price Revenue/outstanding share
Price/Book Value Current Share Price BV/outstanding share
Price/EBIT Current Share Price EBIT/outstanding share
Price/EBITDA Current Share Price EBITDA/outstanding share

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Comparable Company Analysis
Overstoc
Amazon.com k.com
Inc. Ebay Inc. Netflix Inc. Inc.
Key Highlights
Sales $ 19,166.00 $ 8,541.26 $ 1,364.66 $ 834.37
Gross Profit $ 4,270.00 $ 6,313.19 $ 454.43 $ 142.91
EBIT $ 842.00 $ 2,075.68 $ 121.51 $ (10.91)
EBITDA $ 1,129.00 $ 2,795.50 $ 363.72 $ 11.75
# of Stores 0 0 0 0
Sales/Store 0.00x 0.00x 0.00x 0.00x
Stock Price $135.38 $22.53 $56.74 $14.62
Outstanding Shares
(millions) 432.98 1,290.00 54.64 22.90
Market Value of Equity $58,620.00 $29,130.00 $3,100.00 $334.79
Total Debt $5,642.00 $4,508.58 $270.79 $175.43
Enterprise Value $64,262.00 $33,638.58 $3,370.79 $510.22
Revenue Growth 29.00% 11.30% 13.20% 8.90%
Comparable Store Sales
0.00% 0.00% 0.00% 0.00%
Increase/(Decrease)
Basic Earnings per share $1.52 $1.37 $1.36 -$0.55
Diluted Earnings per
$1.49 $1.36 $1.32 -$0.55
share
Dividend Yield(%) 0 0 0 0
Profitability Ratios
Gross Margin 22.28% 73.91% 33.30% 17.13%
Net Margin 3.37% 20.83% 6.08% -1.52%
EBIT Margin 4.39% 24.30% 8.90% -1.31%
Return on Assets (ROA) 8.72% 11.50% 12.80% -6.27%
Return on Equity(ROE) 33.34% 15.62% 21.37% -166.26%
Return on Capital
11.11% 13.05% 18.43% -5.96%
Employed (ROCE)
Liquidity Ratio
Current Ratio 1.30 1.70 1.67 1.37
Solvency Ratios
Total Debt/Total Capital Ratio 0.74 0.28 0.41 0.96
Long-term Debt/Equity
0.24 0.00 0.10 9.08
Ratio
Interest Coverage Ratio 11.86 258.27 49.43 -3.15
Total Debt/Total Asset Ratio 0.76 0.29 0.42 0.87
Financial Leverage Ratio 3.83 1.36 1.67 26.50
Activity Ratios
Total Asset Turnover Ratio 2.59 0.55 2.10 4.13
Inventory Turnover Ratio 11.46 Undefined Undefined 31.89
Price Multiples
Price/Revenue 3.06x 3.40x 2.27x 0.40x
Price/Book Value 28.26x 8.75x 8.98x -53.43x
Price/EBIT 69.62x 14.00x 25.52x -30.68x
Price/EBITDA 51.92x 10.40x 8.52x 28.48x

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