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Financial Analysis - LinkedIn Corporation operates a social networking website used for professional networking. The Company's website allows members to post a profile of their professional expertise and accomplishments
Citation preview
04.03.2013
Ticker: LinkedIn Corp Benchmark:
Currency: New York: LNKD, Currency: USD S&P 500 INDEX (SPX)
Sector: Information Technology Industry: Internet Software & Services Year:
Telephone 1-650-687-3600 Revenue (M) Business Segments in USD Sales (M) Geographic Segments in USD Sales (M)
Website www.linkedin.com No of Employees Hiring Solutions 524 United States 619
Address 2029 Stierlin Court Mountain View, CA 94043 United States Marketing Solutions 258 EMEA 217
Share Price Performance in USD Premium Subscriptions 190 APAC 69
Price 173.39 1M Return 40.6% Other Americas 66
52 Week High 173.78 6M Return 61.5% All Other Countries
52 Week Low 84.10 52 Wk Return 98.2%
52 Wk Beta 1.33 YTD Return 51.0%
Credit Ratings
Bloomberg IG4
S&P - Date - Outlook -
Moody's - Date - Outlook -
Fitch - Date - Outlook -
Valuation Ratios
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
P/E - - 572.8x 604.3x 130.2x 84.0x 56.2x
EV/EBIT - - 218.7x 208.3x - - -
EV/EBITDA - - 82.0x 86.6x 53.4x 34.6x 23.4x
P/S - - 9.3x 12.4x 12.5x 8.9x 6.9x
P/B - - 10.2x 13.9x 18.7x 15.3x 12.8x
Div Yield - - 0.0% 0.0% 0.0% 0.0% 0.0%
Profitability Ratios %
12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Gross Margin 78.5 81.6 84.4 87.1 87.3 87.4 87.6
EBITDA Margin 7.1 16.1 13.2 14.1 22.5 24.7 28.3
Operating Margin -2.8 8.1 4.9 5.8 7.6 12.0 16.0
Profit Margin -3.3 6.3 2.3 2.2 10.5 11.8 13.4
Return on Assets -2.9 8.0 2.1 1.9 7.1 10.3 14.8
Return on Equity - - 3.7 2.8 10.3 15.7 20.8
Leverage and Coverage Ratios
12/09 12/10 12/11 12/12
Current Ratio 2.5 1.6 3.2 2.5 Current Capitalization in USD
Quick Ratio 2.3 1.4 3.0 2.3 Common Shares Outstanding (M) 109.7
EBIT/Interest - - - - Market Capitalization (M) 18635.9
Tot Debt/Capital 0.0 0.0 0.0 0.0 Cash and ST Investments (M) 749.5
Tot Debt/Equity 0.0 0.0 0.0 0.0 Total Debt (M) 0.0
Eff Tax Rate % - 18.9 48.1 62.2 Preferred Equity (M) 0.0
LT Investments in Affiliate Companies (M) 0.0
Investments (M) 0.0
Enterprise Value (M) 17886.3
LinkedIn Corporation operates a social networking website used for professional
networking. The Company's website allows members to post a profile of their
professional expertise and accomplishments. LinkedIn allows members to be
introduced to potential clients, service providers, and subject experts.
lnkd un
972
3'458
Company Analysis - Overview
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
LinkedIn Corp
Target price in USD
Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date
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Company Analysis - Analysts Ratings
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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
04.03.2013
LinkedIn Corp
Ownership Statistics Geographic Ownership Distribution
Shares Outstanding (M) 109.7 United States 93.97%
Float 98.5% Britain 1.34%
Short Interest (M) 4.5 Canada 0.99%
Short Interest as % of Float 4.17% Japan 0.86%
Days to Cover Shorts 1.13 Unknown Country 0.75%
Institutional Ownership 101.52% Switzerland 0.44%
Retail Ownership -2.28% Luxembourg 0.44%
Insider Ownership 0.76% Others 1.20%
Institutional Ownership Distribution
Investment Advisor 87.38%
Hedge Fund Manager 8.60%
Pension Fund (Erisa) 0.97%
Individual 0.75%
Pricing data is in USD Others 2.32%
Top 20 Owners:
Holder Name Position Position Change Market Value % of Ownership Report Date Source Country
T ROWE PRICE ASSOCIA 7'833'170 1'466'654 1'358'193'346 8.75% 31.12.2012 13F UNITED STATES
JENNISON ASSOCIATES 7'705'593 82'273 1'336'072'770 8.61% 31.12.2012 13F UNITED STATES
FMR LLC 5'083'134 2'948'557 881'364'604 5.68% 31.12.2012 ULT-AGG UNITED STATES
MORGAN STANLEY 4'016'541 -434'658 696'428'044 4.49% 31.12.2012 ULT-AGG UNITED STATES
AMERIPRISE FINANCIAL 3'998'973 175'610 693'381'928 4.47% 31.12.2012 13F UNITED STATES
JP MORGAN 3'703'400 981'364 642'132'526 4.14% 31.12.2012 ULT-AGG
VANGUARD GROUP INC 3'578'026 720'002 620'393'928 4.00% 31.12.2012 13F UNITED STATES
WELLINGTON MANAGEMEN 3'413'977 727'331 591'949'472 3.81% 31.12.2012 13F UNITED STATES
CAPITAL GROUP COMPAN 2'544'120 20'000 441'124'967 2.84% 31.12.2012 ULT-AGG UNITED STATES
BLACKROCK 2'427'438 132'541 420'893'475 2.71% 28.02.2013 ULT-AGG UNITED STATES
HARBOR CAPITAL ADVIS 2'381'116 10'273 412'861'703 2.66% 31.12.2012 MF-AGG UNITED STATES
ALLIANCE BERNSTEIN 1'721'263 965'169 298'449'792 1.92% 31.12.2012 ULT-AGG UNITED STATES
ARTISAN PARTNERS HOL 1'598'200 259'900 277'111'898 1.79% 31.12.2012 13F UNITED STATES
AMERICAN CENTURY COM 1'444'680 291'230 250'493'065 1.61% 31.12.2012 13F UNITED STATES
MANAGED ACCOUNT ADVI 1'407'827 -237'663 244'103'124 1.57% 31.12.2012 13F UNITED STATES
WELLS FARGO 1'312'350 640'126 227'548'367 1.47% 31.12.2012 ULT-AGG
FRANKLIN RESOURCES 1'277'750 581'660 221'549'073 1.43% 31.12.2012 ULT-AGG UNITED STATES
STATE STREET 1'072'678 68'511 185'991'638 1.20% 01.03.2013 ULT-AGG UNITED STATES
GILDER GAGNON HOWE 1'047'375 -133'817 181'604'351 1.17% 31.12.2012 13F UNITED STATES
NEUBERGER BERMAN LLC 1'014'523 -983'863 175'908'143 1.13% 31.12.2012 13F UNITED STATES
Top 5 Insiders:
Holder Name Position Position Change Market Value % of Ownership Report Date Source
SZE DAVID 409'557 -15'937 71'013'088 0.46% 19.02.2013 Form 4
WEINER JEFFREY 85'770 -3'303 14'871'660 0.10% 19.02.2013 Form 4
SORDELLO STEVEN J 41'268 -1'211 7'155'459 0.05% 19.02.2013 Form 4
NISHAR DIPCHAND 37'620 -12'500 6'522'932 0.04% 20.02.2013 Form 4
HENKE DAVID 35'758 6'200'080 0.04% 05.02.2013 Form 4
Company Analysis - Ownership
Ownership Type
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TOP 20 ALL
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
LinkedIn Corp
Financial information is in USD (M)
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Income Statement
Revenue 32 79 120 243 522 972 1'491 2'088 2'702
- Cost of Goods Sold 7 19 26 45 81 126
Gross Income 25 60 94 198 441 847 1'302 1'826 2'367
- Selling, General & Admin Expenses 26 66 98 179 415 790
(Research & Dev Costs) 12 29 39 65 132 257
Operating Income -0 -6 -3 20 26 57 114 250 433
- Interest Expense 0 0 0 0 0 0
- Foreign Exchange Losses (Gains) 0 0 0 0 0 0
- Net Non-Operating Losses (Gains) -1 -1 -0 1 3 -0
Pretax Income 0 -4 -3 19 23 57 176 324 521
- Income Tax Expense 0 0 1 4 11 36
Income Before XO Items 0 -5 -4 15 12 22
- Extraordinary Loss Net of Tax 0 0 0 0 0 0
- Minority Interests 0 0 0 0 0 0
Diluted EPS Before XO Items 0.00 (0.11) (0.10) 0.07 0.11 0.19
Net Income Adjusted* 7 28 156 247 361
EPS Adjusted 0.06 0.25 1.33 2.06 3.08
Dividends Per Share 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratio % 0.0 0.0 0.0 0.00 0.00 0.00
Total Shares Outstanding 42 42 43 101 110
Diluted Shares Outstanding 39 42 41 46 104 113
EBITDA 2 1 8 39 69 137 335 517 765
*Net income excludes extraordinary gains and losses and one-time charges.
Equivalent Estimates
Company Analysis - Financials I/IV
Fiscal Year
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Balance Sheet
Total Current Assets 99.211 121.158 172.206 725.927 1018.797
+ Cash & Near Cash Items 80 90 93 339 270
+ Short Term Investments 0 0 0 238 479
+ Accounts & Notes Receivable 15 24 58 111 204
+ Inventories 0 0 0 0 0
+ Other Current Assets 4 7 21 37 66
Total Long-Term Assets 23 27 66 148 364
+ Long Term Investments 0 0 0
Gross Fixed Assets 31 47 95 192 328
Accumulated Depreciation 9 21 38 77 142
+ Net Fixed Assets 22 26 57 115 187
+ Other Long Term Assets 1 2 9 33 177
Total Current Liabilities 28 49 105 227 415
+ Accounts Payable 3 5 2 28 54
+ Short Term Borrowings 0 0 0 0 0
+ Other Short Term Liabilities 25 44 103 198 362
Total Long Term Liabilities 1 2 8 22 59
+ Long Term Borrowings 0 1 2 0 0
+ Other Long Term Borrowings 1 2 7 22 59
Total Liabilities 29 51 114 249 474
+ Long Preferred Equity 103 103 104 0
+ Minority Interest 0 0 0 0
+ Share Capital & APIC 6 14 25 618 879
+ Retained Earnings & Other Equity -16 -20 -5 7 29
Total Shareholders Equity 93 97 124 625 908
Total Liabilities & Equity 122 149 238 874 1'382
Book Value Per Share -0.24 -0.15 0.47 6.16 8.28 9.28 11.31 13.50
Tangible Book Value Per Share -0.26 -0.16 0.35 5.96 6.93
Company Analysis - Financials II/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Cash Flows
Net Income 0 -5 -4 15 12 22 38 108 250
+ Depreciation & Amortization 2 6 12 20 43 80
+ Other Non-Cash Adjustments 2 5 7 11 31 51
+ Changes in Non-Cash Capital 3 2 7 9 47 114
Cash From Operating Activities 8 9 21 54 133 267
+ Disposal of Fixed Assets 0 0
+ Capital Expenditures -8 -20 -13 -50 -89 -125 -183 -216 -256
+ Increase in Investments -251 -444
+ Decrease in Investments 12 199
+ Other Investing Activities -1 0 -6 -10 -62
Cash From Investing Activities -8 -20 -13 -56 -338 -433
+ Dividends Paid 0 0
+ Change in Short Term Borrowings 0 0
+ Increase in Long Term Borrowings 0 0
+ Decrease in Long Term Borrowings 0 0
+ Increase in Capital Stocks 15 78 2 5 269 97
+ Decrease in Capital Stocks -0 -4 -1 -0 -0 -0
+ Other Financing Activities -0 -0 0 -0 183 0
Cash From Financing Activities 14 74 1 4 451 97
Net Changes in Cash 14 63 9 3 246 -69
Free Cash Flow (CFO-CAPEX) -0 -10 8 4 44 142 164 241 326
Free Cash Flow To Firm -0 4 44 142
Free Cash Flow To Equity
Free Cash Flow per Share -0.01 -0.25 0.20 0.10 0.58 1.35
Company Analysis - Financials III/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
Periodicity: 12/02 12/03 12/04 12/05 12/06 12/07 12/08 12/09 12/10 12/11 12/12 12/13E 12/14E 12/15E
Ratio Analysis
Valuation Ratios
Price Earnings 572.8x 604.3x 130.2x 84.0x 56.2x
EV to EBIT 218.7x 208.3x
EV to EBITDA 82.0x 86.6x 53.4x 34.6x 23.4x
Price to Sales 9.3x 12.4x 12.5x 8.9x 6.9x
Price to Book 10.2x 13.9x 18.7x 15.3x 12.8x
Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0%
Profitability Ratios
Gross Margin 77.3% 76.4% 78.5% 81.6% 84.4% 87.1% 87.3% 87.4% 87.6%
EBITDA Margin 5.2% 1.1% 7.1% 16.1% 13.2% 14.1% 22.5% 24.7% 28.3%
Operating Margin -1.3% -7.0% -2.8% 8.1% 4.9% 5.8% 7.6% 12.0% 16.0%
Profit Margin 1.0% -5.7% -3.3% 6.3% 2.3% 2.2% 10.5% 11.8% 13.4%
Return on Assets -2.9% 8.0% 2.1% 1.9% 7.1% 10.3% 14.8%
Return on Equity 3.7% 2.8% 10.3% 15.7% 20.8%
Leverage & Coverage Ratios
Current Ratio 3.58 2.46 1.63 3.20 2.45
Quick Ratio 3.44 2.32 1.43 3.04 2.29
Interest Coverage Ratio (EBIT/I) -36.00
Tot Debt/Capital 0.00 0.01 0.01 0.00 0.00
Tot Debt/Equity 0.00 0.01 0.01 0.00 0.00
Others
Asset Turnover 0.89 1.26 0.94 0.86
Accounts Receivable Turnover 6.11 5.89 6.16 6.17
Accounts Payable Turnover 6.96 12.84 5.38 3.07
Inventory Turnover
Effective Tax Rate 3.8% 18.9% 48.1% 62.2%
Company Analysis - Financials IV/IV
Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |
LINKEDIN CORP-A FACEBOOK INC-AMONSTER
WORLDWIDGOOGLE INC-CL A YAHOO! INC EBAY INC AMAZON.COM INC YELP INC GROUPON INC ZYNGA INC- CL A
12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012 12/2012
173.78 45.00 10.40 814.47 22.62 57.27 284.72 31.96 19.21 14.48
04.03.2013 18.05.2012 26.03.2012 04.03.2013 04.03.2013 01.02.2013 25.01.2013 28.03.2012 05.03.2012 21.03.2012
84.10 17.55 4.94 556.52 14.35 34.83 178.04 14.10 2.60 2.09
06.03.2012 04.09.2012 04.03.2013 14.06.2012 06.03.2012 06.03.2012 06.03.2012 04.06.2012 12.11.2012 09.11.2012
166'440 12'825'634 442'852 887'636 10'465'454 2'539'774 732'834 201'086 11'541'690 15'699'751
173.39 27.55 4.96 813.54 22.36 54.59 268.84 22.68 5.24 3.55
-0.2% -38.8% -52.3% -0.1% -1.2% -4.7% -5.6% -29.0% -72.7% -75.5%
106.2% 57.0% 0.4% 46.2% 55.8% 56.7% 51.0% 60.9% 101.5% 69.9%
109.7 2'372.0 111.1 330.0 1'182.7 1'294.0 454.0 63.5 656.9 779.3
18'637.7 65'627.8 579.5 269'393.6 26'439.6 70'776.6 122'201.5 1'435.6 3'436.0 2'788.5
- 2'356.0 164.2 5'537.0 - 4'519.0 4'218.0 - - 100.0
- - - - - - - - - -
- - - - 45.4 - - - (1.9) -
749.5 9'626.0 148.2 49'557.0 6'022.4 9'408.0 11'448.0 95.1 1'209.3 1'652.3
17'888.1 58'357.8 595.6 225'373.5 20'462.6 65'887.6 114'971.5 1'340.5 2'224.7 1'236.2
LFY 972.3 5'089.0 890.4 50'175.0 4'986.6 14'072.0 61'093.0 137.6 2'334.5 1'281.3
LTM 972.3 5'089.0 916.0 51'379.0 4'986.6 14'071.0 61'093.0 137.6 2'334.5 1'281.3
CY+1 1'490.8 6'677.7 831.8 49'451.2 4'674.1 16'345.5 75'751.6 211.4 2'561.5 1'057.4
CY+2 2'088.2 8'434.7 849.6 57'163.0 4'845.7 18'730.9 93'067.6 294.9 2'833.0 1'101.9
LFY 12.2x 11.0x 0.7x 3.8x 3.5x 4.3x 1.7x 8.0x 0.8x 0.2x
LTM 12.2x 11.0x 0.7x 3.7x 3.5x 4.3x 1.7x 8.0x 0.8x 0.2x
CY+1 11.9x 8.5x 0.6x 4.4x 4.6x 3.9x 1.5x 6.3x 0.8x 1.4x
CY+2 8.4x 6.6x 0.5x 3.6x 4.2x 3.2x 1.2x 4.4x 0.6x 1.3x
LFY 136.7 1'187.0 142.5 15'722.0 1'457.1 4'088.0 2'835.0 (10.3) 155.4 54.0
LTM 136.7 1'187.0 118.0 15'684.0 1'457.1 4'090.0 2'834.0 (10.3) 143.7 54.0
CY+1 335.2 3'400.1 152.4 22'087.3 1'664.4 5'383.4 4'646.4 21.1 254.9 58.9
CY+2 516.7 4'479.8 161.4 25'944.5 1'740.8 6'241.8 6'384.0 46.6 319.3 122.6
LFY 86.6x 47.1x 4.5x 12.0x 12.0x 14.9x 37.6x -107.2x 12.8x 5.3x
LTM 86.6x 47.1x 5.4x 12.1x 12.0x 14.9x 37.6x - 13.8x 5.3x
CY+1 53.1x 16.7x 3.3x 10.0x 12.9x 11.9x 24.6x 62.7x 7.8x 25.8x
CY+2 33.9x 12.3x 2.4x 7.9x 11.7x 9.6x 17.1x 27.8x 5.2x 11.5x
LFY 0.19 0.01 0.71 34.02 1.17 1.95 0.05 -0.33 -0.03 -0.20
LTM 0.19 0.02 0.21 33.74 1.17 1.94 0.36 -0.44 -0.08 -0.23
CY+1 1.33 0.57 0.36 45.71 1.16 2.75 3.13 0.09 0.20 (0.04)
CY+2 2.06 0.78 0.42 53.86 1.27 3.21 5.54 0.37 0.29 0.00
LFY 912.6x 1377.5x 23.6x 24.1x 19.1x 28.1x 746.8x - - -
LTM 912.6x 1377.5x 23.6x 24.1x 19.1x 28.1x 746.8x - - -
CY+1 130.2x 48.2x 13.9x 17.8x 19.4x 19.8x 85.9x 257.7x 26.3x -
CY+2 84.0x 35.2x 11.8x 15.1x 17.6x 17.0x 48.6x 61.6x 18.1x 3550.0x
1 Year 86.2% 37.1% (10.4%) 32.4% 0.0% 20.8% 27.1% 65.2% 45.0% 12.4%
5 Year - - (8.6%) 24.7% (5.8%) 13.7% 30.6% - - -
1 Year 98.3% (42.9%) (17.7%) 15.7% (1.1%) 23.4% 45.8% 13.9% - -
5 Year 141.2% - (12.8%) 21.0% 1.5% 9.4% 25.8% - - -
LTM 14.1% 23.3% 12.9% 30.5% 29.2% 29.1% 4.6% (7.5%) 6.2% 4.2%
CY+1 22.5% 50.9% 18.3% 44.7% 35.6% 32.9% 6.1% 10.0% 10.0% 5.6%
CY+2 24.7% 53.1% 19.0% 45.4% 35.9% 33.3% 6.9% 15.8% 11.3% 11.1%
Total Debt / Equity % 0.0% 20.0% 18.7% 7.7% 0.0% 21.7% 51.5% 0.0% 0.0% 5.5% FALSE FALSE FALSE FALSE FALSE
Total Debt / Capital % 0.0% 16.7% 15.7% 7.2% 0.0% 17.8% 34.0% 0.0% 0.0% 5.2% FALSE FALSE FALSE FALSE FALSE
Total Debt / EBITDA 0.000x 1.985x 1.392x 0.353x 0.000x 1.105x 1.488x - 0.000x 1.852x FALSE FALSE FALSE FALSE FALSE
Net Debt / EBITDA -5.483x -6.125x 0.136x -2.807x -4.133x -1.195x -2.551x - -8.416x -28.746x FALSE FALSE FALSE FALSE FALSE
EBITDA / Int. Expense - 23.275x - 187.167x - 64.889x 30.815x - - - FALSE FALSE FALSE FALSE FALSE
S&P LT Credit Rating - - - AA NR A AA- - - - FALSE FALSE FALSE FALSE FALSE
S&P LT Credit Rating Date - - - 19.11.2012 18.04.2008 02.03.2010 26.11.2012 - - - FALSE FALSE FALSE FALSE FALSE
Moody's LT Credit Rating - - - Aa2 - A2 Baa1 - - - FALSE FALSE FALSE FALSE FALSE
Moody's LT Credit Rating Date - - - 16.05.2011 - 21.10.2010 26.11.2012 - - - FALSE FALSE FALSE FALSE FALSE
52-Week High Date
52-Week Low
Latest Fiscal Year:
52-Week High
Total Debt
Market Capitalization
Daily Volume
52-Week Low % Change
Current Price (3/dd/yy)
52-Week High % Change
Cash and Equivalents
EBITDA
EV/EBITDA
Enterprise Value
Valuation
Preferred Stock
52-Week Low Date
Minority Interest
Total Common Shares (M)
P/E
Revenue Growth
Total Revenue
EV/Total Revenue
EPS
EBITDA Growth
EBITDA Margin
Credit Ratings
Leverage/Coverage Ratios
Company Analysis - Peers Comparision
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