Documente Academic
Documente Profesional
Documente Cultură
500.0 16.0
450.0 13.9
14.0
12.9
400.0
12.0
350.0 10.8
9.3 10.0
300.0 9.0
8.2
(US$m)
(US$m)
250.0 8.0
7.2
6.9
6.5
6.2
200.0 5.9
5.6 6.0
4.7
150.0
4.0
100.0
2.0
50.0
0.0 0.0
Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10
Deal round-up for February: The large deal highlights for the month include:
Glam Media – online media company – received a capital injection of $50 million.
BlueKai – intent-focused data exchange – raised $21 million in a Series C financing.
Ustream – online video service provider – raised $20 million.
Avvasi – solutions provider in the video processing space – raised $14 million in its second round of funding.
BrightRoll – video ad network – raised $10 million in its third round.
Yodle – online advertising service – raised $10 million in Series D financing.
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
w w w . m a c k i e re s e a r c h . c o m
Toronto 416.860.7600 Montreal 514.399.1500 Vancouver 604.662.1800 Calgary 403.218.6375 Regina 306.566.7550 St. Albert 780-460-6460
Page 2
500.0 16.0
450.0 13.9
14.0
12.9
400.0
12.0
350.0 10.8
9.3 10.0
300.0 9.0
8.2
(US$m)
(US$m)
250.0 8.0
7.2
6.9
6.5
6.2
200.0 5.9
5.6 6.0
4.7
150.0
4.0
100.0
2.0
50.0
0.0 0.0
Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10
Deal round-up for February: The large deal highlights for the month include:
Glam Media – online media company – received a capital injection of $50 million.
BlueKai – intent-focused data exchange – raised $21 million in a Series C financing.
Ustream – online video service provider – raised $20 million.
Avvasi – solutions provider in the video processing space – raised $14 million in its second round of funding.
BrightRoll – video ad network – raised $10 million in its third round.
Yodle – online advertising service – raised $10 million in Series D financing.
All other deals in the month were in the amount of $10 million or less. For additional details on financings, see Figures
23 and 24 (at end of note).
250.0
200.0
150.0
Feb-10
(US$m)
Jan-10
Dec-09
100.0
50.0
0.0
Movik Networks
Mixer Labs
PowerReviews
Avvasi
AdMarvel
Mochi Media
LiveMocha
Cognitive Match
GlobalMotion Media
Stylehive
Sway
Stylefeeder
StudioNow
ThisNext
Living Social
XIHA
Zynga
Guvera
SMSGupShup
MobGold
Aggregate Knowledge
Gowalla
SonicMule
Eyeka
Twilio
Beezag
Shanghai Dacheng Network
Spiceworks
Flurry
Gizmoz
5 Minutes
StockTwits
OneForty
Blippy
Graphic.ly
Friendster
SocialGO
Ranker
Quantcast
AlikeList
SCVNGR
Tonchidot
Grapeshot
Echo Nest
ReachLocal
Blue Kai
BrightRoll
Gogii
Gaikai
Rocket Fuel
Jelli
Jinni
Jajah
Glam Media
Youku
Groupon
Paymo
Yelp
Lala
Yodle
kaChing
SeekingAlpha
ChaCha
Pageonce
Curse
BuyWithMe
Apisphere
Smaato
JanRain
Whiskey Media
Center'd
HootSuite
Sonico
Rekoo
Joonto
AppsFire
AppVee
Zoosk
Visible Technologies
Cloud Engines
NuConomy
Article One Partners
Appolicious
Ustream
Lithium
Genius.com
Prosper.com
Reframe It
Yammer
Drimmi
6 Waves
WePay
gWallet
TuneWiki
Gaming and Social Networks – a symbiotic relationship: In the past three months, the Social Networks space has
garnered the highest number of financings (11) while the Gaming sector leads in total value of funding. The $400 million
acquisition of Playfish skews the Gaming segment to the highest total financing (Figure 4). As many of the start-ups
receiving Gaming sector financing are specifically deployed on Social Network platforms, the two sectors have built up
somewhat of a symbiotic relationship.
400.0
350.0
300.0
250.0
(US$m)
200.0
150.0
100.0
50.0
367.5 217.5 157.8 107.4 99.5 69.0 57.8 51.2 47.3 46.6 41.8 25.0 24.5 18.0 17.7 16.0 15.3 13.2 12.5 11.0 8.0 5.3 4.0 0.6
0.0
Mobile Payment
Social Commerce
Communities
Gaming
Mobile
Media
Enterprise
Microblog
Online Learning
Music
Financial Services
Widget
SMS/Voice
Mobile Ad
Location-based
Infrastructure
Social Networks
Virtual Goods
Advertising
Video
Crowdsourced
Aggregation
Virtual World
Analytics
Vertical
Content
SNS
# companies
7 3 8 11 4 7 6 2 5 5 5 1 3 4 4 1 3 5 1 3 1 1 1 1
250
200
150
100
50
0
2/9/2009
2/23/2009
3/9/2009
3/23/2009
4/6/2009
4/20/2009
5/4/2009
5/18/2009
6/1/2009
6/15/2009
6/29/2009
7/13/2009
7/27/2009
8/10/2009
8/24/2009
9/7/2009
9/21/2009
10/5/2009
10/19/2009
11/2/2009
11/16/2009
11/30/2009
12/14/2009
12/28/2009
1/11/2010
1/25/2010
Index: Web 2.0 (Market Cap) ^COMP - Share Pricing
Decliners rule: Thirty-one companies in our universe had negative stock price performances (averaging -6.3%) over the
past week (for stocks with prices greater than $1) (Figure 6), while 17 companies showed positive 1-week returns
(averaging +7.6%).
ValueC lick Inc . (Nas daqG S : VC L K ) V alueC lick Inc. R eports P relimina ry R evenue V a lueC lick Inc. reported prelimina ry revenue res ults for the fourth qua rter of 2009. F or the period, the compa ny reported
R es ults for the F ourth Q ua rter of 2009 revenue figures a t $130. 2 million.
ValueC lick Inc . (Nas daqG S : VC L K ) V alueC lick Inc. R eports E a rnings R es ults for V a lueC lick Inc. reported ea rnings res ults for the fourth qua rter a nd full yea r ended December 31, 2009. F or the qua rter, the
the F ourth Q ua rter and F ull Y ea r E nded compa ny reported income from continuing operations of $26. 367 million compa red to los s from continuing opera tions of
December 31, 2009 $252. 461 million for the s ame period a year a go. T he compa ny reported a djus ted E B IT DA of $35. 063 million compa red to
$26. 546 million for the s a me period a yea r a go.
S ohu.c om Inc. (Nas daqG S : S OHU) S ohu. C om Inc. R eports E a rnings R es ults for S ohu. com Inc. reported earnings res ults for the fourth qua rter and full yea r ended December 31, 2009. F or the qua rter, the
the F ourth Q ua rter and F ull Y ea r E nded compa ny reported tota l revenue of $135. 8 million, in line with guida nce a nd tra ns la ting into growth of 12% year-over-year.
December 31, 2009; P rovides E arnings B efore deducting the s ha res of net income perta ining to the non-controlling interes t in C ha ngyou, non-G AAP net income for
G uida nce for the F irs t Q ua rter of 2010 the fourth qua rter was $50. 3 million, in line with guida nce. After deducting the s ha re of net income perta ining to the non-
controlling Interes t in C ha ngyou, on a fully diluted ba s is , non-G AAP net income wa s $35. 8 million, or $0. 92 per fully diluted
s hare, in line with guidance.
T he compa ny provided ea rnings guidance for the firs t quarter of 2010. F or the qua rter, the compa ny expects total revenues
to be between $123 million to $128 million. B efore deducting the s ha re of non-G AAP net income pertaining to the non-
controlling interes t in C ha ngyou, the compa ny es timate pro forma non-G AAP net income to be between $45. 0 [ph] million to
$47. 5 million as compared to $50. 3 million for the fourth quarter of 2009. After deducting the s ha re of non-G AAP net
income perta ining to the non-controlling interes t in C ha ngyou, the company es tima tes
non-G AAP net income for the firs t qua rter of 2010 to be between $30 million to $33 million a nd non-G AAP fully
diluted earnings per s ha re for the firs t quarter of 2010 to be between $0. 78 a nd $0. 83.
C hangyou.c om L imited C ha ngyou. C om L imited R eports E arnings C ha ngyou. com L imited reported ea rnings res ults for the fourth quarter a nd full year ended December 31, 2009. F or the
(Nas daqG S : C YOU) R es ults for the F ourth Q ua rter a nd F ull Y ear qua rter, the compa ny reported tota l revenues of $70. 7 million, up 3% qua rter-over-qua rter a nd in line with compa ny
E nded December 31, 2009; P rovides E a rnings guidance. Non-G AAP net profit for the quarter a ls o grew 2% qua rter-over-qua rter to a record $42. 2 million, in line with
G uida nce for the F irs t Q ua rter of 2010 compa ny guidance. Non-G AAP operating profit increas ed 4% s equentia lly a nd 36% year-over-year to $47. 6 million. A Non-
G AAP fully diluted ea rnings per ADS wa s $0. 79, up from $0. 77 in the previous quarter a nd $0. 64 in the s a me quarter las t
yea r. O pera ting ca s h flow for the quarter wa s a net inflow of $46. 2 million.
F or the firs t qua rter of 2010, the company expects tota l revenues to be between $70 million and $73 million, non-G AAP net
income to be between $41 million a nd $42. 5 million, non-G AAP fully diluted ea rnings per ADS to be between $0. 77 a nd
$0. 80, a s s uming no new gra nts of s hare-ba s ed a wa rds , the compa ny es tima tes s hare-bas ed compens ation expens e to be
between $3. 0 million to $3. 5 million, reducing its fully diluted ea rnings per ADS under US G AAP by $0. 06 to $0. 07.
DigitalP os t Interactive, Inc. Digita lpos t Interactive, Inc. to La unch V ers ion DigitalP os t Intera ctive, Inc. a nnounced pla ns to launch by the end of April 2010 vers ion 6. 0 of its a wa rd winning intera ctive
(OTC B B : DG L P ) 6. 0 of its Digita l Media P latform Including digital media platform with mobile ca pa bilities a nd other new fea tures including a s uite of digital media -editing tools , s ecurity
Mobile Applications ma nagement controls a nd optiona l integration with popular s ocia l networking web s ites . Digita lP os t rema rked tha t vers ion
6. 0 repres ents s tate-of-the-a rt in digital media intera ctivity that is expected to enha nce value for pros pective bus ines s
pa rtners a s well a s exis ting pa rtners a nd cus tomers . B y integra ting this new, high-performa nce functiona lity, the 6. 0
pla tform will give us ers the la tes t a va ila ble technology a nd ability to perform virtua lly a ll interactive media functions without
ha ving to rely on other s oftwa re or a cces s ories . V ers ion 6. 0 us ers will be able to loa d photos a nd videos from mobile
devices directly to their W eb s ites . A new s uite of editing tools will include a n upgraded photo editor a nd a new video editor.
is eemedia Inc . (TS XV: IE E ); R elianc e is eemedia Inc. L aunches P us h E ma il S ervice R eliance C ommunica tions L td. And is eemedia Inc. a nnounced the launch of a ground-brea king S MS -bas ed email s ervice
C ommunic ations L td. (B S E : 532712) over S MS with R elia nce C ommunica tions acros s R elia nce G S M and C DMA wireles s network in India, s erving more tha n 92 million s ubs cribers . T his E ma il on S MS
s ervice effectively empowers R C O M s ubs cribers to ha ve their mobile phones to beha ve like s ma rt phones a nd receive a ll
their des ktop ema il via S MS . T he E ma il-to-S MS technology is provided by C a na da's is eemedia , a lea ding provider of low
cos t wireles s ema il s ervices to operators in the country. R C O M is levera ging is eemedia's multi-pla tform ema il s olution
known a s is eema il to ena ble every mobile ha nds et in India to act a s a s mart phone and ena ble us ers to check, downloa d
and retrieve ema il mes s a ges us ing the S MS interface. is eema il s upports a ll types of ema il mes s aging s ys tems in India
through s ta ndard P O P 3 & IMAP 4. It a ls o offers a cces s to cons umer mes s aging from G mail, Hotmail, Y a hoo. co. in,
India times emails and more. R C OM is offering is eemedia 's ema il s ervice on its pre-pa id a s well as pos t-pa id pla tforms as a
s ubs cription s ervice charged a t INR 30 a nd a us a ge tariff of INR 0. 50 per S MS s ent. is eemedia receives a percenta ge of revenue fro
K ey Developments
C ompany Headline Notes
Open Text C orp. (Nas daqG S : OTE X) O pen T ext Mulls Acquis itions Open T ext C orp. s a id that the compa ny ha s a healthy pipeline of acquis ition opportunities . J ohn S ha ckelton, P res ident,
C hief E xecutive O fficer a nd Director of O pen T ext s a id, “S o rea lly wha t we’re looking at is in the tra ditional document
ma nagement, etc. it might be more of a regiona l type thing where we might look to increas e our footprint in As ia P a c or in
E urope, there are certain a rea s where we need more profes s iona l s ervices , a ctua lly in C a na da als o we need more
profes s ional s ervices to help our cus tomers implement our products on a more timely bas is s o tha t would be one. ”
Open Text C orp. (Nas daqG S : OTE X) O pen T ext C orp. R eports C ons olidated Open T ext C orp. reported cons olida ted una udited fina ncia l res ults for its s econd quarter a nd s ix months ended December
Una udited F ina ncia l R es ults for S econd 31, 2009. F or the quarter, the compa ny net income of $21, 201, 000 or $0. 37 per diluted s hare on tota l revenue of
Q ua rter a nd S ix Months E nded December 31, $247, 790, 000 a ga ins t net income of $761, 000 or $0. 01 per diluted s hare on tota l revenue of $207, 651, 000 for the s ame
2009 period ea rlier. Income from opera tions was $35, 913, 000 aga ins t $19, 255, 000 a gains t for the s a me period ea rlier. Income
before income ta xes wa s $31, 526, 000 a gains t $1, 444, 000 for the s a me period ea rlier. Net ca s h provided by opera ting
activities $32, 468, 000 aga ins t $39, 843, 000 for the s a me period ea rlier. Additions of ca pital a s s ets were $4, 099, 000. Non-
G AAP ba s ed "Adjus ted Net Income" wa s $50. 1 million or $0. 87 per s ha re a ga ins t $34. 0 million or $0. 64 per s ha re for the
s a me period ea rlier.
Openwave S ys tems Inc . K ans a i Multimedia S ervices S elects Openwave S ys tems Inc. announced that K a ns a i Multimedia S ervice C ompa ny (K MS ) has s elected a s uite of Openwave's
(Nas daqG S : OP WV) O penwa ve S ys tems Inc. to Deliver L a rge- infra s tructure a nd ema il s olutions that include Openwave(R ) R ichMa il a nd O penwa ve(R ) E ma il Mx s upported by O penwa ve
S ca le, R elia ble IP v6 Mes s aging P latform profes s ional s ervices . T he mes s aging s olution s elected by K MS includes O penwa ve R ichMail, a n AJ AX -bas ed converged
communica tions s olution tha t offers the end us er a web-ba s ed mea ns for acces s ing the ma ilbox wherever a nd whenever it's
needed, a nd O penwa ve E ma il Mx, a n extens ible, carrier-s ca le ema il s olution tha t s ca les to s upport a ny number of
s ubs cribers with fa s t, relia ble performance. O penwave's infras tructure a nd email s olutions elimina te the need for K MS to
dea l with multiple vendors a nd multiple modules , providing a cons olidated end-to-end pla tform tha t includes a ba ck end
mes s age s tore, a nti-a bus e s olutions a nd web a cces s for end us ers . T he flexible, extens ible and highly s ca la ble IP v6
complia nt pla tforms are expected to a llow in the future the rapid deployment of cus tomized s olutions including new revenue-
generating s ervices that are ca pable of handling millions of s ubs cribers a nd la rge-ca pacity mailbox s tora ge. In addition, the O penwa
K MS with the founda tion needed to deploy dis as ter-recovery s olutions in the future.
United Online Inc. (Nas daqG S : UNTD) United Online Inc. Decla res a Qua rterly C as h On F ebruary 4, 2010, United O nline Inc. announced tha t its boa rd of directors has decla red a qua rterly ca s h dividend of
Dividend P aya ble on F ebrua ry 26, 2010 $0. 10 per s ha re of common s tock. T he record da te for the dividend is F ebrua ry 14, 2010, a nd the dividend is paya ble on
F ebruary 26, 2010.
Openwave S ys tems Inc . O penwa ve S ys tems Inc. R eports Una udited Openwave S ys tems Inc. reported unaudited cons olida ted ea rnings res ults for the s econd qua rter and s ix months ended
(Nas daqG S : OP WV) C ons olida ted E arnings R es ults for the S econd December 31, 2009. F or the qua rter, the compa ny reported revenues were $49. 7 million compa red with $49. 8 million in the
Q ua rter a nd S ix Months E nded December 31, prior quarter ended S eptember 30, 2009 a nd $48. 1 million in the December quarter in the preceding fis ca l yea r. O n a G AAP
2009 ba s is , net income wa s $213, 000 or $0. 00 per s ha re compared with a net income of $990, 000 or $0. 01 per s ha re in the prior
qua rter and a net los s of $64. 2 million or $0. 77 per s hare in the December qua rter in the preceding year. O n a non-G AAP
ba s is , net income wa s $3. 5 million or $0. 04 per s hare compa red with a net los s of $380, 000 or $0. 00 per s ha re in the prior
qua rter and net income of $1. 4 million or $0. 02 per s hare, during the December qua rter of the prior year. O pera ting income
from continuing operations wa s $552, 000 compa red to opera ting los s from continuing opera tions of $61. 33 million for the
s a me period a yea r a go. P re-ta x income from continuing opera tions wa s $332, 000 compa red to pre- tax los s from
continuing opera tions of $3. 03 million for the s ame period a yea r a go. Net income from continuing opera tions of $213, 000 compa red
opera tions of $3. 53 million for the s a me period a yea r a go. Net cas h provided by opera ting activities wa s $6. 27
million compa red to net ca s h us ed for opera ting activities of $7. 5 million for the s a me period a year a go. P urcha s es
of property a nd equipment were $314, 000 compa red to $23, 000 for the s a me period a yea r ago.
S hutterfly, Inc . (Nas daqG S : S F L Y) S hutterfly, Inc. R eports Unaudited S hutterfly, Inc. reported unaudited cons olidated ea rnings res ults for the fourth qua rter a nd full yea r ended December 31,
C ons olida ted E arnings R es ults for the F ourth 2009. F or the qua rter, the compa ny reported net revenues of $131. 0 million a gains t $107. 7 million for the s ame period las t
Q ua rter a nd F ull Y ea r E nded December 31, yea r. G AAP income from opera tions wa s $36. 5 million aga ins t $28. 6 million la s t yea r. G AAP income before income taxes
2009; P rovides E a rnings G uida nce for the F irs t was $36. 6 million a gains t $28. 9 million las t year. G AAP net income was $24. 0 million or $0. 88 per diluted s hare aga ins t
Q ua rter E nding Ma rch 31, 2010 a nd F ull Y ea r G AAP net income of $14. 3 million or $0. 56 per diluted s hare la s t yea r. Net revenues increa s ed 22% year-over-year. Non-
E nding December 31, 2010 G AAP adjus ted E B IT DA wa s $47. 9 million, compared to $38. 6 million in the fourth qua rter of 2008. Non-G AAP opera ting
income wa s $41. 6 million a ga ins t $31. 8 million la s t yea r. Non-G AAP net income wa s $27. 6 million aga ins t $20. 5 million la s t
yea r. Non-G AAP diluted net income per s ha re was $1. 01 a gains t $0. 81 la s t yea r. Non-G AAP income before income taxes
was $41. 7 million a gains t $32. 1 million las t year.
Tree.C om, Inc . (Nas daqG M: TR E E ) T ree. C om, Inc. R eports Una udited T ree. com, Inc. reported una udited cons olida ted earnings res ults for the fourth qua rter and full year ended December 31,
C ons olida ted E arnings R es ults for the F ourth 2009. F or the qua rter, the compa ny reported a djus ted E B IT DA was $0. 4 million, a n improvement of $3. 9 million over the
Q ua rter a nd F ull Y ea r E nded December 31, prior quarter a nd a $0. 6 million decrea s e from fourth quarter 2008. R evenues , including the impact of loa n los s s ettlements ,
2009 were $47. 8 million, down from $50. 7 million in third qua rter 2009. T he company reported a G AAP net los s , including a ll
s ettlement, impa irment a nd res tructuring cha rges , of $1. 92 per s hare on a net los s of $21 million compa red to net los s of
$7, 006, 000 or $0. 75 ba s ic a nd diluted los s per s ha re for the s ame qua rter a yea r ago period. O pera ting los s wa s
$21, 303, 000 a gains t $6, 333, 000 for the s a me quarter a year a go period. L os s before income ta xes wa s $21, 465, 000
aga ins t $6, 365, 000 for the s a me qua rter a yea r a go period. L B IT DA wa s $18, 475, 000 aga ins t $3, 177, 000 for the s a me
qua rter a yea r a go period.
Tencent Holdings L td. (S E HK : 700) T encent Holdings L td. to L aunch C hildren T encent Holdings Ltd. is s cheduled to la unch an online ga me product tailored for children in the firs t half of 2010, a n
O nline G a me P roduct in F irs t Ha lf of 2010 executive for the company dis clos ed on F ebruary 5, 2010.
Figure 7b. Key Developments
Source. Capital IQ
Page 10
Valuation
Gaming companies lead market-cap charts: Eleven companies in our Web 2.0 universe top US$1 billion in market
capitalization (Figure 8). Fifty-six of the 89 companies have market caps under US$100 million, with 35 under US$25
million. Online gaming companies dominate the top of the list, led by Tencent Holdings (SEHK:700) with a market cap
of approximately US$32.3 billion.
# Companies
revenue).
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
As k net AG
Source. Capital IQ
Source. Capital IQ
1
HLSE T he P arent C ompany
12.0
T ree. C om, Inc.
3
SEHK
9.8
P erfect World C o., L td.
6
OTCPK
7.0
Northgate T echnologies Limited
O penwave S y s tems Inc.
2
ASX
7.0
Figure 9. TEV/Revenue Ranking
C y berplex Inc.
GTSM AQ Interactive, Inc.
OTCBB J umbuck E ntertainment Limited
6.4 6.0
U nis erve C ommunic ations C orp.
2 20 3
have multiples under 1.5x.
TSX
5.7
G iga Media Ltd.
5
TSE T heS treet. com, Inc.
Actoz S oft C o., Ltd.
5
TSXV
C DC C orp.
3
4.7 4.3 3.2
XTRA DADA S pA
DXN Holdings B hd
1
SWX
United O nline Inc.
0.0 0.1 0.10.2 0.3 0.3 0.3 0.4 0.4 0.4 0.4 0.5 0.5 0.50.6 0.6 0.7 0.70.8
2 14 8
KOSE
Y nk K orea Inc.
2
KLSE S hutterfly , Inc.
InternetArray , Inc.
1
OSE
V alueC lick Inc.
1
OM S park Network s , Inc.
S NAP Interactive, Inc.
1
CM
4
NasdaqGM C ornerWorld C orporation
1
BSE G a mania Digital E ntertainment C o. , Ltd.
0.4 0.3
0.8 1.0 1.0 1.0 1.1 1.1 1.2 1.2 1.3 1.3 1.3 1.4 1.4
NetDra gon WebS oft, Inc.
1
RTS
0.0
Modern T imes G roup Mtg AB
O riented Media G roup B erhad
G ungHo O nline E ntertainment, Inc .
NeuLion Incorporated
V elti P lc
(x)
P NI Digital Media Inc .
T E V/L T M R evenue (x)
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
1.9 1.9 1.9 2.0 2.2 2.2 2.3 2.4
# Companies
XING AG
1
Finland Webz en Inc.
12.0
S ohu. com Inc.
2
Australia
7.0
My riad G roup AG
2.5 2.6 2.7 3.1 3.3
O pen T ex t C orp.
China
10
6.4
U nilava C orporation
U O MO Media, Inc
3.4 3.4
1
Hong Kong
5.9
Wiz z ard S oftware C orpora tion
United S ocial Media V entures Inc.
35
4.8
States Digita lP os t Interactiv e, Inc.
4.1 4.6 4.9
3
Taiwan
is eemedia Inc.
6
Japan K ings oft C o. L td.
4.4 4.0
Mix i, Inc.
5.1 5.5 5.6 5.6
9
Canada
3.3
C hangy ou. com Limited
E olith C o. Ltd.
5.9 6.5
3
Germany
3.2
6.9
1
Switzerland Lingo Media C orporation
8.9
9
Korea G eoS entric O y j
11.412.0
2
Malaysia
1
Sweden
1.9
T encent Holdings Ltd.
22.3
1
Italy
34.9
1
India
0.7 0.3
Page 11
TEV/Revenue (LTM) by country/exchange: We have also calculated multiples based on where the companies are listed
week) (Figure 9). Two companies trade above 25x revenue – Bright Things plc (AIM:BGT) at 34.9x and Bigstring Corp.
companies (35), trading at an average of 4.8x revenue (Figure 11). Nine of the companies are Canadian (average 3.3x
number of companies (20), trading at an average multiple of 6.0x. On a geographic basis, the United States has the most
(OTCBB:BSGC) at 38.8x. The median is 1.9x. Note that we exclude multiples greater than 50x. Twenty-one companies
or domiciled. Figure 10 shows the average TEV/Revenue multiples by stock exchange. The OTCBB has the largest
TEV/Revenue (LTM) averages 4.4x: The overall average TEV/Revenue (LTM) multiple for our group is 4.4 (vs. 4.5x last
1
Russia
0.0
Page 12
TEV/EBITDA (LTM) averages 10.4x: The average multiple for the 38 companies with positive EBITDA (and multiples
under 100x) is 10.4x LTM EBITDA (vs. 11.7x last week), led by Tencent Holdings Ltd. (SEHK:700) at 43.7x (Figure 12).
Fourteen companies have EBITDA multiples under 7x. The median multiple is 8.7x.
T E V/LT M E B IT DA (x)
50. 0
43. 7
45. 0
40. 0
34.9
35. 0
30. 0
25. 0 23. 3
19. 7
20. 0 17. 1
13. 7 13. 8 14. 0
15. 0 12. 5 12. 8 13. 3 13. 4
11. 1
9. 8 10.2 10. 8
8. 6 8. 8 9. 2 9. 5
10. 0 7.5 8. 0 8. 1 8. 3
5.7 5. 8 6. 1 6. 1
4. 6 4. 8 5. 3
5. 0 2. 6 3. 3 3. 7 3. 7
0. 3 0. 6 1. 0
0. 0
NE O WIZ G ames C orporation
J umbuc k E ntertainment L imited
DXN H oldings B hd
C DC C orp.
O pen T ex t C orp.
C y berplex Inc.
Y D O nline C orp.
G ree, Inc.
E olith C o. L td.
Mix i, Inc.
Y nk K orea Inc.
Webz en Inc.
V elti P lc
S hutterfly , Inc.
TEV/EBITDA (LTM) by country/exchange: Figure 13 shows the average TEV/EBITDA multiples by stock exchange.
The OTCBB has the largest number of companies (20), trading at an average multiple of 5.9x. On a geographic basis, the
United States has the most companies (35), trading at an average of 7.4x EBITDA (Figure 14). Nine of the companies are
Canadian (average 9.6x EBITDA).
OTCBB
GTSM
NasdaqGM
SEHK
KOSE
TSE
OSE
NasdaqGS
RTS
OM
CM
XTRA
KLSE
AMEX
TSX
TSXV
1.0
ASX
0.0
Germany
China
Japan
Canada
Hong
Malaysia
United
Russia
Italy
South
Korea
Kong
States
Taiwan
Australia
Sweden
# Companies 3 8 2 1 6 5 5 3 1 2 14 20 4 2 1 3 2 1
# Companies 9 3 1 10 6 9 1 3 2 35 1 2 1
P/E (LTM) averages 23.5x: The average multiple for the 33 companies with positive earnings (and multiples under 100x)
is 23.5x LTM EPS (vs. 22.7x last week), led by Shutterfly, Inc. (NasdaqGS: SFLY) with an 82.3x multiple (Figure 15).
Eleven companies have P/E multiples under 10x. The median is 17.2x.
P /E L T M (x)
90.0
82.3
80.0
69.0
70.0 64.7
40.0
32.4
30.0 26.0 26.4 27.2 27.9
24.3
22.0
20.1
20.0 17.2 18.6
13. 6 15.2
11.4 11.9 12.3
10.0 5.0 5.3 6.1 6.6 7.3
2.1 2.3 2.4 3.8
0.0 1.8
0.0
NE O W IZ G ames C orporation
J umbuc k E ntertainment Limited
G ameO n C o Ltd.
O pen T ex t C orp.
C y berplex Inc.
G igaMedia Ltd.
Y D O nline C orp.
S ohu.com Inc.
G ree, Inc.
Mix i, Inc.
Webz en Inc.
V elti P lc
S hutterfly , Inc.
Actoz S oft C o., Ltd.
P/E (LTM) by country/exchange: Figure 16 shows the average P/E multiples by stock exchange. The OTCBB has the
largest number of companies (20), trading at an average multiple of 30.1x. On a geographic basis, the United States has
the most companies (35), trading at an average of 34.9x earnings (Figure 17). Nine of the companies are Canadian
(average 31.3x EPS).
30.0 29.4
(x)
GTSM
NasdaqGM
OSE
KOSE
SEHK
TSE
NasdaqGS
OM
KLSE
XTRA
AMEX
TSX
NYSE
2.1
ASX
0.0
Germany
Israel
United
Japan
Canada
Malaysia
China
Hong
South
Korea
Kong
States
Taiwan
Australia
Sweden
# Companies 1 8 2 20 3 3 5 2 2 14 6 1 3 2 1 4
# Companies 35 6 9 2 9 3 3 1 10 1 2 1
Upcoming Events
E arnings C alendar
C ompany Date Time Quarter C onf C all Details
IAC/InterActiveCorp. (NasdaqGS:IACI) 9-Feb-10 11:00 a.m. EDT Q4/09 http://www.iac.com/Investors
Modern Times Group Mtg AB (OM:MTG B) 11-Feb-10 9:00 a.m. EDT Q4/09 http://www.mtg.se/en/Investors/Conference-calls/Registration/
PNI Digital Media Inc. (TSXV:PN) 11-Feb-10 4:30 p.m. EDT Q1/10 888-300-8196
United Online Inc. (NasdaqGS:UNTD) 17-Feb-10 2:00 p.m. EDT Q4/09 800-723-6575
A ccelerize New Media, Inc. US D AC L Z OT C B B 16.1 0.56 0. 0% -13.8% -25.3% -1.8% 60.0% -30.0%
A ctoz S oft C o. , L td. KR W A052790 K OS E 109.1 14, 500 -2.0% -19.2% -4.0% -35.7% 14.2% -59.7%
A Q Interactive, Inc. JPY 3838 TS E 52.8 86,800.00 -1.4% 32.7% 87.9% 72.9% 165. 4% -12.8%
A s knet AG E UR XT R A :A5A XT R A 22.1 3.20 -4.6% -0.2% -2.6% 4. 8% -17. 0% -22.5%
A s s ociated Media H oldings Inc. US D AS MH OT C P K 0.4 0.01 -79.2% -79.6% 11.1% -28.6% 100. 0% -98.7%
B eta wave C orpora tion US D B W AV OT C B B 3.5 0.12 -14.3% -14.3% 200.0% 60.0% -40. 0% -45.5%
B eyond C ommerce, Inc. US D B Y OC OT C B B 1.9 0.03 62.5% 47.7% -35.0% -88.4% -95. 4% -98.3%
B igs tring C orp. US D BSGC OT C B B 1.4 0.02 2. 3% -4.7% -32.1% -2.6% 40.0% -60.7%
B right T hings plc GB P AIM:B G T A IM 7.6 0.02 -1.6% 7.1% 27.7% 20.0% -19. 8% -40.0%
B roadW ebA s ia Inc. US D BWBA OT C P K 5.1 0.06 -25.0% 50.0% 100.0% -73.9% -96. 0% -96.0%
C DC C orp. US D C H IN.A Nas da qG S 235.4 2.22 -5.5% -16.9% -11.6% -19.9% 152. 3% -43.4%
C ha ngyou.com Limited US D C Y OU Nas da qG S 1, 815.6 33.01 1. 0% -6.2% -1.8% -13.8% NM -31.8%
C hines e G a mer International TWD G T S M:3083 GTS M 868.0 331.50 3. 9% -20.4% -27.9% -25.9% 183. 3% -36.1%
C ornerW orld C orpora tion US D CW R L OT C B B 2.9 0.03 0. 0% 0.0% -50.0% -50.0% -88. 0% -92.7%
C yberplex Inc. C AD T S X: C X TS X 60.0 0.93 -10.6% -17.7% -32.6% -45.3% 162. 0% -53.3%
DADA S pA E UR C M:DA CM 110.6 4.98 -2.4% -16.4% -29.7% -18.7% -20. 5% -39.2%
DigitalP os t Intera ctive, Inc. US D DG LP OT C B B 3.7 0.04 -6.7% -4.5% -16.0% -16.0% 223. 1% -57.6%
DigitalT own, Inc. US D DG T W OT C B B 34.3 1.25 331.0% 4.2% 23.8% -16.7% -16. 7% -64.3%
Dolphin Digital Media, Inc. US D DP DM OT C B B 18.8 0.33 26.9% 43.5% -10.8% -23.3% -37. 7% -56.6%
DXN Holdings B hd MY R DXN K LS E 40.6 0.62 -9.6% 9.8% -2.4% 24.2% 75.7% -18.0%
E n2G o International, Inc. US D E TGI OT C B B 21.4 0.90 76.5% 38.5% 50.0% -40.0% -47. 1% -82.0%
E olith C o. L td. KR W A041060 K OS E 38.6 585.00 -12.7% -23.0% -0.8% -25.9% 0.9% -49.6%
F luid Mus ic C anada, Inc. C AD T S X: F MN TS X 88.5 1.50 -5.1% -13.3% -16.7% 25.0% 150. 0% -30.2%
F rogs ter Intera ctive P ictures AG E UR FR G XT R A 63.2 18.00 -6.2% -5.1% -4.0% 33.3% 310. 0% -16.2%
G amania Digita l E ntertainment C o., L td. TWD 6180 GTS M 232.4 49 -7.3% -9.9% 7.2% -17.0% 104. 8% -29.3%
G ameO n C o L td. JPY 3812 TS E 65.8 60800.00 -15.0% -19.4% -13.5% -40.7% -45. 7% -54.3%
G eoS entric Oyj E UR G E O1V H LS E 49.2 0.04 0. 0% -20.0% -33.3% -33.3% 33.3% -33.3%
G ia nt Interactive G roup, Inc. US D GA NY S E 1, 662.6 7.33 0. 0% -0.9% 3.5% -8.0% 17.8% -23.4%
G igaMedia L td. US D G IG M Nas da qG S 155.4 2.85 3. 3% -13.9% -27.3% -37.6% -61. 4% -63.0%
G ra vity C o., Ltd US D GR VY Nas da qG M 54.5 2 2. 6% 8.9% 29.8% -7.6% 176. 1% -25.5%
G ree, Inc. JPY T S E :3632 TS E 2, 280.4 4, 540 -10.6% -15.0% -15.8% 14.5% 63.6% -24.8%
G ungH o Online E ntertainment, Inc. JPY 3765 OS E 271.8 211, 900 -2.8% -6.5% 3.2% 4. 9% 113. 6% -24.3%
H anbitS oft, Inc. KR W A047080 K OS E 70.7 3775.00 -5.0% -1.0% 5.9% -13.1% -2.5% -43.1%
IAC /InterA ctiveC orp. US D IA C I Nas da qG S 2, 792.5 21.16 4. 3% 0.7% 7.7% 14.5% 40.6% -5.0%
InternetArray, Inc. US D INAR OT C P K 0.0 0.00 -20.0% -20.0% -76.5% -81.0% -99. 8% -99.8%
is eemedia Inc. C AD IE E T S XV 9.9 0.20 14.3% -4.8% -9.1% 185.7% 66.7% -25.9%
J umbuck E ntertainment Limited AU D AS X: J MB AS X 13.1 0.31 3. 3% 1.6% -11.4% -16.2% -22. 5% -38.0%
K ings oft C o. L td. HK D 3888 S E HK 848.6 6.01 0. 3% -7.8% -20.6% -27.2% 103. 0% -36.5%
L ingo Media C orpora tion C AD T S XV :LM T S XV 12.2 1.05 -4.5% -22.2% 7.1% 10.5% 16.7% -33.5%
L ookS mart, L td. US D LO OK Nas da qG M 16.4 0.96 -0.3% -16.5% -16.5% -29.3% -29. 9% -38.5%
Ma gnitude Information S ys tems Inc. US D MAG Y OT C B B 6.9 0.02 10.7% -26.2% 72.2% 121.4% -38. 0% -60.3%
Mixi, Inc. JPY 2121 TS E 921.2 534, 000 -15.9% -18.2% -26.6% -17.0% 22.5% -38.3%
Modern T imes G roup Mtg AB SEK MT G B OM 3, 041.5 342 -0.8% -6.6% 4.5% 19.9% 149. 9% -7.5%
MO K O .mobi L imited AU D MK B AS X 10.3 0.10 -16.7% -35.5% 13.6% 53.8% 150. 0% -50.0%
Multiplied Media C orpora tion C AD T S XV :MMC T S XV 28.4 0.23 2. 2% -2.1% 4.5% 228.6% 228. 6% -13.2%
Myriad G roup AG C HF MY R N S WX 195.1 4.72 0. 4% -8.7% -1.5% 11.1% -7.5% -23.7%
NE O W IZ G ames C orporation KR W A095660 K OS E 511.0 28, 350 -8.4% -28.3% -28.4% -13.7% 80.9% -36.9%
NetDra gon W ebS oft, Inc. HK D 777 S E HK 279.6 4.11 0. 2% -9.9% -21.3% -40.3% 39.8% -42.5%
Netea s e. com Inc. US D NT E S Nas da qG S 4, 394.6 33.93 2. 8% -14.7% -18.8% -27.3% 76.3% -30.0%
NeuLion Incorpora ted C AD T S X: NL N TS X 65.5 0.60 -10.4% -9.1% -15.5% -33.3% 20.0% -53.8%
NeXplore C orpora tion US D NXP C OT C P K 31.2 0.56 -20.0% -6.7% -28.2% -17.6% -29. 1% -41.1%
Ngi G roup Inc. JPY 2497 TS E 39.9 28, 800 2. 9% 24.0% 6.9% -12.3% 6.0% -33.8%
Northgate T echnologies Limited INR 590057 BSE 15.8 21.25 -13.1% -27.2% -28.0% -39.1% -54. 4% -64.5%
O AO R B C Information S ys tems US D R BCI R TS 180.3 1.30 -7.1% -7.0% -13.3% 13.0% 322. 8% -23.5%
O riented Media G roup B erha d MY R OME DIA K LS E 5.2 0.14 0. 0% 12.5% 68.8% 92.9% -38. 6% -28.9%
O pen T ext C orp. US D OT E X Nas da qG S 2, 626.1 46.51 16.3% 13.8% 18.9% 19.9% 30.8% -0.9%
O penwa ve S ys tems Inc. US D OP W V Nas da qG S 174.3 2.08 -5.9% -15.4% -0.5% -23.2% 133. 7% -33.5%
T he P a rent C ompany US D K IDS . Q OT C P K 0.2 0.01 -47.4% 42.9% 42.9% -33.3% -66. 7% -75.0%
P erfect W orld C o., Ltd. US D PWRD Nas da qG S 1, 864.4 37.47 -1.9% -13.6% -23.6% -8.2% 162. 0% -25.8%
P NI Digital Media Inc. C AD T S XV :P N T S XV 53.9 1.71 -2.8% 1.2% -2.3% 17.1% -3.4% -19.7%
Q uepa s a C orp. US D QP S A OT C B B 36.4 2.86 -3.1% 7.9% 104.3% 104.3% 100. 0% -9.2%
R ea l V alue E s tates , Inc. US D R V LU OT C B B 8.0 1.25 -16.7% 0.0% NM NM NM -16.7%
S ahara Media H oldings , Inc. US D S HH D OT C B B 7.8 0.25 0. 0% -37.5% -51.0% -91.7% -91. 7% -92.3%
S ha nda Interactive E nterta inment L td. US D S NDA Nas da qG S 3, 204.7 47.65 3. 2% -19.1% -2.8% -1.2% 56.0% -26.7%
S hutterfly, Inc. US D S F LY Nas da qG S 451.5 17.96 13.5% 1.1% 16.9% 10.7% 111. 5% -4.6%
S K C ommunications C o. , L td. KR W A066270 K OS E 445.8 12, 450 -15.6% -19.9% 75.8% 20.3% 60.0% -32.3%
S NA P Intera ctive, Inc. US D S TVI OT C B B 5.9 0.18 -5.3% 80.0% 157.1% 35.0% -46. 0% -48.6%
S ocial Media V entures Inc. US D S MV I OT C P K 0.0 0.00 -22.2% -37.8% -72.3% -97.8% -99. 8% -99.8%
S ocialwis e, Inc. US D S CLW OT C B B 21.9 0.46 0. 0% -6.1% -9.8% -29.2% 4.5% -54.9%
S ohu.com Inc. US D S O HU Nas da qG S 1, 871.3 48.66 -3.1% -17.8% -12.5% -22.2% 2.7% -32.7%
S pa rk Networks , Inc. US D LO V A ME X 60.7 2.95 2. 4% 1.4% 13.5% 19.0% 15.7% -12.5%
S pectrumDNA, Inc. US D S P XA OT C B B 7.3 0.15 0. 0% -18.9% 0.0% -31.8% 50.0% -66.7%
T encent H oldings Ltd. HK D 700 S E HK 32,334. 6 138 -2.3% -18.0% -3.8% 21.8% 182. 8% -22.0%
T he9 L imited US D NC T Y Nas da qG S 171.0 6.81 -2.6% -17.5% -11.1% -25.9% -53. 0% -58.7%
T heS treet.com, Inc. US D TS CM Nas da qG M 92.8 3.04 -1.6% 26.7% 26.1% 28.3% 16.9% -10.9%
T ree.C om, Inc. US D TR E E Nas da qG M 81.9 7.51 3. 0% -18.7% -1.6% -21.3% 92.1% -42.5%
U nilava C orporation US D UNLA OT C B B 17.5 0.18 25.0% -45.3% NM NM NM -68.2%
U nis erve C ommunica tions C orp. C AD T S XV :US S T S XV 3.0 0.13 62.5% 44.4% 271.4% 188.9% 62.5% 0.0%
U nited O nline Inc. US D UNT D Nas da qG S 536.3 6.34 -2.0% -13.9% -24.0% -14.3% 22.2% -33.0%
U OMO Media, Inc US D UO MO OT C B B 2.8 0.03 -20.0% -36.0% -60.0% -77.1% -60. 0% -97.0%
V alueC lick Inc. US D V CLK Nas da qG S 793.3 9.26 -3.1% -10.8% -10.5% -14.6% 29.9% -33.6%
V elti P lc GB P VEL A IM 192.3 3.28 63.8% 63.8% 85.0% 98.5% 177. 5% -1.4%
V OIS , Inc. US D V O IS OT C B B 9.9 0.01 -9.1% 0.0% -28.6% 85.2% 33.3% -56.5%
W ebzen Inc. KR W K O S E : A069080 K OS E 119.5 11, 800 -9.9% 8.3% -4.1% -14.5% 65.7% -43.0%
W izzard S oftwa re C orporation US D W ZE A ME X 19.8 0.37 2. 8% -2.7% -26.0% -22.9% -49. 3% -53.2%
W orlds .com Inc. US D W DDD OT C B B 4.8 0.09 0. 0% 0.0% -10.0% 0. 0% -55. 0% -59.1%
XING A G E UR O1B C XT R A 198.0 27.42 -5.5% -13.2% -16.6% -2.1% -6.9% -27.8%
Y D Online C orp. KR W A052770 K OS E 70.5 5, 500 0. 0% -27.3% -22.8% -38.3% -22. 4% -55.6%
Y nk K orea Inc. KR W A023770 K OS E 13.5 2, 965 5. 9% -5.1% -26.2% -39.7% -33. 8% -65.9%
H igh 331.0% 80.0% 271.4% 228.6% 322. 8% 0.0%
L ow -79.2% -79.6% -76.5% -97.8% -99. 8% -99.8%
Average 757.1 2.5% -4.9% 4.8% 0.1% 39.4% -42.3%
Media n -1.9% -7.8% -4.1% -14.3% 21.1% -38.0%
United S tates 29 C hina 56, 945. 8 C hina 5,694. 6 C hina 4,496. 8 C hina 2, 262. 8 C hina 49. 0%
C hina 10 U nited S ta tes 5, 465. 2 S weden 3,266. 2 United S tates 3,752. 1 United S tates 393. 7 A us tralia 42. 8%
C a na da 9 J a pan 4, 440. 9 J apan 740. 1 S weden 1,942. 0 S weden 274. 4 T aiwan 37. 3%
S outh K orea 9 S weden 3, 266. 2 T aiwan 515. 6 C a na da 992. 4 J a pa n 213. 0 J apan 24. 3%
J a pa n 6 C anada 2, 538. 6 C anada 282. 1 S outh K orea 740. 1 C a na da 199. 5 S outh K orea 20. 1%
T a iwa n 3 S outh K orea 1, 845. 8 Hong K ong 237. 5 J a pa n 680. 8 S outh K orea 133. 5 S weden 14. 1%
G erma ny 3 T a iwa n 1, 546. 9 S witzerla nd 205. 8 T a iwa n 404. 6 T a iwa n 65. 0 Italy 13. 1%
Aus tralia 2 G ermany 318. 0 S outh K orea 205. 1 Hong K ong 334. 2 Ita ly 31. 0 R us s ia 13. 1%
S witzerla nd 1 Hong K ong 237. 5 R us s ia 193. 9 Ita ly 236. 1 R us s ia 20. 4 Hong K ong 6. 0%
India 1 S witzerla nd 205. 8 U nited S ta tes 188. 5 G erma ny 171. 4 Hong K ong 20. 0 S witzerla nd 5. 4%
F inla nd 1 R us s ia 193. 9 Ita ly 136. 8 R us s ia 156. 3 G erma ny 9. 7 G ermany -7. 4%
United K ingdom 1 Ita ly 136. 8 G ermany 106. 0 Ma lays ia 78. 5 Aus tralia 4. 9 C anada -10. 6%
Ita ly 1 F inland 51. 3 F inland 51. 3 S witzerla nd 63. 0 S witzerla nd 3. 4 U nited S ta tes -15. 4%
Hong K ong 1 Malays ia 36. 4 Malays ia 36. 4 India 47. 7 United K ingdom -2. 7 F inland NA
S weden 1 Aus tralia 29. 4 India 20. 2 Aus tralia 17. 8 F inla nd -18. 5 India NA
R us s ia 1 India 20. 2 Aus tralia 14. 7 F inla nd 4. 5 India -51. 2 U nited K ingdom NA
Ma lays ia 1 U nited K ingdom 5. 6 U nited K ingdom 5. 6 United K ingdom 0. 0 Ma lays ia -85. 2 Mala ys ia NA
G rand Total 80 G rand Total 77,284.4 G rand Total 966.1 G rand Total 14,118.5 G rand Total 3,473.8 G rand Total 11.8%
G rand Total 80 G rand Total 77,284.4 G rand Total 966.1 G rand Total 14,118.5 G rand Total 3,473.8 G rand Total 11.8%
G rand Total 8.7 3.0 105.4 158.4 346.2 108.5 25.0 755.2
ANALYST CERTIFICATION
Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the
recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii)
no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or
recommendations expressed in this research report.
This report has been created by Analysts that are employed by Mackie Research Capital Corporation, a Canadian Investment Dealer. For further disclosures, please see last page of this report.
I n f o r ma t i o n a b o u t M a cki e Re s e a r ch C a p i t a l C o r p o r a t i o n ’ s Ra t i n g S y st e m , t h e d i s t r i b u t i o n o f o u r r e s e a r c h t o c l i e n t s a n d t h e p e r ce n t a g e o f r e c o mme n d a t i o n s wh i ch a r e i n
e a c h o f o u r r a t i n g ca t e g o r i e s i s a va i l a b l e o n o u r we b s i t e a t ww w. ma c k i e r e se a r ch . co m.
T h e i n f o r ma t i o n c o n t a i n e d i n t h i s r e p o r t h a s b e e n d r a wn f r o m s o u r c e s b e l i e v e d t o b e r e l i a b l e b u t i t s a c c u r a c y o r c o mp l e t e n e s s i s n o t g u a r a n t e e d , n o r i n p r o vi d i n g i t d o e s
M a c k i e R e se a r c h C a p i t a l C o r p o r a t i o n a s s u me a n y r e sp o n si b i l i t y o r l i a b i li t y. M a c ki e R e s e a r ch C a p i t a l C o r p o r a t i o n , i t s d i r e c t o r s , o f f i c e r s a n d o t h e r e mp l o y e e s ma y , f r o m
t i me t o t i me , h a v e p o si t i o n s i n t h e s e c u r i t i e s me n t i o n e d h e r e i n . C o n t e n t s o f t h i s r e p o r t c a n n o t b e r e p r o d u c e d i n wh o l e o r i n p a r t wi t h o u t t h e e xp r e s se d p e r mi s si o n o f
M a c k i e R e se a r c h C a p i t a l Co r p o r a t i o n . ( U . S. I n st i t u t i o n a l Cl i e n t s — R e se a r ch C a p i t a l U. S . A . I n c. ( a wh o l l y o wn e d s u b si d i a r y o f M a c ki e R e s e a r c h C a p i t a l C o r p o r a t i o n )
a c c e p t s r e s p o n si b i l i t y f o r t h e c o n t e n t s o f t h i s r e p o r t s u b je c t t o t h e t e r ms & l i mi t a t i o n s s e t o u t a b o v e . F i r ms o r i n s t i t u t i o n s r e c e i vi n g t h i s r e p o r t s h o u l d e f f e c t t r a n s a ct i o n s
i n s e cu r i t i e s d i s cu s s e d i n t h e r e p o r t t h r o u g h R e se a r c h C a p i t a l U. S . A . I n c. , a Br o ke r - D e a l e r R e g i s t e r e d wi t h t h e U n i t e d S t a t e s S e c u r i t i e s a n d E xc h a n g e C o m mi s si o n ) .
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