financial analysis - linkedin corporation operates a social networking website used for professional...

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.

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Company Analysis - Overview

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Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: [email protected] |

www.linkedin.com

LinkedIn Corp

Target price in USD

Date Buy Hold Sell Date Price Target Price Broker Analyst Recommendation Target Date

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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

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TOP 20 ALL


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


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


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


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


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

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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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