Facebook's IPO Facebook plans to sell its shares to the public this spring. This Initial Public Offering (IPO) will be the largest ever and signals the most exciting offering since Google went public in 2004. Facebook is the largest social media company by a large margin and the company's IPO deserves the interest it has been attracting. Whether or not the stock will be a good purchase is a much more difficult question to answer. Our fundamental analysis of stocks focuses on two questions. The first is whether or not a potential stock represents an ownership interest in a high quality business. Part of this analysis addresses the sustainability of the business through different market cycles and changes that could take place in the unique market for the goods and services of the company. The second question is whether the market price is lower than the value we believe the business is worth. Within this framework, Facebook meets the first test easily. Facebook is a unique platform. According to the company's SEC filing, 845 Million registered users used the service within the last month. Of those, more than half (483 million) log into their accounts daily. For perspective, these numbers dwarf the total population of the United States which was 309 million as of the last census in 2010. These users spend an average of between 7 and 8 hours per month on Facebook, consuming almost 15% of the total time spent on the Internet. The total amount of time that users spend on Facebook is much higher than any other Internet property by a wide margin. Users must submit their name, date of birth, gender and email address to open an account with Facebook. However, most users submit much more granular data including their job, education, marital status, hobbies, interests and favorite songs, movies and TV shows. Finally, users "like" content, join groups and establish connections with friends providing Facebook with an incredibly rich portrait of each of their roughly 850 million subscribers. Advertisers are able to target campaigns to those users who they believe would be most interested in their goods or services. Facebook presents a case study on its advertising page for a photography company that primarily photographs weddings. The company's ideal customers are 24-30 year-old women who recently became engaged. Facebook's data allowed the company to target these prospective customers with pinpoint accuracy so that a $600 ad led to $40,000 in business over 12 months. Advertising represents about 85% of Facebook's revenues. The company's advertising platform has allowed the firm to grow revenues at incredible rates of 88% during 2011 and 154% the previous year. Facebook's business is also extremely profitable. During the past two years, the company's earnings have expanded from $229 million to $1 billion. The business is highly leverageable. To generate this income, Facebook only employs about 3,200 people. Facebook provides a digital frame while its users add incredible amounts of content without any intervention from Facebook's employees. This content in turn makes the site more attractive to existing users, prospective users and advertisers. Facebook also benefits from the "network effect." The network effect occurs when the additional users of a service increase the value of the service for others. Facebook grows because more and more people are on the platform making it more useful to others to join. Likewise with advertisers, as more users join Facebook and spend additional time on the platform, Facebook becomes a more attractive media. Companies such as Facebook that benefit from this network effect tend to become natural monopolies. Facebook struggled after its creation to distinguish itself from Friendster and MySpace. However, once Facebook became the dominant social media site, challengers such as Google+ find it very hard to attract users and compete since everyone is already on Facebook. Facebook is already a dominant advertising platform and is growing quickly in electronic payments. Many users play games such as Zygna's CityVille and purchase virtual goods over Facebook's network. Facebook garners revenue from these transactions. However, given Facebook's huge network of users, the company could expand its business lines dramatically. For example, Facebook could distribute music, software and movies. Its potential future businesses are truly limitless. Similarly, Amazon morphed from an online bookstore into one of the world's largest retailers, a cloud storage company and a media delivery service. Very few analysts were able to foresee these developments in the late 1990s when Amazon was primarily competing with Barnes & Noble and Borders (now bankrupt). Facebook, however, faces a continuing challenge that could threaten its viability as a company. This challenge is the natural tension that exists between Facebook's utility to its users and its need to monetize its business and profit from its platform. Facebook's users could become apprehensive if the company tried to advertise too aggressively based on interactions that its users view as personal. For example, imagine complaining to a friend on Facebook about your "love handles" and then seeing a blinking banner ad for a doctor who performs tummy tucks. Overly intrusive advertising caused MySpace to lose its first mover advantage to Facebook such that MySpace is now a niche media platform that will never be able to challenge again for dominance in the broader social media arena. As discussed, Facebook stores an incredible amount of very private information on its servers. Since no security system is impenetrable, it is not hard to imagine a motivated hacker causing an epic privacy breach. Aside from bad actors, governments could also impose privacy protections that make the site much less attractive to its user base and/or advertisers. It is impossible to determine whether or not Facebook will be a prudent investment since the price for the IPO has not been set. However, trading on SecondMarket (a market for pre-ipo companies) suggests the bankers will value the company at a market capitalization of about $100 billion. Facebook's closest comparable is Google since both companies are dominant advertising platforms. Google's market capitalization is now about $208 billion or roughly twice Facebook's expected value. In 2011, Google's sales were $37 billion and the company earned $10 billion on those revenues. Facebook's sales during the same period were about $3.7 billion and the company earned $1 billion on the revenue. Interestingly, Google's sales and earnings are about 10 times as large as Facebook's, but its market capitalization is only twice that of Facebook. Facebook's revenues and earnings are growing at a much faster rate than Google. For instance, Facebook grew its revenues and earnings 88% and 65% respectively. On the other hand, Google grew revenues 29% and earnings 14% during 2011. Assuming Google, grows at 10% rate forever, then Facebook would have to grow at 25% for next 18 years to be an equivalently sized company. This rate of growth would very difficult to sustain for almost two decades. Facebook is an intriguing company and does not deserve to be dismissed as an over-hyped flash in the pan. Its platform of users will allow the company to become dominant in the advertising arena very quickly. However, any missteps in monetizing its user base could cause the network effects to reverse themselves, as has occurred with other social media companies. NewsCorp acquired MySpace in 2005 for $580 million and then sold the company to Specific Media and pop star Justin Timberlake for only $30 million in 2011, after alienating its user base by intrusive advertising. In the final analysis, the reward may be limited if the IPO is priced high and the risks are substantial.
10 Easy Steps to Succeed in Your Online Classes
Congratulations Youve made up our minds to pursue your upper schooling, and doing so online is how to pass if you have an interest in a versatile, studentcentered educating manner. Studying online permits you to pursue different pursuits and attend to different responsibilities whilst nonetheless operating your method towards some extent. However, it will now and again imply that its clean to get distracted. Here are 10 clean steps to verify luck on your online categories.
- Connect together with your instructors once conceivable.
Even in case you are doing smartly within the category, its extraordinarily vital to increase a rapport together with your trainer. When you do that early on, you temporarily understand what the priorities are within the route, what expectancies the professor has of you and youre going to be motivated to prevail, surer of whats forward and higher ready to do smartly with the impending subject material.
Valuable questions to invite your trainer come with the next
How versatile are you with time limits
How versatile are you with grownup freshmen
What applied sciences do you employ within the route
How to be had are you through e mail and different sorts of verbal exchange
How do you put up an internet neighborhood and what are the expectancies for participation in it
In addition, since instructors are to be had to lend a hand all over the classes, its all the time just right to have had private touch with the trainer early on. This method, when you wish to have lend a hand, its more straightforward to achieve out and get the help you wish to have.
- Confirm the technical necessities of the route.
Online categories can also be very advisable for college kids with busy schedules, however provided that they are able to simply get right of entry to the fabrics. It is vital to obviously perceive what the technical necessities are. So, ahead of the route begins or as quickly thereafter as conceivable, youll want to test that your pc will paintings with the entire online equipment, and that you understand how to navigate them. This will be sure that you dont must spend time all the way through the route attempting to determine the generation.
three. Create a time table and stick with it.
Quality online instructors create classes which might be clean to navigate and feature transparent expectancies. Having that roughly easytodealwith framework in position will make learning and succeeding that a lot more straightforward. However, although the framework and necessities of your category arent as transparent, youll create a time table and construction, which is able to very much fortify your probabilities of luck within the route. Using equipment equivalent to Google Calendar is a good way to start out. Knowing how your weeks and months glance and scheduling blocks of analysis time for each and every activity or module will will let you stick with a time table.
four. Ask questionsall the time.
When you dont perceive, ask questions. When you do perceive, ask additional questions. Instructors recognize scholars who take part, and if theres a participation or dialogue part a part of the grade, then asking high quality questions is helping guarantee your grade on this space. Even if there isnt a participation part, its all the time helpful to invite inquiries to remember to perceive the fabric and are transparent on what is needed of you.
five. Be arrangedand keep arranged.
Students whore taking conventional, campusbased classes most often have a constant time table to observe each and every week, through which study room instruction is adopted through assignments out of doors the category. However, for online classes, scholars will have to search out their very own techniques to stick on most sensible in their paintings. It is crucial that you just be arranged from the start of the semester with the intention to achieve success in an internet route. For instance mark task due dates on your calendar, discover a submitting machine for each online subject material and bodily subject material that is helping you stay monitor of the whole lot simply, and shed light on find out about schedules that duvet sections of the route one by one so youve got an arranged tactic to protecting the semesters subject material as you pass alongside.
- Have a blank, quiet, and constant workspace.
One factor online and inclass classes have in not unusual is that scholars all the time want a spot to review or whole assignments this is blank, quiet, and constant. You can select the place that is for youwhether or not its at a espresso store, a college library, a devoted place of business, or at house. Wherever you select to review and whole assignments, you must make it a constant location that doesnt have out of doors distractions. It is basically key that where is quiet and lets you focal point in your paintings with out distractions.
- Do no longer procrastinate.
Successful distance freshmen hardly procrastinate. They dont do away with assignments or wait till the final second to write down their papers. Successful online scholars experience freedoms that come with operating at their very own tempo and the facility to finish their paintings in as a lot time because it takes them. On the opposite hand, they know that finishing their assignments is best performed early and on time cramming merely doesnt paintings, and it doesnt will let you retain knowledge longterm. Get began early on getting a success.
eight. Work in your studying comprehension.
Successful distance freshmen generally tend to have just right studying comprehension abilities. Most conventional, campusbased scholars concentrate to lectures and take notes, and a few online classes additionally require this. However, the vast majority of distance freshmen are anticipated to grasp subject material thru a large amount of studying. Although far finding out classes be offering video recordings and audio clips, maximum systems require scholars to hide and grasp a considerable amount of written knowledge. If it is a problem for you, it could be very useful to first sign up in a studying comprehension route there are lots of assets online that will help you do that. This ability by myself could make a huge distinction on your luck.
nine. Establish and admire routines that be just right for you.
If, for instance, youre employed best within the morning or in brief bursts, then set find out about routines that can help you find out about within the prelunch hours when your mind is contemporary. If, then again, you do best through learning at evening or at the weekends when youll devote nightowl hours or longer blocks in your learning, then make it some degree to take action. Consider how and whilst you paintings best, and enforce a find out about plan that respects the routines that be just right for you.
- Connect together with your friends.
Establishing sturdy connections with friends and professors is a very powerful facet of tutorial luck, in addition to skilled development. One of essentially the most rewarding reports in schooling is finding out thru collaboration. Forming significant relationships together with your friends and professors can can help you be told extra, keep motivated, and feature an outlet to specific your personal working out of subject material. So, keep attached thru message forums, chat rooms, e mail, and different digital assets. And take note lots of the other people you meet in faculty shall be conceivable process assets down the road so determine connections and keep in contact
Florida National University gives a wealth of tutorial and professional online classes. Check out the entire choicesyour long run is ready
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