, Inc.

1
, Inc.

• Buy Presentation
• -Serge Faguet
• -Jim Cao

2
eBay, Inc. Company profile

• The Worlds Online Marketplace
• Millions of items across thousands of categories
  sold every day
• The worlds biggest market for used cars
• Technology company with great growth prospects,
  yet a lot of stability
• The most valuable Internet company with a
  valuation of 54 billion (compare to Amazons 20
  billion)
• Share price was almost entirely unaffected by the
  collapse of Internet stocks
• Incredibly powerful brand with recognition in
  dozens of countries throughout the world

3
eBay, Inc. Company News

• 1st Quarter 2004 Financial results last week
• Revenues up 59 year-over-year
• Income up 80 year-over-year
• Rapid international expansion
• Partnered with EachNet in China to create an
  extensive online community in the worlds fastest
  growing market
• Chinas largest e-commerce player
• Predicts China will emerge as eBays biggest
  market
• Recently acquired www.mobile.de - Germanys
  largest online vehicle classifieds website
• MarketWire suggests rumours of further MA
  expansion, especially in China

4
Industry trends competition

• Online Auction sales growth of over 40 for the
  last several years
• Competition primarily from Yahoo! Auctions,
  uBid.com and OnSale.com
• Total revenues less than 10 of that of eBay
• Revenues declining relatively, eBay position
  strengthening
• Yahoo! Auctions closed down European sites
• Entered marketing agreement with eBay

5
Yahoo! Auctions vs. eBay post-Christmas period
decline in sales numbers
6
Risks

• Google a risk?
• On a course of rapid expansion into many areas
• Recently announced GMail 1 GB storage email
• Could in theory expand into auctions
• Planning to announce IPO date in the next week
• Will have a lot of capital to expand with

7
Company Financials Key Stats

• 52 billion Market cap.
• Trailing P/E of 100, Forward P/E of 50
• P/E/G of 2.01
• Price/Sales of 22
• Price/Book ratio of 10.95 , BV/share of 7.5
• -22.43 Profit Margin
• 29 operation margin
• Return on Assets of 10.48
• Beta 1.729
• 23.5 insider holding
• 66.74 institutional holdings

April 26, 2004
Serge Jim
6
8
(No Transcript)
9
(No Transcript)
10
(No Transcript)
11
(No Transcript)
12
Income Statement
April 26, 2004
Serge Jim
6
13
Balance Sheet
April 26, 2004
Serge Jim
6
14
Balance Sheet (contd)
April 26, 2004
Serge Jim
6
15
Statement of Cash Flow
16
Technicals

• Overbought
• Nice Chart
• Doji at top...
• Just set New High!

17
Conclusion

• Significant long-term growth potential some
  analysts predict will become worlds dominant
  retailer
• Revenues rising by over 50 every year since 1995
• No competitor ever succeeded in taking eBays
  market share
• Natural monopoly
• Strong brand and very large user community
• Aggressively expanding and moving against any
  potential competitors