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COMPANY OF THE DAY : LINKEDIN

LinkedIn posted solid Q4 earnings, with growth across all its divisions. However, the stock tanked following its weak Q1 guidance. Our earnings note details the key takeaways from LinkedIn's earnings and guidance.

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FORECAST OF THE DAY : GE'S AVIATION MARKET SHARE

GE has managed modest gains in its Aviation market share over the past few years, driven by its wide commercial engine portfolio. We expect minimal growth in the company's market share going forward due to strong competition.

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RECENT ACTIVITY ON TREFIS

NVDA Logo
How Is Nvidia's Revenue & EBITDA Composition Expected To Change By 2020?
  • By , 2/8/16
  • tags: NVDA INTC QCOM BRCM
  • Have more questions about  Nvidia  (NASDAQ:NVDA)? See the links below: >> Graphics & Tegra Processors: What’s Nvidia’s Revenue And EBITDA Breakdown? >> By What Percentage Did Nvidia’s Revenue And EBITDA Grow In The Last 5 Years? >> Nvidia’s Revenue & EBITDA Grow In The Next 5 Years: Trefis Estimate >> What’s Nvidia’s Fundamental Value Based On Expected 2015 Results? >>  How Has Nvidia’s Revenue And EBITDA Composition Changed Between 2010 & 2015? >>  Nvidia’s Potential Valuation In 2020: Trefis Estimate >>  What To Expect From Nvidia’s Fiscal 2016 Earnings? Notes: View Interactive Institutional Research (Powered by Trefis): Global Large Cap   |  U.S. Mid & Small Cap   |  European Large & Mid Cap   More Trefis Research
    FB Logo
    How Facebook Is Working On Attracting More Video Advertisers ?
  • By , 2/8/16
  • tags: FB GOOG TWTR
  • According to eMarketer, the U.S. digital video ad spending is expected to reach nearly $15 billion by 2019, comprising more than 16% of the total digital ad spending. And Facebook  (NASDAQ:FB)  is working on several initiatives to attract video advertisers on its platform. The company believes that video is an important part of Facebook’s experience.  And while 100 million hours of videos are watched daily on its platform, the social media giant is now testing new experiences to enable people discover videos they might be interested in.  We believe that as video consumption on Facebook continues to increase, with its expanding user base and ability to target a certain demographic profile, it is an attractive destination for video advertisers and the company can attract TV ad budgets, thus grabbing a higher market share in the video ads space. See our complete analysis for Facebook Dedicated Space To Watch Videos Can Create Exclusive Space For Video Ads In its Q4 2015 earnings call, Facebook mentioned that it currently has 500 million people watching a video a day. The company has been testing new experiences such as suggested videos, which enable people to discover more videos that might interested them. It is also exploring ways to give users a dedicated place on Facebook to just watch videos.  As consumption of videos on the platform increases, Facebook is working on matching the ad formats with the content consumed by the users, thus working on ways to attract more video advertisers. If it creates a dedicated space to watch videos within its platform similar to You Tube, it could potentially use that space exclusively for video advertisers, reducing the ad load on its “News Feed” and attracting more video advertisers. Different Video Ad Formats Can Give Marketers More Choice As video ad spending increases, Facebook is working on initiatives to provide various formats of video ads to marketers according to user behaviour.  Some users watch the whole 30-second video ad with sound, while others watch shorter formats, without sound.  Facebook is convincing marketers to work with different video ad formats to increase user engagement and generate higher value for the ad. It provides the option to have a short ad with sound off or a longer ad with sound on and any option in between.  The company is working on making marketers adapt their video advertising to its platform, which is different from TV advertising.  Its ability to convince marketers to use different formats of video ads on its platform will be key for its success in this space. Facebook did one such experiment with the Microsoft Xbox for its campaign to launch Halo 5, where the marketing agency used a video ad optimized for Facebook and Instagram, understanding that  viewers watch videos differently on their mobile news feed than on TV. Videos under this campaign were created to capture audience attention in the first 3 seconds, without sound, which drove over 380 million impressions and 49 million video views in key markets, indicating the success of this campaign. We believe Facebook is well poised to capture a larger share in the growing video advertising space and with its innovations to increase video consumption on its platform and provide interesting opportunities to marketers to tap into its users via engaging video ads; it should be able to generate higher revenues from this stream of advertising. See More at Trefis | View Interactive Institutional Research (Powered by Trefis) Get Trefis Technology
    EL Logo
    Estee Lauder's Dynamic Strategy Of Growth Based Investment Allocation Led To An Impressive Second Quarter Fiscal 2016
  • By , 2/8/16
  • tags: EL LRLCY AVP REV
  • Estee Lauder (NYSE:EL) reported a strong second quarter fiscal 2016 (fiscal year ends in June) on February 5th. While its reported net sales increased by 3% to $3.12 billion, its net earnings rose by 2% to $446.2 million, and its net earnings per common share grew by 5% to $1.19. On a constant currency basis, the net sales and net earnings per common share increased by 8% and 15%, respectively. Estee Lauder shares a symbiotic relationship with the global premium beauty industry. The company is one of the primary drivers to bolster the industry’s growth and the resilient nature of the industry, in turn, had been aiding Estee Lauder in its  current success. Estee Lauder is growing at twice the pace in which the premium beauty market is growing. The company isn’t reliant on one particular channel, product, or country, and that acts as a buffer towards regional slowdowns or political problems. It was proactive in picking up market cues and reallocating capital investments as per situations demanded, for example, it decreased investment in the slow Hong Kong market and increased the same in the U.S., U.K., and Canada as demand rose in those regions. In travel retail, Estee Lauder expanded into Europe due to an increased tourist influx. The company ramped up investments in free standing stores and eCommerce due to the growth in the direct-to-consumer business. In Q2 fiscal 2016, the company’s strong performance has been especially evident in makeup and luxury brands, direct to consumer channels, and the EMEA region. Similar to Q1 FY2016, the company’s growth was especially impressive because it was achieved on the backdrop of tough economic conditions over several markets across the world. The main takeaway from the earnings call was that Estee Lauder’s key to success was its dynamic strategy of reallocating resources to markets, brands, and channels which are witnessing growth. Below, we talk about a few important areas of current and future growth for the company, as was discussed in its earnings call. We will shortly update our price estimate of $85 for Estee Lauder . See Our Full Analysis for Estée Lauder Estee Lauder Is One Of The Largest Online Premium Beauty Players The beauty industry’s focus is currently on the direct-to-consumer channels, such as digital and retail stores, travel retail, and specialty stores. Estee Lauder has a  strong presence in all these channels. Estee Lauder is currently one of the largest premium beauty players on the online prestige beauty segment. The company expects its online sales to surpass $1 billion in fiscal 2016, depicting the doubling of the business over the last three years. The eCommerce and m-commerce business contributed to around 30% growth in the second quarter. The number of orders through digital media has increased by 27% and mobile transactions account for almost 36% of all online transactions. The company added 69 new brand retailer and third party websites on its platform in the second fiscal itself. Also, Estee Lauder focuses on the omni-channel experience, or the linking of websites to the free-standing store, which is increasingly gaining popularity among retail shoppers. Estee Lauder has launched several programs to strengthen the omni-channel experience for its customers across the globe. Estee Edit Aims To Wow Younger Customers Estee Edit, the Estee Lauder range targeted at millennials, is slated to be launched in 320 Sephora stores in North America and in Sephora.com in March 2016. This is a strategic initiative to modernize the Estee Lauder brand for ushering in a younger generation of customers. The Estee Edit products have been formulated in collaboration with the team at Sephora. The range will be strongly advertised through the digital media and magazines. It is noteworthy to mention that the two largest brands for the company, Lauder and Clinique,  had started showing a revival of demand and both the brands combined grew by around 1% in Q2 FY2016.   Travel Retail Regains Its Former Glory Once More Travel retail continues to be one of the primary growth drivers for Estee Lauder. So, a significant recovery through this channel definitely came as a good news for the company. In Q2 FY2016, each of the parameters: the net sales, retail sales and traffic in travel retail, grew by mid single digits. The company’s strategic reallocation of its inventories was the key to the revival. The investments were channeled towards regions generating more tourist traffic. For example, Korea’s travel growth resumed after the MERS virus scare subsided and Europe was an attractive tourist destination on account of the weak Euro. On the other hand, regions like Hong Kong, China, and those frequented by Russian and Brazilian tourists remained weak. The company witnessed double digit growth in around half of its 30 most important  markets. Estee Lauder is expanding the travel retail stores and has also witnessed strong growth in pre-order business wherein travelers collect the products they’d ordered online, at an airport store. The Korean markets deserve a special mention because the company’s business is not only recovering but posting solid growth once again. In 2015, Estee Lauder acquired a stake in the Korean beauty company Dr Jart+ and it seems that  the partnership is working to the benefit of Estee Lauder. In Asia, South Korea and China are its two most important markets. The changes in currency rates are a deciding factor in travel retail. Since customers try to take advantage of the duty free section to buy products which might be cheaper than what they are in their home countries, exchange rate fluctuation causes a difference in the customer’s shopping spree. Hence, cosmetics, like makeups, are a huge hit in travel retail, because consumers don’t really look for big discounts for the same. So, the product categories to be pushed is also decided strategically.
    NVDA Logo
    What To Expect From Nvidia's Fiscal 2016 Earnings?
  • By , 2/8/16
  • tags: NVDA AMD INTC QCOM
  • Nvidia is scheduled to releases its fiscal fourth-quarter and 2016 earnings on February 17th. (Fiscal years end with January.)  What To Expect From Nvidia’s Fiscal 2016 Earnings? Here follow a tabular response.   Have more questions about  Nvidia  (NASDAQ:NVDA)? See the links below: >> Graphics & Tegra Processors: What’s Nvidia’s Revenue And EBITDA Breakdown? >> By What Percentage Did Nvidia’s Revenue And EBITDA Grow In The Last 5 Years? >> Nvidia’s Revenue & EBITDA Grow In The Next 5 Years: Trefis Estimate >> What’s Nvidia’s Fundamental Value Based On Expected 2015 Results? >>  How Has Nvidia’s Revenue And EBITDA Composition Changed Between 2010 & 2015? >>  Nvidia’s Potential Valuation In 2020: Trefis Estimate >>  How Is Nvidia’s Revenue & EBITDA Composition Expected To Change By 2020? Notes: View Interactive Institutional Research (Powered by Trefis): Global Large Cap   |  U.S. Mid & Small Cap   |  European Large & Mid Cap   More Trefis Research
    TM Logo
    Toyota Steps Up Its Luxury Game In Search For More Profits
  • By , 2/8/16
  • tags: TM HMC GM F TSLA VLKAY DDAIF
  • Recently, Toyota Motors  (NYSE:TM) showcased a new Lexus LC500 at the North America International Auto Show in Detroit. It was an unusual move for the Japanese auto maker whose luxury brand Lexus is not really known for such models. Toyota is known for making reliable, high-performance, well-engineered vehicles, but less so for memorable or eye-catching designs. The Lexus LC500 is a step in a new direction for the company. The vehicle shouldn’t be expected to sell a lot of models but its symbolic importance cannot be understated: the model should act as a totem for the company’s engineers and designers as the image in which a new generation of Lexus models are to be created. The model is loaded with the latest technology like door structures made from carbon fiber frames, a low center of gravity, equal front-to-rear weight distribution, 10 speed automatic transmissions and a new version of the Toyota infotainment system. Toyota CEO Akio Toyoda himself presented the car and said that “[the car will] guide the future of [Lexus] with products that have more passion and distinction in the luxury market.” Lexus Sales The reason why this change is significant for shareholders is made clear by the following three data points. 1) Consider the sales made by luxury brands in the United States in the last two years. While Lexus sells fewer vehicles than German luxury car makers BMW and Mercedes-Benz, it is not that far behind. Its market share among luxury brands in the U.S. stood at 19.16% in 2015, only slightly behind BMW’s 19.24% and Mercedes-Benz’ 20.7%. 2) As far as average transaction prices are concerned, Lexus’ average transaction price in December 2014 stood at $47,719 compared to BMW’s $51,916 and Mercedes-Benz’ $58,477. At these average prices and full-year sales for the calendar year 2015, the three brands made $16.4 billion, $18 billion and $21.8 billion respectively. 3) Even though luxury vehicle sales made up 10.2% of the overall vehicle sales in the U.S. auto market in the year 2015, they are likely to contribute over 20% of its revenue and close to half its overall profits. This makes each incremental luxury vehicle sale more important to the valuation of a company than sales in any other segment. Competing With The Germans Lexus’ reliability is clearly a big draw for American consumers but it doesn’t quite have the same emotional appeal for consumers that BMW and Mercedes-Benz vehicles have. Releasing a car that is as easy on the eye and as exciting to drive as the Lexus LC500 is a big step towards changing that image and signalling to consumers that Lexus can offer the same passionate draw as German luxury auto makers. The vehicle is clear indication that Toyota is raising its investment in its luxury brand, both from an engineering point of view and strategically. If this new direction for the Lexus Brand helps it gain market share and raise transaction prices, it will help boost profitability for the brand considerably. View Interactive Institutional Research (Powered by Trefis): Global Large Cap |  U.S. Mid & Small Cap |  European Large & Mid Cap More Trefis Research
    FOX Logo
    Fox's Broadcasting Revenue Growth Is Largely Dependent On Its Sports Programming
  • By , 2/8/16
  • tags: FOX-BY-COMPANY DIS CBS TWX CMCSA VIA NFLX AMZN
  • 21st Century Fox’s  (NASDAQ:FOX) broadcasting network witnessed double-digit drop in key demo ratings as well as total viewers in calendar year 2015. This can be attributed to the absence of Super Bowl, which aided the 2014 viewership. Fox will air Super Bowl 51 in 2017 and that will surely lift its overall revenues and ratings next year. Television ratings primarily impact the advertising revenues for a media company. Even if we exclude the impact of 2014 Super Bowl, Fox has still posted advertising losses at its broadcasting segment in the past few quarters. This can be attributed to lower viewership at its television shows as more people embrace digital video platforms, thereby impacting the ratings on traditional television. Also, the broadcasting advertising trends are uneven, as they are driven by various events such as political campaigns and sports. In 2015, U.S. broadcast ad spending declined 3% while it was up 13% in Q4, reflecting strong scatter market. Q4 numbers are impressive and this will likely bode well for the broadcasting networks in upcoming earnings. 2016 will also bode well for broadcasting networks due to the Olympics and the Presidential election. These events will likely accelerate television ad spending and Fox, along with other broadcasting networks, will benefit from the trend as well. Understand How a Company’s Products Impact its Stock Price at Trefis
    KO Logo
    Coca-Cola Earnings Preview: Unfavorable Foreign Exchange To Dampen Organic Growth
  • By , 2/8/16
  • tags: KO PEP DPS
  • As one of the biggest FMCG (fast-moving consumer goods) companies in the world, the extra cash with customers due to the continual slump in oil prices should have benefited  The Coca-Cola Company (NYSE:KO) in its last quarter of 2015. The company is scheduled to announce Q4 and full year results on February 9, and while the domestic market could have performed positively in the quarter, unfavorable foreign exchange and lower demand in certain crucial emerging economies could play spoilsport. The 5% year-over-year organic sales growth through September was wiped out by the negative 7 percentage points impact of currency translations, considering that the majority of Coca-Cola’s top line comes from international markets, whose local currencies struggled to keep up with the dollar all through 2015. We estimate a $42 stock price for Coca-Cola, which is slightly below the current market price. See our full analysis for  Coca-Cola The U.S. alone forms ~45% of the net sales for the company, and the carbonated soft drinks (CSD) segment forms over 40% of the country’s non-alcoholic beverage market. Since a bulk of Coca-Coca’s sales are in CSDs, the increase in disposable income due to the sustained low oil prices are expected to boost the company’s top line in Q4. Gasoline prices have dropped by over 50% in the last 18 months. According to a survey by Wells Fargo, nonalcoholic beverage sales rose 5.5% in Q4 at the U.S. convenience stores, faster than at supermarkets. The extra cash with customers is expected to bode well for beverage makers. This momentum could continue, with convenience-store owners expecting soda sales to increase 3.8% this year, along with at least a 7% sales growth in bottled water, energy drinks and ready-to-drink (RTD) iced teas. On the other hand, consumption growth could not come in as expected in the last quarter, as some customers, even with the extra cash, are opting to save more, or are using the extra money to purchase expensive luxury items. The U.S. GDP expanded only 0.7% in Q4 and personal consumption expenditure grew only 2.2% (3% in Q3). However, even if volume growth comes in lower than expected, what could boost Coke’s results is the higher revenue per volume. The company has emphasized more on sales of smaller bottles and packs, as opposed to more volume, in the last three years. The push for more volume sales in previous years was incentivized by the company’s financial model of selling beverage concentrates to bottlers. However, volume sales of CSDs have consecutively fallen in the domestic market, as customers have cut down on their consumption of beverages containing high amounts of sugar. Hence, the drive to obtain higher volumes would probably meet with customer resistance. Coca-Cola is now pushing for more sales of its smaller cans and bottles, which have higher prices per unit. The transaction packages (smaller packs) represent about 15% of the company’s U.S. CSD volume, growing by double-digit percentages in Q3, and should boost revenue per volume in the last quarter, as well. Incremental marketing is also helping Coca-Cola to boost its top line growth. The company’s investment plans are supported by its plans to save an incremental $1 billion in productivity gains by this year, and raise that to $2 billion by 2017, and $3 billion by 2019, through system standardization, supply-chain optimization, and industrious resource and cost allocation. The company’s various marketing strategies and product campaigns have resonated with consumers, which is crucial considering that soft drinks are mostly an impulse buy, and what gives a company an edge is more reach, availability, and its social connect with the customer. Coca-Cola is also investing in brands that could help grow its top line going forward, especially brands in categories such as organic juices, bottled water, ready-to-drink teas, etc, that are growing at the expense of CSDs. The company signed a distribution agreement in the U.S. with Suja, a high growth organic cold-pressed juice company, and has announced plans to expand into plant-based protein drinks through the acquisition of the beverage business of China Green Culiangwang Beverages Holdings in China. So basically, Coca-Cola, being the beverage behemoth it is, is still looking to expand and find ways to grow consumption. 2015 was a transitional year for Coca-Cola. The company is looking to restructure, consolidate some of its operations, and spin-off some others — all in a bid to drive operational efficiencies, reduce supply-chain costs, and improve profitability. And then, there is the Monster deal and the premium milk brand Fairlife, which could add incremental sales going forward. Although organic sales growth could remain strong through Q4, what could offset Coca-Cola’s growth, yet again, is the negative impact of currency translations. See the links below for more information and analysis: How Coke Is Making Most Of Falling Soda Volumes Bottled water is a potential growth category that can’t be ignored Soda makers wonder: where could growth in U.S. come from? Coca-Cola beats consensus estimates; delivers strong growth in Q1 Negative currency translations overshadow PepsiCo’s strong organic growth in Q1 Trefis analysis: Coca-Cola Coke U.S. Revenues Trefis analysis: Coca-Cola Diet Coke International Revenues View Interactive Institutional Research (Powered by Trefis): Global Large Cap |  U.S. Mid & Small Cap |  European Large & Mid Cap More Trefis Research
    C Logo
    How Have Shrinking Interest Margins Affected Citigroup's Revenues In The Last Five Years?
  • By , 2/8/16
  • tags: C BAC JPM WFC GS MS
  • The contribution of Citigroup’s net interest income to its top line has remained largely unchanged between 2010-2015, as interest revenues and fee-based revenues have declined proportionately as a result of targeted divestments What Proportion of Citigroup’s Revenues and Profits Come From Its Various Divisions? How Much Are Citigroup’s Operating Divisions Worth Individually? What Is The Constitution Of Citigroup’s Loan Book In Terms Of Loan Categories? What Has Driven Changes In Citigroup’s Revenues and Profits In The Last Five Years? View Interactive Institutional Research (Powered by Trefis): Global Large Cap |  U.S. Mid & Small Cap |  European Large & Mid Cap More Trefis Research
    AMD Logo
    How Important Is the PC Market For AMD's Business?
  • By , 2/8/16
  • tags: AMD INTC NVDA QCOM
  • AMD’s dependence on the PC market has declined considerably in the last few years, and we expect this trend to continue over our review period.  Have more questions about AMD  (NYSE:AMD)? See the links below: >>  Embedded & Semi-Custom, PC and Server Processors & Graphics: What’s AMD’s Revenue and EBITDA Breakdown? >>  By What Percentage Did AMD’s Revenue & EBITDA Grow In The Last 3 Years? >> What’s AMD’s Fundamental Value Based On Expected 2015 Results? >> How Has AMD’s Revenue And EBITDA Composition Changed Between 2012 And 2015? >> AMD’s Revenue & EBITDA Growth in The Next 5 Years: Trefis Estimate >> AMD’s Potential Valuation In 2020 >>  How Much Revenue Can AMD Earn From Its Server Business BY 2020? >>  How Much Revenue Can AMD Add By Increasing Its GPU Market Share?: Trefis Estimate >>  How Is AMD’s Revenue & EBITDA Composition Expected To Change In The Future? >>  AMD: The Year 2015 In Review >>  What’s AMD’s Fundamental Value Based On Expected 2016 Results? >>  What Happens To AMD’s Valuation If Embedded & Semicustom Revenue Declines To $2 Billion In 2016? >>  Where is AMD’s 2016 Revenue Growth Expected To Come From? Notes: See More at Trefis | View Interactive Institutional Research (Powered by Trefis) Get Trefis Technology
    CSX Logo
    By What Percentage Did CSX's Revenue & EBITDA Grow In The Last 5 Years?
  • By , 2/8/16
  • tags: CSX UNP NSC
  • CSX’s revenue and EBITDA grew 11% and 18% respectively, due to an increase in shipments and revenue per carload. Have more questions about CSX? See the links below. What Is CSX’s Revenue And EBITDA Breakdown? What Is CSX’s Fundamental Value Based On 2015 Results? How Has CSX’s Revenue Composition Changed Over The Last 5 Years? By What Percentage Can CSX’s Revenue & EBITDA Grow In The Next 3 Years? Notes:   See More at Trefis | View Interactive Institutional Research (Powered by Trefis) Get Trefis Technology  
    LUV Logo
    How Has Southwest's Revenue And EBITDA Grown Over The Last Five Years?
  • By , 2/8/16
  • tags: LUV DAL AAL UAL ALK JBLU
  • Have more questions about  Southwest Airlines  (NYSE:LUV)? See the links below: How Has Southwest’s Revenue And EBITDA Composition Changed Over The Last Five Years? Southwest Airlines: The Year 2015 In Review What Is Southwest’s Outlook For 2016? What Is Southwest’s Fundamental Value Based On 2016 Estimated Numbers? What Is Southwest’s Revenue And EBITDA Composition? Notes: 1) The purpose of these analyses is to help readers focus on a few important things. We hope such lean communication sparks thinking, and encourages readers to comment and ask questions on the comment section, or email content@trefis.com 2) Figures mentioned are approximate values to help our readers remember the key concepts more intuitively. For precise figures, please refer to  our complete analysis for Southwest Airlines View Interactive Institutional Research (Powered by Trefis): Global Large Cap  |  U.S. Mid & Small Cap  |  European Large & Mid Cap More Trefis Research
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    Netflix Price Estimate Revised to $112 Based On International Expansion Potential
  • By , 2/8/16
  • tags: NFLX AMZN DISH CMCSA TWX
  • Netflix  (NASDAQ:NFLX) is working tirelessly in order to bring its international expansion strategy to fruition. The company recently expanded into 130 new countries and now has a presence in 190 countries. Netflix also posted strong numbers in its quarterly earnings announcement on January 19th. (You can read our earnings review  here .)  Subscriber growth exceeded expectations as the company added a record 5.59 million subscribers during the last quarter of 2015 to take its subscriber total past 75 million globally as of January 1, 2016. User engagement is also at an all-time high and Netflix’s subscribers streamed 42.5 billion hours of content in 2015, up from 29 billion hours in 2014. Netflix is already an established player in the U.S. online streaming industry and we believe that the company will continue to make its presence felt in the global streaming space as well. We are revising  our price estimate for Netflix to $112  based on the following analysis.
    F Logo
    What To Expect From Ford's Luxury Brand Lincoln In 2016
  • By , 2/8/16
  • tags: F GM
  • Ford Motor   (NYSE:F) unveiled the 2017 version of its luxury vehicle Lincoln Continental at the North America International Auto Show in Detroit earlier this month. The vehicle is a four-door luxury sedan that will be manufactured in the U.S. and sold in the U.S. and China. It is expected to replace the outgoing MKS Sedan in the Lincoln lineup. With it the Lincoln will have two sedans, three crossovers and one SUV in its lineup. Apart from the crossover MKT, all other models in the lineup have either been refreshed or are soon to be refreshed, giving the company a strong core portfolio for its luxury brand. Lincoln’s Importance Luxury vehicle sales form around 10% of the overall sales of the U.S. car market.  However, owing to their higher than average transaction prices and higher margins, they contribute about two-fifth of the industry’s revenue and nearly half its profits. Therefore, it is important for each company to have a strong luxury brand. Moreover, it is important for each company to know exactly how to negotiate the luxury car market. Broadly speaking the same trends are affecting the luxury car market as the overall car market: demand for sedans is on the decline, while crossovers and SUVs continue to grow at a remarkable pace. Sales of the compact luxury SUV segment grew by 60% in 2015, while that of the small luxury SUV segment grew by 38%. In contrast, entry level luxury sedans grew by just 8%, while midsize luxury sedans fell by 15% respectively on a year-over-year basis. Changing Image Lincoln is planning to introduce new models to its product portfolio over the coming years. This is important as the brand’s image in the U.S. is not very strong. It generally lags behind Lexus, BMW, Mercedes-Benz and Audi in the luxury market in the U.S. However, according to Ford’s own surveys, Chinese customers rank Lincoln as a more prestigious brand than Volkswagen’s Audi and on par with Toyota’s Lexus. Spurred on by this, the company opened three new dealerships for the brand in late 2014 in China. The dealerships were developed through careful study of luxury hotels and high-end retailers in the country. The company thought that by bringing a luxury experience to the purchasing process it could persuade buyers to spend on its products. In addition, the company introduced new technology to its dealership lots. The lots were equipped with a number-plate recognition-system that alerts all employees at the dealership to the name and information of the person arriving. The employees can then quickly guide these customers to their appointments. In its first full year in China, the brand sold 11,630 units. In the U.S., it sold around 109,000 new units, a close to 8% year-on-year increase. Ford is targeting 300,000 unit sales for the brand by the year 2020, so by its own targets the brand is 40% there. Over the next five years, it will have to grow its sales by 150% to reach that target. As part of those targets, the brand plans to begin selling a new MKZ sedan and the 2017 Lincoln Continental in China later this year. The brand is quite confident of its prospects in China, as evidenced by the fact that it has opened 33 dealerships in the country, eight more than initially planned, including 10 of its biggest retailers globally. View Interactive Institutional Research (Powered by Trefis): Global Large Cap | U.S. Mid & Small Cap | European Large & Mid Cap More Trefis Research
    TM Logo
    Toyota Earnings Review: Strong Quarter In U.S. Closed Out Year As FX Headwinds Continue To Mount
  • By , 2/8/16
  • tags: TM HMC VLKAY
  • Toyota Motors (NYSE:TM) announced financial results for the third quarter of fiscal 2016 on Friday, February 5. The Japanese auto maker reported a 4.7% increase in net income to $5.1 billion for the quarter, despite overall unit sales remaining just about flat and the less beneficial contribution of exchange rate effects. In the previous three years, Toyota had benefited from the declining value of the yen against the U.S. dollar, emerging market currencies and the Euro, as sales made in those currencies became more valuable when translated back into the yen. However, in the October-December period, while the yen remained weak against the dollar, it strengthened against the euro and emerging markets currencies. Still, the company posted a 4.7% increase in net income on the back of cost cutting efforts and low tax payments.
    C Logo
    What Has Driven Changes In Citigroup's Revenues and Profits In The Last Five Years?
  • By , 2/8/16
  • tags: C BAC JPM WFC GS MS
  • What Proportion of Citigroup’s Revenues and Profits Come From Its Various Divisions? How Much Are Citigroup’s Operating Divisions Worth Individually? What Is The Constitution Of Citigroup’s Loan Book In Terms Of Loan Categories? View Interactive Institutional Research (Powered by Trefis): Global Large Cap |  U.S. Mid & Small Cap |  European Large & Mid Cap More Trefis Research
    AMD Logo
    Where is AMD's 2016 Revenue Growth Expected To Come From?
  • By , 2/8/16
  • tags: AMD INTC NVDA QCOM
  • AMD expects to see an year-on-year increase in its fiscal 2016 revenue, as compared to a 28% decline in 2015. Here is where we expect growth to come from this year – Have more questions about AMD  (NYSE:AMD)? See the links below: >>  Embedded & Semi-Custom, PC and Server Processors & Graphics: What’s AMD’s Revenue and EBITDA Breakdown? >>  By What Percentage Did AMD’s Revenue & EBITDA Grow In The Last 3 Years? >> How Has AMD’s Revenue And EBITDA Composition Changed Between 2012 And 2015? >> AMD’s Revenue & EBITDA Growth in The Next 5 Years: Trefis Estimate >> AMD’s Potential Valuation In 2020 >>  How Much Revenue Can AMD Earn From Its Server Business BY 2020? >>  How Much Revenue Can AMD Add By Increasing Its GPU Market Share?: Trefis Estimate >>  How Is AMD’s Revenue & EBITDA Composition Expected To Change In The Future? >>  AMD: The Year 2015 In Review >>  What’s AMD’s Fundamental Value Based On Expected 2016 Results? >>  What Happens To AMD’s Valuation If Embedded & Semicustom Revenue Declines To $2 Billion In 2016? >> How Important Is the PC Market For AMD’s Business? Notes: See More at Trefis | View Interactive Institutional Research (Powered by Trefis) Get Trefis Technology
    SSNLF Logo
    Samsung's 2015: Semiconductor Strength More Than Offset By Telecom Weakness
  • By , 2/8/16
  • tags: SSNLF AAPL INTC MU
  • Samsung’s revenues declined by roughly 9% in 2015 in dollar terms, amid currency headwinds and a weaker performance of its flagship telecom and consumer electronics businesses.  Despite the fact that the semiconductor business grew revenue by $3.3 billion, the telecom and consumer electronics businesses were down by a much sharper $14.6 billion and $6.2 billion, respectively.  We present this and more information in tabular fashion below. Please see the links below for additional information.   Have more questions about Samsung Electronics? See the links below. Telecom, Semiconductors, Displays: What’s Samsung’s Revenue & EBITDA Mix? How Has Samsung’s Revenue Mix Changed Over The Last 5 Years? What Drove Samsung’s Growth In The Last 5 Years? Notes: 1) The purpose of these analyses is to help readers focus on a few important things. We hope such lean communication sparks thinking, and encourages readers to comment and ask questions on the comment section, or email content@trefis.com 2) Figures mentioned are approximate values to help our readers remember the key concepts more intuitively. For precise figures, please refer to  our complete analysis for Samsung See More at Trefis   |   View Interactive Institutional Research   (Powered by Trefis) Get Trefis Technology
    TWX Logo
    What To Expect From Time Warner's Full Year 2015 Earnings Announcement?
  • By , 2/8/16
  • tags: TWX DIS CBS FOX VIA
  • Time Warner  (NYSE:TWX) will report its Q4 and full year 2015 earnings on February 10th. What do we expect to learn? What elements will drive growth and what factors should one watchout for? Below we share our estimates and key points in a direct tabular fashion. See our complete analysis for Time Warner 
    VZ Logo
    Why Is Verizon Interested In Bidding For Yahoo?
  • By , 2/8/16
  • tags: VZ YHOO T
  • Verizon  (NYSE:VZ) CEO Lowell McAdam has confirmed that the company is interested in bidding for Yahoo!  (NASDAQ:YHOO), after the beleaguered company indicated that it was open to consider any “qualified strategic proposals” for its struggling flagship Internet business. The move would be largely in line with Verizon’s recent strategy of building a broad mobile advertising network and bolstering its ad tech capability, as it looks to grow beyond its core wireless business. In this note, we take a look at what Yahoo’s Internet business could bring to the table for Verizon and how it might augment the company’s $4.4 billion acquisition of AOL last year.
    LNKD Logo
    LinkedIn Beats Q4 Estimates, But Stock Plummets On Weak Guidance
  • By , 2/8/16
  • tags: LNKD MWW FB
  • LinkedIn (NASDAQ:LNKD) posted solid fourth quarter and full year 2015 results with growth across all its divisions. Overall revenues increased 34% year-over-year (y-o-y) in the fourth quarter to $862 million and 35% y-o-y in full year 2015 to almost $3 billion. The company reported non-GAAP earnings of $0.94 per share in Q4 2015 compared to $0.61 per share in Q4 2014 and analyst consensus estimates of $0.78 per share. However, the company’s strong recent performance could not compensate for investors’ disappointment over its weak Q1 2016 guidance, and LinkedIn’s stock fell over 40% through Friday. For the first quarter ending March 2016, the company expects EPS of $0.55 against analyst consensus estimate of $0.75. In terms of top line, it expects full year 2016 revenue to be around $3.6-$3.65 billion, missing analyst consensus estimate of $3.9 billion. We are in the process of updating our  $214 price estimate for LinkedIn’ stock. See our complete analysis for LinkedIn
    INTC Logo
    What Is Intel's Expected Revenue & EBITDA Growth For 2016?
  • By , 2/8/16
  • tags: INTC AMD NVDA QCOM
  • Have more questions about Intel  (NASDAQ:INTC)? See the links below: >> PC, Servers, IoT and Mobile: What’s Intel’s Revenue & Earnings Breakup? >>  By What Percentage Did Intel’s Revenue & EBITDA Grow In The Last 3 Years? >>  How Has Intel’s Revenue And EBITDA Composition Changed Between 2012 And 2015? >>  Intel’s Potential Valuation In 2020 >>  Will Intel’s Dependence On The PC Market Continue To Decline? >>  How Is Intel’s Revenue & EBITDA Composition Expected To Change By 2020? >> Will Intel’s Server Revenue Grow In Line With The Global Server Market? >>  Intel In 2015: Growth in Data Center, IoT and Memory Was Offset By A Steep Decline In PC Sales >>  What’s Intel’s Fundamental Value Based On Expected 2016 Results? Notes: See More at Trefis | View Interactive Institutional Research (Powered by Trefis) Get Trefis Technology
    CSX Logo
    How Has CSX's Revenue Composition Changed Over The Last 5 Years?
  • By , 2/8/16
  • tags: CSX UNP NSC
  • Have more questions about CSX? See the links below. What Is CSX’s Revenue And EBITDA Breakdown? What Is CSX’s Fundamental Value Based On 2015 Results? By What Percentage Did CSX’s Revenue & EBITDA Grow In The Last 5 Years? By What Percentage Can CSX’s Revenue & EBITDA Grow In The Next 3 Years? Notes:   See More at Trefis | View Interactive Institutional Research (Powered by Trefis) Get Trefis Technology  
    LUV Logo
    How Has Southwest's Revenue And EBITDA Composition Changed Over The Last Five Years?
  • By , 2/8/16
  • tags: LUV DAL UAL AAL ALK JBLU
  • Have more questions about  Southwest Airlines (NYSE:LUV)? See the links below: Southwest Airlines: The Year 2015 In Review What Is Southwest’s Outlook For 2016? What Is Southwest’s Fundamental Value Based On 2016 Estimated Numbers? What Is Southwest’s Revenue And EBITDA Composition? How Has Southwest’s Revenue And EBITDA Grown Over The Last Five Years? Notes: 1) The purpose of these analyses is to help readers focus on a few important things. We hope such lean communication sparks thinking, and encourages readers to comment and ask questions on the comment section, or email content@trefis.com 2) Figures mentioned are approximate values to help our readers remember the key concepts more intuitively. For precise figures, please refer to  our complete analysis for Southwest Airlines View Interactive Institutional Research (Powered by Trefis): Global Large Cap  |  U.S. Mid & Small Cap  |  European Large & Mid Cap More Trefis Research
    ICE Logo
    ICE Earnings Takeaways: Data Segment Drives Q4 Results
  • By , 2/8/16
  • tags: ICE CME NDAQ
  • IntercontinentalExchange Group (NYSE:ICE) announced its fourth quarter fiscal 2015 earnings on Thursday, February 4. Despite transaction and clearing fees remaining flat in the quarter, total revenues were up 5% year-on-year (y-o-y) to $1.2 billion. With the acquisition of Interactive Data Corporation (IDC) and Trayport, data service fees were the main driver of growth in the quarter, at 35% y-o-y. On the expense front, operating costs in Q4 were slightly higher compared to the first three quarters. This was primarily on account of acquisition-related expenses and higher compensation and benefits. However, for the full year 2015, ICE managed to curb its expenses to $1.58 billion, down 4% y-o-y. Consequently, our estimate of company-wide adjusted EBITDA margin improved by 6% points to 63.63% in 2015. We have a  $235 price estimate for ICE, which is slightly lower than the current market price.
    NWS Logo
    News Corp Earnings Takeaways: Foreign Exchange Headwinds A Drag
  • By , 2/8/16
  • tags: NWS
  • News Corp  (NASDAQ:NWSA) announced its second quarter fiscal 2016 earnings on Thursday, February 4. As per our expectations, a decline was witnessed in all revenue streams, except for digital real estate, mainly due to foreign exchange (FX) headwinds. News and information services continued to struggle amidst a challenging environment for print media, falling 8% y-o-y in the December quarter. Further, low e-book sales curbed the growth in the book publishing segment and high programming costs led to a decline in revenues from cable network programming. As a result, total revenues in the quarter fell by 4% year on year (y-o-y) to $2.16 billion. On the expense side, the company restricted its operating expenses to $1.2 billion, down 5% year on year (y-o-y). Despite continued fiscal discipline, losses in the top line caused the company-wide EBITDA margin to fall to 12.96% in the quarter, from 15.58% in the comparable year period.
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