operating profit

tax
Dep and amort
WC
SBC
Change in WC
Capex
FCFF
NPV

2005
29
5
35
-68
31
25.8
81
34.8
0

-42.2

2006
129
15
55
-98
44
30
61
182
0

$5,056.03
955
$6,011.03
eps

0.928793

2007
228
30
65
-131
50
33
84
262
0

2008
327
62
67
-164
52
33
94
323
0

2009
2010
557
723
98
125
71
79
-184
-212
55
58
20
28
115
131
490
632
0 8588.718

Rm

P/E
Google
Alibaba
Sina
Sohu
NetEase
Shanda
Tencent
average

EV/EBITDA EV/Sales
55.8
30.8
14.1
57.4
27.8
8.6
31.3
18.4
5.6
22.9
21.4
6
24.6
20.6
12.9
16.6
12.1
6.4
29.5
24
8.7
34.01429 22.1571429
8.9

eps
P

1.888545
64.23751

IC
2006
2007
2008
2009
2010

ROIC
963
1136
1406
1754
2309

11.9
17.5
18.9
26.2
25.9

WACC
Economic profit
Df
13.75
-17.82
13.75
42.60
13.75
72.41
13.75
218.37
13.75
280.54

0.8791208791
0.7728535201
0.679431666
0.5973025635
0.5251011548

TV
NPV
op balance of IC
Cash

-15.66198
32.92356
49.19697
130.4348
147.3137
3837.111
$344.21
963
1084
6228.318

$344.21