RELATIVE VALUATIONINPUTSSales 16561Debt 4128cash 4415number of shares 1269.14

Peers EV/EBITDA EV/EBITAMERICAN EXPRESS CO 14.72 13.67MASTERCARD INC-CLASS A 14.40 15.26VISA INC-CLASS A SHARES 17.55 18.50WALMART 8.27 11.02CAPITAL ONE FINANCIAL CORP 10.79 10.88AMAZON.COM INC 20.80 95.68GOOGLE 11.57 15.51PRICELINE 16.57 17.29Median 14.56 15.39Mean 14.33 24.73

Range of target price?CALCULATIONSMetrics for valuationSales 16561EBITDA 4902EBIT 3449

using EV/Sales using EV/EBITDAEV Median 78789.61083 71378.47467EV Mean 86050.88962 70266.6608Equity Median 79076.61083 71665.47467Equity Mean 86337.88962 70553.6608Price Median 62.30724021 56.46774562Price Mean 68.0286569 55.5917084

OUTPUTMax price 68.00$ Min price 42.00$

EV/Sales3.748.61

11.690.643.031.485.786.614.765.20

Using EV/EBIT53066.9980685279.7769153353.9980685566.7769142.0394897867.42107011