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Relative Price Graph

Equity Mkt. Cap. $16.9B

Ent. Value $12.4B

ROE 18.2%

ROA 9.6%

Bk Value /Share 8.37

Financial Statistics

EPS

EPS P/

2006A $1.05 12.6

2007A $1.53 8.7

2008A $1.72 7.7

2009E $1.47 9.0

EBITDA

FCF/

EBITDA

EV

EBITDA

2006A $1.4B 6.2x

2007A $2.6B 4.7x

2008A $2.9B 8.3x

2009E $2.9B 8.3x

January 22, 2009

Brian Bolan(312) 345-1534

[email protected]

Important disclosures appear on the inside cover and back of this publication.

eBay (OTC: eBay - $13.28)

Long Term Rating: Market PerformLong Term Target Price: $13

Mid-Atlantic Institutional Research

Investment Summary: Our view of eBay is founded on a few key factors. First we believe that thePayments platform is stronger than the Marketplaces platform and should hold up better during thismacro economic downturn. The Marketplaces segment will continue to see negative sequentialgrowth through the end of 3Q09, turning positive in 4Q09. Finally, the communications segmentshould continue its global growth despite the challenging economic environment.

Pressure on margins over the last few years has pushed eBay to record lows. Despite the low valua-

tion, we do not see any reason for the stock to trade much higher than its current levels until earn-ings improve in late 2009. We rate eBay a market perform stock and initiate a price target of $13,which is equivalent to 8.8x our 2009 earnings estimate.

Key Points

Weakness in the core marketplaces segment will continue throughout most of 2009. Theweakness in the core marketplaces segment will generally be offset by growth in the paymentsand communications segment, but not enough to translate into EPS growth.

Competition is formidable, but eBay still well positioned. Amazon continues to be themain competitor of eBays core marketplaces segment and has re-launched a payment com-petitor to PayPal. We believe that PayPal is well positioned as is the communications seg-

ment of the company.

Difficult macro environment will test management. With traffic trends heading lower aswe see fewer consumers having disposable cash available for the type of merchandise that isavailable on eBay. Management could face pricing pressure from competitors as well as sev-eral calls for a general re-organization in the core Marketplaces segment.

Earnings expectations are lower for 2009. We estimate net revenues to be lower in 2009,something that growth investors would not want to see. The downturn in revenue will trans-late into a decrease in EPS despite cost controls that will help margins. We rate the stock aMarket Perform and have price target of $13, which represents a multiple of 8.8x our 2009earnings estimate.

Initiating Coverage: Weakness expected, waiting for recovery

Source: CompanyReports and Sturdivant & Co. Estimates

Price 1/22 $13.2

52 Wk Hi $33.4

52 Wk Lo $12.55

Avg. Volume 13.8M

Insiders Own 15.4%

S&P 500 840.2

Share Information

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STURDIVANT & CO., INC.

Mr. Bolan does not own shares of eBay

Disclosures

Rating System DefinitionsSturdivant & Co.s stock ratings system reflects the investment decisions our clients face every day, and is meant to assist clients in making these decisions by recommending aspecific action to take with each stock we cover. All of the ratings correspond to a specific investment action that we recommend taking on the date the research is published. Thus,Outperform (equivalent to Buy) ratings are reserved only for stocks that we would be actively buying at the time the research is published. Marketperform (equivalent toHold) ratings are reserved for stocks that we believe are in line with the markets anticipated performance and we recommend holding. Underperform (equivalent to Sell)ratings are assigned to stocks where the analyst anticipates stock price declines relative to the market. Please note also that the price expectations that determine the rating are inabsolute dollar terms, not in terms of relative performance to a sector or an index. Therefore, analysts will not use the Outperform rating for stocks that are expected to performwell relative to their sector but only for stocks that are expected to appreciate in actual dollar returns.Research Analyst CompensationAnalyst compensation is based on: (1) the analysts productivity, including the quality of the analysts research and the analysts contribution to the growth and development of ouroverall research effort; (2) ratings and direct feedback from our investing clients, our sales force and from independent rating services. Sturdivant & Co.s Compliance and Re-search Departments are responsible for establishing these compensation guidelines and for reviewing and approving senior analyst compensation. Analyst contribution to ourinvestment banking business is not a factor in determining analyst compensation and compensation is not, directly or indirectly, related to the specific recommendations or viewsexpressed in the report.Research Analyst CertificationThe senior research analyst(s) certifies that the views expressed in this research report and/or financial model accurately reflect such senior analyst's personal views about thesubject securities or issuers and that no part of his or her compensation was, is, or will be directly or indirectly related to the specific recommendations or views contained in theresearch report. Mr. Bolan does not own shares of eBay. This is not a complete analysis of every material fact regarding any company, industry or security. The opinions ex-pressed here reflect our judgment at this date and are subject to change. The information has been obtained from sources we consider to be reliable, but we cannot guarantee theaccuracy. The Dow Jones Industrial Average, S&P 500, S&P 400 and Russell 2000 are examples of unmanaged common stock indices used to measure and report performance ofvarious sectors of the stock market; direct investment in indices is not available. A complete listing of all companies covered by Sturdivant & Co., Inc. and applicable researchdisclosures can be obtained from the Company.Price Target RisksInvestment risks associated with the achievement of the price target include, but are not limited to, the companys failure to achieve our earnings and revenue estimates, unforeseenmacroeconomic and/or industry events that adversely impact demand for the companys products or services, product obsolescence, changes in investor sentiment regarding thespecific company or industry, intense and rapidly changing competitive pressures, the continuing development of industry standards, the companys ability to compete for talent,and adverse market conditions. For a complete discussion of the risk factors that could affect the market price of the companys shares, refer to the most recent form 10-Q or 10-Kthat the company has filed with the SEC.

Source: BigCharts

STOCK PRICE PERFORMANCE

Rating and Price Target History for eBay (eBay)

1/22/09MP: $13.28T: $13

EBAY Daily 1/22/09

MP: Market Perform; T: Target

2

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Table of Contents

Introduction to eBay 4

Industry Outlook 4

Competitive Landscape 5

Risks 6

Management 7

Earnings Analysis 7

Valuation 8

Segment Analysis 8

Cash and Liquidity 9

Conclusion 94Q08 Income Statement Review 10

eBay Comparable Companies 11

Marketplaces Segment Analysis 12

Payments Segment Analysis 13

Communications Segment Analysis 14

Income Statement 15

Statement of Cash Flows 16

Balance Sheet 17

Capital Structure 18

Institutional Contacts 19

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Introduction to eBay

Founded in 1995, eBay and its subsidiaries provide online Marketplaces for the sale of goods and services, anonline Payments platform and an online Communications platform. Along with its three major segments,(Marketplaces, Payments and Communications) eBay also operates marketing sites such as Rent.com,Shopping.com, Stumbleupon.com and several classified sites.

eBays primary online marketplace is its auction site which, during of 3Q08, had 85.7 million active registeredusers and over 700 million new listings. The products and services sold via eBay fill the entire spectrum of theglobal economy. Auctions can be formatted in the traditional sense or with a fixed price. The fixed price auctionscontain a buy it now button which ends the auction at time of sale. The site also features Dutch auctions andseveral bidding and listings tools for both buyers and sellers.

PayPal is the major portion of the Payments platform that also include BillMeLater.com. During 3Q08, thepayments segment of eBay had 65.3 million active registered accounts that enacted 214.5 million transactions thatexchanged approximately $14.8 billion dollars. PayPal has become the de facto standard for online paymentsdespite being it what is quickly becoming a crowded field.

eBays Communications segment is based around Skype, a Voice over internet protocol (VoIP) application thatallows users to place computer-to-computer calls as well as computer-to-cellular calls and computer-to-land linecalls. Video conference and chat tools are some of the features of Skype which, at the end of the 3Q08, had 370million users.

eBay also runs several other sites that make up its marketing services revenue. These sites include the previouslymentioned Rent.com and Stumbleupon.com as well as Shopping.com and StubHub.com. eBay also operatesclassified sites such as Kijiji.com. Marketing services account for nearly $1B of the $8.5B in annual revenues.

Industry Outlook

When looking at the industry for eBay, one must look at the four separate segments and their respective outlooks.The marketing services segment touches the three major components of the company, but can be broken outthrough the financial statements. Marketing services by itself relies heavily on advertising and fees for itsclassified style websites. The macro environment has proven difficult for any business that relies on advertising as

budgets have been cut significantly.

The Marketplace segment, or the corebusiness of eBay is facing significantchallenges. Historically, eBay faced an80/20 problem in that 80% of its trafficwere buyers, while only 20% of its visitorswere fee generating sellers. Its maincompetitor, Amazon, has focused on thebuyers and lower prices. To furthercompound problems, during 2007 eBayinstituted rate increases for sellers, whichcaused many sellers to increase shipping

fees.

eBay slashed listing fees on 2/12/08 in aneffort to stem declining traffic, but thetraffic trends have not suggested that aturnaround is near. Another concessioninitiated by eBay for multiple listings was also ineffective. Alexa.com reach data shows that Amazon (AMZN:MU) has closed the gap in terms of traffic. Besides Amazon, competition also comes from sites likeOverstock.com (OSTK) and niche auction sites such as GothAuctions.com.

4


Source: Alexa.com

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The alternative payment industry has seen significant growth over the past several years. PayPal has become aleader in the industry thanks to its broad adoption and early penetration of eBay customers. Despite the near termnegative outlook for the macro environment, we believe that alternative based payments will continue to grow.Several well funded companies have launched competing services such as Checkout from Google and AmazonPayments from Amazon. Numerous start-ups have also sprung up, notably Revolution Money which was founded

by Steve Case (founder of AOL).

While the success PayPal historically depended on the volume of merchandise traded via eBay, recent efforts toexpand beyond the auction market have insulated the division from the slowdown in auctions. Still highlyinfluenced by the traffic and gross merchandise value traded at eBay, PayPal looks to maintain vigorous growthover the next several quarters.

In the coming year, we anticipate more of a focus on the mobile payment platform. In the same manner thatnumerous applications have been developed for the iPhone or smartphones, we expect PayPal to developsomething similar for mobile payments.

In the Communications segment, the competition is simply vast. With over 370 million registered users, webelieve Skype is on the verge of an explosive growth in usage. The provider of VoIP services has a built-in basethat dwarfs any cellular carrier but has seen little in the way of revenue. Skype will likely benefit from the nearterm weakness in the macro environment in that consumers will look for inexpensive and free services to supplantservices that carry high monthly fees.

Other macro factors that will boost Skype usage include the impending build out of Wi-Max services. Baltimore isscheduled to launch a service soon, and several US cities will follow throughout the year. The high customer costsfor Wi-Max service will make a portable Skype phone an attractive benefit of the service. The inclusion of Wi-Fifeatures on smartphones also points to opportunity for Skype.

Despite the large number of users Skype and many of its VoIP brethren have, failed to monetize subscribers to asignificant degree. We believe 2009 will be more of the same with full scale adoption and increased monetizationstill likely to be more than a year away.

Competitive Landscape

eBay competes against a large number of companies in many different sectors. With payments and marketplacesbeing more intertwined than communications, there is no perfect comparison. Certain companies fall into multiplecategories, but are focused on areas outside of the marketplaces that eBay is in.

The marketplaces segment faces direct competition from Amazon and Overstock.com. Amazon, with its focus onbeing a new product retailer also competes in the used product market that has proven to be a thorn in the side ofeBay. The fixed price model and focus on the buyer has helped Amazon gain market share from eBay. Buyersmay search for a product at both eBay and Amazon, but will know the exact price at the Amazon site. This worksbetter for more common items, but not as well for more unique items that are better served with an auction.Selling on Amazon is different from eBay in that large sellers pay a monthly fee, and a referral fee which is apercentage of the total sale. Some items (books, videos, music and software) also carry a small per item closingfee. The lack of a listing fee allows for larger inventories to be listed and removes timing risk. In essence,

Amazon offers an online shelf and eBay offers a limited sale time. Viewed another way, Amazon sets a definedprofit percentage, while eBay gives the opportunity for significant upside or a potential loss if the item is not sold.

Another competitor in the Marketplaces segment is Overstock.com (OSTK). As a direct competitor they allowindividuals to list items for sale, but more than that they are seen as the preferred platform for liquidators. Most ofthe items on Overstock are refurbished or discontinued merchandise which narrows its addressable market. We donot view Overstock as a significant competitive threat to the business model for eBay. It is, however, competitivein the area of large scale liquidations (an area that gives some pricing power to the merchandiser rather than theliquidator).

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PayPal and the Payments platform competes against numerous companies. Amazon Payments is the paymenttechnology for the e-tailer and technology services provider. Amazon Payments re-launched in July 2008, a signalthat its momentum is improving as traffic continues to trend higher for Amazon. We believe that retailers,especially large retailers, will balk at this offering as has ToysRUs and Borders, who believed that Amazon usedthe data they gathered in operating their online stores to better compete with them. This is a fundamental

advantage that PayPal has over Amazon Payments.

Google Checkout is also a direct competitor but has seen little acceptance outside of online companies. Blue Nile(NILE ) was an early adopter of Google Checkout when a $10 per order subsidy was offered. Since that time, wehave heard little else about Google Checkout.

Any discussion of PayPals competitors must address the threat from MasterCard and Visa, the de facto standardfor payments for several decades. We believe that other platforms will continue to eat into the overall marketshare of the major credit card companies. There are a number of factors that point to the growth of alternativepayment solutions, the least of which being the recent credit crisis. We believe that the credit card companies arefacing significant pressure from the overall economic environment. We believe PayPal is likely to gain share fromMasterCard and Visa during this economic downturn.

PayPal also faces challenges from startups like Revolution Money, which is back by AOL co-founder, Steve Case.Although Revolution Money competes more directly with credit cards, it does show the need for alternativepayment solutions beyond MasterCard and Visa.

The Communications platform, which is anchored by Skype, faces competition from numerous companies. Withdirect competition coming from any VoIP (Voice over Internet Protocol) provider, Skype competes with Google,Yahoo, Microsoft, AOL, and Vonage to name a few. Other telecommunications companies like AT&T andVerizon could also be considered indirect competition. Most instant messenger platforms now allow for voicecommunication, so they could be considered direct competition with Skype. What Skype has that many of itscompetitors dont is a massive user base of approximately 370 million registered users.

Risks

We believe that there are some inherent risks that all technology companies face and they include, but are not

limited to, the loss of high caliber human capital and inability to adapt to changes in the business environment.

eBay also faces other significant risks like increasing competition. Amazon and Google are their maincompetitors and they are both well funded and have high quality management teams.

A pricing war with Amazon and or Overstock could negatively impact earnings, as traffic patterns havealready shown .

The macro economic slowdown has already had a negative impact on eBay. Should it continue webelieve that consumers will have less disposable funds available for purchasing merchandise on eBay. Alack of buyers could force sellers to look for other platforms to sell their merchandise.

eBay continues to face integration risks associated with its acquisition of Skype. If eBay is unsuccessful

in integrating Skype, eBay may fail to realize the projected synergistic benefits of the acquisition. Thiscould limit eBays ability to make future acquisitions..

The company needs to carefully manage its future changes in pricing, products and policies. The recentchanges to the buyer/seller feedback features also need to be carefully managed.

Other risks can be found in the 10-K

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Management

John Donahoe became President and CEO of eBay Inc. on March 31, 2008. Mr. Donahoe has global responsibilityfor growing each of the company's business units.

Mr. Donahoe started at eBay in February 2005 as President of eBay Marketplaces, responsible for all elements of

eBay's global ecommerce businesses. John also oversaw a number of strategic acquisitions, includingShopping.com and StubHub, and classifieds sites, such as Gumtree and LoQUo.

Prior to eBay, Mr. Donahoe spent more than 20 years at Bain & Company. Starting as an Associate Consultant,John rose to become the firm's CEO, where he oversaw Bain's 30 offices and 3,000 employees. Mr. Donahoe isalso on the Board of Trustees of Dartmouth College. He received a Bachelor of Arts in Economics from DartmouthCollege and an MBA from the Stanford Graduate School of Business.

Bob Swan is senior vice president, finance and chief financial officer at eBay and is responsible for all aspects ofeBays finance function including controllership, financial planning and analysis, tax, treasury, audit, mergers andacquisitions, and investor relations.

Prior to joining eBay, Mr. Swan was CFO and executive vice president at Electronic Data Systems Corporation

(EDS). With financial responsibility for a global organization with revenues of more than $20 billion and 117,000employees, Bob oversaw the controllership, treasury, tax, investor relations, audit, planning, mergers andacquisitions, supply chain management and corporate administrative functions for EDS. He received a Bachelor ofScience in business administration from The State University of New York (SUNY) at Buffalo. He also received aMaster of Business Administration from SUNY Binghamton.

Earnings Analysis

eBay has a stellar record when it comes to managing Wall Street expectations. Over the last several quarters, eBayhas beaten both the top and bottom lines. We believe the current macro environment will provide significantchallenges to management. Despite a 10% reduction in workforce that ended in 3Q08, we believe that thecompany will have trouble beating the consensus estimate by more than a penny per share. Our estimate for 4Q08is $0.40, one penny higher than the consensus estimate of $0.39.

7


Estimates vs Actual Estimate Actual Difference Surprise %

Quarter Ending Dec-08 2,107.32 2035.846 -71.47 -3%

Quarter Ending Sep-08 2,123.64 2,117.53 -6.11 0%

Quarter Ending Jun-08 2,163.31 2,195.66 32.35 1%

Quarter Ending Mar-08 2,073.84 2,192.22 118.38 6%

Quarter Ending Dec-07 2,144.76 2,180.61 35.85 2%

Quarter Ending Sep-07 1,829.33 1,889.22 59.89 3%

Quarter Ending Dec-08 0.39 0.41 0.02 5%

Quarter Ending Sep-08 0.41 0.46 0.05 12%

Quarter Ending Jun-08 0.41 0.43 0.02 5%Quarter Ending Mar-08 0.39 0.42 0.03 8%

Quarter Ending Dec-07 0.41 0.45 0.04 10%

Quarter Ending Sep-07 0.33 0.41 0.08 24%

SALES(in millions)

Earnings (per share)

Source: eBay company reports, Sturdivant & Co. Re-

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Valuat ion

Valuation of a conglomerate is an inexact science, and while eBay is not a conglomerate it does exhibit some ofthe same characteristics. With growth rates turning negative in the Marketplace segment, and Payments &Communications segments still in significant growth modes, a sum of the parts valuation looks to be the best wayto value the company.

We recognize that while the core Marketplace segment has seen less growth, it is still an essential piece to theoverall puzzle. PayPal still draws a significant amount of business from the eBay Marketplaces. Thus, a divesturewould not be beneficial to the company or shareholders. The cross-use of PayPal and the core eBay Marketplaceshas been steadily improving and integration of accounts remains a priority. The same cross-use of Skype andPayPal was a primary factor in eBays decision to buy the Communications hub. That said, the full integration ofall three applications has not been as successful to date.

Over the last several years, margins have declined. This decline has taken its toll on its multiples, namely its priceto earnings multiple. As the chart show, the average P/E multiple has been dropping along with the companysmargins. We believe that this trend is at an end due mainly to the steady earnings that the company will report in2008-2009.

We believe that a multiple of 8.3x 2009 earnings is where the market will keep eBay until there is a significantchange in the trend for margins. Margin expansion will undoubtedly lead to multiple expansion seeing as the stockhas been trading near its all time lows.Segment Analysis

The macro environment has exacerbated the difficulties of the Marketplaces division. We estimate that revenuesfrom the Marketplaces division will drop sequentially through 3Q09. A rebound of the economy in the second halfof the of 2009 may not be seen in the Marketplaces division until late the third quarter. We do, however, anticipatea strong 4Q09.

We believe the Payments segment will see a shorter downturn than the Marketplaces segment. 3Q08 saw a 1%

sequential decline in revenue, and accordingly, we expect this trend to stretch through 1Q09. Our estimates callfor a faster rebound for the Payments segment, with minimal growth anticipated in 2Q09 and more robust growthin the second half of the year.

8


2002 2003 2004 2005 2006 2007 2008

P/LTM Normalized EPS 120.46x 101.01x 107.35x 70.03x 49.37x 43.61x 23.97x

Source: Capital IQ, Sturdivant & Co Research

Margin Analysis 2003 2004 2005 2006 2007 2008*

Gross Margin % 80.8% 81.2% 82.0% 78.9% 77.0% 75.2%

SG&A Margin % 41.6% 39.5% 40.3% 43.5% 40.2% 38.5%

EBITDA Margin % 36.4% 40.1% 40.0% 33.1% 34.0% 33.7%

EBITA Margin % 31.5% 34.5% 34.7% 27.7% 29.1% 28.8%

EBIT Margin % 29.1% 32.4% 31.7% 24.0% 26.1% 25.9%

Earnings from Cont. Ops Margin % 20.7% 23.8% 23.8% 18.9% 4.5% 22.4%

Net Income Margin % 20.4% 23.8% 23.8% 18.9% 4.5% 22.4%

Normalized Net Income Margin % 19.1% 21.6% 21.3% 16.3% 17.4% 17.1%

Levered Free Cash Flow Margin % 13.4% 14.1% 27.8% 21.5% 16.9% 13.0%

Unlevered Free Cash Flow Margin % 13.6% 14.2% 27.8% 21.6% 17.0% 13.1%

* Last 12 months Source: eBay company reports, Sturdivant & Co. Research

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Communications has been immune to the revenue downturns that the two other segments have experienced. Duein part to its small relative size, its small growth rate is anticipated to continue unabated. This growth amidst thedownturn prove the importance of the Skype to the company. That said, growth from this segment needs to reachdouble digits in 2010.

Cash and Liquidity

eBay ended 2008 with $3.2B in cash and equivalents, and $1B in borrowings from its credit facility. The increasein debt is due to the financing of the BillMeLater acquisition which was completed in the quarter. Due to theacquisition, the company halted all stock repurchases in the quarter. We expect the company to continue itsrepurchase of stock following the restricted period after an earnings announcement.

The company generated $684M of operating cash flow and $525M in free cash flow in 4Q08. For the full year,operating cash flow was $2.88B and free cash flow came in a $2.32B.

Conclusion

Our view of eBay is founded on a few key factors. First we believe that the Payments platform is stronger than theMarketplaces platform and should hold up better during this macro economic downturn. The Marketplacessegment will continue to see negative sequential growth through the end of 3Q09, turning positive in 4Q09.Finally, the communications segment should continue its global growth despite the challenging economicenvironment.

Pressure on margins over the last few years has pushed eBay to record lows. Despite the low valuation, we do notsee any reason for the stock to trade much higher than its current levels until earnings improve in late 2009. Werate eBay a market perform stock and initiate a price target of $13, which is equivalent to 8.8x our 2009 earnings

estimate.

9


% of Revenue 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 E 1Q09 E 2Q09 E 3Q09 E 4Q09 E

Marketplaces 61.2% 58.7% 57.8% 56.2% 55.0% 54.4% 53.6% 52.9% 51.6% 51.3%

Payments 23.7% 24.7% 25.5% 26.4% 27.2% 27.8% 27.9% 28.1% 28.5% 28.9%

Communications 5.0% 5.1% 5.5% 5.9% 6.5% 7.0% 7.6% 8.1% 8.5% 8.1%

Marketing 10.1% 11.5% 11.2% 11.5% 11.3% 10.9% 10.9% 11.0% 11.4% 11.6%

Source: eBay company reports, Sturdivant & Co. Research

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4Q07A 3Q08 4Q08 4Q08A

Sequenential

growth

Year over Year

growth

Delta from

estimate

Net Revenues 2180.606 2,117.522 2,032.979 2,035.846 -3.9% -6.6% 0.1%

Cost of Revenues 505.973 560.963 548.904 579.591 3.3% 14.5% 5.6%

Gross Profit 1,674.633 1,556.559 1,484.075 1,456.255 -6.4% -13.0% -1.9%

76.8% 73.5% 73.0% 71.5% -2.7% -6.9% -2.0%

Operating Expenses

Sales and Marketing 506.524 457.216 451.321 418.316 -8.5% -17.4% -7.3%

Product Development 169.316 190.842 171.787 171.207 -10.3% 1.1% -0.3%

General & Admin 235.928 331.715 325.277 205.08 -38.2% -13.1% -37.0%

Amort of Intangible assets 53.313 52.72 51.028 72.444 37.4% 35.9% 42.0%

Provision for transactions & loan Losses 83.412 0 0.000 86.571

Stock based Comp 69.653 90.251 81.319 82.561 -8.5% 18.5% 1.5%

Total Operat ing Expenses 1,048.493 1,032.493 999.412 953.618 -7.6% -9.0% -4.6%

Income (loss) from operations 626.14 524.066 484.662 502.64 -4.1% -19.7% 3.7%

Interest and other income 51.921 38.556 25.000 24.368 -36.8% -53.1% -2.5%

Intererst Expense -6.596 0.01 (1.00) -4.563 -41581.8% -30.8% 356.3%

Income before taxes 671.47 562.633 508.662 522.44 -7.1% -22.2% 2.7%

Provision for income taxes 140.579 70.423 97.875 106.076 50.6% -24.5% 8.4%20.9% 12.5% 19.2% 20.3% 62.2% -3.0% 5.5%

Net Income 530.89 492.21 410.787 416.37 -15.4% -21.6% 1.4%

Proforma Net Income 615.122 593.8 507.753 523.768 -11.8% -14.9% 3.2%

EPS 0.45$ 0.46$ 0.40$ 0.41$ -10.9% -9.3% 2.1%

Share Outstanding 1,368.067 1,297.484 1,271.534 1,284.279 -1.0% -6.1% 1.0%


eBay 4Q08 Income Statement Review

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STURDIVANT&

CO.,INC.

11

eBayComparableCompa

nies

Source:eBaycompanyreports,Capita

lIQ,

Sturdivant&

Co.

Research

StockPrice

Revenue

Market

Enterprise

TEV/Rev

TEV/EBITDA

P/E

GrossMargin

EBIT

EBITDA

NetInc

ROA

ROE

ROIC

Ticker

CompanyName

1/21/09

LTM

Cap

Value

LTM

LTM

LTM

LTM

LTM

LTM

LTM

LTM

LTM

LTM

amzn

Amazon.comInc.

50.5

4

18,1

35.0

21,6

73.2

19,7

84.2

1.1x

18.9x

34.7x

22.6

4.3

5.8

3.5

8.8

38.1

19.7

ostk

Overstock.comInc.

9.3

3

873.0

212.2

208.2

0.2x

167.5x

NM

16.7

(2.7

)

0.1

(2.3

)

-9.0

-148.6

-16.9

goog

GoogleInc.

303.0

8

20,9

21.3

95,3

95.7

80,9

83.1

3.9x

10.6x

18.3x

59.9

29.7

36.4

24.1

14.4

20.8

16.0

yhoo

Yahoo!Inc.

11.5

9

7,2

34.1

16,0

83.6

12,9

47.8

1.8x

6.9x

17.6x

58.6

7.1

17.9

12.9

2.5

8.9

3.0

vg

VonageHoldingsCorporation

0.6

1

893.8

95.6

259.2

0.3x

8.1x

NM

66.1

(1.2

)

3.6

(4.2

)

-1.2

NM

-3.4

twx

TimeWarnerInc.

9.4

3

47,3

20.0

33,8

29.5

72,2

90.5

1.5x

5.3x

9.3x

41.4

19.0

28.7

7.7

4.2

6.2

5.6

ma

MastercardIncorporated

132.1

0

4,8

39.5

17,0

72.0

14,3

40.5

3.0x

8.1x

NM

100.0

34.4

36.6

(3.9

)

15.5

-7.7

38.9

v

Visa,Inc.

44.1

8

6,2

63.0

37,3

80.2

31,1

99.2

5.0x

10.3x

76.5x

82.3

44.6

48.4

12.8

8.9

7.8

16.8

Max

303.0

8

47,3

20.0

95,3

95.7

80,9

83.1

5.0

167.5

76.5

100.0

44.6

48.4

24.1

4

15.5

0

38.1

4

38.8

8

Median

27.8

9

6,7

48.6

19,3

72.6

17,0

62.3

1.7

9.2

18.3

59.3

13.1

23.3

5.6

0

6.5

0

7.7

9

10.7

9

Min

0.6

1

873.0

95.6

208.2

0.2

5.3

9.3

16.7

(2.7

)

0.1

-4.2

0

-9.0

3

-148.6

4

-16.9

1

Mean

70.1

1

13,3

10.0

27,7

17.8

29,0

01.6

2.1

29.5

31.3

55.9

16.9

22.2

6.3

3

5.5

0

-10.6

3

9.9

5

ebay

eBayInc.

13.28

8,686.0

16,957.8

13,314.0

1.5

4.6

9.2

75.2

25.9

33.7

22.37

9.68

18.02

13.03

TradingMultiples

OperatingStats(%)

Returns(%)

8/8/2019 EBAY 01 22 09

12/20

12


eBay Segment Analysis

Marketplaces


Transactions 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

USMarketplace 554.8 588.9 583.1 555.0 558.7 481.3 466.8 462.2 437.6 474.7

International Marketplace 601.1 691.4 684.5 678.3 605.2 565.0 548.0 542.5 557.0 629.3

%from International 52% 54% 54% 55% 52% 54% 54% 54% 56% 57%

Marketplaces 1,155.886 1,280.302 1,267.633 1,233.307 1,163.890 1,046.227 1,014.840 1,004.692 994.645 1,104.056

Current quarter vs prior quarter 2% 11% -1% -3% -6% -10% -3% -1% -1% 11%

Current quarter vs prior year quarter 24% 17% 14% 9% 1% -18% -20% -19% -15% 6%

Marketing Service

USMarketplace 85.7 113.3 91.0 87.6 83.1 84.1 83.3 81.9 86.8 96.3


%from International 48% 49% 58% 61% 61% 62% 62% 63% 63% 64%

Marketplaces 164.746 222.205 216.684 224.724 212.963 221.323 219.110 221.301 234.579 267.420

Current quarter vs prior quarter 5% 35% -2% 4% -5% 4% -1% 1% 6% 14%

Current quarter vs prior year quarter 40% 51% 56% 43% 29% 0% 1% -2% 10% 21%

Marketplaces US 640.5 702.3 674.1 642.6 641.7 565.4 550.1 544.0 524.4 571.0

Marketplaces International 680.1 800.2 810.2 815.4 735.1 702.2 683.9 682.0 704.8 800.5

Total Marketplaces 1,320.632 1,502.507 1,484.317 1,458.031 1,376.853 1,267.550 1,233.950 1,225.993 1,229.224 1,371.476

Data Points 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

Active Users 83 83.2 83.9 84.5 85.7 86.3 85.4 83.7 82.9 85.4

Current quarter vs prior quarter 0% 0% 1% 1% 1% 1% -1% -2% -1% 3%

Current quarter vs prior year quarter 4% 2% 1% 1% 3% 4% 2% -1% -3% -1%

Number of New Listings 555.6 637.2 647.5 666.9 700.2 707.2 707.2 700.1 693.1 713.9

Current quarter vs prior quarter -1% 15% 2% 3% 5% 1% 0% -1% -1% 3%

Current quarter vs prior year quarter -5% 4% 10% 19% 26% 11% 9% 5% -1% 1%

as %Total Marketplace Rev 42% 42% 44% 46% 51% 56% 57% 57% 56% 52%

Gross Merchandise Volume 14,395 16,213 16,036 15,684 14,284 13,646 13,510 13,374 13,508 15,129

Current quarter vs prior quarter 0% 13% -1% -2% -9% -4% -1% -1% 1% 12%

Current quarter vs prior year quarter 14% 12% 12% 8% -1% -16% -16% -15% -5% 11%

as %Total Marketplace Rev 9.2% 9.3% 9.3% 9.3% 9.6% 9.3% 9.1% 9.2% 9.1% 9.1%

Fixed Price Trading as % of GMV 41% 42% 42% 43% 46% 49% 48% 51% 52% 53%

eBay Stores 520 532 547 552 534 516 506 501 506 521

Current quarter vs prior quarter -20% 2% 3% 1% -3% -3% -2% -1% 1% 3%

Current quarter vs prior year quarter -9% -10% -13% -15% 3% -3% -8% -9% -5% 1%

%of International eBay Stores 46% 46% 46% 45% 43% 43% 43% 43% 43% 43%

Estimate

Estimate

Estimate

8/8/2019 EBAY 01 22 09

13/20

13




Payments


USPayments 255.3 302.0 319.0 325.0 317.0 332.3 329.5 332.8 336.4 373.0


% from International 43% 44% 43% 44% 45% 45% 46% 46% 47% 48%

Payments 447.952 539.301 559.720 580.287 576.302 604.168 610.210 616.312 634.801 717.325

Current quarter vs prior quarter 2% 20% 4% 4% -1% 5% 1% 1% 3% 13%

Current quarter vs prior year quarter 32% 34% 34% 34% 29% 12% 9% 6% 10% 19%

Marketing Service

USMarketplace 12.8 11.9 10.9 9.5 10.0 9.6 9.1 9.1 8.9 9.4



Payments 22.444 23.411 21.859 21.508 20.9 18.898 18.520 18.520 18.890 20.402

Current quarter vs prior quarter 5% 4% -7% -2% -3% -10% -2% 0% 2% 8%

Current quarter vs prior year quarter 135% 69% 7% -2% -7% -19% -15% -14% -10% 8%

Payments US 268.1 313.9 330.0 334.4 327.0 341.9 338.6 341.9 345.3 382.4

Payments International 202.3 248.8 251.6 267.4 270.2 281.1 290.1 292.9 308.4 355.3

Total Payments 470.396 562.712 581.579 601.795 597.202 623.066 628.730 634.832 653.692 737.727


Active Registered Accounts 54.8 57.3 60.2 62.6 65.3 70.4 69.7 68.3 67.6 69.6


Current quarter vs prior year quarter 16% 16% 17% 19% 19% 23% 16% 9% 4% -1%

Net Number of Payments 172.2 203.9 211 210.9 214.5 252.2 249.7 244.7 242.2 249.5


Current quarter vs prior year quarter 21% 22% 23% 26% 25% 24% 18% 16% 13% -1%

as % Total Marketplace Rev 3.14 3.56 3.50 3.37 3.28 3.58 3.58 3.58 3.58 3.58

Net Total payment volume 11,569 14,044 14,417 14,930 14,812 15,988 15,828 15,512 15,356 16,892Current quarter vs prior quarter 4% 21% 3% 4% -1% 8% -1% -2% -1% 10%


as % Total Marketplace Rev 4.1% 4.0% 4.0% 4.0% 4.0% 3.9% 4.0% 4.1% 4.3% 4.4%

Merchant Services net as % of Total 44% 44% 46% 49% 51% 50% 48% 51% 52% 53%

Transaction rates

Transaction revenue rate 3.87% 3.84% 3.88% 3.89% 3.89% 3.78% 3.82% 3.83% 3.84% 3.84%

Transaction processing expense rate 1.21% 1.18% 1.18% 1.23% 1.20% 1.16% 1.21% 1.21% 1.21% 1.21%

Transaction loss rate 0.27% 0.27% 0.24% 0.27% 0.29% 0.33% 0.27% 0.27% 0.27% 0.29%

Estimate

Estimate

8/8/2019 EBAY 01 22 09

14/20




Communications


USCommunications 15.9 17.7 20.4 20.8 24.7 26.3 23.7 27.0 28.9 30.9

International Communications 77.9 92.7 99.4 109.3 112.5 112.3 124.6 131.8 141.0 150.9


Communications 93.823 110.364 119.791 130.151 137.201 138.660 148.366 158.752 169.864 181.755

Current quarter vs prior quarter 2% 18% 9% 9% 5% 1% 7% 7% 7% 7%


Marketing Service

USCommunications 1.3 1.5 2.2 1.9 2.3 2.6 3.1 3.1 3.1 3.3

International Communications 3.1 3.5 4.4 3.8 4.0 4.0 3.3 3.3 3.5 3.8


Communications 4.369 5.023 6.536 5.684 6.266 6.552 6.421 6.421 6.549 7.073

Current quarter vs prior quarter 32% 15% 30% -13% 10% 5% -2% 0% 2% 8%

Current quarter vs prior year quarter 455% 14% 44% 71% 43% 30% -2% 13% 5% 8%

Communications US 17.3 19.2 22.5 22.8 27.0 28.9 26.9 30.1 32.0 34.2

Communications International 80.9 96.2 103.8 113.1 116.5 116.3 127.9 135.0 144.5 154.7

Total Communications 98.192 115.387 126.327 135.835 143.467 145.212 154.787 165.173 176.414 188.828


Registered Users 245.7 276.3 309.3 338.2 370.2 405.3 437.7 459.6 478.0 492.3

Current quarter vs prior quarter 4% 12% 12% 9% 9% 9% 8% 5% 4% 3%


Users / Total Revenue 2.50 2.39 2.45 2.49 2.58 2.79 2.83 2.78 2.71 2.61

Current quarter vs prior quarter -4% 2% 2% 4% 8% 1% -2% -3% -4%

Current quarter vs prior year quarter 3% 17% 15% 12% 5% -7%

Estimate

Estimate

14

8/8/2019 EBAY 01 22 09

15/20

STURDIVANT&

CO.,INC

.

Source:eBaycompanyreports,Sturdi

vant&C

o.

Research

eBayIncomeStatement

1Q08

2Q08

3Q08

4Q08

2008

1Q09E

2Q09E

3Q09E

4Q09

E

2009E

NetRevenues

2,192.223

2,195.661

2,117.522

2,035.846

8,541.252

2,017.467

2,025.997

2,059.329

2,298.031

8,400.824

CostofRevenues

525.412

562.103

560.963

579.591

2,228.069

568.926

547.019

551.900

608.978

2,276.823

GrossProfit

1,666.811

1,633.558

1,556.559

1,456.255

6,313.183

1,448.541

1,478.978

1,507.429

1,689.053

6,124.001

76.0

%

74.4%

73.5

%

71.5

%

73.9

%

71.8

%

73.0

%

73.2

%

73

.5%

72.9

%

OperatingExpenses

SalesandMarketing

527.178

512.787

457.216

418.361

1,915.542

423.668

425.459

453.052

505.567

1,807.747

ProductDevelopment

176.76

186.791

190.842

171.207

725.600

181.572

170.184

175.043

197.631

724.429

General&Admin

355.262

333.695

331.715

205.080

1,225.752

322.795

303.900

319.196

344.705

1,290.595

AmortofIntangibleassets

54.834

54.918

52.72

72.444

234.916

50.437

50.650

51.483

57.451

210.021

Retructuring

49.119

14.000

0.000

0.000

0.000

14.000

Provisionfortransactionandloa

nlosses

86.581

70.000

65.000

65.000

90.000

290.000

StockbasedComp

87.381

91.849

90.251

82.561

352.042

90.000

70.910

72.077

91.921

324.908

TotalOperatingExpenses

1,114.034

1,088.191

1,032.493

1,002.792

4,101.810

1,062.471

1,015.193

1,063.775

1,195.353

4,032.792

Income(loss)fromoperations

552.777

545.367

524.066

453.463

2,211.373

386.070

463.785

443.654

493.700

2,091.209

Interestandotherincome

29.61

23.386

38.556

24.368

115.920

21.000

24.000

25.000

27.000

97.000

IntererstExpense

(2.87)

(0.62)

0.01

(4.56)

(8.04)

(5.00)

(6.00)

(5.00)

(5

.00)

(21.00)

Incomebeforetaxes

579.521

568.134

562.633

473.268

2,319.256

402.070

481.785

463.654

515.700

2,167.209

Provisionforincometaxes

119.803

107.788

70.423

106.076

404.090

76.393

96.357

83.458

123.768

379.976

20.7

%

19.0%

12.5

%

22.4

%

17.4

%

19.0

%

20.0

%

18.0

%

24

.0%

17.5

%

NetIncome

459.718

460.346

492.21

367.192

1,915.166

325.677

385.428

380.197

391.932

1,787.233

ProformaNetIncome

565.2

569.6

593.8

523.768

2,328.545

432.565

459.440

456.208

493.756

2,169.107

EPS

0.42

$

0.43

$

0.46

$

0.41

$

1.72

$

0.34

$

0.37

$

0.37

$

0

.40

$

1.47

$

ShareOutstanding

1,343.989

1,325.136

1,297.484

1,271.534

1,309.536

1,258.819

1,246.231

1,246.231

1,246.231

1,249.378

15

8/8/2019 EBAY 01 22 09

16/20

16


1Q08 2Q08 3Q08 4Q08

Net Income 459.718$ 460.346$ 492.210$ 367.192$

Adjustments

Provision for transaction & loan losses 70.06 65.13 75.24 86.58

Depreciation and Amortization 165.98 173.36 178.58 201.90

Stock-Based Comp expense 87.38 91.85 90.25 83.84

Deferred Income Taxes (32.03) (42.02) (36.90) (39.00)

Tax benefit from stock based comp 14.80 15.10 8.33 2.67

Excess tax benefit from stock based comp (1.01) (2.81) (0.85) (0.03)

Changes in Assets and Liabilit ies, net of acquistions

accounts receivable (52.30) (6.45) 11.14 (18.79)

funds receevable & amounts due customers (217.32) 46.20 128.87 87.87

other current assets (13.47) (63.84) (34.79) 20.91

other Non-currents assets 12.35 2.83 (41.42) 37.38

Accounts Payable 38.56 (32.76) 27.50 (18.35)

Funds Payable & amounts due to customers 217.32 (46.20) (128.87) (87.87)

Accrued expenses and other liabilities (25.98) 30.27 (109.61) (68.24)

deferred revenue and customer advances 15.87 2.65 (6.04) (2.13)

Income taxes payable and other tax liabiliites 26.35 44.76 39.75 20.01

Net Cash provided by operating activities 836.33 803.54 768.64 683.94

Cash flows from investing activities

Purchases of PPE (134.64) (121.68) (150.41) (159.15)

Principle loans receiveable (106.51)

Purchases of investments (9.31) (14.62) (84.06) (0.14)

Maturities and sales of investments 4.02 28.69 9.54 93.95Acquisitions, net of cash acquired (148.77) (10.10) - (1201.23)

Other (45.46) (5.74) (0.17) (1.36)

Net Cash used in investing activities (334.17) (123.45) (225.10) (1374.43)

Cash flows from financing activities

Proceeds from issuance of common stock 8.88 76.49 13.36 36.41

Repurchases of common stock (992.77) (562.52) (624.26) (0.16)

Excess tax benefits from stock based comp 1.01 2.81 0.85 0.31

Payments on acquired obligations (200.22) 0.00 (433.98)

Net Proceeds from borrowing under LOC 1000.00

Net Cash used in financing activities (1183.10) (483.22) (610.06) 602.58

Effect of exchange rate changes on cash and equivalents 94.99 (0.89) (211.56) (65.60)

Net increase (decrease) in cash and equivalents (585.95) 195.98 (278.08) (153.51)

Cash and equivalents at beginning of period 4221.19 3635.24 3831.22 3553.14

Cash and equivalents at end of period 3,635.240$ 3,831.217$ 3,553.138$ 3,399.628$


eBay Statement of Cash Flows

8/8/2019 EBAY 01 22 09

17/20


17

4Q07 1Q08 2Q08 3Q08 4Q08

Current Assets

Cash and equivalents 4,221.191 3,565.182 3,696.028 3,342.717 3188.928

Short term investments 676.264 422.696 355.336 301.136 163.734

Accounts Recievable 480.557 496.942 479.089 436.456 435.197

Loans and interest recievable 427.337 1,730.898 1,684.703 1,555.835 570.071

Funds Receivable and customer accounts 1467.962

Other Current assets 1,317.156 242.276 305.231 372.202 460.698

Total Current assets 7,122.505 6,457.994 6,520.387 6,008.346 6,286.590

Long Term Investments 138.237 120.263 130.353 133.629 106.178

PPE 1,120.452 1,135.765 1,124.527 1,215.469 1198.714Goodwill 6,257.153 6,544.948 6,522.767 6,172.133 7025.398

Intangible assets 596.038 615.253 554.633 467.610 736.134

Other assets 131.652 172.082 168.958 242.970 239.425

Total Assets 15,366.037 15,046.305 15,021.625 14,240.157 15,592.439

Liabilit it ies and Stockholders' Equity

Current Liabilities

Accounts Payable 156.613 169.169 127.844 217.272 170.332

Funds Payable due customers 1,513.578 1,730.898 1,684.703 1,555.835 1467.962

Accrued expenses & other liabilities 951.139 863.882 908.001 804.634 784.774Deferred Revenue and customer advances 166.495 182.346 186.483 180.777 181.596

Income Taxes Payable 111.754 134.137 99.203 96.215 100.423

Borrowings from Credit agreement 200.000 - - - 1000

Total Current Liabilities 3,099.579 3,080.432 3,006.234 2,854.733 3,705.087

Deferred and other tax liabilities 510.557 551.830 590.814 639.926 753.965

Other Liabiliites 51.299 52.841 52.531 51.803 49.529

Total Liabilities 3,661.435 3,685.103 3,649.579 3,546.462 4,508.581

Total stockholders' equity 11,704.602 11,361.202 11,372.046 10,693.695 11,083.858

Total Liabilities and stockholders' equity' 15,366.037 15,046.305 15,021.625 14,240.157 15,592.439


eBay Balance Sheet

8/8/2019 EBAY 01 22 09

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18


For the Fiscal Period Ending 12 months Dec-31-2005 12 months Dec-31-2006 12 months Dec-31-2007 12 months Dec-31-2008

Total Debt - - 200.2 1,160.00.0% 0.0% 1.7% 9.5%

Total Common Equity 10,048.0 10,904.6 11,704.6 11,083.9

100.0% 100.0% 98.3% 98.3%

Total Capital

10,048.0 10,904.6 11,904.8 12,243.9

For the Fiscal Period Ending 12 months Dec-31-2005 12 months Dec-31-2006 12 months Dec-31-2007 12 months Dec-31-2008

Total Revolving Credit 200.2 1,160.0

100% 100%

Total Principal Due

200.2 1,160.0

100% 100%

Total Debt Outstanding

200.2 1,160.0

Available Credit

Undrawn Revolving Credit 1,799.8 840.0

Total Undrawn Credit 1,799.8 840.0

eBay Capital Structure

Source: Capital IQ, eBay company reports, Sturdivant & Co. Research

8/8/2019 EBAY 01 22 09

19/20

19

Beth Ann Loewy, [email protected]

856-751-1331 ext. 114Food

Consumer StaplesRetail

Fundamental Research

Institutional Trading

Debra L. [email protected]

800-486-1515 or856-751-1331 ext. 110

Harvey R. de [email protected]

800-486-1515 or856-751-1331 ext. 112

Albert A. [email protected]

856-751-1331 ext. 108

James [email protected]

800-486-1515 or856-751-1331 ext. 115

Institutional Sales

Carl R. Gibbs, [email protected]

856-751-1331 ext. 107

Terry [email protected]

856-751-1331 ext. 101

Richard A. [email protected]

856-751-1331 ext. 109Industrials

Chairman

Brian [email protected]

312-345-1534Technology

Sturdivant & Co.s

Businessmans Approach to Value Philosophy

Sturdivant & Co. uses the businessmans approach to evaluating stocks. This philosophy is predicated on looking at acompany as a prudent man would were he to consider making a reasoned investment in a business. We focus on a

companys strategy, the competitive position a company has versus its peers, quality of management, risk factors,prospects for growth, as well as critical catalysts and milestones as evidence of progress. Finally, we look at acompanys valuation to determine where we feel the stock is priced attractively.


8/8/2019 EBAY 01 22 09

20/20

Member: FINRA and SIPC

This material is for your private information and we are not soliciting anyaction based upon it. This report should not be construed as, or the solicitationof an offer to buy any security in any jurisdiction where such an offer orsolicitation would be illegal. The material is based upon information that weconsider reliable, but we do not represent that it is accurate or complete, and itshould not be relied upon as such. Opinions expressed are our current opinionsas of the date appearing on this material only. While we endeavor to update on

a reasonable basis the information discussed in this material, there may beregulatory, compliance or other reasons that prevent us from doing so. We andour affiliates, officers, directors, partners and employees, including personsinvolved in the preparation or issuance of this material, from time to time, havelong or short positions in, and buy or sell, the securities, or derivatives(including options) thereof, of companies mentioned herein. Sturdivant & Co.has not received compensation from this company in the past 12 months andthis company is not an investment banking client.

Date Price Rating Target

1/22/09 $13.28 Marketperform $13.00

Total Internet Group

Outperform Marketperform Underperform

25% 50% 25%

Outperform Marketperform Underperform

0% 0% 0%

Investment Banking Relationship


Investment Rating Company Ticker Analyst

Market OutperformGoogle GOOG Brian Bolan

Market OutperformYahoo! YHOO Brian BolaneBay eBay Brian Bolan

Market OutperformAmazon AMZN Brian Bolan

US Technology Industry

EBAY

Ticker

Documents

EBAY 01 22 09