Financials eBay Inc.

Equities

EBAY

US2786421030

Internet Services

Market Closed - Nasdaq Other stock markets 04:00:00 2024-05-14 pm EDT			5-day change	1st Jan Change
52.1 ^USD	+0.21%		+4.05%	+19.44%

May. 09	Akamai Technologies forecasts weak second-quarter results, shares slump	RE
May. 08	Daiwa Securities Adjusts Price Target on eBay to $50.20 From $48	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	29,376	34,639	41,629	22,504	22,639	26,386	-	-
Enterprise Value (EV) ¹	34,311	38,576	49,332	29,221	28,377	32,440	32,472	27,005
P/E ratio	17.2 x	6.37 x	175 x	-18.3 x	8.4 x	15.7 x	14.4 x	13.2 x
Yield	1.61%	1.31%	1.08%	2.12%	2.29%	2.07%	2.19%	2.35%
Capitalization / Revenue	2.72 x	3.37 x	4 x	2.3 x	2.24 x	2.57 x	2.49 x	2.41 x
EV / Revenue	3.18 x	3.76 x	4.73 x	2.98 x	2.81 x	3.16 x	3.06 x	2.46 x
EV / EBITDA	9.21 x	10.1 x	12.4 x	8.64 x	8.94 x	10.1 x	9.63 x	7.65 x
EV / FCF	13.4 x	14.5 x	22.3 x	13.4 x	14.4 x	16.6 x	15.3 x	11.5 x
FCF Yield	7.46%	6.87%	4.49%	7.45%	6.96%	6.02%	6.54%	8.71%
Price to Book	10.8 x	10.1 x	4.04 x	4.34 x	3.53 x	4.25 x	4.05 x	3.51 x
Nbr of stocks (in thousands)	813,525	689,339	626,004	542,659	519,000	506,444	-	-
Reference price ²	36.11	50.25	66.50	41.47	43.62	52.10	52.10	52.10
Announcement Date	1/28/20	2/3/21	2/23/22	2/22/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	10,800	10,271	10,420	9,795	10,112	10,275	10,616	10,959
EBITDA ¹	3,724	3,826	3,981	3,381	3,175	3,224	3,370	3,530
EBIT ¹	3,043	3,217	3,479	2,939	2,772	2,899	3,019	3,132
Operating Margin	28.18%	31.32%	33.39%	30.01%	27.41%	28.21%	28.43%	28.58%
Earnings before Tax (EBT) ¹	2,207	3,420	398	-1,601	3,707	2,102	2,256	2,408
Net income ¹	1,792	5,667	252	-1,269	2,767	1,656	1,742	1,838
Net margin	16.59%	55.17%	2.42%	-12.96%	27.36%	16.12%	16.4%	16.77%
EPS ²	2.100	7.890	0.3800	-2.270	5.190	3.317	3.619	3.945
Free Cash Flow ¹	2,560	2,652	2,213	2,178	1,975	1,952	2,124	2,352
FCF margin	23.7%	25.82%	21.24%	22.24%	19.53%	18.99%	20.01%	21.46%
FCF Conversion (EBITDA)	68.74%	69.32%	55.59%	64.42%	62.2%	60.54%	63.02%	66.62%
FCF Conversion (Net income)	142.86%	46.8%	878.17%	-	71.38%	117.83%	121.95%	127.96%
Dividend per Share ²	0.5800	0.6600	0.7200	0.8800	1.000	1.081	1.140	1.223
Announcement Date	1/28/20	2/3/21	2/23/22	2/22/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	2,613	2,483	2,422	2,380	2,510	2,510	2,540	2,500	2,562	2,556	2,525	2,540	2,645	2,628	2,609
EBITDA ¹	948	923	807	794	857	851	785	755	784	850	773.8	781.5	820.1	874.9	817.6
EBIT ¹	826	805	694	690	750	744	684	658	686	774	694.2	698.9	729.2	794.6	732.2
Operating Margin	31.61%	32.42%	28.65%	28.99%	29.88%	29.64%	26.93%	26.32%	26.78%	30.28%	27.49%	27.51%	27.57%	30.23%	28.06%
Earnings before Tax (EBT) ¹	-1,161	-1,649	-727	-54	829	730	285	1,661	1,031	536	515.5	520.2	543.1	611.4	535.6
Net income ¹	-893	-1,341	-536	-69	672	567	171	1,305	724	438	407.3	402	424.3	480.5	421
Net margin	-34.18%	-54.01%	-22.13%	-2.9%	26.77%	22.59%	6.73%	52.2%	28.26%	17.14%	16.13%	15.82%	16.04%	18.28%	16.14%
EPS ²	-1.470	-2.280	-0.9600	-0.1300	1.230	1.050	0.3200	2.460	1.390	0.8500	0.7911	0.7958	0.8530	0.9938	0.8884
Dividend per Share ²	0.1800	0.2200	0.2200	0.2200	0.2200	0.2500	0.2500	0.2500	0.2500	0.2700	0.2700	0.2700	0.2700	0.2900	0.2900
Announcement Date	2/23/22	5/4/22	8/3/22	11/2/22	2/22/23	4/26/23	7/26/23	11/7/23	2/27/24	5/1/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,935	3,937	7,703	6,717	5,738	6,054	6,086	619
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.325 x	1.029 x	1.935 x	1.987 x	1.807 x	1.878 x	1.806 x	0.1753 x
Free Cash Flow ¹	2,560	2,652	2,213	2,178	1,975	1,952	2,124	2,352
ROE (net income / shareholders' equity)	52.9%	76.3%	39.9%	31%	47.9%	37.7%	39.5%	41.8%
ROA (Net income/ Total Assets)	11.8%	30.2%	-	-5.35%	13%	10.9%	8.24%	9.5%
Assets ¹	15,171	18,742	-	23,738	21,235	15,131	21,143	19,347
Book Value Per Share ²	3.350	4.960	16.50	9.560	12.40	12.30	12.90	14.80
Cash Flow per Share ²	3.640	3.370	4.010	4.040	4.550	5.160	5.720	-
Capex ¹	554	494	444	449	456	508	506	515
Capex / Sales	5.13%	4.81%	4.26%	4.58%	4.51%	4.94%	4.76%	4.7%
Announcement Date	1/28/20	2/3/21	2/23/22	2/22/23	2/27/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for eBay Inc.

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

52.1 USD

Average target price

51.94 USD

Spread / Average Target

-0.30%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector E-commerce & Auction Services

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SHOPIFY INC.	-25.51%	74.78B
COPART, INC.	+11.02%	52.3B
RAKUTEN GROUP, INC.	+26.13%	11.21B
VIPSHOP HOLDINGS LIMITED	-7.66%	8.89B
GLOBAL-E ONLINE LTD.	-24.78%	4.98B

E-commerce & Auction Services