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Facebook drager nytte af sin betragtelige markedsandel

Facebook fastholder sin Wide Moat, men vurderes ikke desto mindre til at være lettere overvurderet med en Price/Fair Value på 1,10

Rick Summer, CFA, CPA 12/08/2015
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Investeringskommentar, Rick Summer, 11/08/2015

Facebook is building the foundation to revolutionize online advertising. The company has shown great patience in nurturing its social networks, providing unique experiences for users and unparalleled targeted audiences for advertisers.

Facebook's massive base and engagement arguably create advertising opportunities that capture reach and target based on specific criteria. Growth in Facebook's user base across geographies has been impressive. Monthly active users exceed 1.4 billion while daily active users are nearly 1 billion, representing the largest social network on the web. These users are logging into Facebook at least once a month, communicating with friends, posting pictures, and using applications. We believe hundreds of millions of users face switching costs that keep them from leaving Facebook. People are unlikely to leave unless they can take their network of friends, content, and applications with them.

The company's growth in mobile usage has been equally impressive, particularly considering that Facebook was very slow to market with a downloadable application. The company's mobile usage is skyrocketing, and there more than 1.3 billion mobile users, with nearly half of MAUs accessing Facebook only from a mobile device. There are now more mobile-only users than desktop-only users, and revenue from mobile ad products exceeds revenue from
desktop. After its long delay in building mobile advertising products, we believe the company is a pre-eminent mobile advertiser.

Bulls Say

- People spend more time on Facebook than any other website.

- By collecting information about users, their social connections, and their activities on the
Internet, Facebook has a lucrative database that is highly valuable to advertisers.

- Despite relatively low advertising rates, the company's low expense base drives high levels of profitability and returns on capital.

Bears Say

- Many advertisers are unsure if they are spending money wisely on Facebook ads today.

- Management recently mentioned that the company may not be able to increase the
concentration of its ads shown in its news feed.

- Laws and regulations surrounding privacy may hinder product development.

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Om forfatteren

Rick Summer, CFA, CPA  Rick Summer, CFA, CPA, is a senior stock analyst with Morningstar.

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