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Expert answer:Corporate Report Assignment: eBay - colle writers

Expert answer:Corporate Report Assignment: eBay

Solved by verified expert:I have submitted a paper and got a feedback and it’s missing one thing that all I need.here is the message I got(This is good. I didn’t thoroughly read whole thing but this is likely 19/20 paper. To get the last point tell me more specific happenings at company. Why negative earning in 2017?? Was it one time event or downward trend? ). https://www.google.com/amp/amp.timeinc.net/fortune/2017/04/20/ebay-stock-fallsGet specific on details. But overall good job!I will attach the paper and ratio worksheets
moh.docx

moh_ratio.xls

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Expert answer:Corporate Report Assignment: eBay
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Insert Last name 1
Corporate Report Assignment: eBay
(Word count: 1,699 words)
COMPANY BACKGROUND
eBay Inc. was founded in September 1995 as a sole proprietorship business. Its main
headquarters is located at 2025 Hamilton Avenue, San Jose, California, United States. The initial
public offering of the company’s common stock was offered in September 1998. It offers online
trade platforms in which sellers and buyers interact and transact on varying services and products
in a virtual environment. The online brands and apps of the company are popularly known as
ebay.com, eBay mobile apps and StubHub. StubHub offers an online platform for buying and
selling tickets that are related with sports and entertainment. eBay is also connected with online
classified ads, such as mobile.de, Kijiji, Gumtree, Marktplaats, eBay and Kleinanzeigen, among
the others (“Company Overview;” “Form 10-K” 4).
FINANCIAL ANALYSIS
Liquidity Ratios
The liquidity ratios indicate the ability of the company to pay its current (short-term)
liabilities based on its easily convertible assets, such as cash, cash equivalents, account
receivables and short-term investments (“Financial Ratios”). In the case of eBay, its current
ratios and quick ratios that represent the company’s liquid assets from year 2015 to 2017 seem
deteriorating because of the decreasing current assets. However, the allocations are still stable
and do not pose significant threat, especially in consideration of their higher values of the ratios
than the industry average (1.62 times or 162%). Furthermore, the allocations at 230% (for Year
2017), 231% (for Year 2016) and 349% (for Year 2015) indicate that the current assets of eBay
Insert Last name 2
can adequately cover its short-term liabilities in cases when the need arises. The changes in the
current and quick ratio may not be that bad after all, especially when some of the current assets
of the company are used for other investment and income-generating ventures.
Leverage Ratios
The leverage ratios such as the total debt ratio indicate the dependence of a company to
procure short-term and long-term debts in order to support its operational needs and financial
resources (“Financial Ratios”). A higher total debt ratio may not be preferred because these
means that the assets of the company are mostly acquired through the incurrence of debts and not
through the contribution of shareholders. In the case of eBay, with total debt ratios of 69% (for
Year 2017), 56% (for Year 2016) and 63% (for Year 2015), they show that the company’s assets
are funded by acquiring more debts. However, the level of equity funds to total assets can be
considered acceptable contributions because they are just slightly lower than the contributions of
the value of liabilities to the total assets of the company.
Efficiency or Asset Utilization Ratios
The accounts receivable turnover indicates how credit sales are quickly converted into
cash (“Financial Ratios”). The turn-over of sales through the use of credit cards (accounts
receivables) may have deteriorated from 2016 to 2017, at 15.17 times and 13.76 times,
respectively. However, the small variances may be considered not a significant threat as long as
the company initiates more efforts to manage its sales and bad debts in a timely manner.
Nonetheless, the conversion rate of eBay in terms of its credit sales is lower than the industry
average of 23.22 times. Increasing competition in the online trade platform and the rise of more
companies and individuals who are trading in the virtual environment could have affected the
credit sales of eBay.
Insert Last name 3
On the other hand, the asset turnover ratio shows how efficient the company is in
generating sales from its assets. It measures how the assets are efficiently used in generating
income or sales. In the case of eBay, the percentages of the total asset turnover seem
deteriorating at 37% (for the Year 2017), 38% (for the Year 2016) and 48% (for the Year 2015).
The threat seems to dwell more on the lower total asset turnover of the company when compared
to the industry average of 149%. The changes in ratio seems a bad position for the company in
consideration of the dramatic relevance of more online traders and companies that are now
entering the virtual market.
Profitability Ratios
The profitability ratios, such as the profit margin and the return on assets (ROA), indicate
the proportioning of net income to sales or total assets. For instance, in the case of eBay and its
profit margin of -11% for the Year 2017, it shows that for every $100 dollars of sales, -$11 is
actually lost or negatively returned. The profit margins of eBay from 2015 until 2017 (20%, 18%
and -11%) seem deteriorating, given that the profit margin for 2017 is substantially lower than
the industry average of 19.18%. These changes can pose significant threat for the company
because of the decreasing value of profit. Nonetheless, the early recovery of eBay can occur
based on the high profit margin of the business for the year 2016 at 81%.
Meanwhile, the ROA of the company is deteriorating because of the significant decrease
in the net income for the year 2017. Nonetheless, the optimistic position of the company, in
terms of the 30% ROA for the year 2016 and 10% ROA for the year 2015 (which are higher than
the industry average of 7.16%) can still bring hope for the business to improve. This must also
pressure eBay to initiate more efforts and solutions in securing its stable position in the virtual
marketplace.
Insert Last name 4
Market Value Ratios
The market value ratios are used to assess the share prices of publicly-traded companies.
They indicate if the company stocks are “over-priced or under-priced” (“Market Value Ratios”).
In the case of eBay, the P/E ratio has deteriorated from 2015 to 2017 at $16.4, $4.79 and -$42.37,
respectively. This ratio shows the stock value which an investor pays for every dollar of
earnings. The P/E ratios also do not surpass the industry average of $66.45. In spite of the
declining P/E of eBay, recovery is expected given that eBay fairly competes, and it has adequate
financial resources.
STOCK GRAPH
In Graph 1, a “cumulative total stockholder return” of $100 investment and reinvestment
of associated returns are presented from the starting point of the last trading day on December
31, 2012 until December 31, 2017. The common stock of eBay was compared with NASDAQ
Composite Index, S&P Information Technology Index, and S&P 500 Index (“Form 10-K” 33).
Graph 1: Performance Measurement Comparison
Cited in: “Form 10-K” 33
Insert Last name 5
The stock performance of eBay can be considered stable, profitable and competitive with
the increasing trend of profits from December 31, 2014 until December 31, 2017, albeit the stock
price movement underperforms when compared to other stock market indices. The trend moves
positively with the S&P 500 Index, especially during the slight decreasing stock price values
from December 31, 2014 until December 31, 2015 (See Graph 1).
From Jan 31, 2015 to Dec 31, 2017, the highest stock price recorded was on October 9,
2017 with an opening stock price of $39.01. On the other hand, the lowest stock price of eBay
recorded within the specified period was on January 16, 2015 with an opening stock price of
$20.94 (See Appendix D – Historical Prices of eBay Nasdaq). Based on the movement of stock
prices, a longer term of investment for eBay stocks may seem more profitable (See Graph 2).
Graph 2: eBay Chart (2015 – 2017)
Benchmark: S&P 500
Cited in: “EBAY Chart”
As shown in Graph 2, the stock performance of eBay from 2015 until 2017 was more
stable than the stock movement represented via the S&P 500 index as the benchmark.
Furthermore, in spite of the price decreases of eBay stocks on the late months of 2015 and early
Insert Last name 6
quarter of 2016, the recovery was optimistic before the year 2017 had ended. On the contrary, as
shown in Graph 3, the percentage of changes in the stock price of eBay was considerably higher
than the level of changes of S&P 500 (26.24% for eBay and 19.17% for S&P 500). The beta of
the company at 1.46 (“Summary”) means that the stocks are “theoretically” 46% more volatile
than the market. It connotes a higher rate of return, albeit with the relevant high-level of risks
(“Beta”). The Graphs 1 and 2 show that the stock price movement of eBay moves along with the
other stock market indices, as supported by the beta of the company (How does beta measure”).
Graph 3: Percentage of Stock Price Changes
Cited in: “YCharts”
SUMMARY OF ONE ARTICLE
“EBAY Projects Holiday Profit that Falls Short of Expectation” by Spencer Soper on October
19, 2017
Closing stock price as of October 18, 2017: $37.97
Closing stock price as of October 20, 2017: ˅$37.61
eBay announced increases in its projected sales for the ending quarter of 2017.
Nonetheless, the expectations were not met. In fact, shares declined by at least 7.9% after the
Insert Last name 7
announcement. The announcement seems like a fancy marketing effort to attract more customers
and clients in the online trading platform. While 168 million global buyers visited the online site
as of Sept. 30, 2017, the operating expenses also grew at 8.3%. The company even offered “free
three-day shipping” to match Amazon’s two-day free shipping promo.
In my opinion about the news featured and its effect on the stock price, the fancy
marketing effort of the company and the mismatch of expectations based on performance can
actually decrease the stock price of eBay. As expected (but may or may not be caused by this
specific news article), the stock price decreased from $37.97 on October 18, 2017 to $37.61 on
October 20, 2017.
CONCLUSION
To secure eBay’s market position and maintain its financial strength, the company must
remain competitive in its marketing strategies, asset management, credit policies, investment
ventures, cash resources, operational aspects, online security, and many other business factors.
An investor can find it more profitable to hold the stocks of the company for a while or even in a
longer term, given that the profitability of the stocks can potentially grow in time. Nonetheless,
with the high-level of stock return, there also comes the higher risk of investment. That is, the
investor must be very cautious in assessing the market trends, given that the eBay’s stocks are
highly volatile with the market prices.
BIBLIOGRAPHY
“Beta.” Investopedia, 2018, https://www.investopedia.com/terms/b/beta.asp. Accessed 3 April
Insert Last name 8
2018.
“Common Stock Valuation Ratios (Price Multiples).” Stock Analysis on Net, 2018,
https://www.stock-analysis-on.net/NASDAQ/Company/eBay-Inc/Valuation/Ratios.
Accessed 4 April 2018.
“Company Overview of eBay Inc.” Bloomberg, 2018,
https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=27862.
Accessed 2 April 2018.
“eBay Company Financials.” Nasdaq, 2018,
https://www.nasdaq.com/symbol/ebay/financials?query=ratios. Accessed 3 April 2018.
“eBay Chart.” Markets Insider, 2018, http://markets.businessinsider.com/chart/ebay.
Accessed 3 April 2018.
“eBay Inc Nasdaq.” Investing.com, 2018, https://www.investing.com/equities/ebay-inc-ratios.
Accessed 3 April 2018.
“eBay Earnings.” Investing.com, 2018, https://www.investing.com/equities/ebay-inc-earnings.
Accessed 3 April 2018.
“Financial Ratio.” Inc., n.d, https://www.inc.com/encyclopedia/financial-ratios.html. Accessed 3
April 2018.
“Form 10-K 2016.” United States Securities and Exchange Commission, 2016,
https://www.sec.gov/Archives/edgar/data/1065088/000106508817000007/ebay201610k.htm. Accessed 3 April 2018.
“Form 10-K 2017.” United States Securities and Exchange Commission, 2017,
https://investors.ebayinc.com/secfiling.cfm?filingID=1065088-18-9&CIK=1065088.
Accessed 2 April 2018.
Insert Last name 9
“How does Beta Measure a Stock’s Market Risk?” Investopedia, 2018,
https://www.investopedia.com/ask/answers/042415/how-does-beta-measure-stocksmarket-risk.asp. Accessed 3 April 2018.
“Long-term Debt and Solvency Analysis.” Stock Analysis on Net, 2018,
https://www.stock-analysis-on.net/NASDAQ/Company/eBay-Inc/Ratios/Long-termDebt-and-Solvency. Accessed 4 April 2018.
“Markets Insider.” Business Insider, 2018,
http://markets.businessinsider.com/stocks/ebay/price/nas/31.12.2014_31.12.2017.
Accessed 3 April 2018.
“Market Value Ratios.” Accounting Tools, 2017,
https://www.accountingtools.com/articles/market-value-ratios.html. Accessed 4 April
2018.
Peavler, Rosemary. “What are the Categories of Financial Ratios? The Balance, 31 October
2017, https://www.thebalance.com/categories-of-financial-ratios-393217. Accessed 3
April 2018.
“Summary.” Yahoo! Finance, 2018, https://finance.yahoo.com/quote/ebay?ltr=1. Accessed 3
April 2018.
Soper, Spencer. “EBAY Projects Holiday Profit that Falls Short of Expectation.” Bloomberg
Technology, 19 October 2017, https://www.bloomberg.com/news/articles/2017-1018/ebay-projects-holiday-profit-that-falls-short-of-expectations. Accessed 4 April 2018.
“YCharts.” The Motley Fool, 2017, https://www.fool.com/investing/2017/12/14/heres-how-ebayinc-crushed-it-in-2017.aspx. Accessed 4 April 2018
Company: eBay
Ratio
Formula for Calculation
Calculation
2017
Calculation
2016
Current assets x 100%
7,743
8,875
Current liabilities
3,359
3,847
(Current assets – Inventory) x 100%
7,743 – 0
8,875 – 0
Current liabilities
3,359
3,847
Cash x 100%
2,120
1,816
Current liabilities
3,359
3,847
(Total assets – Total equity) x 100%
Total assets
25,981 – 8,063
25,981
Total assets x 100%
Total Equity
EBIT + Depreciation
Interest
Calculation
2015
2017 Ratio
2016 Ratio
1. Short-term solvency, or liquidity, ratios
Current ratio
Quick ratio
Cash ratio
7,904
2,263
230%
231%
7904 – 0
2,263
230%
231%
1,832
2,263
63%
47%
23,847 – 10,539
23,847
17,755 – 6,576
69%
56%
25,981
8,063
23,847
10,539
17,755
322%
226%
2,276 + 676
11
3,651 + 682
1,326
2,406 + 687
209
268 times
3.27 times
9,567
0
8,979
0
8,592
0
N/A
N/A
Sales
Accounts Receivable
9,567
695
8,979
592
8,592
Sales x 100%
Total Assets
9,567
25,981
8,979
23,847
8,592
17,755
2. Long-term solvency, or financial leverage ratios
Total debt ratio
Equity Multiplier
Cash Coverage Ratio
3.Assets utilization, or turnover, ratios
Inventory Turnover
Sales
Inventory
Receivables Turnover
Total Asset Turnover
17,755
6,576
13.76 times 15.17 times
619
37%
38%
4. Profitability Ratios
Profit Margin
Net Income x 100%
Sales
-1,016
9,567
7,266
8,979
1,725
8,592
-11%
81%
ROA
Net Income x 100%
Total Assets
-1,016
25,981
7,266
23,847
1,725
17,755
-4%
30%
ROE
Net Income x 100%
Total Equity
-1,016
8,063
7,266
10,539
1,725
-13%
69%
Price Per Share
Earnings per share
42.37
-1
32.03
6.68
23.94
1.46
Price Per Share
Sales Per Share
42.37
9.45
32.03
8.26
23.94
7.29
4.48 times
3.88 times
Market value per share
Book value per share
42.37
7.97
32.03
9.7
23.94
5.58
5.32 times
3.3 times
6,576
5.Market value ratios
Price Earnings Ratio
Price-sales ratio
Market-to-book ratio
-42.37 (N/A) 4.79 times
Cited in: “Common Stock Valuation;” “eBay Company Financials;” “eBay Inc Nasdaq;” “eBay Earnings;” “Long-term Debt;” “Markets Insider;” “Morning Star Rating”
2015 Ratio Industry Average
349%
1.62 times or 162%
349%
8.3 timesor 83%
81%
No available info
63%
No available info
270%
No available info
14.80 times
8.03 times
N/A
9.12 times
13.88 times
23.22 times
48%
149%
20%
19.18%
10%
7.16%
26%
15.72%
16.4 times
66.45 times
3.28 times
3 times
4.29 times
10.9 times
Insider;” “Morning Star Rating”
Trend Analysis
Deteriorating but seems stable
because the ratios are more than 1 (even more than 2) and also more than the industry average
Deteriorating but seems stable
because the ratios are more than 1 and surpasses the industry average
From 81% in 2015, the cash level of eBay
deteriorated to 63% in 2017 as proportioned to the current liabilities
The allocations of the total liabilities against the total assets
seems deteriorating because of the associated increases of debts. Small variances can mean thousands or millions of dollar conversion value
The level of total assets is improving given that for year 2017, the total assets are 3.22 times more than
the value of total equity. eBay has enough total assets to cover the equity of the shareholders
The level of cash is improving. Note that the amount of interest significantly decreased for the year 2017
eBay has no inventory because most of its products and services are offered in a virtual trading platform
with no stocked inventories
Most of the products and services of eBay are transacted using credit cards and checks.
The turn-over of sales through the use of credit cards may have deteriorated from 2016 to 2017. However,
the small variances may be considered not a significant threat as long as the company manages its bad debts in time
Both the total sales and total assets have improved. The deteriorating ratios of turnover of sales as proportioned against
the total assets seem not a significant threat for the company. However, the conversion values may mean millions of monetary significance
which must pressure the company to manage its sales and assets more.
From 2016 to 2017, the level of net income has significantly decreased / deteriorated. For every $1 of sales, a -$0.11 net income is
negatively returned. Therefore, the profit margin seems to have deteriorated.
The proportion of returns of net income to total assets for the year 2017 has significantly deteriorated as compared to year 2016
and 2015. For every $1 of total assets a negative 4 dollar cents is lost
The proportion of returns of net income to total equity has similarly deteriorated for the year 2017 as compared to
2016 and 2015. For every $1 of total equity a negative 13 dollar cents is lost. Nonetheless, eBay can improve in the future
given that it’s a reliable company with known reputation and loyal clients
The P/E ratio of eBay has deteriorated from 2015 to 2017. Even if the price per share has improved, the ratio was pulled downwards
by the deterioration of earnings per share.
The price per share has improved. From 3.28 in 2015, it increased by 36.58% (or 4.48 times) in 2017. It was supported by the improving price per
share and the sales per share. In fact, the ratios have surpassed the industry average of 3.0
The market-book value has improved from 4.29 in 2015 to 5.32 in 2017. However, the ratios did not surpass the industry
average of 10.9.

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