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eBay

eBay's core business is Marketplaces which connects buyers and sellers on its e-commerce platform. While many associate eBay with auctions for used items, the majority of merchandise sold is both new and fixed prices. StubHub and Classifieds were 12% and 9% of total revenue in 4Q17, respectively. StubHub is an online ticket platform for live events. Classifieds has 12 global brands for local-relevant listings. eBay's gross merchandise volume (GMV) was $24.4 bn (including $1.4 bn from StubHub) in 4Q17, making it the world's 4th largest B2C e-commerce company after Alibaba, Amazon, and JD.com. eBay and Alibaba are 3rd party marketplaces, which have lower revenue recognition and thus higher margins than Amazon and JD which sell a combination of 1P and 3P items. The majority of eBay's sales are international with the US accounting for 43% and 40% of revenue and GMV respectively, in 4Q17. Transaction revenue was 78% of total revenue in 4Q17 with the remaining 22% coming from Marketing Services and Other (MS&O). (02 Apr 2018)

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VEON: Using Wind Tre Proceeds for Tender Offer

HY Note: 15 Nov 2018, 12:00 PM ET - VEON is using ~$2 bn of proceeds from the sale of its 50% stake in Wind-Tre for a tender offer for four tranches of $ bonds. VEON is also soliciting consents to amend certain covenants.
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eBay 3Q18: Decelerating Growth

Earnings Note: 30 Oct 2018, 10:49 PM ET - eBay's growth is decelerating and the company commented it won't delever at any point in the near future. 

US IG Telco/Cable: Post-3Q18 Rel Val Update

Sector Analysis: 30 Oct 2018, 5:05 AM ET - We take a closer look at relative value across the key IG Telecom and Cable credits. Comcast, Charter, and Verizon reported a solid 3Q18 whereas AT&T fell short. Within AT&T’s business segments, WarnerMedia was the outperformer.

US TMT: Digital Advertising-More Than FB and GOOG?

Sector Analysis: 23 Oct 2018, 5:05 AM ET - In this second part of a series on US advertising, we discuss the digital advertising market. 

US TMT: Smartphones – The World is Flat

Sector Analysis: 05 Sep 2018, 5:46 AM ET - We examine the current state of the smartphone market, discuss demand trends in the US and emerging regions, and implications for industry participants across the supply chain.

Technology: Tariffs Recap

Sector Analysis: 06 Aug 2018, 11:26 PM ET - The tech sector has been largely unaffected by tariffs enacted to date, although could be caught in the crossfire as the US contemplates additional tariffs on imports from China. We include company commentaries from calendar 2Q18 calls. 

US IG TMT: A Look at Possible TrouBBBle Spots

Sector Analysis: 06 Aug 2018, 4:56 AM ET - We look at the change in the agency ratings make-up of IG TMT and potential BBB trouble spots, which have ramped-up leveraged late in the cycle.

July 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Jul 2018, 9:39 PM ET - Our monthly report provides executive summaries for the thirty-nine company recommendation changes made on North American companies during the month of July.

US IG Telco/Cable: Post-Earnings Publishing Recap

Worth Watching: 30 Jul 2018, 12:22 PM ET - US IG Telco/Cable: The week of July 23 brought a heavy earnings schedule, including the three IG telco and cable mega-issuers, Verizon, AT&T, and Comcast. Please see the following earnings notes for a summary of each company's 2Q18 earnings: Veriz ..

US IG Telco/Cable: Relative Value Update

Sector Analysis: 27 Jul 2018, 1:18 PM ET - On the heels of early earnings reports, we provide a relative value update on AT&T, Verizon, Comcast, Time Warner, and Charter IG.
Focused

eBay 2Q18: Disappointing Investors Again

Earnings Note: 18 Jul 2018, 11:10 PM ET - We are downgrading our recommendation on eBay’s bonds from Market perform to Underperform given weaker than expected operating trends.

Satellite C-Band: Let the Waiting Game Begin (2/2)

Sector Analysis: 15 Jul 2018, 9:23 PM ET - The FCC voted 4-0 to approve the 3.7 to 4.2 GHz NPRM and order. Now, we wait for the comments and replies, with a final order expected between 1Q and 2Q19. We assess the potential benefits and revisit relative value of INTEL, SES, ETL.

Tech Primer: Storage – HDDs vs SSDs

Technology Primer: 13 Jul 2018, 4:59 AM ET - In this tech primer, we do a deep dive on HDDs and SSDs and discuss investment implications for Seagate and Western Digital.

5G in Focus: Rome Was Not Wired in a Day

Sector Analysis: 27 Jun 2018, 11:57 PM ET - The noise around 5G builds daily. The next generation of network technology will open the door to new use cases, but the most transformative are still a long way off.

Supreme Court: Online Sales Tax Ruling Implications

Worth Watching: 24 Jun 2018, 10:35 PM ET - Supreme Court: The Supreme Court ruled on Thursday in favor of South Dakota (in South Dakota v. Wayfair), giving states the authority to require out of state online retailers to collect and remit sale taxes to the state.  Previously, states could ..

US, China & ZTE: Implications for TMT

Sector Analysis: 16 May 2018, 11:51 PM ET - Given recent tensions between the US and China, we discuss potential implications to sectors and companies within our TMT coverage universe. 

IG Note: Walmart Pays $16bn for Flipkart Stake

IG Note: 09 May 2018, 9:49 PM ET - Walmart put an end to the back-and-forth rumors with Amazon around the acquisition of a majority stake in Indian e-commerce player, Flipkart. WMT will take a 77% stake for a $16bn investment. 
Focused

eBay 1Q18: We’ll Take the 7% Growth

Earnings Note: 26 Apr 2018, 12:00 AM ET - While some investors were disappointed with eBay's 1Q18 results, we continue to think that management is taking the right steps to improve its business. 

EUR IG TMT RV: Reverse Yankee Value

Euro TMT RV: 17 Apr 2018, 10:42 PM ET - An overview of the EUR IG TMT sector, comprising recommendation overview, performance update and relative value ideas. In this report, we cover the continued value we see in Reverse Yankee EUR telecom bonds.

USD Relative Value: Euro Telecoms

Sector Analysis: 15 Apr 2018, 11:05 PM ET - European telecom issuers have underperformed the USD telecoms index over the last 3 months. With better value on offer, we update our relative value views.

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