Deutsche Bank Starts HomeAway (AWAY) at Buy; Vacation Rental Marketplace Leader
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Price: $20.06 +0.05%
Rating Summary:
12 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
12 Buy, 14 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Deutsche Bank initiates coverage on HomeAway (NASDAQ: AWAY) with a Buy. PT $36.00.
Deutsche analyst says, "HomeAway is the dominant category leader in the vacation rental marketplace space, with good visibility into multi-year top line growth with high incremental margins and strong free cash flow generation. Given the subscription nature of its business, we believe it can prosper in a challenging macro environment."
"We establish estimates for 2011 revenue/EBITDA/FCF/EPS of $225mn/$63mn/$62mn/$0.45, for 2012 of $277mn/$78mn/$86mn/$0.55 and for 2013 of $346mn/$110mn/$106mn/$0.78. Our estimates are for 2010-2013E CAGRs of 27% on revenue and FCF. In 2013 we forecast EBITDA margins of 32% and FCF margins of 31%. We see upside potential to ARPU especially in 2013."
For more ratings news on HomeAway click here and for the rating history of HomeAway click here.
Shares of HomeAway closed at $32.24 yesterday.
Deutsche analyst says, "HomeAway is the dominant category leader in the vacation rental marketplace space, with good visibility into multi-year top line growth with high incremental margins and strong free cash flow generation. Given the subscription nature of its business, we believe it can prosper in a challenging macro environment."
"We establish estimates for 2011 revenue/EBITDA/FCF/EPS of $225mn/$63mn/$62mn/$0.45, for 2012 of $277mn/$78mn/$86mn/$0.55 and for 2013 of $346mn/$110mn/$106mn/$0.78. Our estimates are for 2010-2013E CAGRs of 27% on revenue and FCF. In 2013 we forecast EBITDA margins of 32% and FCF margins of 31%. We see upside potential to ARPU especially in 2013."
For more ratings news on HomeAway click here and for the rating history of HomeAway click here.
Shares of HomeAway closed at $32.24 yesterday.
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