{"id":656,"date":"2014-06-02T18:05:43","date_gmt":"2014-06-02T18:05:43","guid":{"rendered":"https:\/\/cityfalcon.com\/blog\/?p=656"},"modified":"2017-10-05T12:16:03","modified_gmt":"2017-10-05T12:16:03","slug":"twitter-could-be-a-5b-business-with-2b-ebitda-by-2016-even-with-slowing-user-growth","status":"publish","type":"post","link":"https:\/\/www.cityfalcon.ai\/blog\/fr\/investments\/twitter-could-be-a-5b-business-with-2b-ebitda-by-2016-even-with-slowing-user-growth\/","title":{"rendered":"Twitter pourrait \u00eatre une entreprise $5B avec un EBITDA $2B d&#039;ici 2016, m\u00eame avec un ralentissement de la croissance des utilisateurs"},"content":{"rendered":"<br \/>\n<style>\n.wp-caption {\nmax-width: 100% !important;\n}\n iframe {\nmax-width: 100%; hight: auto;\n}\n<\/style>\n<div id=\"a-body\">\n<p class=\"p p1\"><strong>Sommaire<\/strong><\/p>\n<div class=\"a-sum\">\n<ul>\n<li>La croissance des utilisateurs de Twitter a diminu\u00e9, mais il dispose toujours d&#039;une base solide de plus de 250 millions d&#039;utilisateurs actifs \u00e0 mon\u00e9tiser.<\/li>\n<li>Les revenus publicitaires pour 1000 impressions sont l&#039;un des indicateurs cl\u00e9s \u00e0 surveiller, et \u00e0 mesure que l&#039;entreprise s&#039;efforce de l&#039;am\u00e9liorer, $4,8 milliards de revenus est une possibilit\u00e9 en 2016.<\/li>\n<li>Les entreprises technologiques, en particulier ax\u00e9es sur les logiciels, g\u00e9n\u00e8rent un EBITDA 30%-50% \u00e0 mesure que l&#039;entreprise m\u00fbrit, et par cons\u00e9quent, Twitter pourrait g\u00e9n\u00e9rer un EBITDA de $1.9B en 2016.<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div id=\"a-body\">\n<p class=\"p p1\"><strong>Objectif<\/strong><\/p>\n<p class=\"p p1\">Nous allons regarder Twitter (NYSE:<a title=\"Twitter, Inc.\" href=\"http:\/\/seekingalpha.com\/symbol\/TWTR\" target=\"_blank\" rel=\"noopener noreferrer\">TWTR<\/a>) opportunit\u00e9 de mon\u00e9tiser sa base d&#039;utilisateurs actuelle, par rapport \u00e0 Facebook (NASDAQ:<a title=\"Facebook\" href=\"http:\/\/seekingalpha.com\/symbol\/FB\" target=\"_blank\" rel=\"noopener noreferrer\">FB<\/a>) et LinkedIn (NYSE:<a title=\"LinkedIn\" href=\"http:\/\/seekingalpha.com\/symbol\/LNKD\" target=\"_blank\" rel=\"noopener noreferrer\">LNKD<\/a>), et en supposant qu&#039;il y ait un nouveau ralentissement de la croissance des utilisateurs.<\/p>\n<p class=\"p p1\">Veuillez noter qu&#039;il ne s&#039;agit pas d&#039;une analyse fondamentale compl\u00e8te de l&#039;entreprise, mais d&#039;un examen de l&#039;opportunit\u00e9 de revenus si elle parvient \u00e0 atteindre les mesures li\u00e9es \u00e0 la publicit\u00e9 d&#039;autres entreprises en ligne et du secteur.<\/p>\n<p class=\"p p1\"><strong>Limitation de l&#039;analyse<\/strong><\/p>\n<p class=\"p p1\">Les donn\u00e9es ont \u00e9t\u00e9 accumul\u00e9es \u00e0 partir de diff\u00e9rentes sources, qui peuvent avoir des d\u00e9finitions diff\u00e9rentes des param\u00e8tres, et par cons\u00e9quent, cette analyse doit \u00eatre consid\u00e9r\u00e9e comme indicative, et les investisseurs doivent faire leur propre diligence raisonnable avant de prendre toute d\u00e9cision.<\/p>\n<p class=\"p p1\"><strong>Croissance des utilisateurs<\/strong><\/p>\n<p class=\"p p1\">La croissance des utilisateurs pour les entreprises de technologie a ralenti avec le ralentissement de la croissance de la p\u00e9n\u00e9tration d&#039;Internet, de la saturation du march\u00e9 et de la concurrence accrue pour le temps des utilisateurs. Comme vous pouvez le voir dans le graphique ci-dessous, les trois g\u00e9ants ont vu une baisse de la croissance annuelle des utilisateurs, mais notez que Twitter a augment\u00e9 le plus rapidement \u00e0 25% au T1&#039;14. Cette tendance n&#039;a rien d&#039;inhabituel et se produit dans tous les secteurs lorsqu&#039;elle m\u00fbrit.<\/p>\n<p class=\"p p1\">Twitter a \u00e9t\u00e9 critiqu\u00e9 pour son interface moins intuitive et sa terminologie compliqu\u00e9e, ce qui a \u00e9t\u00e9 un obstacle \u00e0 l&#039;adoption du service de type Facebook. L&#039;entreprise semble \u00eatre consciente de ces probl\u00e8mes qui, s&#039;ils sont r\u00e9solus, pourraient contribuer \u00e0 la croissance du nombre d&#039;utilisateurs. Dans son r\u00e9cent appel sur les r\u00e9sultats, la soci\u00e9t\u00e9 a mentionn\u00e9 sa volont\u00e9 de rendre la plate-forme plus \u00abvisuellement attrayante\u00bb, d&#039;organiser du contenu pour les nouveaux utilisateurs et d&#039;innover dans les messages directs. Je vous encourage \u00e0 ouvrir un nouveau compte Twitter, et vous verrez comment le service g\u00e8re les nouveaux utilisateurs et d\u00e9compose les \u00e9tapes de \u00abd\u00e9marrage\u00bb en \u00e9tapes intuitives.<\/p>\n<div class=\"p_count\"><\/div>\n<p class=\"p p2\"><span class=\"image-enlargeable\"><a href=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-14014711030712705-Ruzbeh-Bacha_origin.png\" rel=\"lightbox\"><img decoding=\"async\" src=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-14014711030712705-Ruzbeh-Bacha.png\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><\/span><\/p>\n<p class=\"p p2\"><em>Source: Propre analyse, r\u00e9sultats publi\u00e9s.<\/em><\/p>\n<p class=\"p p2\"><strong>Num\u00e9ros d&#039;utilisateurs absolus<\/strong><\/p>\n<p class=\"p p2\">La plupart des entreprises ne peuvent pas continuer \u00e0 cro\u00eetre \u00e0 un rythme rapide, en particulier de mani\u00e8re organique, et ce qui importe, c&#039;est de savoir si elles ont acquis une base d&#039;utilisateurs solide pour mon\u00e9tiser et pour b\u00e9n\u00e9ficier \u00e9galement d&#039;\u00e9conomies d&#039;\u00e9chelle.<\/p>\n<p class=\"p p2\">Twitter comptait plus de 250 millions d&#039;utilisateurs actifs par mois \u00e0 la fin du dernier trimestre, ce qui, \u00e0 mon avis, est une base solide sur laquelle l&#039;entreprise peut travailler. Twitter est devenu un \u00e9l\u00e9ment indispensable de la vie de plusieurs utilisateurs, dont la mienne. La rigidit\u00e9 du service, compte tenu des effets de r\u00e9seau, l&#039;adoption des hashtags par l&#039;industrie et la facilit\u00e9 de consommation des flux lui conf\u00e8rent un avantage concurrentiel formidable.<\/p>\n<p class=\"p p2\"><span class=\"image-enlargeable\"><a href=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-14014717995661097-Ruzbeh-Bacha_origin.png\" rel=\"lightbox\"><img decoding=\"async\" src=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-14014717995661097-Ruzbeh-Bacha.png\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><\/span><\/p>\n<p class=\"p p2\"><em>Source: Propre analyse, r\u00e9sultats publi\u00e9s.<\/em><\/p>\n<p class=\"p p2\">Remarque: les chiffres de LinkedIn ne comprennent pas ceux de SlideShare.<\/p>\n<p class=\"p p2\"><strong>L&#039;\u00e9quation des revenus<\/strong><\/p>\n<p class=\"p p2\">Revenu = Nombre d&#039;utilisateurs * Revenu moyen par utilisateur (ARPU)<\/p>\n<p class=\"p p2\">Nous avons d\u00e9j\u00e0 examin\u00e9 les utilisateurs, et regardons maintenant ARPU.<\/p>\n<p class=\"p p2\"><strong>ARPU<\/strong><\/p>\n<p class=\"p p2\">Facebook et Twitter reposent principalement sur les revenus publicitaires, tandis que LinkedIn g\u00e9n\u00e8re \u00e9galement des revenus gr\u00e2ce \u00e0 ses services \u00abd&#039;abonnement premium\u00bb et \u00absolutions de talents\u00bb. Mais, comme notre objectif principal est Twitter, nous examinerons uniquement les revenus publicitaires dans cet article.<\/p>\n<p class=\"p p2\">Lorsque vous regardez l&#039;ARPU annualis\u00e9 mondial dans le graphique ci-dessous, vous pouvez voir que l&#039;ARPU de Twitter est similaire \u00e0 celui de LinkedIn, mais seulement la moiti\u00e9 de celui de Facebook.<\/p>\n<p class=\"p p2\"><span class=\"image-enlargeable\"><a href=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-14014721347169292-Ruzbeh-Bacha_origin.png\" rel=\"lightbox\"><img decoding=\"async\" src=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-14014721347169292-Ruzbeh-Bacha.png\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><\/span><\/p>\n<p class=\"p p2\"><em>Source: Propre analyse, r\u00e9sultats publi\u00e9s.<\/em><\/p>\n<p class=\"p p3\">Si vous d\u00e9composez davantage les graphiques ARPU des \u00c9tats-Unis et du reste du monde (ROW), vous pouvez voir que Twitter a un plus grand \u00e9cart avec Facebook dans ROW. Notez que LinkedIn ne fournit pas de ventilation g\u00e9ographique similaire.<\/p>\n<p class=\"p p3\"><span class=\"image-enlargeable\"><a href=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-1401472224842633-Ruzbeh-Bacha_origin.png\" rel=\"lightbox\"><img decoding=\"async\" src=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-1401472224842633-Ruzbeh-Bacha.png\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><\/span><\/p>\n<p class=\"p p3\"><em>Source: Propre analyse, r\u00e9sultats publi\u00e9s.<\/em><\/p>\n<p class=\"p p3\"><span class=\"image-enlargeable\"><a href=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-14014722696615314-Ruzbeh-Bacha_origin.png\" rel=\"lightbox\"><img decoding=\"async\" src=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-14014722696615314-Ruzbeh-Bacha.png\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><\/span><\/p>\n<p class=\"p p3\"><em>Source: Propre analyse, r\u00e9sultats publi\u00e9s.<\/em><\/p>\n<p class=\"p p3\"><strong>L&#039;\u00e9quation ARPU<\/strong><\/p>\n<p class=\"p p3\">Il ne suffit peut-\u00eatre pas d&#039;examiner l&#039;ARPU dans son ensemble, et par cons\u00e9quent, nous explorons ses composants.<\/p>\n<p class=\"p p3\">ARPU publicitaire = pages vues par utilisateur * revenus publicitaires par page vue<\/p>\n<p class=\"p p3\"><strong>Pages vues par MAU<\/strong><\/p>\n<p class=\"p p3\">Twitter a enregistr\u00e9 2 458 pages vues annualis\u00e9es par utilisateur au T1 2014, ce qui correspond \u00e0 sept pages vues par utilisateur et par jour. Les pages vues sur LinkedIn ne repr\u00e9sentaient qu&#039;une fraction de celles de Twitter. Malheureusement, je n&#039;ai pas trouv\u00e9 de donn\u00e9es similaires pour Facebook.<\/p>\n<p class=\"p p3\"><span class=\"image-enlargeable\"><a href=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/31\/4752961-14015330500458968-Ruzbeh-Bacha_origin.png\" rel=\"lightbox\"><img decoding=\"async\" src=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/31\/4752961-14015330500458968-Ruzbeh-Bacha.png\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><\/span><\/p>\n<p class=\"p p3\"><em>Source: Propre analyse, r\u00e9sultats publi\u00e9s.<\/em><\/p>\n<p class=\"p p3\">La tendance g\u00e9n\u00e9rale est rest\u00e9e plate ou \u00e0 la baisse, et l&#039;histoire n&#039;est pas tr\u00e8s diff\u00e9rente lorsque vous voyez la r\u00e9partition des tendances par \u00c9tats-Unis uniquement et ROW.<\/p>\n<p class=\"p p3\"><span class=\"image-enlargeable\"><a href=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/31\/4752961-14015330959330087-Ruzbeh-Bacha_origin.png\" rel=\"lightbox\"><img decoding=\"async\" src=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/31\/4752961-14015330959330087-Ruzbeh-Bacha.png\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><\/span><\/p>\n<p class=\"p p3\"><em>Source: Propre analyse, r\u00e9sultats publi\u00e9s.<\/em><\/p>\n<p class=\"p p4\">Je ne suis pas d&#039;accord avec les analystes qui pensent que les utilisateurs pourraient se d\u00e9sabonner et adopter d&#039;autres plates-formes telles que Instagram ou SnapChat. Cependant, je conviens que, comme de plus en plus de services se disputent le temps des utilisateurs, qui est limit\u00e9 \u00e0 X heures par jour, il peut \u00eatre difficile pour l&#039;entreprise d&#039;augmenter ou m\u00eame de maintenir le niveau d&#039;engagement actuel.<\/p>\n<p class=\"p p4\">Aux fins de l&#039;estimation de 2016, compte tenu de l&#039;accent mis par la direction sur l&#039;am\u00e9lioration de l&#039;engagement, j&#039;ai suppos\u00e9 un TCAC 2013-2016 modeste de 3% aux \u00c9tats-Unis et de 10% dans l&#039;emprise.<\/p>\n<p class=\"p p4\"><strong>Revenus publicitaires pour 1 000 pages vues - RPM<\/strong><\/p>\n<p class=\"p p4\">Twitter avait un tr\u00e8s faible RPM de $1.4 au T1&#039;14, ce qui est une fraction de ce que LinkedIn a gagn\u00e9 \u00e0 $8.9. Cela peut \u00eatre d\u00fb au fait que:<\/p>\n<ul class=\"p p4\">\n<li>Le produit publicitaire \u00e9volue toujours - formats d&#039;annonces, outils d&#039;ench\u00e8res, meilleur ciblage, outils permettant aux annonceurs de surveiller et d&#039;am\u00e9liorer le retour sur investissement<\/li>\n<li>La force de vente est encore tr\u00e8s petite, surtout en dehors des \u00c9tats-Unis. C&#039;est pourquoi vous voyez un grand \u00e9cart entre la m\u00e9trique pour les \u00c9tats-Unis uniquement et le ROW.<\/li>\n<li>L&#039;accent mis par la direction sur la g\u00e9n\u00e9ration de revenus publicitaires \u00absans\u00bb d\u00e9t\u00e9rioration de l&#039;exp\u00e9rience utilisateur. Ils auraient pu bombarder les utilisateurs avec des publicit\u00e9s, comme le fait Facebook, pour augmenter consid\u00e9rablement les revenus, mais cela aurait pu affecter l&#039;exp\u00e9rience utilisateur et donc la marque.<\/li>\n<\/ul>\n<p class=\"p p4\"><span class=\"image-enlargeable\"><a href=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-1401474084126754-Ruzbeh-Bacha_origin.png\" rel=\"lightbox\"><img decoding=\"async\" src=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-1401474084126754-Ruzbeh-Bacha.png\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><\/span><\/p>\n<p class=\"p p4\"><em>Source: Propre analyse, r\u00e9sultats publi\u00e9s.<\/em><\/p>\n<p class=\"p p4\">Remarque: les \u00absolutions marketing\u00bb de LinkedIn sont consid\u00e9r\u00e9es comme sa publicit\u00e9, et par cons\u00e9quent, les chiffres RPM de LinkedIn peuvent \u00eatre surestim\u00e9s.<\/p>\n<p class=\"p p4\"><span class=\"image-enlargeable\"><a href=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-14014741938895254-Ruzbeh-Bacha_origin.png\" rel=\"lightbox\"><img decoding=\"async\" src=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/30\/4752961-14014741938895254-Ruzbeh-Bacha.png\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><\/span><\/p>\n<p class=\"p p4\"><em>Source: Propre analyse, r\u00e9sultats publi\u00e9s.<\/em><\/p>\n<p class=\"p p5\">L&#039;accent mis par la direction sur la croissance de cette mesure, en particulier en dehors des \u00c9tats-Unis, pourrait avoir un impact significatif sur les \u00e9tats financiers de l&#039;entreprise. Le RPM peut diff\u00e9rer en fonction du type d&#039;annonce (texte, image, vid\u00e9o), de la pertinence, du public cible, de l&#039;offre et de la demande, etc. Twitter a d\u00e9j\u00e0 commenc\u00e9 \u00e0 perturber la communication en devenant le service `` deuxi\u00e8me \u00e9cran &#039;&#039; de choix lors d&#039;\u00e9v\u00e9nements en direct, que ce soit les Oscars ou des \u00e9v\u00e9nements sportifs, et je suis s\u00fbr que la direction trouvera un moyen de mieux mon\u00e9tiser ces opportunit\u00e9s uniques.<\/p>\n<p class=\"p p5\">Une fois que l&#039;entreprise a trouv\u00e9 la bonne combinaison de formats d&#039;annonces pour le service et a fourni des outils pertinents aux annonceurs, je ne vois pas pourquoi ils n&#039;ont pas pu g\u00e9n\u00e9rer un RPM global d&#039;environ $4 avec $7 aux \u00c9tats-Unis et $3 pour ROW .<\/p>\n<p class=\"p p5\">Il est difficile de trouver des taux de RPM ou de CPM pr\u00e9cis par zone g\u00e9ographique et par format, mais voici ce que j&#039;ai pu trouver:<\/p>\n<ul class=\"p p5\">\n<li>Youtube: $7.6 en 2013 (Source: <a href=\"http:\/\/www.tubefilter.com\/2014\/02\/03\/youtube-average-cpm-advertising-rate\/\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Tubemogul<\/a>)<\/li>\n<li>Facebook: $0.10 - $6.27 en 2013 selon le format de l&#039;annonce (Source: <a href=\"http:\/\/www.salesforcemarketingcloud.com\/wp-content\/uploads\/2013\/06\/The-Facebook-Ads-Benchmark-Report.pdf?b9be0c\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Salesforce<\/a>)<\/li>\n<li>Le CPM de Twitter sept fois plus \u00e9lev\u00e9 que celui de Facebook (Source: <a href=\"http:\/\/www.wordstream.com\/blog\/ws\/2013\/11\/05\/twitter-versus-facebook-ad-performance#.\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">wordstream<\/a>)<\/li>\n<\/ul>\n<p class=\"p p5\">Selon AdWeek, les \u00abtaux d&#039;engagement\u00bb pour les publicit\u00e9s Twitter peuvent atteindre 1%-3%, bien plus \u00e9lev\u00e9 que le CTR moyen de Facebook de 0,119%. L&#039;avantage pour Twitter est que ses publicit\u00e9s sont in-stream, plut\u00f4t que repouss\u00e9es sur le c\u00f4t\u00e9. Cependant, le CPM moyen (co\u00fbt par impression) est nettement plus \u00e9lev\u00e9 sur Twitter, jusqu&#039;\u00e0 $3,50 par rapport \u00e0 un CPM moyen de $0,59 sur Facebook.<\/p>\n<p class=\"p p5\"><strong>Estimations des revenus Twitter 2016<\/strong><\/p>\n<p class=\"p p5\">Voici mes pr\u00e9visions de haut niveau bas\u00e9es sur les tendances actuelles et mes hypoth\u00e8ses de hausse future. Mon estimation pour 2014 est tr\u00e8s similaire \u00e0 l&#039;estimation consensuelle, mais je vois des revenus beaucoup plus \u00e9lev\u00e9s en 2015 \u00e0 $2.6B, et en 2016 \u00e0 $4.8B.<\/p>\n<p class=\"p p5\">Hypoth\u00e8ses cl\u00e9s pour les revenus $5B:<\/p>\n<ul class=\"p p5\">\n<li>MAU: 374 millions, 2013-16 CAGR 16% (US 7%, ROW 18%)<\/li>\n<li>Pages vues annualis\u00e9es par MAU: 2098 (8,5 vues par utilisateur et par mois), TCAC de 8% (US 3%, ROW 10%)<\/li>\n<li>RPM: $3.9 (US $6.7, RANG $3.2)<\/li>\n<li>ARPU annualis\u00e9 d\u00e9riv\u00e9: $12.1 (US $22.2, ROW $9.9) - soit $1 par utilisateur et par mois<\/li>\n<li>Les donn\u00e9es, les licences et les autres revenus continuent de cro\u00eetre \u00e0 un TCAC de 50%<\/li>\n<\/ul>\n<p class=\"p p6\"><span class=\"image-enlargeable\"><a href=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/31\/4752961-14015597017223287-Ruzbeh-Bacha_origin.png\" rel=\"lightbox\"><img decoding=\"async\" src=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/31\/4752961-14015597017223287-Ruzbeh-Bacha.png\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><\/span><\/p>\n<p class=\"p p6\"><em>Source: Propre analyse, r\u00e9sultats publi\u00e9s, Yahoo Finance.<\/em><\/p>\n<p class=\"p p6\"><strong>Analyse de sensibilit\u00e9 des revenus<\/strong><\/p>\n<p class=\"p p6\">Vous pouvez avoir des raisons valables de ne pas \u00eatre d&#039;accord avec certaines des hypoth\u00e8ses des pr\u00e9visions ci-dessus. Vous trouverez donc ci-dessous un tableau de sensibilit\u00e9 pour deux facteurs cl\u00e9s pour vous permettre d&#039;\u00e9tablir votre propre estimation des revenus.<\/p>\n<p class=\"p p6\">Les chiffres d&#039;affaires dans le tableau ci-dessous sont pour 2016 et en milliards.<span class=\"image-enlargeable\"><a href=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/31\/4752961-1401560219611596-Ruzbeh-Bacha_origin.png\" rel=\"lightbox\"><img decoding=\"async\" src=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/31\/4752961-1401560219611596-Ruzbeh-Bacha.png\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><\/span><\/p>\n<p class=\"p p6\"><em>Source: propre analyse.<\/em><\/p>\n<p class=\"p p6\"><strong>Marge EBITDA<\/strong><\/p>\n<p class=\"p p6\">Les entreprises technologiques, comme vous pouvez le voir dans le graphique ci-dessous, g\u00e9n\u00e8rent un EBITDA 30%-55% au fur et \u00e0 mesure que leur activit\u00e9 m\u00fbrit, et elles profitent d&#039;\u00e9conomies d&#039;\u00e9chelle. Les \u00e9diteurs de logiciels tels que Facebook et Microsoft (NASDAQ:<a title=\"Microsoft Corporation\" href=\"http:\/\/seekingalpha.com\/symbol\/MSFT\" target=\"_blank\" rel=\"noopener noreferrer\">MSFT<\/a>) g\u00e9n\u00e8rent une marge plus \u00e9lev\u00e9e par rapport \u00e0 des soci\u00e9t\u00e9s comme Apple (NASDAQ:<a title=\"Apple Inc.\" href=\"http:\/\/seekingalpha.com\/symbol\/AAPL\" target=\"_blank\" rel=\"noopener noreferrer\">AAPL<\/a>) qui servent \u00e9galement du mat\u00e9riel. Il n&#039;y a aucune raison pour que Twitter ne puisse pas g\u00e9n\u00e9rer une marge similaire, et \u00e0 40%, il pourrait g\u00e9n\u00e9rer un EBITDA de $1.9B en 2016.<\/p>\n<p class=\"p p6\"><span class=\"image-enlargeable\"><a href=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/31\/4752961-14015317497893236-Ruzbeh-Bacha_origin.png\" rel=\"lightbox\"><img decoding=\"async\" src=\"http:\/\/staticseekingalpha.a.ssl.fastly.net\/uploads\/2014\/5\/31\/4752961-14015317497893236-Ruzbeh-Bacha.png\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><\/span><\/p>\n<p class=\"p p6\"><em>Source: analyse personnelle, donn\u00e9es financi\u00e8res publi\u00e9es.<\/em><\/p>\n<p class=\"p p6\"><strong>Conclusion<\/strong><\/p>\n<p class=\"p p6\">Alors que la direction se concentre davantage sur la mon\u00e9tisation de sa base de plus de 250 millions d&#039;utilisateurs actifs, Twitter pourrait g\u00e9n\u00e9rer des revenus de $4.8B et un EBITDA de $1.9B en 2016. Avec un CMP de 32,44 et une capitalisation boursi\u00e8re de $19B, la soci\u00e9t\u00e9 se n\u00e9gocie \u00e0 10 fois 2016 EV \/ L&#039;EBITDA, qui est \u00e0 mon avis un prix raisonnable \u00e0 payer pour une entreprise \u00e0 forte croissance avec un produit \u00abcollant\u00bb. Cependant, comme nous l&#039;avons vu, c&#039;est une action tr\u00e8s volatile, et donc pas pour les \u00e2mes sensibles.<\/p>\n<p class=\"p p7\">Les finances pourraient \u00eatre encore plus solides si elles pouvaient:<\/p>\n<ul class=\"p p7\">\n<li>augmenter consid\u00e9rablement leur base d&#039;utilisateurs, notamment gr\u00e2ce \u00e0 la croissance des march\u00e9s hors des \u00c9tats-Unis,<\/li>\n<li>craquer la publicit\u00e9 mobile comme Facebook l&#039;a fait,<\/li>\n<li>mon\u00e9tiser avec succ\u00e8s ses atouts uniques, y compris les conversations lors d&#039;\u00e9v\u00e9nements en direct et les flux de tweet en direct sur des sites Web tiers,<\/li>\n<li>offrir d&#039;autres services, y compris l&#039;abonnement et la licence, et<\/li>\n<li>faire des acquisitions intelligentes.<\/li>\n<\/ul>\n<p class=\"p p7\">Aussi, comme je l&#039;ai mentionn\u00e9 dans mon <a href=\"http:\/\/www.cityfalcon.com\/blog\/investments\/will-twitter-follow-the-post-ipo-price-trend-of-linkedin-or-of-zynga\/\" target=\"_blank\" rel=\"noopener noreferrer\">article pr\u00e9c\u00e9dent<\/a> \u00e0 propos des quatre phases apr\u00e8s une introduction en bourse technologique, Twitter est pass\u00e9 par la phase \u00abeuphorie\u00bb pour atteindre $75, et est maintenant dans la phase \u00abpessimisme\u00bb. Sa tendance de prix par rapport aux performances post-IPO de Facebook et LinkedIn montre un potentiel de hausse \u00e0 moyen terme. Je suis long Twitter, et j&#039;accumulerai davantage si le prix baisse davantage.<\/p>\n<p class=\"p p7\"><strong>Divulgation: <\/strong>Je suis longtemps TWTR, FB. J&#039;ai \u00e9crit cet article moi-m\u00eame et il exprime mes propres opinions. Je ne re\u00e7ois aucune compensation pour cela (autre que de Seeking Alpha). Je n&#039;ai aucune relation commerciale avec une entreprise dont l&#039;action est mentionn\u00e9e dans cet article.<\/p>\n<p class=\"p p7\"><strong>Divulgation suppl\u00e9mentaire:<\/strong> L&#039;un des produits de ma startup CityFALCON repose sur <a href=\"http:\/\/dev.twitter.com\/docs\/api\/streaming\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">API de streaming<\/a> fourni par Twitter.<\/p>\n<\/div>\n<p>&nbsp;<\/p>","protected":false},"excerpt":{"rendered":"<p>R\u00e9sum\u00e9 La croissance des utilisateurs de Twitter a diminu\u00e9, mais il dispose toujours d&#039;une base solide de plus de 250 millions d&#039;utilisateurs actifs \u00e0 mon\u00e9tiser. Les revenus publicitaires pour 1 000 impressions sont l&#039;une des principales mesures \u00e0 surveiller, et en tant qu&#039;entreprise\u2026 <a class=\"more-link\" href=\"https:\/\/www.cityfalcon.ai\/blog\/fr\/investments\/twitter-could-be-a-5b-business-with-2b-ebitda-by-2016-even-with-slowing-user-growth\/\">Continuer la lecture \u2192<\/a><\/p>","protected":false},"author":1,"featured_media":647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[20],"tags":[26],"class_list":["post-656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investments","tag-twitter"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.3.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Twitter 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