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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 233.05

+2.9%

Jan 5 3:59 PM EST

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To: Bill Harmond who wrote (72683)	8/8/1999 5:29:00 PM
From: Glenn D. Rudolph	of 164684

Price: $27 3/8 12 Month Price Objective: $47 Estimates (Jan) 1998A 1999E 2000E EPS: $0.76 $1.19 $1.48 P/E: 36.0x 23.0x 18.5x EPS Change (YoY): 56.6% 24.4% Consensus EPS: $1.14 $1.47 (First Call: 25-Jun-1999) Q2 EPS (Jul): d$0.08 $0.06 Cash Flow/Share: $2.53 $2.44 $2.74 Price/Cash Flow: 10.8x 11.2x 10.0x Dividend Rate: Nil Nil Nil Dividend Yield: Nil Nil Nil Opinion & Financial Data Investment Opinion: C-1-1-9 Mkt. Value / Shares Outstanding (mn): $1,886.1 / 68.9 Book Value/Share (Jan-1999): $9.47 Price/Book Ratio: 2.9x ROE 1999E Average: 12.1% LT Liability % of Capital: 26.8% Est. 5 Year EPS Growth: 23.0% Stock Data 52-Week Range: $48-$22 3/16 Symbol / Exchange: BKS / NYSE Options: AMEX Institutional Ownership-Spectrum: 30.0% Brokers Covering (First Call): 12 ML Industry Weightings & Ratings Strategy; Weighting Rel. to Mkt.: Income: Underweight (07-Mar-1995) Growth: Overweight (07-Mar-1995) Income & Growth: Overweight (07-Mar-1995) Capital Appreciation: Overweight (05-Oct-1995) Market Analysis; Technical Rating: Average (25-Jun-1999) The views expressed are those of the macro department and do not necessarily coincide with those of the Fundamental analyst. For full investment opinion definitions, see footnotes. Investment Highlights: * Management believes that BN.com should achieve profitability in 2Q 2002 * BKS net internet earnings per share should grow from a $0.59 loss per share in 1998 to a $0.33 gain per share in 2003 * Control of the marketing expense ?spigot? enables BN.com to pinpoint initial profitability more accurately than a traditional retailer * BN.com could reach 10% operating margin on $1 billion in sales in 2003 * Internet?s estimated impact on store comps has stabilized at 1% to 2% * BN.com believes on-line book sales could grow from $650 million in 1998 to $5 billion in 2003 Fundamental Highlights: * BN.com is the fifth largest e-commerce site and the only traditional retailer with a site in the top 40 * An improved conversion rate continues to be an area of opportunity for BN.com as the rate still lags Amazon.com * Our price objective is $47, reflecting a 32 times multiple of 2000E EPS compared with the current multiple of 23 times 1999E EPS Bulletin United States Retailing - Other Specialty 1 July 1999 Daniel D. Barry First Vice President Glenn M. Salzman Industry Analyst Barnes & Noble Inc BN.com Could Reach Profitability In 2002 BUY Long Term BUY Reason for Report: Highlights Of Analyst Meeting Merrill Lynch & Co. Global Securities Research & Economics Group Global Fundamental Equity Research Department RC#10118244 Stock Performance 8 12 16 20 24 28 32 36 40 44 48 0.016 0.018 0.020 0.022 0.024 0.026 0.028 0.030 0.032 0.034 0.036 0.038 0.040 1996 1997 1998 1999 Barnes & Noble Inc Rel to S&P Composite Index (500) (Right Scale)

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