Finance 210

Group Case Analysis

Dr. Samer Saade

Done By:

Laian Hammoud

Leen Kurbah

Anas Rihawi

Mona Zahran

Introduction:

Amazon Vs Ebay

Amazon is an American multinational electronic commerce company. It started as an online bookstore, however after some time it grew much larger to an extent where it diverged and started selling all sort of things. Amazon now sells electronics, software, furniture, jewelry, toys, as well as food. It is the largest online retailer in the world, which is why we chose to assess Amazon’s financial position. It was founded in 1994, by Jeff Bezos who is current the Chairman, President, and CEO. Moreover, its shares are traded on NASDAQ under the ticker AMZN.

EBay, which is Amazon’s top competitor, is also an American multinational electronic commerce company. The feature which makes eBay unique is the “online auction” which it does every once and a while, which caused people to buy things on the spot rather than taking the time to think about the deal. It was founded in 1995, by Pierre Omidyar who is the current chairman. Its shares are also traded on NASDAQ just like Amazon under the ticker eBay. Two of its popular slogans include:

“Buy it New, Buy it Now” “When it’s on your mind, it’s on eBay

Vs.    

Short Term Solvency Ratios:

                                                                     Amazon                 EBAY

Ratio	Formula	2010	2011	2011
Current Ratio	CA/CL	1.325	1.174	1.8
Quick Ratio	(CA-Inventory)/CL	1.01	0.83	1.8
Cash Ratio	Cash/CL	0.84	0.64	0.88
NWC to Total Assets	NWC/TA	0.179	0.10	0.4

 

Amazon had its liabilities covered 1.325 times in 2010. Since the ratio is greater than 1.2, Amazon was quiet liquid in 2010. Comparing the 2010 figures to that of 2011, the current ratio dropped to 1.17 indicating that Amazon covered its liabilities 1.17 times in 2011. On the other hand, EBay’s current ratio in 2011 is 1.8 indicating that EBay is more liquid than Amazon in the same year. EBay’s liabilities are covered 1.8 times over.

Note that we cannot compare the quick ratio of Amazon to that of EBay considering the fact that the financial statements of eBay report 0 Inventory. Comparing the quick ratio of Amazon in 2010 to that of 2011, we notice a decrease in the quick ratio and an increase in inventory. Having a look at the financial statements, Amazon’s inventory increased by approximately 4,000.

The cash ratio significantly indicates that Amazon has more cash and cash equivalents on hand to pay of its current debt in 2010 than in 2011. EBay on the other hand has more cash and cash equivalents on hand to pay of its current liabilities than Amazon. EBay is managing its cash on hand in a good way in comparison to Amazon.

The net working capital to total assets reveals a similar story. Amazon’s ratio in 2010 was quiet low indicating low levels of liquidity (0.179) and this value drop to even a lower level in 2011 (0.1). In comparison to EBay, EBay seems to report a higher ratio in comparison to Amazon but at the same time the ratio is quiet low.

Vs.    

Profitability Ratios:

                                                                     Amazon                 EBAY

Ratio	Formula	2010	2011	2011
ROA	NI/TA	0.06	0.024	0.11
ROE	NI/TE	0.167	0.0813	0.18
Profit Margin	NI/Sales	3.36%	1.312%	27%

It is clear that Amazon has suffered a bit during the year of 2011. Its Profit margin declined from 3.36% to 1.31%. The data shows a decline in the net income rather than a decline in sales. This is the reason behind the decrease in Amazon’s profit margin. Whereas for EBay, its profit margin indicates that for every dollar in sales generates about 27 cents in profit. This indicates that when it comes to generating profit EBay is more successful than Amazon. A high profit margin is desirable.

The second ratio is the Return on Assets ratio, which is a measure of profit per dollar of assets. Comparing the ratios, it is obvious that there is a decline in the return on assets. In 2010, Amazon reported a 6% return on asset indicating that 1$ in assets generates 6 cents in profit which is relatively high compared to that of 2011 where 1 $ of Amazon’s assets generated about 2.4 cents. Amazon seems to have had some sort of backlash during the year of 2011. EBay on the other hand, was successful in maintaining a high return on asset where it reported a return on asset of 0.11 during the year of 2011 indicating that 1$ of assets generates a little more than 10 cents in profit.

Same story for the ROE! The ROE is a measure of the profit per 1 $ of equity. EBay reported a higher ROE than Amazon in both years, and Amazon reported a lower ROE in year 2011 compared to year 2010. The data shows that Amazon’s total shareholder’s equity increased from year 2010 to 2011, this is probably the reason why the ROE is lower in year 2011 than that of year 2010.

Vs.    

Market Value Measures:

Amazon                 EBAY

	2010	2011	2011
Number of Outstanding Shares	451	455	1,286,487
Close Price	180	173.10	30.33
EPS=NI/NOS	2.554	1.386	0.00251
PE ratio=Price per share/EPS	70.4	124.89	12,083
Market to book Value=MV per share/BV per share	11.82	10.15	2,176.2

Price Earnings Ratio is a good measure of how investors are willing to pay per dollar of current earnings. Amazon’s PE ratio increased during the two years.The Market-to book value ratio compares the market value of the firm’s investment to their cost. A market to book value ratio less than 1 indicates that the firm did not succeed in creating value for its stockholders which is a corporation’s main goal. Amazon and EBay both succeeded in creating a value for their shareholders by maintaining a market to book value ratio greater than 1. Comparing the two companies when it comes to market value may be a bit hard, considering the fact that the two are significantly different when it comes to the price and the number of outstanding shares.

Vs.    

Long-term solvency ratios:

Ratio	Formula	2010	2011	2011
Total-debt ratio	TD/TA	0.634	0.69	0.34
Debt-equity ratio	TD/TE	1.738	2.258	0.52
Equity Multiplier	TA/TE	2.73	3.25	1.52
Long-Term Debt Ratio	LTD/(LTD+TE)	0.085	0.15	0.078
Times Interest earned ratio	EBIT/Interest	39.5	15.18	157.2144
Cash Coverage	(EBIT+Depreciation)/Interest	56.4	45.2	194.7674

 

Total debt ratio is a ratio that explains how much total liabilities are within a company as a ratio of total assets. It defines how much a company owes its creditors. The total debt ratio for Amazon increases from 0.634 in 2010 to 0.69 in 2011. This can be interpreted as, in 2010 for every 1$ in assets, Amazon uses approximately 63 cents debt whereas in 2011 Amazon uses approximately 69 cents of debt for every 1$ in assets. This increase is approximately an 8% increase in the use of debt from 2010 to 2011. The total debt ratio for EBay is 0.34 in 2011. This may be interpreted as, for every 1$ in total assets, eBay uses 34 cents in debt. This is sufficiently less than that of its competitor Amazon by 0.35 less.

The Debt to equity ratio is another debt management ratio. Amazon’s debt to equity ratio increased from 1.738 in 2010 to 2.258 in 2011. In 2010, every 1$ of equity Amazon used 1.738 $ of debt similarly in 2011, Amazon used 2.258$ of debt for every 1$ of equity. Since in both years the ratio is greater than 1, this indicated that financing by debt is greater than financing by equity, and the increase in the ratio is due to an increase in in debt from 11,933 to 17,521 which is a significant increase. EBay on the other hand succeeded in maintaining a debt to equity ratio less than 1 indicating that financing by equity is much greater than financing by debt. (0.52)

The Long term debt ratio reveals as well an increase for Amazon from 0.085(2010) to 0.15(2011) .The important significance of the LTD ratio is when compared to the total debt ratio one can indicate whether the company relies on long term debt or short term debt. In 2011, Amazon relies more on long-term debt compared to 2011. EBay, on the other hand seems to rely less on long term debt and probably more on short term debt since it reports a low LTD ratio(0.078) Having a look at the financial statements EBay has 1,525.047 only in Long term debt which is relatively way less than the sum of the current(short-term liabilities) of EBay.

The Time Interest Earned and the Cash Coverage ratio are similar. The TIE is one ratio that is used to persuade creditors to have more access to loans (more borrowing). It indicates the capacity to borrow and pay interest. Amazon’s TIE ratio decreased from 2010 to 2011 to almost half, indicating some trouble in covering the interest bill. On the other hand, EBay’s TIE ratio is significantly larger than Amazon’s which indicates that EBay might be able to persuade creditors to borrow more than Amazon. The Cash Coverage ratio is an indication of the firm’s ability to generate cash flows from operations, EBay in 2011 excels in generating cash from operations reporting a significantly high Cash coverage ratio in comparison to that of Amazon in both years, and as the rest of the data and ratios indicate the cash coverage of amazon declined from 2010 to 2011.

 

 

 

 

 

 

 

Vs.    

Asset Management Ratios:

 

Ratio	Formula	2010	2011	2011
Inventory Turnover	COGS/SALES	8.12 times	7.269 times	No Inventory
Days’ Sales in Inventory	365/Inventory Turnover	45 days	49 days	No Inventory
Receivables’ Turnover	Sales/AR	25.83	22.5	1.88
Days’ Sales in Receivables	365/Receivables’ Turnover	14 days	16 days	194 days
NWC Turnover	Sales/NWC	10.1 times	18.534 times	1.96 times
Fixed Assets Turnover	Sales/NFA	14.16 times	10.884 times	5.8 times
Total Asset Turnover	Sales/TA	1.81 times	1.89 times	0.42 times

 

Note that we cannot compare Amazon and EBay when it comes to Inventory Turnover and Days’ Sale in Inventory because the data indicates a zero level of inventory. There’s a small increase in the inventory turnover of Amazon from 2010(8.12 times) to 7.269 times in 2011. This indicates that in 2010 Amazon Inc. turned its inventory approximately 8.24 times whereas in 2011 Amazon sold off its entire inventory 7.296 times. A high inventory turnover ratio indicates that we are managing our inventory more efficiently. The Days’ Sales of inventory indicates an increase from 45 days to 49 days, instead of sitting 45 days before its sold, inventory now sits a little less than 50 days before it is sold.

Receivable turnover is another asset management ratio. Amazon’s receivable turnover decreased from 2010(25.83) indicating that Amazon collected and reloaned money 25.83 times to 22.5 in 2011 where Amazon was able to collect and reloan money about 22.5 . However, EBay’s receivable turnover is quite low (1.88). A low receivable turnover indicates weakness of a company unless the company intentionally extends credit to its customers for a longer period of time perhaps to gain some sort of competitive advantage. The reason probably EBay reports a low Receivable is due to the low level of sales in comparison to the Amazon. The Day’s Sale of Receivable indicates that Amazon collects on its credit sales in 14 days which increased to 19 days in 2011. As for EBay the average collection period is 194 days which indicates that EBay collects on its credit sales in 194 days. It is quite high; a low days’ sales receivable is desirable. A high day’ sales of receivables indicate doubtful accounts or lenient collection of accounts receivables.

We turn to the total asset turnover. Amazon’s total asset turnover increased from 1.81 (2010) to 1.89(2011). In 2010, every 1$in asset was able to generate1.81$ in sales, a slight increase in the total asset turnover ratio, in 2011 every 1$in asset generated. Taking a look at the financial statements we notice that the sales increased by almost 13,873 $. EBay on the other hand is able to generate in 2011 approximately 0.42 $ (42 cents) in 1$ of assets. We notice that the sales of Amazon are approximately equal to 4 times the sales of EBay. Amazon is successful in generating sales more than EBay.

 

 

 

 

 

 

 

 

 

 

 

Recommendations:

 

• Short term solvency:

As seen above, the current ratio fell from 1.32to 1.17. As the current ratio fell to a value below 1.2, Amazon may consider managing its current liabilities. It may do so by limiting dependence on account payables and other short term debt. Furthermore, the quick ratio mirror imaged the current ratio and declined from 1 to 0.8. This suggests that Amazon’s dependence on inventory may be limited by using other forms of production processes (just in time production or cross docking). By managing the inventory levels, other aspects of the company will also be ameliorated such as the inventory turnover and the day’s sales in inventory.

 

• Profitability:

Amazon’s profit margin decreased from 3.2% to 1.3% from year 2010 to 2010 indicating that the Net income (profit) decreased from year 2010 to year 2011. It should consider managing its expenses such as cost of goods sold (increase in Cogs), interest expense, and sundry expenses.

 

• Long term solvency ratio:

The total Debt ratio shows that Amazon relies on debt considering that the total debt ratio increased in 2011. When comparing the Total debt ratio to the long term debt ratio, we conclude that Amazon relies on short term debt which is relatively more expensive than relying on long term debt where short term debt bears an interest that might reach 30% of the debt’s face value.

 

 

 

 

Appendix A

Amazon:

	Formula	2010	2011
1.Profitability Measures:
Return on Assets	NI/TA	(1,152/18,797)*100 =6.13%	(631/25,278)*100 =2.49%
Return on Equity	NI/TE	(1,152/6,864)*100 =16.78%	(631/7,757)*100 =8.13%
Profit Margin	NI/SALES	(1,152/34,204)*100 =3.36%	(631/48,077)*100 =1.31%
2.Asset Management Ratio:
Inventory Turnover	COGS/Inventory	26,009/3,202 =8.12 times	36,288/4,922 =7.27 times
Days’ Sales in Inventory	365/Inventory Turnover	365/8.12 =50 days	365/7.27 =50 days
Receivables’ Turnover	Sales/AR	34204/1,324 =25.83 times	48,077/2,134 =22.53 times
Days’ Sales in Receivables	365/Receivables’ Turnover	365/25.83 =14 days	365/22.53 =16 days
NWC Turnover	Sales/NWC	34,204/(13,747-10,372) =10.13 times	48,077/(17.490-14,896) =18.53 times
Fixed Assets Turnover	Sales/NFA	34,204/2,414 =14.16 times	48,077/4,417 =10.88 times
Total Asset Turnover	Sales/TA	34,204/18,797 =1.81 times	48,077/25,278 =1.89 times
3.Short-term solvency ratios:
Current Ratio	CA/CL	13.747/10,372 =1.33	17,490/14,896 =1.17
Quick Ratio	(CA-Inventory)/CL	(13,747-3,202)/10,372 =1.01	(17,490-4,992)/14,896 =0.83
Cash Ratio	Cash/CL	8,762/10,372 =0.84	9,576/14,896 =0.64
NWC to Total Assets	NWC/TA	3,375/18,797 =0.18	2,594/25,278 =0.10
Interval Measure	CA/Average daily operating expenses	13,747/{(1,152+657+39)/365} =193 days	17,490/{(631+65+1,149)/365} =3463.37 days
4.Long-term Solvency ratios:
Total-debt ratio	TD/TA	11,933/18,797 =0.63	17,521/25,278 =0.69
Debt-equity ratio	TD/TE	11,933/6,864 =1.74	17,521/7,757 =2.26
Equity Multiplier	TA/TE	18,797/6,864 =2.73	25,278/7,757 =3.25
Long-Term Debt Ratio	LTD/(LTD+TE)	641/(641+6,864) =0.085	1,415/(1,415+7,757) =0.15
Times Interest earned ratio	EBIT/Interest	(1,504+39)/39 =39.56	(922+65)/65 =15.18
Cash Coverage	(EBIT+Depreciation)/Interest	(1,504+39+657)/39 =56.49	(922+65+1,149)/65 45.2
5.Market Value Ratios:
Number of outstanding shares		451	455
Close Price		180	173.10
Price Sales Ratio	Price per share/sales per share	180/(34,204/451) =2.37	173.10/(48,077/455) =1.64
PE Ratio	Price per share/earnings per share	180/(1,152/451) =70.5	173.10/(631/455) =124.82
Market to book value	MV per share/BV per share	180/(6,864/451) =11.8	173.10/(7,757/455) =10.15

EBay:

1.Profitability Measures:	Formula	2011
Return on Assets	NI/TA	3,229.387/27,320.218 =0.11
Return on Equity	NI/TE	3,229.387/17,929.879 =0.18
Profit Margin	NI/SALES	3,229.387/11,651.654 =0.27
2.Asset Management Ratios:
Inventory Turnover	COGS/INVENTORY	No Inventory
Days’ Sales in Inventory	365/Inventory turnover	No Inventory
Receivables’ Turnover	Sales/AR	11,651.654/6,195.280 =1.88
Days’ Sales in Receivables	365/Receivables’ turnover	365/1.88 =194 days
NWC Turnover	Sales/NWC	11,651.654/5,927.25 =1.96 times
Fixed Assets Turnover	Sales/NFA	11,651.654/ =5.8 times
Total Asset Turnover	Sales/TA	11,651.654/27,320.218 =0.42 times
3.Short-term solvency ratios:
Current Ratio	CA/CL	12,661.454/6,734.204 =1.8
Quick Ratio	(CA-Inventory)/CL	(12,661.454-0)/6,734.204 =1.8
Cash Ratio	Cash/CL	5,929.402/6,734.204 =0.88
NWC to Total Assets	NWC/TA	5,927.25/27,320.218 =0.4
Interval Measure	CA/Average daily operating expenses	12,661.454/{(3,229.387+25.03+939.953)/365} =1101.82 days
Long-term Solvency ratios:
Total-debt ratio	TD/TA	9,390.339/27,320.218 =0.34
Debt-equity ratio	TD/TE	9,390.339/17,929.879 =0.52
Equity Multiplier	TA/TE	27,320.218/17,929.879 = 1.52
Long-Term Debt Ratio	LTD/(LTD+TE)	1,525.047/(1,525.047+17,929.879) =0.078
Times Interest earned ratio	EBIT/INTEREST	(3,910.046+25.03)/25.03 =157.21
Cash Coverage	(EBIT+Depreciation)/Interest	(3,910.046+25.03+939.953)/25.03 =194.77
Market Value Ratios:
Number of outstanding shares		1,286,487
Close Price		30.33
Price Sales Ratio	Price per share/sales per share	30.33/(11,651.654/1,286,487) =3.35
PE Ratio	Price per share/earnings per share	30.33/(3,229.387/1,286,487) =12.09
Market to book value	MV per share/BV per share	30.33/(17,929.879/1,286,487) =2.18

 

 

 

 

 

 

 

 

Appendix B

Name: EBay Inc.
STATEMENT OF FINANCIAL POSITION
Fiscal Year:			2011	2012
(FYR Ending):			(31DEC2011 )	( N/A )
ASSETS
Cash & Equivalents			5,929.402
Receivables – Total (Net)			6,195.280
Inventories – Total			.000
Prepaid Expenses			169.491
Current Assets – Other			367.281
Current Assets – Total			12,661.454
Plant, Property & Equip (Gross)			4,876.782
Accumulated Depreciation			2,890.566
Plant, Property & Equip (Net)			1,986.216
Investments at Equity
Investments and Advances – Other			2,451.421
Intangibles			9,771.369
Deferred Charges
Assets – Other			449.758
TOTAL ASSETS			27,320.218
LIABILITIES
Accounts Payable			4,250.652
Notes Payable			550.000
Accrued Expenses			977.018
Taxes Payable			297.686
Debt (Long-Term) Due In One Year			14.601
Other Current Liabilities			644.247
Total Current Liabilities			6,734.204
Long Term Debt			1,525.047
Deferred Taxes (Balance Sheet)
Investment Tax Credit			.000
Liabilities – Other			1,131.088
Noncontrolling Interest – Redeemable			.000
TOTAL LIABILITIES			9,390.339
SHAREHOLDERS’ EQUITY
Preferred Stock			.000
Common Stock			1.535
Capital Surplus			11,144.832
Retained Earnings (Net Other)			13,938.933
Less: Treasury Stock			7,155.421
Shareholders Equity – Parent			17,929.879
Noncontrolling Interest – Nonredeemable
TOTAL SHAREHOLDERS EQUITY			17,929.879
TOTAL LIABILITIES AND EQUITY			27,320.218
INCOME STATEMENT
Fiscal Year:			2011	2012
(FYR Ending):			(31DEC2011 )	( N/A )
Sales (Net)			11,651.654
Cost of Goods Sold			2,787.605
Gross Profit			8,864.049
Selling, General, & Admin Expenses			5,493.026
Operating Income Before Depreciation			3,371.023
Depreciation, Depletion, & Amortiz			939.953
Operating Income After Depreciation			2,431.070
Interest Expense			25.030
Non-Operating Income/Expense			74.927
Special Items			1,429.079
Pretax Income			3,910.046
Income Taxes – Total			680.659
Minority Interest
Income Before EI&DO			3,229.387
Extraordinary Items			.000
Discontinued Operations			.000
Net Income (Loss)			3,229.387
Income Before EI&DO			3,229.387
Preferred Dividends			.000
Available for Common Before EI&DO			3,229.387
Common Stock Equivalents – Savings			.000
Adjusted Available for Common			3,229.387
EARNINGS PER SHARE
EPS – Primary, Excluding EI&DO			2.500
EPS – Primary, Including EI&DO			2.500
EPS – Fully Diluted, Excluding EI&DO			2.460
EPS – Fully Diluted, Including EI&DO			2.460
COMMON SHARES
Common Shares for Primary EPS Calculation			1,292.775
Common Shares for Fully Diluted EPS Calc.			1,312.950
Common Shares Outstanding at Fiscal Yr End			1,286.487

 

 

 

 

 

 

 

 

 

 

 

 

Name: Amazon Inc.   STATEMENT OF FINANCIAL POSITION
Fiscal Year:		2010	2011
(FYR Ending):		(31DEC2010 )	(31DEC2011 )
ASSETS
Cash & Equivalents		8,762.000	9,576.000
Receivables – Total (Net)		1,324.000	2,134.000
Inventories – Total		3,202.000	4,992.000
Prepaid Expenses		.000	.000
Current Assets – Other		459.000	788.000
Current Assets – Total		13,747.000	17,490.000
Plant, Property & Equip (Gross)		3,256.000	5,786.000
Accumulated Depreciation		842.000	1,369.000
Plant, Property & Equip (Net)		2,414.000	4,417.000
Investments at Equity		279.000	266.000
Investments and Advances – Other		.000	.000
Intangibles		1,912.000	2,602.000
Deferred Charges		.000	.000
Assets – Other		445.000	503.000
TOTAL ASSETS		18,797.000	25,278.000
LIABILITIES
Accounts Payable		8,051.000	11,145.000
Notes Payable		.000	.000
Accrued Expenses
Taxes Payable		.000	.000
Debt (Long-Term) Due In One Year		224.000	524.000
Other Current Liabilities		2,097.000	3,227.000
Total Current Liabilities		10,372.000	14,896.000
Long Term Debt		641.000	1,415.000
Deferred Taxes (Balance Sheet)
Investment Tax Credit		.000	.000
Liabilities – Other		920.000	1,210.000
Noncontrolling Interest – Redeemable		.000	.000
TOTAL LIABILITIES		11,933.000	17,521.000
SHAREHOLDERS’ EQUITY
Preferred Stock		.000	.000
Common Stock		5.000	5.000
Capital Surplus		6,325.000	6,990.000
Retained Earnings (Net Other)		1,134.000	1,639.000
Less: Treasury Stock		600.000	877.000
Shareholders Equity – Parent		6,864.000	7,757.000
Noncontrolling Interest – Nonredeemable		.000	.000
TOTAL SHAREHOLDERS EQUITY		6,864.000	7,757.000
TOTAL LIABILITIES AND EQUITY		18,797.000	25,278.000
INCOME STATEMENT
Fiscal Year:		2010	2011
(FYR Ending):		(31DEC2010 )	(31DEC2011 )
Sales (Net)		34,204.000	48,077.000
Cost of Goods Sold		26,009.000	36,288.000
Gross Profit		8,195.000	11,789.000
Selling, General, & Admin Expenses		6,131.000	9,773.000
Operating Income Before Depreciation		2,064.000	2,016.000
Depreciation, Depletion, & Amortiz		657.000	1,149.000
Operating Income After Depreciation		1,407.000	867.000
Interest Expense		39.000	65.000
Non-Operating Income/Expense		136.000	120.000
Special Items		.000	.000
Pretax Income		1,504.000	922.000
Income Taxes – Total		352.000	291.000
Minority Interest		.000	.000
Income Before EI&DO		1,152.000	631.000
Extraordinary Items		.000	.000
Discontinued Operations		.000	.000
Net Income (Loss)		1,152.000	631.000
Income Before EI&DO		1,152.000	631.000
Preferred Dividends		.000	.000
Available for Common Before EI&DO		1,152.000	631.000
Common Stock Equivalents – Savings		.000	.000
Adjusted Available for Common		1,152.000	631.000
EARNINGS PER SHARE
EPS – Primary, Excluding EI&DO		2.580	1.390
EPS – Primary, Including EI&DO		2.580	1.390
EPS – Fully Diluted, Excluding EI&DO		2.530	1.370
EPS – Fully Diluted, Including EI&DO		2.530	1.370
COMMON SHARES
Common Shares for Primary EPS Calculation		447.000	453.000
Common Shares for Fully Diluted EPS Calc.		456.000	461.000
Common Shares Outstanding at Fiscal Yr End		451.000	455.000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

References:

• “Amazon.com.” Wikipedia. Wikimedia Foundation, 13 Apr. 2013. Web. 15 Apr. 2013.

 

• (2010&2011).Amazon Inc.: Company profile.Feb.20, 2013, from Business Source Complete database

 

• (2011).EBay Inc.: Company profile.Feb.20, 2013, from Business Source Complete database

 

 

• “EBay.” Wikipedia. Wikimedia Foundation, 14 Apr. 2013. Web. 15 Apr. 2013.

 

• Standard & Poor’s (2010&2011).Amazon Inc…20, 2013, from Compustat database.

 

• Standard & Poor’s (2011).EBay Inc.: Complete Financial Statements 2011. 20, 2012, from Compustat database

 

 

 

 

 

 

 

Amazon Vs Ebay

Amazon Vs Ebay Amazon Vs Ebay Amazon Vs Ebay Amazon Vs Ebay Amazon Vs Ebay Amazon Vs Ebay Amazon Vs Ebay Amazon Vs Ebay Amazon Vs Ebay