MichaelSwiericzuk(文本).doc

Michael Swiericzuk A Analysis Portland State University Portfolio Management (FIN 573)  Contents Summary 3 Qualitative Analysis 4 Company Profile 4 Management Team 4 Strategies 4 Acquisitions 7 Lifecycle 7 Competition 10 SWOT Analysis 11 Core Competencies 12 Markets 13 Revenue 13 Risks 16 Opportunities 17 Quantitative Analysis 19 Comparison to Competitors (BKS, EBAY and Apple) 19 Valuation Model 20 Growth Assumptions 22 Valuation 22 Sensitivity of the Model 23 Conclusion 24 Appendices 25 Appendix A: A, Inc. Financial Statements 25 Appendix B – Valuation Inputs 29 Appendix C – Valuation Calculations 32 Appendix D – Valuation for A, Inc. February 2010 36  Company Report: A (AMZN) Company: A (AMZN) 52-Week Range: $59.82 – $145.91 Recommendation: Buy 50 Shares (on approval of a related sale by Scott Aster in Consumer Discretionary) Current Price (Feb 17th 2010): $116.31 Target Price: $158.67 % Gain to Target: 36.42% Summary I recommend the purchase of A stock for the CFASP Portfolio. I believe the stock is presently undervalued with lack of market appreciation for its international growth, its management record and its market dominance. A, Inc. (Amazon) offers services to consumers, sellers, and web developers through its online retail Websites. Amazon offers programs that enable sellers to sell their products on its Websites and their own retailer branded Websites. Amazon also manufactures and sells the Kindle e-reader. A has established a growing and sustainable position as an online retail giant, both in the United States and internationally. The company has consistently shown the ability to innovate, control overhead, attract customers, launch new product lines, and effectively market its products and services. There are many potential catalysts for further growth and stock appreciation, including international growth, growth in non media sales, and continued growth in eBooks, music and related technology. Amazon is consistently viewed ne