Friday, February 06, 2009

New Research Brief: Skype for sale?

Today my employer publishes a Research Brief on Skype. It elegantly counts 7 pages, 7 paragraphs and 7 tables.

  1. Skype may be up for sale
  2. Skype is an established VoIP player, with an extensive product range and ecosystem, but is not a primary line service
  3. Usage growth outstrips user growth, but revenue growth lags behind
  4. Revenue growth disappointed from 2006, but the margin has reached an estimated 17%
  5. The network effect delivers high growth, but revenues from SkypeOut could be in danger
  6. European incumbents could expand internationally on the wings of Skype
  7. Google-like growth would imply a USD 600-700 million valuation
  1. Skype products
  2. Selected embedded technology partners
  3. Selected distribution partners
  4. Users, usage and year-on-year growth rates
  5. Revenue, year-on-year growth rate and usage
  6. Short P&L
  7. 2008 Results, market capitalization, total enterprise value and multiples

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