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GOPRO

A GLOBAL MEDIA BRAND

Tell the Story Behind the Numbers

Table of Contents
Recent Capital Markets Activity
Online Camera Market Overview
Company Considerations
Share price performance
Recent Corporate Actions (eg. M&A, news
announcements)
Operating Performance
Valuation

Executive Summary

GoPro, the manufacturer of high definition personal capture devices, is rapidly


gaining market share in the digital capture market.

Current and future revenues will come from Virtuous Cycle

People film content with social currency which is shared -> more people view content and are
then compelled to buy a GoPro which repeats

As a media platform it could have the ability to curate the best content and gain
advertising/royalties etc.

The market seems very optimistic about GoPros media platform opportunity
which is at least 2-3 years from materialising. Based on our valuation analysis, the
company is not trading on fundamentals:

Based on forecasts, a 5-year discounted cash flow model yields a per share valuation of $21.30
GoPro currently trades at $68.2 on NYSE an implied 3x market premium to the fundamental
DCF value
Looking at a trading multiples valuation we see that GoPro has a 286% market premium on its P/
E multiple and an 88% premium on its EV/Sales

It is far too early for long-term investors to be able to tell whether GoPro will have
staying power or will be out-competed by larger counterparts like Sony, Google,
or Apple.

RECENT CAPITAL MARKETS


ACTIVITY

Investor Sentiment Quotes


We believe GoPro is an atypical consumer electronics
company, because it has successfully dierentiated through
the content and engaging experiences it enables, not through
the wearable capture device itself.(Citi)
One thing that surprised us is just how large and profitable
the company already is for a start-up. (Barclays)
If their cameras continue to evolve, then narcissistic thrill
seekers might not be GoPro's ultimate market at all.

Investor Sentiment Quotes


It is far too early for long-term investors to be able to tell
whether GoPro will have staying power or will be outcompeted by larger counterparts like Sony, Google, or Apple.
The social media video sharing aspect to GoPro is an
interesting one, but far too early to consider it a viable
revenue stream.
The commoditization of action cams is inevitable, decreasing
margins.

CAMERA MARKET
OVERVIEW

Camera Market Overview

Camera & Camcorder Market Units


shipped Comparison
5000
4000

100

2000

25.00%

5.00%

20.00%

4.00%

15.00%

3.00%

10.00%

2.00%

5.00%

1.00%

0.00%

0.00%
2011

2012

camcorder market

2013
camera Market

50

1000
0

0
2011

1,000.0

Camera market

Camcorder market

6.00%

150

3000

GoPro Share of Camera &


Camcorder market
30.00%

200

2012
GoPro

2013
total

Revenue by Geography
(1000s)

500.0

0.0
2011
Americas

2012
EMEA
APEC

2013
total

Total (1000s)

GoPro is gaining market share in both the


camera and camcorder markets, with 27%
and 5% share respectively.
The overall digital capture market has fallen
by 44% - GoPro however has grown by
240%.
Revenue growth in APAC has been slow. US
and EMEA have been strong
Camera market is trending towards the
selfie culture

GoPro

GoPro Market Overview

GoPro is among the most viewed brands on


Top performing channels in Outdoor
Youtube
activities & adventure sports category (m)
As a media platform it can curate the best
content and gain advertising/royalties etc
875
Redbull is currently the leader in this genre
720
of branded marketing

534

Partnerships such as Stratos jump

340

Only 36% of US have seen GoPro videos


Youtube channel is consistently gaining in
views and subscribers

redbull discovery gopro

Gopro channel - # Subscribers and


Uploaded video views. 2014

subscribers

Uploaded Video views

dcshoes xtreme
vid

Uploaded video views (mil)

Have you seen GoPro


branded content? (Citi)
560
540
520
500
480
460
440
420
400

Subsrcibers (mil)

2.3
2.2
2.1
2
1.9
1.8
1.7
1.6
1.5

232

No, and I have


never heard of
GoPro before,

14%
50%
36%

Yes, I have
seen GoPro
content before,
No, but I have
heard of
GoPro before,

Competitive Landscape
Cameras
Sony
Garmin
Polaroid
Ion
JVC
Panasonic
Drift

Consumer
iRobot Corp
Lululemon
athletica
Chipotle
Mexican Grill
Michael Kors
Holdings
Hain Celestial
Group
Annies inc

Online
RedBull
Discovery
Channel

COMPANY
CONSIDERATIONS

Key Company Considerations

Hardware will lead growth in near term


Possible upside should media platform deliver (2016 expected)

Advertising opportunities
Licensing (Getty images platform)
Software and studio initiatives (investments in video editing)
Secured deals with Virgin Atlantic, Microsoft Xbox and BMW iDrive

Current and future revenues will come from Virtuous Cycle


People film content with social currency which is shared -> more people view
content and are then compelled to buy a GoPro which repeats
Citi research suggests only 36% of US consumers have seen GoPro videos
suggesting the market still oers significant upside

Strong management team.


Nicholas Woodman Highly regarded CEO, holds a majority stake
Tony Bates hired just prior before IPO. Ex-Microsoft/Skype and former board
member of Youtube
Jack Lazar Corporate development and general manager at QUALCOMM

Key Company Considerations

Highly competitive market


Direct competitors are established and have the revenue and influence to gain
back market share.

GoPro market share will fall as low end category growth increases.
Action cameras will only be adopted by so many people.
Google glass style technology and better mobile phones will limit mainstream
sales.
GoPro suggests mobile might actually be complementary so this is
contentious.

Cool factor may not work on mainstream


Consumer may rather just look at price and ease of use.

To break APAC market a lower cost unit needed which will depress
margins
Likely product model similar to Apple Ipod touch/nano/shue

Media will be dicult to monetize as they do not own content

Share Price Performance vs


Competitors (Last 12 Months)
Price index (re-based September)

200
180
160

Garmin

Sony

Apple

Netgear

Nike

GPRO IPO 26/6/2014

Current date 12/09/2014

IPO Price - $24

High $70.9

Peer group growth- 8.4%

GPRO growth 184.5%

Tesla

UnderArmour

140
120
100
80
60
40
Sep

Oct

Nov

Dec

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

GoPro Financial Forecasts


Sales & Growth (14-18)

Lower cost units required to


penetrate mass market eg. APAC

3.0

Sales

Growth (%)

36

35

2.5

Sales growth should continue in


near term due to strong market
presence

EBIT (1000s)

14%

250
11%
200
150

12%

13%
201

15%
275

16%
14%

235

12%

170

10%

134

8%
6%

100

4%
50

2%

0%
2014E

2015E

2016E

2017E

2018E

27

2.0

2.0
25

1.7
1.5

20

1.3

18
17

17
15

1.0
10
0.5
5

0
2014E

2015E

2016E

2017E

2018E

Growth in sales

Units sold (mil)

300

EBIT margin

EBIT Margin (%)

2.3
30

EBIT & Margin (14-18)


EBIT

40

2.8

Media Platform as Potential Catalyst

Media Platform could prove lucrative if online viewership continues its growth
The two main revenue sources we forecast for this business model is advertising and licensing
GoPros demographic is 18-34 YO which is the most sought after from advertisers
Based on a forecast 4 billion video views at $10 and 40,000 videos sold at $500, incremental $60
million annual revenues can be achieved from the media opportunity.

Revenues from advertising.($millions)

Number of views
Billions

1
2
3
4
5
6
7

$6.00
$6.00
$12.00
$18.00
$24.00
$30.00
$36.00
$42.00

Net revenue per 1000 views (CPM $ )


Avg
$7.60
$8.00
$10.00
$12.00
$7.60
$8.00
$10.00
$12.00
$15.20
$16.00
$20.00
$24.00
$22.80
$24.00
$30.00
$36.00
$30.40
$32.00
$40.00
$48.00
$38.00
$40.00
$50.00
$60.00
$45.60
$48.00
$60.00
$72.00
$53.20
$56.00
$70.00
$84.00

Revenues from licencing based on Getty images ($ millions)


Average price per video ($)

100
200
500
1000
10,000
$1.00
$2.00
$5.00
$10.00
20,000
$2.00
$4.00
$10.00
$20.00
30,000
$3.00
$6.00
$15.00
$30.00
Number of videos sold
40,000
$4.00
$8.00
$20.00
$40.00
50,000
$5.00
$10.00
$25.00
$50.00
60,000
$6.00
$12.00
$30.00
$60.00

$14.00
$14.00
$28.00
$42.00
$56.00
$70.00
$84.00
$98.00

2500
$25.00
$50.00
$75.00
$100.00
$125.00
$150.00

$16.00
$16.00
$32.00
$48.00
$64.00
$80.00
$96.00
$112.00

5000
$50.00
$100.00
$150.00
$200.00
$250.00
$300.00

Key Financial Metrics - Gearing


Net Debt / EBITDA
2013A
-0.03x

2014E

2015E

2016E

GoPros down payment of long


standing debt of $53,315 using
the proceeds of the IPO means
its financing will become cash
and equity based.

2017E

-0.63x
-1.11x
-1.46x
-1.81x

Net Debt / (Cash) (1000s $)


12

69

56
-34
-194
-395

2013A

2014E

2015E

2016E

2017E

2018E

Key Financial Metrics - Liquidity


Payables Days

The company overall has demonstrated


positive liquidity management metrics since
2012 which is forecast to continue

138
134

134
130

129

Payables days has been falling but is forecast


to rise

Receivables are expected to increase slightly

141

124

2012A 2013A 2014E 2015E 2016E 2017E 2018E

Inventory Days

Receivables Days

74
66

62

59

56

98
53

51

2012A 2013A 2014E 2015E 2016E 2017E 2018E

72

78

82

81

2012A 2013A 2014E 2015E 2016E

86

88

2017E 2018E

Headline Operational Metrics


Profit margins are forecast to rise and
meet the 40-42% margin target
R&D is growing as competition
increases

Sales Growth
Americas

EMEA

APEC

Total

3000000

R&D Spend
$000s

GoPro is showing robust growth, and


has potential for this to continue,
especially in the US

80000
60000
40000
20000
0

2010

Net income

Profit Margin (%)


50%

35%

38%

40%

100000

1000000

42%

43%
192785

164652

150000

1500000

2013

300000

200000

2000000

2012

Net Profit ($m) and Margins (%)

250000

2500000

2011

118893

30%

140761

20%

91517

10%

50000

500000

0%
2014E

0
2011 2012 2013 2014 2015 2016 2017 2018

40%

2015E

2016E

2017E

2018E

Acquisition History
Announced Date
March 30th 2011
October 2013

Target

Description

CineForm

Codec
Software

$9.9 million

GeneralThings

Web
development

$2.9 million

(content management)

Cost

Potential M&A Target Fullscreen

Buying out a network such as Fullscreen could accelerate the push


towards a full-scale content platform
Headquarters

Founded Date

International

Sales Channels

>150

Geographic Mix

Jan 2011

No. Employees

Culver City, California

Youtube

Product Overview

A network of content creators and brands on Youtube.


Over 3 billion monthly views.

COMPANY VALUATION

Discounted Cash Flow Analysis


Years
Financial Year (Dec. Year end)
Total Turnover
growth (%)

EBIT
margin (%)

Depreciation & Amortisation

Tax @ 30.0%
Capital Expenditure
Capex/Sales (%)

Working Capital
Working Capital / Sales (%)

Free Cash Flow

Discount Factor

Terminal Value

Present Value
Enterprise Value (m)
Net Debt as at
Market Capitalisation (m)
No. Shares (m)
Share Price ($)

0
2013
985,737

1
2014
1,335,981
35.5%

2
2015
1,696,251
27.0%

3
2016
2,008,230
18.4%

4
2017
2,349,086
17.0%

5
2018
2,750,466
17.1%

98,703
10.0%

101,450
7.6%

201,151
11.9%

295,247
14.7%

412,150
17.5%

521,674
19.0%

10,900.0

12,844.4

23,738.4

54,953.1

89,202.3

128,692.1

(29610.9)
18325.6
-1.9%

(30435.0)
40079.4
-3.0%

(60345.4)
101775.1
-6.0%

(88574.1)
140576.1
-7.0%

(123645.0)
187926.9
-8.0%

(156502.2)
247541.9
-9.0%

32582.0
-3.3%

(87461.2)
6.5%

(40974.7)
2.4%

(23648.9)
1.2%

(24254.0)
1.0%

(40508.1)
1.5%

94248.5

-43681.3

21794.5

97400.9

165526.3

205814.0

0.8939

0.7990

0.7142

0.6384

0.5707

-39045.96

17414.39

69567.25

105679.21

117456.78

2,851
172.5
2,678
126
21.30

5
Terminal Period

205814.0

0.5707

4,520,624

2,579,892

Relative Valuation - Trading


Competitor

Market Cap

Enterprise Value ($m)

EV/Sales

P/E

2014

2015

2016

2014

2015

2016

880.44

1.6x

1.4x

1.2x

33.0x

25.8x

21.5x

iRobot Corp

1076

Garmin Ltd

11026

8154

2.9x

2.8x

2.8x

19.1x

17.6x

16.5

Lululemon athletica

5644

4946

3.1x

2.8x

2.4x

19.9x

22.2x

18.6

Chipotle Mexican Grill

18414

18090

4.7x

4.1x

3.7x

47.9x

37.3x

31.9

Michael Kors Holdings

16589

15643

4.7x

3.7x

3.0x

25.2x

20.5x

17.3

Hain Celestial Group

4303

4927

2.3x

2.0x

1.9x

27.2x

23.2x

21.5

Annies inc

537

520

2.2x

1.9x

1.6x

35.0x

27.9x

27.8

Mean

3.1x

2.7x

2.4x

29.6x

24.9x

22.2x

Median

3.0x

2.8x

2.4x

27.2x

23.2x

21.5x

Mean

3,931

4,359

4,590

1,916

3,462

4,564

Median

3,835

4,577

4,647

1,760

3,222

4,429

Current Market Cap

7400

Gopro Implied Market Cap

Min

1,760

Max

4,647

Market Premium (%)

88%

70%

61%

286%

114%

62%

93%

62%

59%

321%

130%

67%

$34.66

$36.50

$15.24

$27.53

$36.30

# of shares

126

Share price

$31.26

Valuation Commentary

Based on above forecasts, a 5-year discounted cash flow model


yields a per share valuation of $21.30

GoPro currently trades at $68.2 on NYSE an implied 3.2x market


premium to fundamental DCF value

Looking at a trading multiples valuation we see that GoPro has a


286% market premium on its P/E multiple and an 88% premium on
its EV/Sales

Only 14% of total shares were floated, creating an implicit valuation


premium an eect which may be eliminated if insiders such as
CEO Woodman sell their shares

The market seems very optimistic about GoPro and is not trading
on fundamentals

APPENDIX

Income Statement
GoPro
Income Statement
Net Sales

Hist.

Hist.

Hist

Proj.

Proj.

Proj.

Proj.

Proj.

31-Dec-11

31-Dec-12

31-Dec-13

31-Dec-14

31-Dec-15

31-Dec-16

31-Dec-17

31-Dec-18

234,238.0

526,016.0

985,737.0

1,335,981.1

1,696,251.4

2,008,230.2

2,349,086.0

2,750,465.8

COGS

111,683

298,530

623,953

868,387.7

1,051,675.9

1,204,938.1

1,362,469.9

1,567,765.5

SG&A

83,776

173,869

263,081

366,143.5

443,424.3

508,045.2

574,466.3

661,026.3

EBIT

38,779.0

53,617.0

98,703.0

101,449.9

201,151.2

295,246.9

412,149.9

521,674.0

600.0

2,800.0

10,900.0

12,844.4

23,738.4

54,953.1

89,202.3

128,692.1

56,417.0

109,603.0

114,294.3

224,889.6

350,200.0

501,352.2

650,366.2

0.0
0.0
2,781.2

0.0
172.2
1,127.3

0.0
1,143.7
0.0

0.0
2,944.1
0.0

198,370.0

294,291.8

413,293.5

524,618.2

Depreciation
Amortization
EBITDA

-32

-392

-6020

0.0
507.1
7,398.7

38,855.0

54,055.0

97,351.0

94,558.3

Non-recurring items

0.0

0.0

7,374.0

Interest Income

44

46

Interest Expense
Profit before taxes
Taxes
Profit after tax
Discountinued Operations (Profit)
Net income

14,179

20,948

30,751

29,868.8

59,511.0

88,287.5

123,988.1

157,385.5

24,676.0

33,107.0

66,600.0

64,689.4

138,859.0

206,004.3

289,305.5

367,232.7

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

24,676.0

33,107.0

66,600.0

64,689.4

138,859.0

206,004.3

289,305.5

367,232.7

125,745.0

125,745.0

125,745.0

125,745.0

125,745.0

125,745.0

$0.73

$0.51

$1.10

$1.64

$2.30

$2.92

$0.00

Shareholder information
Diluted weighted average shares outstanding
Diluted earnings per share

0.0

0.0

0.0

$0.00
0.0

$0.00
0.0

$0.00
0.0

$0.00
0.0

$0.00
0.0

52.3%

43.2%
38.3%

36.7%
84.1%

35.0%
2.8%

38.0%
98.3%

40.0%
46.8%

42.0%
39.6%

43.0%
26.6%

Dividends per share


Dividends

Gross Margin
EBIT Growth

Balance sheet
Balance Sheet

Cash and cash equivalents


Accounts receivable
Inventories
Prepaids
Total current assets

Net PP&E
Goodwill & Intangibles
Other intangibles

Hist.
31-Dec-11

Hist.
31-Dec-12
36,485
80,197
60,412
21,724
198,818.0

Hist.
31-Dec-13
101,410
122,669
111,994
21,967
358,040.0

Proj.
31-Dec-14
0.0
173,677.5
156,309.8
33,399.5
363,386.9

Proj.
31-Dec-15
0.0
220,512.7
199,818.4
50,887.5
471,218.6

Proj.
31-Dec-16
34,439.8
261,069.9
240,987.6
64,263.4
600,760.7

Proj.
31-Dec-17
194,290.4
305,381.2
286,118.7
79,868.9
865,659.2

Proj.
31-Dec-18
394,539.0
357,560.6
344,908.4
99,016.8
1,196,024.8

22,440
8,449
0.0

32,111
17,365
0.0

59,346.0
17,365.0
0.0

137,382.7
17,365.0
0.0

223,005.7
17,365.0
0.0

321,730.3
17,365.0
0.0

440,580.1
17,365.0
0.0

Other assets

16,958

32,155

44,087.4

55,976.3

66,271.6

77,519.8

90,765.4

Total assets

246,665.0

439,671.0

484,185.3

681,942.6

907,403.1

1,282,274.3

1,744,735.3

Short term debt


Accounts payable and accruals
Accrued income taxes
Total current liabilities

15,782
109,840.0
3,578
129,200.0

60,297
220,595.0
19,702
300,594.0

16,052.4
240,476.6
19,116.1
275,645.1

56,364.9
288,362.7
38,087.0
382,814.7

0.0
341,399.1
56,504.0
397,903.2

0.0
399,344.6
79,352.4
478,697.0

0.0
467,579.2
100,726.7
568,305.9

Total long-term debt


Other long-term liabilities
Total liabilities

113,613
6,455
249,268.0

53,315
13,930
367,839.0

53,315.0
18,703.7
347,663.8

0.0
23,747.5
406,562.2

0.0
28,115.2
426,018.4

0.0
32,887.2
511,584.2

0.0
38,506.5
606,812.4

Common stock
Retained earnings
Treasury stock

77,617.0
(80,220.0)
0.0

91,716.0
(19,884.0)
0.0

91,716.0
44,805.4
0.0

91,716.0
183,664.4
0.0

91,716.0
389,668.7
0.0

91,716.0
678,974.1
0.0

91,716.0
1,046,206.9
0.0

Total equity

(2,603.0)

71,832.0

136,521.4

275,380.4

481,384.7

770,690.1

1,137,922.9

Total Liab.& Equity

246,665.0

439,671.0

484,185.3

681,942.6

907,403.1

1,282,274.3

1,744,735.3

OK

OK

OK

OK

OK

OK

OK

Balance?

Cash Flow Statement


GoPro

Hist.

Hist.

Hist.

Proj.

Proj.

Proj.

Proj.

Proj.

Cash Flow Statement

31-Dec-11

31-Dec-12

31-Dec-13

31-Dec-14

31-Dec-15

31-Dec-16

31-Dec-17

31-Dec-18

24676

Net Income

33107

66600

64689

138859

206004

289305

367233

Depreciation

2800

10900

12844

23738

54953

89202

128692

Amortisation

Change in OWC

-48915

32582

-87461

-40975

-23649

-24254

-40508

Change in other assets

-16958

-15197

-11932

-11889

-10295

-11248

-13246

Change in other liabilities

6455

7475

4774

5044

4368

4772

5619

Cash from Operating Activities

-23511

102360

-17086

114778

231381

347777

447791

Capex

18326

40079

101775

140576

187927

247542

Cash from Investing Activities

-18326

-40079

-101775

-140576

-187927

-247542

Change in Common Stock

77617

14099

Change in Treasury Stock

Dividends

Long Term Debt Repayment

113613

-60298

-53315

Cash from Financing Activities

191230

-46199

-53315

Net Cash Flow

167719

37835

-57165

-40312

90805

159851

200249

41113

-16052

-56365

34440

194290

-16052

-56365

34440

194290

394539

Beginning Cash
Ending Cash

41,113

Financial Assumptions

Hist.

Hist.

Hist.

Proj.

Proj.

Proj.

Proj.

Proj.

31-Dec-11

31-Dec-12

31-Dec-13

31-Dec-14

31-Dec-15

31-Dec-16

31-Dec-17

31-Dec-18

Sales growth

124.6%

87.4%

35.5%

27.0%

18.4%

17.0%

17.1%

47.7%

56.8%

63.3%

65.0%

62.0%

60.0%

58.0%

57.0%

0.0%

0.0%

40.0%

40.0%

40.0%

40.0%

40.0%

35.8%

33.1%

26.7%

27.0%

27.0%

27.0%

27.0%

27.0%

Amortization of other intangibles amount

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Non-recurring items amount

0.0

0.0

7,374.0

0.0

0.0

0.0

0.0

0.0

36.5%

38.8%

31.6%

30.0%

30.0%

30.0%

30.0%

30.0%

0.0

0.0

125,745.0

125,745.0

125,745.0

125,745.0

125,745.0

125,745.0

0.0%

0.0%

0.0%

0.0%

0.0%

COGS as % of sales
Annual depr. as % of previous PPE
SG&A as % of sales

Eective tax rate


Diluted weighted average shares outstanding
Dividend per share growth rate
Accounts receivable as % of sales

0.0%

15.2%

12.4%

13.0%

13.0%

13.0%

13.0%

13.0%

Inventories % of COGS

0.0%

20.2%

17.9%

18.0%

19.0%

20.0%

21.0%

22.0%

Prepaids % of sales

0.0%

4.1%

2.2%

2.5%

3.0%

3.2%

3.4%

3.6%

Capital expenditures % of sales

0.0%

0.0%

1.9%

3.0%

6.0%

7.0%

8.0%

9.0%

Other assets % of sales

0.0%

3.2%

3.3%

3.3%

3.3%

3.3%

3.3%

3.3%

Accounts payable and accruals % of COGS

0.0%

20.9%

22.4%

18.0%

17.0%

17.0%

17.0%

17.0%

Accrued income taxes % of tax expense

0.0%

17.1%

64.1%

64.0%

64.0%

64.0%

64.0%

64.0%

Other long-term liabilities % of sales

0.0%

1.2%

1.4%

1.4%

1.4%

1.4%

1.4%

1.4%

0.0

77,617.0

91,716.0

91,716.0

91,716.0

91,716.0

91,716.0

91,716.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Common stock amount


Share repurchases $ amount (show as positive)
Loans due for repayment

0.0

0.0

0.0

53,315.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Short term debt

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

Loans due for repayment

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

5.00%

Other long-term debt repayment

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

4.00%

Cash

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

1.00%

Other long-term debt repayment

Revenue forecasts
Revenue Growth

2011

2012a

2013a

Americas

86.5%

77.4%

EMEA

207.0%

97.8%

APEC

275.5%

115.1%

Total

124.6%

87.4%

2011

2012a

168,450

EMEA

2014e

2015e

2016e

2017e

2018e

30%

25%

20%

20%

20%

40%

25%

15%

15%

15%

50%

40%

20%

10%

10%

36%

27%

18%

17%

17%

2013a

2014e

2015e

2016e

2017e

2018e

314,135

557,285

724,471

905,588

1,086,706

1,304,047

1,564,856

51,328

157,587

311,674

436,344

545,430

627,244

721,331

829,530

APEC

14,460

54,294

116,778

175,167

245,234

294,281

323,709

356,079

Total

234,238

526,016

985,737

1,335,981

1,696,251

2,008,230

2,349,086

2,750,466

Revenue Forecasts
Americas

WWW.BLUEBOOK.IO

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