Raising Baidu FVE by 7% to $217 on Yuan Appreciation and Lower Costs
We have increased our fair value estimate for wide-moat Baidu by 7% to $217 as a result of the appreciation of the yuan (4% impact) and reduced cost assumptions. We think traffic acquisition costs as a percentage of sales will trend lower as slower search traffic from union members was offset by more organic search traffic in Mobile Baidu apps. The selling, general, and administrative expense/sales ratio will also improve after the sale of Baidu Deliveries. We are making no change to our 2017 re...
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