Report
R.J. Hottovy
EUR 98.48 For Business Accounts Only

EBay's structured data efforts may stabilize platform, but competition clouds long-term growth.

EBay parlayed new platform enhancements into first-quarter momentum, though not quite enough to shake concerns about growth trends lagging industry peers. To be sure, there was a lot to like from the quarter, including modest acceleration in active users (up 4% to 169 million), constant-currency marketplace GMV growth of 5% (including contribution from both B2C and C2C transactions, the latter of which underpins our narrow moat rating), and constant-currency revenue growth of 7%. We attribute th...
Underlying
EBay Inc.

eBay is a global commerce provider, which includes its Marketplace, StubHub and Classifieds platforms. The company's Marketplace platforms include its online marketplace located at www.ebay.com, its localized counterparts and the eBay suite of mobile apps. The company's StubHub platforms include its online ticket platform located at www.stubhub.com, its localized counterparts and the StubHub mobile apps. These platforms connect fans with their favorite sporting events, shows and artists and enable them to buy and sell tickets whenever and wherever they want. The company's Classifieds platforms include a collection of brands such as mobile.de, Kijiji, Gumtree, Marktplaats, eBay Kleinanzeigen and others.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
R.J. Hottovy

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