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					                                                                                          Company Report
                                                                                          October 28, 2013




  Twitter, Inc.
  TWTR - Initiating Coverage Ahead of the IPO next week                                   Interactive Entertainment /
                                                                                          Internet
  Our Call
  Our valuation work suggests in the base case TWTR shares could be worth $25             Arvind Bhatia, CFA
  to $32 in the next 12 to 24 months, respectively. In the upside case, shares could      (214) 702-4001
                                                                                          abhatia@sterneagee.com
  be worth $33 to $48 while in the downside case, shares could be worth $13 to $15
  during the same period. As such, if the IPO is priced in the $17 to $20 range, shares   Brett Strauser
  would appear attractive from a risk-reward standpoint.                                  (214) 702-4009
                                                                                          bstrauser@sterneagee.com
  We are launching coverage of the company but not establishing a rating or price
  target yet, pending the completion of the IPO next week.                                Company Data
  A leading social network. Twitter is one of the world’s leading social networks         Market Capitalization (M)                     NA
  (232 million Monthly Active Users, including 53 million in the U.S.), allowing          Avg. Daily Vol. (000)                         NA
                                                                                          Assets (M)                               $2,153.0
  users to create, distribute, and discover content in real time on the web and mobile
  devices. Mobile is the primary driver for Twitter, as 76% of the monthly active         Revenue ($M) 2012A 2013E 2014E
  users (MAUs) in the most recent quarter accessed Twitter via mobile. Additionally,      FY                   316.9      617.2    985.0
  over 70% of the advertising revenue was from mobile in the most recent quarter.
  TWTR’s international user base represents 77% of the total, yet only 25% of the
  revenue is international, representing a significant growth opportunity long-term.
  Value Proposition for Advertisers and Platform Partners. Twitter’s scale and
  deeply engaged user base create valuable opportunities for advertisers to leverage
  the platform. Advertisers can communicate directly with their followers for free,
  or they can purchase Twitter’s advertising services to reach a broader audience.
  Twitter’s platform partners include publishers, media, outlets, and developers, who
  have integrated with Twitter through an application programming interface (API),
  which allows them to seamlessly leverage Twitter as a complementary distribution
  channel for their content. Twitter plans to continue to integrate more content into
  their API to allow platform partners to distribute more forms of content.
  Data Licensing. While advertising is the primary revenue driver, TWTR derived
  11% of its revenue from Data Licensing. Twitter sells data licenses, providing
  data partners with detailed historical and real-time analytics regarding users’
  interactions with the platform. Data partners pay a monthly licensing fee to use
  the data, over the period in which the data is made available to them (typically
  2 years). Twitter’s top five data partners accounted for roughly 73% of its data
  licensing revenue in the first 9 months of 2013.
  IPO Details. Twitter plans to list on the NYSE under the symbol TWTR. Based
  on most recent filings, the company plans to issue 70 million shares (80.5
  million shares including overallotment). Assuming an IPO pricing of $17-$20, the
  company could raise $1.2B (70M shares x $17 per share) to $1.6B (80.5M shares
  x $20 per share) before fees.

                                                                                          Price Performance
  FYE Dec                     2012A                   2013E                  2014E
                              (Curr)                  (Curr)                 (Curr)
  EBITDA (M)
  Q1 (Mar)                      (0.9)                  11.7A                   24.0
                                                                                                        Chart Data Not Available
  Q2 (Jun)                       1.5                 9,647.0A                  30.3
  Q3 (Sept)                      2.9                    9.3A                   35.9
  Q4 (Dec)                      17.6                    25.4                   44.4
  FY EBITDA (M)                 21.2                    56.0                  134.5

                                                                                          Source: FactSet

   Important Disclosures regarding Price Target Risks, Valuation Methodology, Regulation Analyst Certification,
Investment Banking, Ratings Definitions, and potential conflicts of interest begin on Page I of the Appendix Section.
                    800 Shades Creek ParkwaySuite 700Birmingham, AL 35209205-949-3500
                                  Sterne, Agee & Leach Inc. is Member NYSE, FINRA, SIPC
                                                October 28, 2013


TABLE OF CONTENTS

EXECUTIVE SUMMARY…………………………………………………………….……..3

VALUATION FRAMEWORK……………………………………………….......................4

BASE CASE…………………………………………………………………………………...4

UPSIDE CASE……………………………………………………………………………..…5

DOWNSIDE CASE…………...………………………………………………………………6

LONG TERM MARGINS………………...………………………………………………….8

COMPANY BACKGROUND………………………………….……………………………8

ADVERTISING VALUE OF THE PLATFORM…………………………………………..9

MOPUB ACQUISITION…………………………………………………………………….9

PROMOTED PRODUCTS…………………………………………………………………..9

DATA LICENSING………………………………………………………….……………….9

MOBILE………………………………………………………………………………………9

INTERNATIONAL……………………………………………………………..……………9

ADVERTISING INDUSTRY TRENDS…………………………………….……..………10

GROWTH STRATEGY…………………………………………………………….………11

EXECUTIVE OFFICERS AND BOARD MEMBERS………………………………..….13

MODEL………………………………………………………………………………………15




                                                        Page 2
                                                                           October 28, 2013


EXECUTIVE SUMMARY
    A leading social network. Twitter is one of the world’s leading social networks
     (232 million Monthly Active Users, including 53 million in the U.S.), allowing users
     to create, distribute, and discover content in real time on the web and mobile devices.

       Value Proposition for Advertisers. Twitter’s scale and deeply engaged user base
        create valuable opportunities for advertisers to leverage the platform. Advertisers
        can communicate directly with their followers for free, or they can purchase
        Twitter’s advertising services to reach a broader audience.

       Value Proposition for Platform Partners. Twitter’s platform partners include
        publishers, media, outlets, and developers, who have integrated with Twitter through
        an API which allows them to seamlessly leverage twitter as a complementary
        distribution channel for their content. Twitter plans to continue to integrate more
        content into their API to allow platform partners to distribute more forms of content.

       Data Licensing. Twitter sells data licenses, providing data partners with detailed
        historical and real-time analytics regarding users’ interactions with the platform. In
        the first 9 months of 2013, 11% of Twitter’s revenue came from Data Licensing.
        Data partners pay a monthly licensing fee to use the data, over the period in which
        the data is made available to them (typically 2 years).

       Mobile. Mobile is the primary driver for Twitter, as 76% of the MAUs in the most
        recent quarter accessed Twitter via mobile. Additionally, over 70% of the
        advertising revenue was from mobile in the most recent quarter.

       International. International revenue for the 9 months ended Sept. 30 was 25% of
        overall revenue (up from 17% of revenue in the year-ago period) even though 77%
        of Twitter’s user base is international. International monetization is a key element of
        Twitter’s growth strategy.

       IPO Details. Twitter plans to list on the NYSE under the symbol TWTR. Based on
        the most recent filings, the company plans to issue 70 million shares (80.5 million
        shares including overallotment). Assuming an IPO pricing of $17-$20, the company
        could raise $1.2B (70M shares x $17 per share) to $1.6B (80.5M shares x $20 per
        share).

       Valuation Framework. Given Twitter is still in heavy investment mode, we think
        the company’s top-line rather than bottom-line metrics are more appropriate for
        valuation purposes, at least in the near term. We have provided 3 scenarios – a base
        case, an upside case and a downside case – in our valuation discussion.
            o Our base case suggests TWTR could be valued around $25 per share a year
                 from now and around $32 per share two years from now.
            o Our upside case suggests TWTR could be valued around $33 per share a
                 year from now and around $48 two years from now.
            o Our downside case suggests TWTR could be valued around $13 per share a
                 year from now and around $15 per share two years from now.




                                                                                      Page 3
                                                                                              October 28, 2013



TWITTER VALUATION FRAMEWORK: FOCUSING ON TOP-LINE GROWTH
AND MULTIPLE OF SALES

Given Twitter is still in heavy investment mode, we think the company’s top-line rather than
bottom-line metrics are more appropriate for valuation purposes, at least in the near term. We
have provided 3 scenarios – a base case, an upside case and a downside case – in our
valuation discussion. For an interactive model, please contact your Sterne Agee
representative.

Base Case

Assumptions:
    1. Advertising segment revenue growth of 64% /45% in 2014/ 2015 compared to an
       estimated 106% in 2013.
    2. Data Licensing segment revenue growth of 25% /25% in 2014 / 2015 compared to an
       estimated 33% in 2013.
    3. 80.5 million shares are issued in the IPO, i.e., overallotment is exercised.
    4. Total Shares Outstanding of 705M shares, including 80.5 million new shares in the
       IPO.
    5. Shares are issued at $20 per share leading to a capital raise of $1.6B and pro-forma
       cash of $1.9B.
    6. At $20 per share, TWTR would currently be valued at an estimated 12x 2014 Sales
       or in line with its high-growth peers (FB, LNKD, YELP).
    7. If this EV to 1 Yr Forward Sales multiple of 12x were to sustain for a year, TWTR
       could be valued at $25 per share at the end of 2014.

Furthermore, if this 1 Yr Forward Sales multiple of 12x were to sustain for two years, TWTR
could be valued at $32 per share at the end of 2015.

Twitter Inc. Valuation: Based on Multiple of Revenue

Base Case                                        Actual                       Estimates
                  $MM                             2012    2013      2014       2015        2016     2017       2018

Advertising Revenue                               $269    $554      $906     $1,310       $1,772   $2,284     $2,804
Data Lincensing Revenue                            $48     $63        $79        $99       $124     $155       $193
Total Revenue                                     $317    $617      $985     $1,409       $1,895   $2,438     $2,997
Adj. EBITDA Margin                                  7%     9%       14%        19%          29%      35%        38%
Incremental EBITDA Margin                          30%    12%       21%        32%          58%      57%        49%
Adj. EBITDA                                        $21     $56      $135       $271        $552     $861      $1,132
1 Yr Forward Sales Multiple at Yr End                                12x        12x
Enterprise Value at Yr End                                       $15,722    $21,259
Market Cap at Yr End (including net Cash)                        $17,589    $23,125
Shares Outstanding (MM)                                              706        723
Share Price at Yr End                                                $25        $32

Y/Y Growth
Advertising Revenue                              247%     106%      64%        45%          35%      29%        23%
Data Lincensing Revenue                           66%      33%      25%        25%          25%      25%        25%
Total Revenue                                    198%      95%      60%        43%          34%      29%        23%
Adj. EBITDA                                               165%     140%       101%         104%      56%        32%

Source: Sterne Agee Estimates, Company Reports




                                                                                                            Page 4
                                                                                                     October 28, 2013


Upside Case: Incremental revenue growth 20% above base case for advertising and 5%
above base case for Data Licensing in each year.

Assumptions:
       1. Advertising segment revenue growth of 84% /65% in 2014/ 2015 compared to
            an estimated 106% in 2013.
       2. Data Licensing segment revenue growth of 30% /30% in 2014 / 2015 compared
            to an estimated 33% in 2013.
       3. 80.5 million shares are issued in the IPO, i.e., overallotment is exercised.
       4. Total Shares Outstanding of 705M shares, including 80.5 million new shares in
            the IPO.
       5. Shares are issued at $20 per share leading to a capital raise of $1.6B and pro-
            forma cash of $1.9B.
       6. At $20 per share, TWTR would currently be valued at an estimated 12x 2014
            Sales or in line with its high-growth peers (FB, LNKD, YELP).
       7. If this EV to 1 Yr Forward Sales multiple of 12x were to sustain for a year,
            TWTR could be valued at $33 per share at the end of 2014.
       8. Furthermore, if this 1 Yr Forward Sales multiple of 12x were to sustain for two
            years, TWTR could be valued at $49 per share at the end of 2015.

Twitter Inc. Valuation: Based on Multiple of Revenue

Upside Case
Incremental 20% annual growth in Advertising; incremental 5% growth in Data Licensing relative to Base Case
                                               Actual                                Estimates
                                                2012        2013          2014        2015         2016        2017       2018

Advertising Revenue                              $269        $564        $1,035     $1,704      $2,645        $3,938     $5,623
Data Lincensing Revenue                           $48         $63            $82      $107       $139          $181       $235
Total Revenue                                    $317        $627        $1,117     $1,811      $2,784        $4,119     $5,858
Adj. EBITDA Margin                                 7%         10%           16%        21%        31%           37%        40%
Incremental EBITDA Margin                         30%         14%           23%        30%        50%           50%        46%
Adj. EBITDA                                       $21         $63          $175       $384       $866         $1,536     $2,329
1 Yr Forward Sales Multiple at Yr End                                       12x        12x
Enterprise Value at Yr End                                              $21,732    $33,407
Market Cap at Yr End (including net Cash)                               $23,277    $34,953
Shares Outstanding (MM)                                                     706        723
Share Price at Yr End                                                       $33        $48

Y/Y Growth
Advertising Revenue                              247%        106%           84%        65%        55%           49%        43%
Data Lincensing Revenue                           66%         33%           30%        30%        30%           30%        30%
Total Revenue                                    198%         95%           78%        62%        54%           48%        42%
Adj. EBITDA                                                  199%          177%       119%       126%           77%        52%

Source: Sterne Agee Estimates, Company Reports




                                                                                                                       Page 5
                                                                                                      October 28, 2013


Downside Case: 20% slower revenue growth in advertising and 5% slower growth in Data
Licensing relative to Base Case in each year.
Assumptions:
        1. Advertising segment revenue growth of 44% /25% in 2014/ 2015 compared to
             an estimated 106% in 2013.
        2. Data Licensing segment revenue growth of 20% /20% in 2014/2015 compared
             to an estimated 33% in 2013.
        3. 80.5 million shares are issued in the IPO, i.e., overallotment is exercised.
        4. Total Shares Outstanding of 705M shares, including 80.5 million new shares in
             the IPO.
        5. Shares are issued at $20 per share leading to a capital raise of $1.6B and pro-
             forma cash of $1.9B.
        6. At $20 per share, TWTR would currently be valued at an estimated 12x 2014
             Sales or in line with its high-growth peers (FB, LNKD, YELP).
        7. In the downside case, we assume a meaningful contraction in the 1 Yr Forward
             EV to Sales multiple from that at the time of the IPO. We assume a 33%
             contraction to 8x versus our assumption of a 12x forward multiple at the time of
             the IPO.
        8. Assuming an EV to 1 Yr Forward Sales multiple of 8x, TWTR could be valued
             at $13 per share at the end of 2014.

           Furthermore, if the lower 1-Yr Forward Sales multiple of 8x were to sustain for two
           years, TWTR could be valued around $15 per share at the end of 2015.

Twitter Inc. Valuation: Based on Multiple of Revenue

Downside Case
20% slower growth in Advertising; 5% slower growth in Data licensing Relative to Base (Starting 2014)
                                              Actual                                   Estimates
                                               2012           2013          2014        2015        2016    2017       2018

Advertising Revenue                              $269         $554          $795       $991      $1,241    $1,475     $1,664
Data Lincensing Revenue                           $48          $63            $76        $91      $109      $131       $158
Total Revenue                                    $317         $617          $871     $1,082      $1,350    $1,607     $1,822
Adj. EBITDA Margin                                 7%           9%           13%        17%        24%       28%        28%
Incremental EBITDA Margin                         30%          12%           21%        36%        52%       49%        28%
Adj. EBITDA                                       $21          $56          $110       $186       $326      $452       $512
1 Yr Forward Sales Multiple at Yr End                                          7x         7x
Enterprise Value at Yr End                                                $7,575     $9,452
Market Cap at Yr End (including net Cash)                                 $9,121    $10,997
Shares Outstanding (MM)                                                      706        723
Share Price at Yr End                                                        $13        $15

Y/Y Growth
Advertising Revenue                             247%         106%            44%        25%        25%       19%        13%
Data Lincensing Revenue                          66%          33%            20%        20%        20%       20%        20%
Total Revenue                                   198%          95%            60%        43%        34%       29%        23%
Adj. EBITDA

Source: SterneAgee Estimates, Company




                                                                                                                    Page 6
                                                                   October 28, 2013


    TWTR EV to Sales: Relative Valuation Vs High Growth Peers

Current Suggested IPO Price Per Share            $17.00   $18.00   $19.00    $20.00
Pro Forma Shares Out. (M)                           706      706      706       706
Mkt Cap Post IPO- $BB                             $12.0    $12.7    $13.4       $14
Pro Forma Cash                                     $1.7     $1.8     $1.9      $1.9
Pro Forma Enterprise Value                          $10      $11      $12       $12
Pro Forma EV to Sales TWTR
                                         2013      17x      18x       19x      20x
                                         2014      10x      11x       12x      12x
                                         2015       7x       8x        8x       9x

EV to Sales Avg: High Growth Peers*
                                         2013      18x      18x       18x      18x
                                         2014      13x      13x       13x      13x
                                         2015       9x       9x        9x       9x
(* includes FB, LNKD and YELP)

TWTR Premium (Discount) to High Growth Peers
                                        2013       -8%      -2%        3%       9%
                                        2014      -17%     -12%       -7%      -2%
                                        2015      -22%     -17%      -12%      -8%

Source: Sterne Agee Estimates, Company Reports


  TWTR EV to EBITDA: Relative Valuation Vs High Growth Peers

Current Suggested IPO Price Per Share            $17.00   $18.00   $19.00    $20.00
Pro Forma Shares Out. (M)                           706      706      706       706
Mkt Cap Post IPO- $BB                             $12.0    $12.7    $13.4       $14
Pro Forma Cash                                     $1.7     $1.8     $1.9      $1.9
Pro Forma Enterprise Value                          $10      $11      $12       $12
Pro Forma EV to EBITDA TWTR
                                         2013     184x     195x      206x     217x
                                         2014      77x      81x       86x      91x
                                         2015      38x      40x       43x      45x

EV to EBITDA Avg: High Growth Peers*
                                         2013      85x      85x       85x      85x
                                         2014      48x      48x       48x      48x
                                         2015      30x      30x       30x      30x
(* includes FB, LNKD and YELP)

TWTR Premium (Discount) to High Growth Peers
                                        2013      117%     130%      143%     156%
                                        2014       59%      69%       79%      88%
                                        2015       26%      33%       41%      48%

Source: Sterne Agee Estimates, Company Reports




                                                                            Page 7
                                                                            October 28, 2013


Twitter’s Long-Term Margin Target Model. On a non-GAAP basis, Twitter’s Adjusted
EBITDA margins were ~ 7% in 2012 as well as for the 9 months ended September 30 th, 2013.
Twitter’s long-term adjusted EBITDA margin target is in the range of 35% to 40%, as shown
in the table below. We see this as reasonable, given the margin profile of other Internet
companies, including social media companies such as Facebook (mid-50s), LinkedIn (30s),
etc.


                       Twitter Target Model (Non-GAAP)

                             2012            2013 YTD        Target Range Target Mid-Point

Cost of Revenue              34%                33%           21% to 23%            22%
Gross Margin                 66%                67%           77% to 79%            78%

R&D Costs                    34%                35%           19% to 21%            20%
Selling & Marketing          27%                30%           19% to 21%            20%
G&A                          15%                11%              10%                10%
D&A                          17%                16%              10%                10%

Adj. EBITDA Margin            7%                7%            35% to 40%            38%

Source: Company, Sterne Agee


COMPANY BACKGROUND

Twitter is one of the world’s leading social networks, allowing users to create, distribute, and
discover content in real time on the web and mobile devices. The company was founded in
2007 and is headquartered in San Francisco. Twitter is free for users and any user can create
a ―Tweet,‖ a post (with or without a photo) consisting of 140 characters or less. Users can
follow other users including friends, celebrities, athletes, journalists, sports teams, media
outlets, and brands. Twitter has 232 million monthly active users and 100 million daily active
users, who collectively create roughly 500 million tweets per day.



                               Twitter's User Base

                                                       US
                                                      23%



                                          International
                                              77%




Source: Company Reports & Sterne Agee Estimates




                                                                                       Page 8
                                                                             October 28, 2013


Advertising Value of the Platform. Twitter’s scale and deeply engaged user base create
valuable opportunities for advertisers to leverage the platform. Advertisers can communicate
directly with their followers for free, or they can purchase Twitter’s advertising services to
reach a broader audience. As users engage with the platform, Twitter learns about their
interests. Twitter integrates this user data into a set of ―promoted products,‖ allowing
advertisers to run more targeted and relevant campaigns on Twitter. Additionally, advertisers
are increasingly supplementing their offline advertising campaigns with content from their
Twitter campaigns. For example, integrating hash tags into a television commercial extends
the reach of the ad by creating an opportunity for users to continue the conversation on
Twitter.

MoPub – Twitter agreed to acquire MoPub in September 2013. MoPub is a mobile
advertising exchange which Twitter plans to integrate with the Twitter advertising platform to
allow real-time bidding so that advertisers can more easily automate and scale their ad
purchases. TWTR’s S-1 filings indicate MoPub was purchased for 14.79M shares of TWTR.
The acquisition is expected to close in October/November 2013.

TYPES OF PROMOTED PRODUCTS

Promoted Tweets – These appear within a user’s timeline and look like an ordinary tweet.
They are pay-for-performance advertising and pricing is set through an auction. Advertisers
pay Twitter when a user engages with a tweet.

Promoted Accounts – Advertisers can pay to have their accounts promoted within the ―who
to follow‖ section of Twitter. They appear in the same format as non-promoted accounts.
This provides advertisers with an opportunity to grow their number of followers, building a
community of users that are interested in their business, product, or service. These are also
pay-for-performance advertising, so advertisers pay Twitter when a user follows a Promoted
Account.

Promoted Trends – Promoted Trends appear at the top of the list of trending topics for an
entire day in a particular country or on a global basis. When a user clicks on a promoted
trend, they are taken to a page that displays search results for that trend as well as a promoted
Tweet from the advertiser at the top of the page. Promoted Trends are the only advertising
service that is sold on a fixed-fee-per-day basis. Twitter features one promoted trend per day
per geography, and advertisers pay Twitter when the promoted trend is displayed

Data Licensing

Twitter sells data licenses, providing data partners with detailed historical and real-time
analytics regarding users’ interactions with the platform. In the first 9 months of 2013, 11%
of Twitter’s revenue came from Data Licensing, but the company expects this percentage to
decrease over time as this segment is growing slower than the advertising segment. Data
partners pay a monthly licensing fee to use the data, over the period in which the data is made
available to them (typically 2 years). Twitter’s top five data partners accounted for roughly
73% of its data licensing revenue in the first 9 months of 2013. Some of the key resellers of
Twitter’s data licensing business include Datasift, Gnip and Topsy.

Mobile. We think one of the key positives for TWTR is that it is already successful on
mobile. Mobile is the primary driver for Twitter, as 76% of the monthly active users (MAUs)
in the most recent quarter accessed Twitter via mobile. Additionally, over 70% of the
advertising revenue was from mobile in the most recent quarter. The company believes that
mobile users as a percentage of total will continue to grow in the near term.

International. International revenue was $107M for the 9 months ended Sept. 30, or 25% of
revenue (up from 17% of revenue in the year-ago period) even though 77% of Twitter’s user
base is international. Most of the growth in the user base in the recent quarters has also come
from outside the U.S. Management is focused on growing international revenue and closing
the gap with the U.S. Recent sales and marketing efforts have focused on countries such as
                                                                                        Page 9
                                                                                                      October 28, 2013


Australia, Brazil, Canada, Japan and the U.K. In the most recent quarter, Twitter’s advertising
revenue per Timeline View was $2.58 (+50% y/y) in the U.S. and $0.36 (+112%) in the rest
of the world, highlighting the potential monetization opportunity that exists in the rest of the
world. Advertising revenue per Timeline View is calculated by dividing the advertising
revenue per 1,000 timeline views (similar to the idea of CPMs).



                           Twitter's Geographic Revenue Mix
                                                         US         International




                                                         25%




                                                                               75%




           Source: Company Reports & Sterne Agee Estimates

Advertising Industry Trends. According to eMarketer, the worldwide digital advertising
industry will be around $118 billion in 2013, up 13% y/y. By 2017, this industry is expected
to grow to $173 billion, CAGR of 11% from 2012-2017. Within this, the mobile advertising
industry is expected to grow the fastest—CAGR of 48% from 2012-2017. Twitter, with its
focus on mobile, finds itself well positioned to capture this strong growth trajectory of the
industry.
                                     Worldwide Digital Ad Spending, By Region

                                                                                                        Y/Y Growth         CAGR
                           2011      2012      2013      2014       2015        2016      2017      13 vs '12 14 vs '13   '12-'17
North America               $34.58    $39.70    $45.44    $51.05     $56.24      $61.31    $65.59     14%       12%         11%
Asia Pacific                $22.40    $30.58    $33.76    $37.77     $41.78      $45.83    $50.18     10%       12%         10%
Western Europe              $23.51    $25.76    $28.39    $31.37     $33.79      $36.09    $38.25     10%       10%          8%
Central & Eastern Europe     $2.87     $3.70     $4.55     $5.28      $5.97       $6.50     $7.03     23%       16%         14%
Latin America                $2.48     $3.39     $4.11     $5.29      $6.18       $7.23     $8.27     21%       29%         20%
Middle East & Africa         $0.59     $0.91     $1.35     $1.86      $2.42       $3.06     $3.80     48%       38%         33%
Total                       $86.43   $104.04   $117.60   $132.62    $146.38     $160.02   $173.12     13%       13%         11%
Source: eMarketer


                                     Worldwide Mobile Ad Spending By Region

                                                                                                        Y/Y Growth         CAGR
                           2011      2012      2013       2014       2015       2016      2017      13 vs '12 14 vs '13   '12-'17
North America                $1.38     $4.29     $8.54     $13.32     $19.07     $25.44    $32.20     99%       56%         50%
Asia Pacific                 $1.77     $2.69     $4.15      $5.85      $8.11     $10.50    $13.05     54%       41%         37%
Western Europe               $0.78     $1.67     $3.58      $6.40      $9.19     $12.05    $15.19    114%       79%         55%
Central & Eastern Europe     $0.04     $0.07     $0.16      $0.27      $0.42      $0.61     $0.82    133%       68%         64%
Latin America                $0.04     $0.08     $0.15      $0.29      $0.48      $0.77     $1.20     95%       91%         73%
Middle East & Africa         $0.01     $0.02     $0.05      $0.09      $0.14      $0.22     $0.34    139%       71%         74%
Total                        $4.02     $8.82    $16.64     $26.23     $37.41     $49.59    $62.80     89%       58%         48%

Mobile Ad Spending % Mix by Geography
North America                4.0%   10.8%       18.8%      26.1%      33.9%      41.5%     49.1%
Asia Pacific                 7.9%     8.8%      12.3%      15.5%      19.4%      22.9%     26.0%
Western Europe               3.3%     6.5%      12.6%      20.4%      27.2%      33.4%     39.7%
Central & Eastern Europe     1.3%     1.9%       3.6%       5.2%       7.1%       9.4%     11.7%
Latin America                1.7%     2.3%       3.7%       5.5%       7.8%      10.6%     14.5%
Middle East & Africa         1.7%     2.3%       3.7%       4.6%       5.7%       7.2%      8.9%
Total                        4.6%     8.5%      14.1%      19.8%      25.6%      31.0%     36.3%
Source: eMarketer

                                                                                                                   Page 10
                                                                                  October 28, 2013


GROWTH STRATEGY

Grow Users – According to InternetWorld Stats, as of 2Q 2012 there were approximately 2.4
billion internet users. According to Strategy Analytics, there were 1.04 billion smartphone
users as of the end of 3Q12. With 230 million MAUs, Twitter plans to increase its
penetration by expanding geographically through global partnerships, continuing to develop
and improve the functionality and adoption of its mobile application, and continuing to build
and acquire new technologies and services to enhance the value of the Twitter platform. As of
the end of 3Q13, Twitter had 53 M users in the U.S. and 179 M in the rest of the world.


              Twitter Monthly Active Users (MAUs-In Millions)
  250



  200



  150
                                                                                               179
                                                                                         169
                                                                                   156
                                                                            140
  100                                                                 127
                                                                114
                                                         104
                                                    87
                                            74
   50                                62
                               49
                     35   39
                28                                                          45     48    49    53
         20                                         30    34     37   40
                          15   19    23     27
         10     12   14
   -




                                    United States    International

Source: Company Reports & Sterne Agee Estimates

Grow Engagement through growth in Timeline Views – Twitter measures its engagement
in terms of timeline views. What is a timeline? When a user logs in to their Twitter account,
they land on the Tweets timeline view of their homepage (see below). A user’s home timeline
is a long stream of Tweets from those the user has chosen to follow, with the newest updates
at the top. Timeline Views were 446 billion or an increase of 67% in the first 9 months of
2013. During the 3 months ended September 30, 2013, Timeline Views per MAU were 685,
up 8% y/y.




Source: Company Website
                                                                                          Page 11
                                                                              October 28, 2013




                               Timeline Views (000's)
  180,000

  160,000

  140,000

  120,000

  100,000                                                                            115,589
                                                                           110,285
                                                                  96,788
   80,000                                           81,571
                                     73,513
   60,000                61,526
              47,949
   40,000

   20,000                                           35,914        39,541   40,614    43,169
                         27,925      32,554
              23,070
       -
             Q1:12A      Q2:12A      Q3:12A         Q4:12A        Q1:13A   Q2:13A    Q3:13A

                                    United States     International

Source: Company Reports & Sterne Agee Estimates

Grow Platform Partners – Twitters platform partners include publishers, media, outlets, and
developers, who have integrated with Twitter through an API, which allows them to
seamlessly leverage twitter as a complementary distribution channel for their content. The
API also allows them to distribute Twitter content across their own properties, and use other
Twitter-created tools to add value to their websites and applications. Twitter plans to
continue to integrate more content into their API to allow platform partners to distribute more
forms of content. They also plan to seek more partnerships with traditional media. While
Twitter doesn’t generate revenue directly from their platform partners’ usage of the API, the
API is an important piece of enhancing Twitter users’ experience on the platform and adds to
the completeness of Twitter’s advertising appeal.

Enhance Value for Advertisers - In the first 9 months of 2013, 89% of Twitters revenue
came from advertising, so increasing the value of the platform for these advertisers is central
to the company’s growth strategy. They will continue to improve their targeting capabilities
by learning more about users’ interests. The company plans to increase their international
revenue by launching a self-service advertising program in select international markets, as
international revenue only represented 25% of the total revenue in the first 9 months of 2013.
Lastly, they plan to continue to create new and unique advertising formats including a new
product designed to allow advertisers to embed ads into real-time video content.




                                                                                      Page 12
                                                                          October 28, 2013


Executive Officers

Richard Costolo – He has served as the CEO since October 2010 and a member of the board
since September 2009. He was the COO from September 2009 to October 2010. Prior to
joining Twitter, he worked as a product manager for Google. He also founded FeedBurner,
an RSS subscription feed provider. He graduated from the University of Michigan, Ann
Arbor, with a degree in Computer Science

Ali Rowghani – He has served as Twitter’s COO since December 2012 and was CFO from
March 2010 to December 2012. Prior to joining Twitter, he served in various roles at Pixar
Animation Studios. He graduated from Stanford University with an MBA and a degree in
International Relations.

Mike Gupta – He has served as the CFO since December 2012. Prior to joining Twitter, he
served in various roles at Zynga and Yahoo. He graduated from New York University with
degrees in Accounting and Economics and has an MBA from the University of Chicago.

Adam Bain – He has served as the President of Global Revenue since September 2010. Prior
to joining Twitter, he held various roles at News Corporation. He holds a B.A. in English
Journalism from Miami University.

Christopher Fry – He has served as the SVP of Engineering since March 2013. Prior to that
he served as the VP of Engineering. Between June 2005 and April 2012, he served in various
roles at salesforce.com. He holds a B.A. in Cognitive Science from Vassar College and a
Ph.D. in Cognitive Science from the University of California, San Diego.

Vijaya Gadde – She has served as the General Counsel and Secretary since August 2013, and
was the Legal Director from July 2011 to August 2013. Prior to joining Twitter, she served in
various legal roles at Juniper Networks and Wilson Sonsini Goodrich & Rosati. She
graduated from Cornell University with a degree in Industrial and Labor Relations and holds a
J.D. from New York University School of Law.

Non-Employee Directors

Jack Dorsey – Mr. Dorsey is one of the founders and has served as the Chairman of the board
since October 2008. He served as the President and CEO from May 2007 to October 2008.
He is also the Co-Founder and CEO of Square.

Peter Chernin – Mr. Chernin has served on the board since November 2012. In 2009 he
founded Chernin Entertainment, a film production company. He also co-founded CA Media,
a company that builds and manages media, technology and entertainment businesses
throughout the Asia Pacific region. He has also held various positions at News Corporation.
He holds a B.A. in English Literature from the University of California, Berkeley.

Peter Currie – Mr. Currie has served as a board member since November 2010. He has
served as the President of Currie Capital since April 2004, a private investment company.
Prior to that, he served as the CFO of McCaw Cellular Communications. He holds a B.A. in
Economics and French Literature from Williams College and an M.B.A. from Stanford
University.

Peter Fenton – Mr. Fenton has served on the board since February 2009. Since September
2006, he has served as a General Partner of Benchmark Capital. From October 1999 to May
2006, he served as a Managing Partner at Accel Partners, a venture capital firm. He holds a
B.A. in Philosophy and an M.B.A. from Stanford University.

David Rosenblatt – Mr. Rosenblatt has served on the board since December 2010. Since
November 2011, he has served as the CEO of 1stdibs.com, an online luxury marketplace.
From October 2008 to May 2009 he served as the President of Global Display Advertising at
                                                                                   Page 13
                                                                      October 28, 2013


Google. He joined Google in connection with Google’s acquisition of DoubleClick – where
Mr. Rosenblatt served from 1997. He holds a B.A. in East Asian Studies from Yale
University and an M.B.A. from Stanford University.

Evan Williams – Mr. Williams is one of the co-founders and has served on the board since
May 2007. From October 2008 to October 2010, he served as the President and CEO, from
July 2009 to March 2010 as the CFO, and from February 2008 to October 2008 as the Chief
Product Officer. Since April 2011, he has served as CEO of Medium, an online publishing
platform, and Since October 2006, as CEO of The Obvious Corporation, a technology
systems company.




                                                                              Page 14
                                                                                                                                                   October 28, 2013

Twitter Quarterly Income Statement (Page 1)

Twitter Inc.
Sterne Agee Model                                 2012A    Q1:13A    Q2:13A    Q3:13A     Q4:13E     2013E    Q1:14E     Q2:14E     Q3:14E     Q4:14E      2014E       2015E
Revenue
  Advertising Revenue                           269,421   100,460   120,972   153,437    179,017   553,886   182,598    209,987    237,286    275,957    905,827   1,310,184
  Data licensing                                 47,512    13,883    18,320    15,143     15,991    63,337    17,354     22,900     18,929     19,989     79,172      98,964
   Total Revenue                                316,933   114,343   139,292   168,580    195,008   617,223   199,951    232,887    256,214    295,946    984,998   1,409,149
Sequential Growth
  Advertising Revenue                                          1%       20%       27%       17%                  2%        15%        13%        16%
  Data licensing                                               9%       32%      -17%        6%                  9%        32%       -17%         6%
Total Revenue                                                  2%       22%      21%        16%                  3%        16%        10%        16%
Y/Y Growth
  Advertising Revenue                              247%     126%      113%      123%        80%      106%       82%        74%        55%        54%        64%         45%
  Data licensing                                    66%      41%       63%       11%        25%       33%       25%        25%        25%        25%        25%         25%
Total Revenue                                      198%     111%      105%      105%        74%       95%       75%        67%        52%        52%        60%         43%
Costs and Expenses
  Cost of revenue                                 127,968 40,771     49,102 59,179 62,403          211,455 63,984 73,359    79,426  90,263               307,034   393,133
  Research and development                        106,382 39,149     48,491 58,127 60,453          206,220 61,985 71,031    76,864  87,304               297,184   397,370
  Sales and marketing                              85,205 30,374     42,709 55,472 62,403          190,958 63,984 73,359    79,426  90,263               307,034   393,133
  General and administrative                       48,720 15,034     15,260 15,532 15,601           61,427 17,996 20,960    23,059  26,635                88,650   140,915
    Total costs and expenses                      368,275 125,328 155,562 188,310 200,859          670,059 207,949 238,709 258,776 294,466               999,901 1,324,551
    Loss from operations                          (51,342) (10,985) (16,270) (19,730) (5,850)      (52,835) (7,998) (5,822) (2,562)  1,480               (14,903)   84,598
add back: Depreciation and amortization incl. above72,506 22,730     25,917 29,023 31,201          108,871 31,992 36,098    38,432  42,912               149,434   185,998
Adjusted EBITDA                                  21,164    11,745     9,647     9,293     25,351    56,036    23,994     30,275     35,870     44,392 134,531       270,596
                       Adjusted EBITDA Margin      6.7%     10.3%      6.9%      5.5%      13.0%      9.1%     12.0%      13.0%      14.0%      15.0%   13.7%         19.2%
                    Incremental EBITDA Margin       30%       21%       11%        7%         9%       12%       14%        22%        30%        19%     21%           32%
                   Adjusted EBITDA Growth Y/Y               1242%      524%      218%        44%      165%      104%       214%       286%        75%    140%          101%
Interest income (expense), net                      (2,486) (1,233) (1,513) (1,727)       (1,927) (6,400)        4000       4000       4000       4000    16,000     16,000
Other income (expense), net                            399   (1,529) (1,019)      818           0 (1,730)           0          0          0          0       -          -
    Loss before income taxes                       (53,429) (13,747) (18,802) (20,639)    (7,777) (60,965)    (3,998)    (1,822)     1,438      5,480      1,097
Provision (benefit) for income taxes                   754      357      777      360         500   1,994         500        500        500        500     2,000      2,000
GAAP Net Income                                    (52,675) (13,390) (18,025) (20,279)    (7,277) (58,971)
add back: amortization of acquired intangibles      18,687    3,876    3,302    3,783      3,783 14,744        3,783 14,744    3,783  14,744 37,054  103,596
add back: income tax effects related to acquisitions (220)     (296)     (87)     -          -       (383)       -       -       -       -       -       -
Non-GAAP Net Income                                (34,208) (10,524) (16,364) (17,216)    (4,494) (44,610)      (715) 12,422   4,721  19,724 37,054  103,596
Shares Outstanding                                                                                           705,674 707,438 709,207 710,980 708,325 715,435
EPS                                                                                                          $ (0.00) $ 0.02 $ 0.01 $ 0.03 $ 0.05 $     0.14
Source: Company Reports and Sterne Agee




                                                                                                                                                               Page 15
                                                                                                                          October 28, 2013

Twitter Quarterly Income Statement (Page 2)

                                        2012A   Q1:13A   Q2:13A   Q3:13A   Q4:13E   2013E   Q1:14E   Q2:14E   Q3:14E   Q4:14E   2014E   2015E
Non-GAAP Costs as % of Sales
 Cost of revenue                         40% 35.66% 35.25% 35.10% 32.00%             34% 32.00% 31.50% 31.00%          30.50%     31%     28%
 Research and development                34% 34.24% 34.81% 34.48% 31.00%             33% 31.00% 30.50% 30.00%          29.50%     30%     28%
 Sales and marketing                     27% 26.56% 30.66% 32.91% 32.00%             31% 32.00% 31.50% 31.00%          30.50%   31.2%   27.9%
 General and administrative              15% 13.15% 10.96%     9.21%   8.00%         10%   9.00%   9.00%   9.00%        9.00%      9%     10%
    Total costs and expenses            116% 109.61% 111.68% 111.70% 103.00%        109% 104.00% 102.50% 101.00%       99.50%    102%     94%
Depreciation & Amortization              23%   19.9%   18.6%   17.2%   16.0%         18%   16.0%   15.5%   15.0%        14.5%     15%     13%
Adj. EBITDA margin                      6.7%     10%    6.9%    5.5%     13%          9%     12%     13%     14%          15%     14%     19%
Growth y/y
 Advertising Revenue                    247%     126%     113%     123%      80%    106%      82%      74%      55%      54%     64%     45%
 Data licensing                          66%      41%      63%      11%      25%     33%      25%      25%      25%      25%     25%     25%
    Total Revenue                       198%     111%     105%     105%      74%     95%      75%      67%      52%      52%     60%     43%
 Cost of revenue                        113%      49%      62%      77%      70%     65%      57%      49%      34%      45%     45%     28%
 Research and development               128%     133%     109%      96%      65%     94%      58%      46%      32%      44%     44%     34%
 Sales and marketing                    249%     115%     121%     138%     120%    124%     111%      72%      43%      45%     61%     28%
 General and administrative              15%      39%      37%      20%      13%     26%      20%      37%      48%      71%     44%     59%
    Total costs and expenses            112%      81%      85%      90%      74%     82%      66%      53%      37%      47%     49%     32%

Growth Q/Q
  Advertising Revenue                              1%      20%      27%      17%               2%      15%      13%      16%
  Data licensing                                   9%      32%     -17%       6%               9%      32%     -17%       6%
    Total Revenue                                  2%      22%      21%      16%               3%      16%      10%      16%
  Cost of revenue                                 11%      20%      21%       5%               3%      15%       8%      14%
  Research and development                         7%      24%      20%       4%               3%      15%       8%      14%
  Sales and marketing                              7%      41%      30%      12%               3%      15%       8%      14%
  General and administrative                       9%       2%       2%       0%              15%      16%      10%      16%
    Total costs and expenses                       8%      24%      21%       7%               4%      15%       8%      14%

Source: Company Reports & Sterne Agee




                                                                                                                                    Page 16
                                                                                                                         October 28, 2013


                                                       APPENDIX SECTION
Company Description:
Twitter is one of the world's largest social networks with over 230 million monthly active users. The service is free for its users, but the
company generates revenue through advertising and data licensing
IMPORTANT DISCLOSURES:
Regulation Analyst Certification:
I, Arvind Bhatia and Brett Strauser, hereby certify the views expressed in this research report accurately reflect my personal views about
the subject security(ies) or issuer(s). I further certify that no part of my compensation was, is, or will be, directly or indirectly, related
to the specific recommendations or views expressed by me in this report.

Price Target Risks & Related Risk Factors:
Investment risks associated with the achievement of the price target include, but are not limited to, a company's failure to achieve Sterne,
Agee & Leach, Inc., earnings and revenue estimates; unforeseen macroeconomic and/or industry events that adversely affect demand for a
company's products or services; product obsolescence; changes in investor sentiment regarding the specific company or industry; intense
and rapidly changing competitive pressures; the continuing development of industry standards; the company's ability to recruit and retain
competent personnel; and adverse market conditions. For a complete discussion of the risk factors that could affect the market price of
a company's shares, refer to the most recent Form 10-Q or 10-K that a company has filed with the Securities Exchange Commission.
Company Specific Risks:
Twitter is still not profitable on an EPS basis. It faces competition from other social media networks that have greater resources and
longer operating history.
Valuation Methodology:
Methodology for assigning ratings and target prices includes qualitative and quantitative factors including an assessment of industry
size, structure, business trends and overall attractiveness; management effectiveness; competition; visibility; financial condition; and
expected total return, among other factors. These factors are subject to change depending on overall economic conditions or industry
or company-specific occurrences. Sterne, Agee & Leach, Inc., analysts base valuations on a combination of forward looking earnings
multiples, price-to-revenue multiples, and enterprise-value-to-revenue ratios. Sterne, Agee & Leach, Inc., believes this accurately reflects
the strong absolute value of earnings, the strong earnings growth rate, the inherent profitability, and adjusted balance sheet factors.
Additional company-specific valuation methodology is available through Sterne, Agee & Leach, Inc.

Definition of Investment Ratings:
BUY: We expect this stock to outperform the industry over the next 12 months.
NEUTRAL: We expect this stock to perform in line with the industry over the next 12 months.
UNDERPERFORM: We expect this stock to underperform the industry over the next 12 months.
RESTRICTED: Restricted list requirements preclude comment.

Ratings Distribution:
                                                                                                          IB Serv./ Past 12Mos.
Rating Category                        Count                     Percent                    Count                    Percent
Buy                                    230                       47.82%                     33                       14.35%
Neutral                                232                       48.23%                     13                       5.60%
Underperform                           19                        3.95%                      1                        5.26%

ADDITIONAL INFORMATION AVAILABLE UPON REQUEST: Contact Robert Hoehn at 1-212-338-4731.
Other Disclosures:
Opinions expressed are our present opinions only. This material is based upon information that we consider reliable, but we do not
represent that it is accurate or complete, and it should not be relied upon as such. Sterne, Agee & Leach, Inc., its affiliates, or one or
more of its officers, employees, or consultants may, at times, have long or short or options positions in the securities mentioned herein
and may act as principal or agent to buy or sell such securities.
Copyright © 2013 Sterne, Agee & Leach, Inc. All Rights Reserved.




                                                                                                             Appendix Section, Page I
                                                                                                             October 28, 2013




To receive price charts or other disclosures on the companies mentioned in this report, please visit our website at https://
sterneagee.bluematrix.com/sellside/Disclosures.action or contact Sterne, Agee & Leach, Inc. toll-free at (800) 240-1438 or (205)
949-3689.




                                                                                                  Appendix Section, Page II
                       Founded in 1901, Sterne Agee has been providing investors like you with high-quality investment opportunities for over a century. During the
                       early years, our founders prominently established themselves in the financial securities industry in the southeastern United States. Today, we
                       have expanded to serve all regions of the country. Sterne, Agee is headquartered in Birmingham, Alabama with offices in 22 states. Sterne
                       Agee is one of the largest independent firms in the country. Sterne, Agee & Leach, Inc. is a division of Sterne Agee Group, Inc., which also
                       includes The Trust Company of Sterne, Agee & Leach, Inc.; Sterne Agee Asset Management, Inc.; Sterne Agee Clearing, Inc.; and Sterne Agee
                       Financial Services, Inc.—www.sterneagee.com

                                                              EQUITY CAPITAL MARKETS
                                          Ryan Medo            Managing Dir., Eq. Cap. Mkts.              (205) 949-3623


                         INSTITUTIONAL SALES                                                                  INSTITUTIONAL TRADING
William Jump          Director of Institutional Sales         (404) 814-3960           JT Cacciabaudo        Head of Trading                           (212) 763-8288
Jon Schenk            Assoc. Director of Inst. Sales          (212) 763-8221

                                                                    EQUITY RESEARCH
                                          Robert Hoehn          Director of Research                      (212) 338-4731
CHIEF ECONOMIST                                                                           Property/Casualty Insurance
  Lindsey M. Piegza                    Mng. Dir.              (312) 924-0607              Dan Farrell                          Mng. Dir.               (212) 338-4782
                                                                                          Nitin Chhabra, FCAS                  Analyst                 (212) 338-4779
CONSUMER
 Broadlines / Health & Wellness Retailing                                              HEALTHCARE
  Charles Grom, CFA                    Mng. Dir.              (646) 376-5373             Pharmaceutical Services
  Renato Basanta, CFA                  VP, Analyst            (646) 376-5317              Gregory Bolan                        Mng. Dir.              (615) 760-1469

  Footwear & Apparel                                                                   INDUSTRIALS
  Sam Poser                            Mng. Dir.              (212) 763-8226             Aerospace & Defense
  Ben Shamsian                         Analyst                (212) 338-4721              Peter Arment                         Mng. Dir.               (646) 376-5336
  Leisure & Entertainment                                                                 Josh W. Sullivan                     Sr. Analyst             (646) 376-5337
  David Bain                           Mng. Dir.              (949) 721-6651
                                                                                          Auto, Auto Parts and Auto Retailers
  Media & Entertainment                                                                   Michael P. Ward, CFA                 Mng. Dir.               (646) 376-5375
  Vasily Karasyov                      Mng. Dir.              (646) 376-5362
                                                                                          Coal, Metals & Mining, Engineering & Construction
  Kutgun Maral                         VP, Analyst            (646) 376-5372
                                                                                          Michael S. Dudas, CFA                Mng. Dir.               (646) 376-5329
  Restaurants                                                                             Satyadeep Jain, CFA                  Analyst                 (646) 376-5357
  Lynne Collier                        Mng. Dir.              (214) 702-4045              Patrick Uotila, CPA                  Analyst                 (646) 376-5358

  Specialty Retail                                                                        Construction Materials & Diversified Industrials
  Ike Boruchow, Jr.                    Sr. VP, Sr. Analyst    (212) 338-4756              Todd Vencil, CFA                     Mng. Dir.              (804) 282-7385
  Tom Nikic, CFA                       Analyst                (212) 338-4784              Kevin Bennett, CFA                   VP, Analyst            (804) 282-4506

ENERGY                                                                                    Homebuilding
  Exploration & Production                                                                Jay McCanless                        VP, Sr. Analyst        (615) 760-1475
  Tim Rezvan, CFA                       VP, Sr. Analyst       (212) 338-4736
                                                                                       TECHNOLOGY
  Truman Hobbs                          Analyst               (212) 338-4767
                                                                                         Data Networking and Storage
  Oilfield Services & Equipment                                                           Alex Kurtz                           Mng. Dir                (415) 402-6015
  Stephen D. Gengaro                   Mng. Dir.              (646) 376-5331              Amelia Harris                        Analyst                 (415) 402-6018
                                                                                          Craig Jones                          Analyst                 (415) 402-6024
FINANCIAL SERVICES
  Asset Management                                                                        Financial Technology
  Jason Weyeneth, CFA                  SVP, Sr. Analyst       (212) 763-8293              Greg Smith                           Mng. Dir                (818) 615-2029
                                                                                          Jennifer Dugan                       Analyst                 (415) 402-6051
  Banks & Thrifts
  Matthew Kelley                        Mng. Dir.             (207) 699-5800              Interactive Entertainment / Internet
  Matthew Breese                        VP, Sr. Analyst       (207) 699-5800              Arvind Bhatia, CFA                   Mng. Dir.              (214) 702-4001
  Brett Rabatin, CFA                    Mng. Dir.             (615) 760-1466              Brett Strauser                       VP, Analyst            (214) 702-4009
  Kenneth James                         VP, Sr. Analyst       (615) 760-1474
  Nathan Race                           Analyst               (615) 760-1477              LED Supply Chain
  Peyton Green                          Mng. Dir.             (877) 492-2663              Andrew Huang                         Mng. Dir.               (415) 362-6143
  Todd L. Hagerman                      Mng. Dir.             (212) 338-4744              John Shen                            Analyst                 (415) 402-6052
  Robert Greene                         VP, Analyst           (212) 763-8296
                                                                                          Semiconductors
  Life Insurance                                                                          Vijay Rakesh                         Mng. Dir.               (312) 525-8431
  John M. Nadel                         Mng. Dir.             (212) 338-4717
  Alex Levine                           Analyst               (212) 338-4748           TRANSPORTATION, SERVICES & EQUIPMENT
                                                                                          Sal Vitale                           VP, Sr. Analyst         (212) 338-4766
  Specialty Lenders and Housing Finance
  Henry J. Coffey, Jr., CFA             Mng. Dir.             (615) 760-1472
  Calvin Hotrum                         Analyst               (615) 760-1476


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