Valuation Ratios

Linked In XING
Share price 94 $ 48.14
MARKET CAP $ 8,900,000,000.00 $ 254,764,800.00
Shares Issued 94680851 5,291,996
PAT $22,547,000 $ 7,211,000.00
EPS $0.24 $1.36
Sales $243,099,000 $ 54,282,000.00
EBIT $39,127,000 $ 11,522,000.00
P/E ratio $394.73 35.3300235750936
EV $ 230,130,800.00
EV/EBIT 19.9731643811838

XING
EV/sales 4.23954165284993
EV/EBIT 19.97
PE 35.3300235750936
EPS $0.24
Linkedin
MPS From PE 8.41338066353682

EV From EV/sales 1030628336.26617

MPS 10.663416360564

EV from EV/EBIT 781,490,002.74

MPS 8.03
 Linkedin Sales 243099000
Relative Valuation Debt 113958000
Cash & Cash Eq 92951000
# of Shares 94680851

Sales EV EV/Sales Linkedin EV MPS

2010
Amazon 34204 75844 2.217401 539048080.8093 5.47144512
eBay 9145 35309 3.861017 938609359.322 9.69153054
Netflix 2163 12381 5.723994 1391497327.323 14.4748417
OpenTable 99 2444 24.68687 6001353090.909 63.1632059
Ancestary.com 301 1518 5.043189 1225994292.359 12.7268321

Salesforce 1657 18273 11.02776 2680837674.713 28.0925936

Concur 293 2658 9.071672 2205314477.816 23.0702138
Success Factor 206 2685 13.03398 3168547645.631 33.2436877
NetSuite 193 1806 9.357513 2274802041.451 23.8041274
RealPage 188 1867 9.930851 2414179962.766 25.2762088
LogMeln 101 837 8.287129 2014592702.97 21.055849

Google 29118 155552 5.342125 1298665280.857 13.4943684

Yahoo 6325 19221 3.038893 738751917.6285 7.58067666

Monster 914 1870 2.045952 497368851.2035 5.03123753

Dice 129 978 7.581395 1843029627.907 19.2438345

Tencent 2981 37053 12.42972 3021652883.932 31.692215

Baidu 1201 306276 255.0175 61994495690.26 654.551454
Sohu 613 2807 4.579119 1113179270.799 11.5353026
51job 153 1544 10.0915 2453234352.941 25.6886934
Mercadolibre 214 3549 16.58411 4031581079.439 42.3588723
Linkedin EBITDA 47959000

EBITDA EV/EBITDA Linkedin EV MPS

2193 34.5845873 1658642223 17.29637

2826 12.4943383 599215970 6.106926
616 20.099026 963929187 9.958953
25 97.76 4688471840 49.29682
88 17.25 827292750 8.515827

173 105.624277 5065634723 53.28034

65 40.8923077 1961154185 20.49144
-15 -179-8584661000 -90.89132
-13 -138.92308-6662611846 -70.59103
28 66.6785714 3197837607 33.55304
22 38.0454545 1824621955 19.04942

11574 13.4397788 644558352 6.585823

1513 12.7038995 609266318 6.213076

49 38.1632653 1830272041 19.10909

48 20.375 977164625 10.09874

1567 23.64582 1134029883 11.75552

668 458.497006 2.1989E+10 232.0221
257 10.922179 523816782 5.310575
48 32.1666667 1542681167 16.07161
78 45.5 2182134500 22.82539
 Facebook Linkedin

EV
Floor Value 5080000000
Ceiling Value 5160000000
2010
2011 Revenue 400000000 243099000

EBITDA 200000000 47959000

EV/Sales EV MPS
Floor Value 12.7 3087357300 32.38617
Ceiling Value 12.9 3135977100 32.89968

EV/EBITDA EV MPS
Floor Value 25.4 1218158600 12.64407
Ceiling Value 25.8 1237342200 12.84669
 Linkedin

EV
Floor Value 251000000
Ceiling Value 280000000
2010
Revenue 158000000 243099000

EBITDA 71100000 47959000

EV/Sales EV MPS
Floor Value 1.58860759 386188918 3.856978
Ceiling Value 1.7721519 430808354 4.328239

EV/EBITDA EV MPS
Floor Value 3.5302391 169306737 1.566312
Ceiling Value 3.93811533 188868073 1.772915
 December 31,
Balance Sheet (in thousands)
2009 2010
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 89,979.00 $ 92,951.00
Accounts receivable (net of allowance for doubtful
accounts as of $1,100 and $2,672 at December 31,
2009 and 2010, respectively) $ 24,324.00 $ 58,263.00
Deferred commissions $ 2,961.00 $ 8,684.00
Prepaid expenses and other current assets $ 2,199.00 $ 5,767.00
Income tax receivable -- $ 3,090.00
Deferred income taxes $ 1,695.00 $ 3,451.00
Total current assets $ 121,158.00 $ 172,206.00
NON CURRENT ASSETS:
Property and equipment, net $ 25,730.00 $ 56,743.00
Intangible assets, net $ 297.00 $ 5,232.00
Other assets $ 1,374.00 $ 4,007.00
Total non-current assets $ 27,401.00 $ 65,982.00
TOTAL ASSETS $ 148,559.00 $ 238,188.00
LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED
STOCK AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 4,919.00 $ 2,064.00
Accrued liabilities $ 18,352.00 $ 38,003.00
Deferred revenue $ 25,450.00 $ 64,985.00
Income tax payable $ 552.00 $ 420.00
Total current liabilities $ 49,273.00 $ 105,472.00
NON CURRENT Liabilities:
LONG-TERM LIABILITIES $ 528.00 $ 1,861.00
DEFERRED TAX LIABILITIES $ 1,695.00 $ 6,625.00
Total Non Current Liabilities $ 2,223.00 $ 8,486.00
Total Liabilities $ 51,496.00 $ 113,958.00
COMMITMENTS AND CONTINGENCIES (Note 10)
REDEEMABLE CONVERTIBLE PREFERRED STOCK:

Redeemable convertible preferred stock, Series C,

$0.0001 par value— 4,357,644 shares authorized;
4,357,644 issued and outstanding; liquidation
preference of $12,811 $ 12,700.00 $ 12,700.00

Redeemable convertible preferred stock, Series D,

$0.0001 par value— 6,800,349 shares authorized;
6,599,987 shares issued and outstanding; liquidation
preference of $75,702 $ 75,281.00 $ 75,281.00
Total redeemable convertible preferred stock $ 87,981.00 $ 87,981.00
STOCKHOLDERS' EQUITY
Convertible preferred stock, Series A, $0.0001 par
value—17,238,579 shares authorized; 17,168,214,
and 17,238,579 shares issued and outstanding at
December 31, 2009 and 2010, respectively;
liquidation preference of $5,494 and $5,516 at
December 31, 2009 and 2010, respectively $ 5,451.00 $ 5,884.00

Convertible preferred stock, Series B, $0.001 par

value—17,450,991 shares authorized; 17,450,991
shares issued and outstanding; liquidation
preference of $9947 $ 9,962.00 $ 9,962.00

Common stock, $0.001 par value—120,000,000

shares authorized; 41,745,728, and 43,308,742
shares issued and outstanding at December 31, 2009
and 2010, respectively; 88, 955, 943 shares issued
and outstanding pro forma $ 4.00 $ 4.00
Additional paid-in capital $ 13,725.00 $ 25,074.00
Accumulated other comprehensive loss $ (3.00) $ (3.00)
Accumulated deficit $ (20,057.00) $ (4,672.00)
Total stockholders' equity $ 9,082.00 $ 36,249.00

TOTAL LIABILITIES, REDEEMABLE CONVERTIBLE

PREFERRED STOCK AND STOCKHOLDERS
EQUITY $ 148,559.00 $ 238,188.00
 2010 2009

Income
Statemen
t Data
Service
### ### 2010
revenues
Other
operating $ 783.00 $ 1,085.00
income
Closing
Total price on
### ###
revenues December
31
Cost of
### ### € 36.35
materials
Average
Personnel
### ### daily 9,619
expenses
volume
Marketing Number of
### ### 5,291,996
expenses shares
Other
operating $ (13,029.00) $ (12,596.00) Market cap 192000000
expenses
Exchange
EBITDA ### ### 1.3269
rate $/€
Depreciatio
### ###
n
EBIT ### ###
Interest
### ###
income
Interest
### ### 2010
expense
Closing
price on
EBT ### ### $ 48.23
December
31
Average
Taxes on
### ### daily $ 12,763.45
income
volume
Annual
net Number of
### ### 5291996
income shares
(deficit)
Market cap $ 254,764,800.00
Balance
Exchange
Sheet rate $/€
1.3269
Data
Non-
current ### ###
assets
Current
$ 64,573.00 $ 50,673.00
Assets
$ 95,581.00 ###
Shareholde
### ###
rs’ equity
Non-
current ### ###
liabilities
Current
$ 30,234.00 $ 24,139.00
liabilities
$ 95,581.00 ###
Cashflow
Data
Cashflow
from
### ###
operating
activities
Cashflow
from
### ###
Investing
activities
Cashflow
from
### ###
financing
activities
Cash and
cash
equivalents
at the ### ###
beginning
of the
period

Cash and
cash
equivalents
### ###
at the end
of the
period
 Share data
2009 2008 2007 2006

€ 30.80 € 27.00 € 44.21 € 30.65

10,851 7,472 10,981 43,571

5,271,773 5,272,447 5,201,701 5,201,700

162000000 140000000 230000000 159000000

1.4332 1.3919 1.4603 1.3197

Share data
2009 2008 2007 2006

$ 44.14 $ 37.58 $ 64.56 $ 40.45

$ 15,551.65 $ 10,400.28 $ 16,035.55 $ 57,500.65

5271773 5272447 5201701 5201700

$ 232,178,400.00 $ 194,866,000.00 $ 335,869,000.00 $ 209,832,300.00

1.4332 1.3919 1.4603 1.3197

 Year Ended December 31,
2006 2007 2008 2009 2010
(in thousands)
Net
$9,836 $32,486 $78,773 $120,127 $243,099
revenue
Costs and
expenses:

Cost of
revenue
(exclusive
of
depreciatio
### ### ### $(25,857.00) $(44,826.00)
n and
amortizatio
n shown
separately
below)

Sales and
### ### ### $(26,847.00) $(58,978.00)
marketing
Product
developme ### ### ### $(39,444.00) $(65,104.00)
nt
General
and
### ### ### $(19,480.00) $(35,064.00)
administrati
ve
Depreciatio
n and
$ (973.00) ### ### $(11,854.00) $(19,551.00)
amortizatio
n
Total costs
and ### ### ### ### ###
expenses
Income
(loss) from ($1,370) ($432) ($5,509) ($3,355) $19,576
operations
Other
income
$ 696.00 $ 773.00 $ 1,277.00 $ 230.00 $ (610.00)
(expense),
net
Income
(loss)
before ($674) $341 ($4,232) ($3,125) $18,966
income
taxes
Provision
for income $ 3.00 $ 13.00 $ 290.00 $ 848.00 $ 3,581.00
taxes

Net income
($671) $354 ($3,942) ($2,277) $22,547
(loss)

Provision
for income ### $ 13.00 $ 290.00 $ 848.00 $ 3,581.00
taxes
Other
(income)
$(773.00) $ (1,277.00) $ (230.00) $ 610.00
expense,
net $(696.00)
Depreciatio
n and
$ 973.00 $ 2,107.00 $ 6,365.00 $ 11,854.00 $ 19,551.00
amortizatio
n
Stock-
based
$ 112.00 $ 1,805.00 $ 4,605.00 $ 6,152.00 $ 8,832.00
compensati
on
Adjusted
($279) $3,506 $6,041 $16,347 $55,121
EBITDA