De financiële kant van de Facebook IPO

19 mei 2012, 16:08

Normaal gesproken wagen wij ons bij Marketingfacts niet gauw aan financiële analyses. Maar de case van de Facebook-beursgang is niet zomaar any event. Bovendien bood Byung Koo Mulder aan om zijn licht over deze IPO te laten schijnen. En daarvoor bieden wij hem graag de ruimte. De hamvraag: gaat Facebook z'n uitgifteprijs van 38 dollar en market capitalisation van ruim 100 miljard waarmaken?

Deze gastblog is geschreven door Byung Koo Mulder, o.a. directeur van Mulder FX. Byung Koo is o.a. te vinden op Twitter.

Voor iedereen zijn goede vrienden van onschatbare waarde, maar sinds vrijdag hebben ze toch een waarde. Want sinds gisteren kunnen we een aandeel kopen van de vriendensite Facebook, genoteerd op de beurs (Nasdaq). De introductieprijs was 38 dollar en na een vertraging van de handel en een zeer volatiele sessie is het aandeel gesloten op 38.23 dollar, een schamele plus van 0.61 procent. De hoogste koers op de eerste dag net boven de 42 dollar.

Misvatting

Laat ik meteen een grote misopvatting tackelen bij het algemene publiek, nl. dat een aandeel op de eerste dag heel hard moet stijgen. Ja, dat is leuk voor de kopers van het aandeel, want die pakken gelijk winst. Maar het is minder prettig voor de verkopers, want zij hadden meer kunnen krijgen (red: zie ook Herbert Blankesteijns heldere uitleg hierover). De taak van begeleidende (zaken)banken is om een zo goed mogelijke introductieprijs vast te stellen tussen vraag en aanbod. De taak van de zakenbanken is niet voor spektakel zorgen.

Het werd niet het verwachte spektakel, zeker niet als men het vergelijkt met andere tech IPO’s. Linkedin steeg 109 procent op de eerste dag, Groupon steeg 30 procent. Facebook kan hoop putten uit het feit dat beide aandelen nu veel lager staan dan na de eerste dag. Alleen de vraag is, gaat Facebook het lukken om het huidige niveau te behouden of is het dé nieuwe zeepbel?

De voortekenen zijn/waren niet optimistisch, er worden/werden vraagtekens gezet bij de hoge introductie koers van 38 dollar, het is een pittig geprijsd aandeel.

Even wat getallen om het wat inzichtelijker te maken.

Als we de 100 van Facebook vergelijken met de andere ondernemingen, zou men kunnen denken dat de waardering niet klopt en/of buiten proportie is. Alleen we vergelijken Facebook met ondernemingen die al tientallen jaren hun naam gevestigd hebben. Als je dan toch wilt vergelijken, kunnen we dat het beste doen met Google. Google ging naar de beurs in 2004 en introductieprijs was 85 dollar. Als we de financiele cijfers van 2003 erop naslaan, levert dat een P/E ratio op van 67 bij introductie. We leven nu 8 jaar later, is dan 100 veel te hoog?

Verwachting

Even een uitstapje naar voetbal. Het EK komt eraan, dus aan voetbal ontkomen we hedentendage ook niet. Kunnen we het vergelijken met een topvoetballer? Niemand dacht dat er ooit meer zou worden betaald dan voor Zidane in 2001 (73 miljoen euro), maar toch ging in 2009 Cristiano Ronaldo voor 94 miljoen euro naar Real Madrid. Wat nou als Real Madrid, of elke andere club, Sergio Agüero nu zou willen kopen? Precies nadat hij de winnende binnen heeft geschoten in de beslissende wedstrijd en daarmee Manchester City na tientallen jaren weer een kampioenschap heeft bezorgd? Breng maar 120 tot 150 miljoen euro mee! Je koopt altijd de verwachting; bij voetbalspelers, maar ook bij aandelen.

Weer terug naar Facebook, de ophef over een hoge P/E-ratio is echt afhankelijk van de toekomst van Facebook. Laten we eens kijken naar scenario 2015 en verder. Om de extreem hoge verwachtingen waar te maken, moet bij een 'normalere' P/E-ratio van 20 (zoals Google) de nettowinst ruim 5 miljard dollar gaan bedragen. Momenteel kent Facebook een nettowinst van 973 miljoen dollar, gebaseerd op 2011-cijfers. De nettowinst zal de komende jaren dus moeten vervijfvoudigen om enigszins recht te doen aan de huidige prijs per aandeel van 38 dollar.

De vraag moet dus luiden: zien we Facebook dat realiseren? Alle ophef en discussies over de beursgang is eigenlijk niet zo van belang, de vraag is wat de strategie van Facebook gaat worden. Als Facebook de huidige strategie blijft doorvoeren, zal de nettowinst in 2015 zeker geen 5 miljard euro zijn. De advertentie-inkomsten zorgen voor het leeuwendeel van de omzet, alleen die zullen niet exponentieel groeien. Zeker niet na het laatste bericht dat GM heeft aangegeven dat adverteren op Facebook te weinig oplevert. Een zwaluw maakt nog geen zomer, maar … waar rook is vuur.

Verdienmodellen

Als ik het daarnaast persoonlijk trek, kan ik de mening wel delen van GM. Persoonlijk heb ik nog nooit op een advertentie geklikt tijdens het checken van statusupdates van vrienden of bij het zelf plaatsen van foto’s of mijn eigen statusupdates. Advertenties vallen niet erg op bij Facebook, allemaal om niet de gebruiker voor het hoofd te stoten. Alleen adverteerders zijn er niet blij mee. Een lastige situatie voor Facebook.

Facebook heeft een nieuw mainstream verdienmodel nodig, naast de huidige advertentie-inkomsten. Helaas voor Facebook, maar van Google Adsense gaan ze niet winnen (red: Facebook lanceerde onlangs een AdSense-concurrent). In mijn ogen zullen ze op overnamepad moeten, ze moeten een ‘dienst’ kopen, waar gebruikers het vanzelfsprekend achten dat daar betaald voor moet worden. De aanschaf van Instagram en Lightbox vallen daar niet onder, deze sluiten aan bij het verdiepen van de huidige strategie.

Google nam in de afgelopen 10 jaar meer dan 100 bedrijven over. Facebook wilt zelf pionier zijn in alles, maar het lijkt mij verstandig om naar, investmentwise, Google te kijken.

Facebook heeft door de beursgang een goed gevulde overnamekas. Facebook zal op dit vlak ook zeker iets gaan doen het komend jaar al, is mijn verwachting. Het zou best eens kunnen zijn dat het kopen van aandelen van mogelijke overnameprooien een betere belegging is dan het aandeel Facebook komend jaar.

Even wat overname kandidaten, die tevens kunnen bijdragen aan opzetten van nieuw mainstream verdienmodel(len):

  • Netflix: interessante kandidaat in mijn ogen; het is een onderneming in zwaar weer, met een lage aandelenkoers laag van 70 dollar, die ooit boven de 300 dollar heeft gestaan. Het concept kan wellicht weer een boost krijgen met een ‘gelikte’ implementatie door Facebook. Netflix-uitbreiding naar veel meer landen gaat sneller door Facebook. Overnameprijs: 6 miljard dollar.

  • Groupon: mits de aandelenkoers verder zakt, dan kan dit een mooie prooi worden voor Facebook. Directe implementatie kan leiden tot meer omzet, dan nu separaat naar Groupon-website te gaan.

  • eigen VOIP-belservice opzetten.

  • Spotify: muziek streamen zal nog meer een vogelvlucht nemen.

  • Dropbox: cloud is hot.

  • Merchandising: Facebook is een merk/brand.

  • etc, etc, etc.

Er zijn tenslotte nog wat gebeurtenissen die in de gaten gehouden moeten worden voor ontwikkeling aandeel Facebook. Over zes maanden is de lock-up periode van de Facebook-werknemers over, ze mogen dan hun opties/aandelen uitoefenen. Gezien de huidige financiele situatie en niet zo veelbelovende eerste dag van Facebook op de beurs, schat ik zo in dat veel medewerkers dit weekend hopen dat het alvast zover was. De verkoopdruk op het aandeel zal dus toenemen over zes maanden. Het is een heel technisch verhaal, maar wel leuk om te noemen voor het geval we hier in Nederland ooit weer eens grote IPO hebben.

Verkoopstrategieën

The Wealthfront Simulator geeft verschillende scenarios bij IPO’s:

Verkoopstrategieën:

  • Verkoop 10% elk kwartaal voor de komende 10 kwartalen

  • Verkoop 50% meteen en daarna 10% per kwartaal

  • Verkoop alle aandelen na lock up periode

Bij tech-aandelen kan de eerste strategie erg lonen. Nemen we weer als voorbeeld Google: men heeft in de eerste 2,5 jaar op verschillende momenten aandelen verkocht tegen verschillende koersen. Daarmee is gecasht, maar ook meegeprofiteerd met de enorme koersstijging, pyschologisch gezien de beste keuze. Men heeft pocket money, maar men kan ook nog opscheppen op feestjes over de koersstijging. Iedereen begrijpt dat ‘gokken’ op niets verkopen veel meer risico’s met zich meebrengt.

Ook interessant zijn de SEC filings, de tegenhanger van de Nederlandse registermelding bij het AFM. De SEC filings worden per kwartaal gepublisheerd. Over een kwartaal is duidelijk of investeringsfondsen op de eerste dag wel veel meer aandelen hebben verkocht. Dit kan dan voor verkoopdruk zorgen op het aandeel Facebook.

Zakenbanken zullen voorlopig de koers wel ondersteunen, hun reputatie staat op het spel. Ik ben benieuwd hoe laag/hoog de koers staat eind 2012. Al met al zal de beursgang van Facebook misschien wel nog meer vragen oproepen dan er al waren vóór de beursgang. De tijd zal het leren.

Deze blog is geschreven op persoonlijke titel en is bedoeld als achtergrondinformatie over de financiële markten. De informatie in deze blog is niet bedoeld als beleggingsadvies of als aanbeveling tot het doen van een transactie. Byung Koo Mulder heeft geen belang bij uw transactiegedrag en is een compleet onafhankelijke en objectieve blogger. Hoewel deze blog is samengesteld met de grootst mogelijke zorgvuldigheid, wordt geen aansprakelijkheid voor de onvolledigheid, onjuistheid of gevolgen van deze blog aanvaard. Raadpleeg meerdere bronnen en neem zelf beslissingen. Voor vragen, neem contact op via mijn Twitter-account.

Onder deze gastblogaccount schrijven auteurs die geen blogger zijn van Marketingfacts. Heb jij een blog die je wilt delen, of wil je graag blogger worden, stuur dan een tweet of mail naar de redactie.

Categorie
Tags

215 Reacties

    iFreek

    Met deze koers/winst verhouding gaat men zondermeer uit van een winstgroei, waardoor de k/w weer naar de normale verhouding van +/- 10 gaat. Hierdoor is er geen ruimte meer voor koersstijging of winstdaling. Er valt weinig te verdienen op het aandeel.

    Bovendien is het businessmodel zwak en het risico dus hoog.

    Koop geen aandelen omdat je het bedrijf hot of leuk vindt, maar omdat het een goede investering lijkt in een goed gespreide portfolio.


    19 mei 2012 om 17:21
    Byung Koo Mulder

    Beste Sander,

    In de blog benoem ik het heel kort in de laatste alinea. Het zou anders een zeer ‘technisch’ verhaal worden. Je hebt zeker gelijk, de zakenbanken hebben de koers niet willen laten zakken onder de $38 vrijdag. Zie mijn twitter, voor de foto!

    De ‘zandzakken’ lagen er op $38. Ruim 10 miljoen aandelen, wat betekent dat je dus ruim 400 miljoen USD nodig zou hebben om deze barriere te slechten.

    Een kanttekening, Morgan Stanley is de grootste underwriter, maar het steunen van de koers hoeft niet alleen van Morgan Stanley te komen. Samen met Goldman Sachs en JP Morgan hebben ze 73%. Aangezien JP Morgan laatst een handelsverlies moest melden van 2 miljard USD, zullen zij waarschijnlijk aan de zijlijn hebben gestaan.

    Wat ik al aangaf in desbetreffende alinea, zakenbanken zullen zeker de eerste dag, niet publiekelijk af willen gaan. Niet alleen Morgan Stanley, maar alle underwriters.

    Kunstmatig kan je het niet noemen, want het zijn werkelijk verhandelbare aandelen. Hoe meer er verkocht gaat worden op $38, hoe meer aandelen dus de zakenbanken/underwriters van Facebook op de plank hebben liggen. Logisch is ook dat dit natuurlijk niet eeuwig vol te houden is.

    Het voordeel kan zijn dat er nu vanuit de G8 top wat positieve geluiden komen en tevens dat in Griekenland, de pro-euro partijen wat aan terrein winnen. Dit kan morgen dus voor opluchting zorgen en dat kan weer betekenen dat ook een aandeel Facebook omhoog wordt meegezogen.

    Dan hoeven de zakenbanken $38 ‘line’ niet te verdedigen.

    Om zeer ‘technisch’ te eindigen, elk aandeel die zakenbanken nu of hebben gekregen op $38, betekent dat er dus ook mensen zijn die de aandelen hebben verkocht. Als deze naked short zijn gegaan, bestaat er een risico dat er een short squeeze kan komen in het aandeel Facebook. Inside information: zakenbanken hebben een hekel aan verliezen.

    Binnenkort een goed ontvangen persbericht ‘Facebook neemt…….. over’ en het aandeel staat $50 omdat de ‘shorters’ van nu, overal elkaar heen vallen om hun verliezen te dekken. Dan denken particulieren beleggers, toch maar aandelen Facebook kopen en wie zijn dan de verkopende partijen? De zakenbanken die nog wat aandeeltjes Facebook hadden liggen op $38.

    Wilde een wat ‘luchtige’ blog schrijven over de hype Facebook IPO. Marketingfacts is meer gericht op marketing/social media dan alle levels van de financiele markt.

    Schroom niet om te reageren of jouw mening te ventileren. Succes en ik hou de blog in de gaten.


    19 mei 2012 om 22:34
    Byung Koo Mulder

    Edwin,

    Bedankt voor je reactie en bijdrage. Leuk om te lezen.

    Waarom Amazon niet is opgenomen, is en denk dat jij het ook weet dat de huidige P/E alleen nu zo hoog is, omdat Amazon de Kindle verkoopt met verlies. P/E in de jaren voorafgaand aan introductie Kindle, was tussen de 30-60 voor Amazon.

    Link met voetballers was met een knipoog bedoeld. 🙂

    Ben het totaal niet met je eens dat een koers enkel en alleen op toekomstige cashflows zijn gebaseerd. Er zit altijd een verwachting bij (toekomst), op je moet een glazen bol op je bureau hebben staan. Daarnaast is sentiment zeker een bepalende factor die niets met cashflows te maken heeft.

    Betreft lock up periode zoals vermeld in de blog, staat voor medewerkers en dat is correct (180 dagen). Jij hebt gelijk dat voor insiders (institutionele partijen) dit is verlaagd naar 90 dagen. Voor medewerkers niet.

    Absoluut er leiden altijd meer wegen naar Rome. Een ander scenario kan ook leiden tot het doel. We zijn er in ieder geval met elkaar eens dat ze wel IETS moeten gaan doen.

    Kwinkslag, net als wij het altijd beter weten dan Bert van Marwijk en Nederland 16 miljoen bondscoaches kent in tijden van een EK of WK. Zijn er vast miljoenen over de wereld die nu weten wat Facebook moet gaan doen.

    We gaan het zien!


    20 mei 2012 om 11:23
    Online No-No

    ja ja ja .. maareh .. wat vindt Nina Brink ervan?

    serieus:

    bijna alle platform startups beginnen met advertising of subscription verdienmodellen als ze genoeg gebruikers hebben.

    De vraag is dus niet ‘kan Facebook x meer advertenties verkopen?’ maar juist ‘welk subscriptionmodel gaat Facebook introduceren?’

    Hun lange termijn visie is een ‘sociaal internet’ en hun grootste beperking is: het huidige internet.

    Daarom steken ze geld in een mobiel data netwerk en daarom bouwen ze partnerships met wereldwijde merken om hun socialbusiness platform te zijn.

    Als je kijkt naar hun staffing zijn het vooral developers, geen klantenservice. Een handjevol verkopers die de partnerships managen. The money is not in the users, its in the platform.

    dus.. is 38,- teveel? Is GM’s berichtgeving alarmerend? Vooral de mensen in de oude economie zullen dat zo zien.


    21 mei 2012 om 08:05
    Shamier Coffie

    Bedank voor de post heel interessant!


    21 mei 2012 om 10:15
    Byung Koo Mulder

    De koers van Facebook noteert meer dan 10% lager vandaag!

    Op weg naar de onderkant van de allereerste bandbreedte, $28-$35?

    Het kan snel gaan als beleggers hun vertrouwen verliezen. Nu ze genoteerd zijn aan de Nasdaq zullen ze dit ook gaan ondervinden. Early bird investeerders reageren anders. 🙂


    21 mei 2012 om 15:43
    Hans Belt

    Heel veel technisch en met vakkennis geschreven en gereageerd. Als ik het nou eens simpeler bekijk zeg ik als beleggingsleek dat dit nooit goed kan gaan. Wat is het product van Facebook? Een website waarop iedereen zich gratis kan aanmelden. Hoe kan een bedrijf 100 Miljard waard zijn als ze hun product weggeven aan de consument? Een zeepbel dus!


    30 juli 2012 om 10:02
    Jaap Tilstra

    Tja. En zeepbelenduiken naar 40% onder de IPO of gaan zelf nog lager. En dan te bedenen dat de lock-up al voor de eerste 450 miljoen aandelen op 15 augustus staat gepland. En dan nog nog maar net te spreken over de 1.3 miljard aandelen die op 3 november (gelukkig geen vrijdag dan) loskomen… pfff..

    En dan te bedenken dat er ook nog 400 mln Restricted Stock Units in omloop zijn. Wat gaat het personeel doen als ze niet gecompeneerd wordt ??? Gaan ze FB verlaten of zal FB de kassalade open moeten trekken ?

    100 keer de winst is ook absurd voor dit soort hypefondsen.


    9 augustus 2012 om 07:57
    MiltonKt

    nike air max 90 grey The handbags are handmade in Italy by the world finest artisans. Coach manufactures their handbags the same way they did when the had 6 employees, one at a time and mostly by hand.nike mercurials “It was Karl Lagerfeld and Valentino. While a leather belt can be expensive, it is still considered a practical choice as you can maintain it reasonably and preserve its aesthetic value over time. nike jordans

    nike air max classic bwblack nike air max 90buy nike free run At Top 1 Handbags, we carefully study each of Louis Vuitton s seasonal lines, then hand pick the most popular items for replication. Carcelle joined LVMH in 1989 as Strategic Director.I felt more emotionally and intellectually evolved than many of the laughing people around me. Alinghi’s tactics have been to divide and conquer, but this Louis Vuitton regattas] would allow challengers to act collectively in the same way, for example, as the manufacturers do in Formula 1 motor racing,” said Dalton..

    nike air max salenike trainersblack and white nike air Small scuff marks can be treated with a small amount of neutral coloured polish. Dab onto scuff mark and use a soft cloth to buff. This will not work for ink stains or pen marks.They were seated two by two in the train and were each helped off by a train attendee, according to Fashionista. If you are on the look out for a designer bag that is different, either for yourself or as a gift, then take a look at Mary Frances handbags..

    nike sb janoskinike air flytopnike air thea It serious money. In addition, this would be the 40th Anniversary of my first visit to Australia when my Harvard mentor Professor Torsten Wiesel and I did research at the Great Barrier Reef.I have a hard time justifying expensive purchases for myself since we are living on 1 income, and I also can help thinking many starving children could that feed when looking at items but since we using our IMAGINATIONs I would love a Roomba. And I would dearly love a ridiculously expensive pair of jeans. I am planning a buying an awesome, flattering bra when I am done breastfeeding (someday Cheaper than boobs, right?.

    nike hi topswhite nike air forcenike trainers uk The I/P also features hand highlighting and the DNA Signature. If this piece was an artist proof, the print would only be available only through Showcase Dealers and Signature Dealers. It is issued in quantities significantly smaller than S/N (20% of the SN edition size).Making on the web purchases from eBay enables you to buy new or slightly used luggage for significantly less. It is not ourintention to fool our customers into believing they are the authentic.


    11 maart 2015 om 12:07
    MiltonKt

    nike air max for cheapnike shoes salenike free 5.0 uk Simply requesting me expires in just a short time. An armed community is not only safe, but tends to be polite. The Alberta Ministry of Employment and Immigration is the governing body accounting for the nominee program and annual immigration quota required to address the immigration needs of the Alberta provinceUnder the new agreement, the Candidates fulfilling federal admissibility requirements are offered with Alberta Provincial Nomination Certificate which fast track their application..Do you prefer a certain look of the Neverfull? The Neverfull can be completely open or cinched in on both sides. The two ways have very different looks. Some girls prefer it open whereas others prefer it cinched.

    nike air max lebron viinike prestonike air max woman I happy to pass my suffering on to others. The Global Bazaar.534. The tail end of the 90s was also about Naomi Klein Logo Being a slave to brands was reacted to with a growing resentment towards capitalism and consumerism.As each model entered, the audience was afforded a glimpse at the lavish room sets projected inside, some replete with the label’s signature travel trunks.

    nike blazer middiscount nike running shoescheap nike jordans OTTAWA Consider it the rise of the bag lady: Everywhere you look, women of all ages are carrying designer bags. (Or in some cases, well made knockoffs.) A designer bag is the ultimate status symbol. The interlocking Cs (or Gs, or LVs, whichever you prefer) around your shoulder are a sure sign you’ve made it, even if you’ve had to spend an entire paycheque to create that illusion.The bag you want to compare the Speedy to is the Louis Vuitton Neverfull, which has become another House staple. The insurer charged the two companies with infringing on its trademarks when they sold them as keywords to Geico’s rivals, so that the protected terms could appear in sponsored search results.

    kids nike air max 90 They selling addiction, and there something very and roll about it. It dangerous, and danger sells. I have signed up with your feed and additionally will enjoy finding your personal wonderful write ups.nike air free (See their listings.) You might look at the setup and policies of established operators like that, and also check the Ebay message boards about preventing scams (which is probably a risk you run and have to accept, but if you’re careful, getting ripped off would be rare). I’d skip the $5 listing fee and use a commission structure based on a sale price. Isolditgulfcoast charges 38% of first $500, 30% of next $1000, 25% above that, plus eBay and Paypal fees. nike air force

    nike air max 1 size 10nike air max idair m谩x nike Locks replacement possibilities concerned with surgical procedures aren’t going to be protected through your insurance coverage insurance coverage. Of india airlines entered straight into the small business involving abroad air flow deals reservation missions years spine. My partner and i inquire a new mother whenever your lady demands just about any diet, which often after My partner and i require, I am aware of is mostly a error in judgment.Stop and think, and realize that it is very unlikely that a real designer bag that usually sells for a thousand dollars will be on sale at a flea market for one or two hundred dollars. Step by step, increase your knock off know how. Here are some tips to tell if your prized pouch is the real deal, or just a top notch knock off..


    16 maart 2015 om 01:03
    MiltonKt

    cheap nike clothing onlinecheap mens nike running shoesnike air maxs 1 But that doesn’t make you a cheater. Cartier is still the most valued jewelry brand in the world, though its luster dulled a bit in 2009. (above the Friendship Heights Metro), Chevy Chase Phone: 301 656 4822 Kitchen hours: Monday Thursday 11:30 2:30 and 5:30 10:30; Friday 11:30 2:30 and 5:30 11; Saturday noon 3 and 5:30 11; and Sunday noon 3 and 5:30 10:30 Prices: Appetizers $5 $8; entrees $7 $22.To make it simply perfect, one must make sure that they work out on all the wedding details way in advance so that there is nothing to get worked up about just before the big day. The smart thing to do is make a list of things that are required in weddings in St Louis. Some people like to live through the traditions followed by their families and as part of their culture.

    nike air max 90 rednike air force1discount nike air max An expert has to look carefully at your table to judge its age. On Thursday, stop by the corner of Selby and Snelling Avenues in St. Let’s now move to Slide 4, which shows the geographic breakdown of revenues.The Cabernet Sauvignons and Sauvignon Blancs are particularly good beliefs. But take it from us, you ain’t seen nothing till you’ve visited the massive RH branch on Broadway.

    nike air max 90 infrared You can say freedom of speech, blah, etc (which is all very true and very important) but there’s something more important, which is the freedom of information (not price). Stop people from knowing how to build a bomb, a keyboard logger, or anything else, and suddenly we have a black list of “things says you can’t know how to do” thought crimes are currently not crimes and I’d prefer to keep it that way. Knowledge is always power and restricting knowledge is always evil..nike air rift men Google, the world’s most popular search engine, makes most of its revenue by selling advertising triggered by words entered into its search bar. When a user searches for “shoes” or visits a partner site that mentions those words, advertising for footwear retailers often appear at the head of the search results or to the side. A word for a company’s brand name can trigger a sponsored ad for the company itself, but it might trigger an ad for a competitor or even counterfeiters. white nike shoes

    cheap nikecheap nike janoskinike air max lebron vii An Oscar de la Renta beaded shift was entombed in thin dry cleaner’s plastic. When they first started dating, his friends wondered why he gave her so much control, and if that was healthy, but now they understand..Around 75 old and new handbags, donated by friends and special sponsors like Saks Fifth Avenue, LuLu Guinness and MaxMara, were on the table for a silent auction. Besides Gucci, Louis Vuitton, Chanel, Lancel and Cole Haan, there were vintage bags with no names but workmanship that was apparent to those who appreciate this most important fashion accessory.”I love handbags and I wanted to support the museum,” said Morris Township resident Eileen Reilly, who brought her friend, Charlene Dow Edwards, from Trenton.Friends of the Morris Museum hoped to raise $20,000, to benefit the museum in Morris Township.Jamie DuffyThis Maxmara bag in a trendy mustard color was the favorite.About 150 ladies attended the luncheon.Costume designer Bettina Bierly of Harding gave a historical perspective on the handbag, often signed even before the ubiquitous logos of today. “Coco Chanel thought the handbag was very important,” said Bierly.

    nike trainercheap nike airmaxnike airmax It is hard to prove some of these things because of the lack of historical information, but that would be my professional opinion. He is wearing a dark hat versus a light hat on DeGrazia and is very dark skinned.However, this cream is unavailable n the United States so most doctors are unable to prescribe it. Progesterone cream has also been successful as a moisturizer, but most doctors believe the side effects outweigh any benefits of prescribing it to their patients. However, there are a number of anti aging, non prescription creams that are gaining popularity, and most of them are very effective.


    16 maart 2015 om 01:59
    MiltonKt

    christian louboutin cheap salebuy christian louboutin shoeschristian louboutin designer After achieving both Riley sailed around the world in the 1989 ’90 Whitbread she had something of an epiphany. In 1994 she faced a choice between the PACT 95 campaign, laden with all star American talent, or Koch’s second campaign, the first all female effort in Cup history. She went with her conscience..We have been working with our Experts to try to help you with your question. At the same time we got a letter of appreciation from the Industry ministry for rising to the need of the hour because that year there was a shortage of cement.

    christian louboutin sale shoes authentic Also make sure to pop into Galerie Xippas, which was restored in 2003. But it’s not really about money lost, Vuitton head Yves Carcelle told me. He was my hero.shoes louboutin It also partnered with a New York City fundraiser called Raise Cache and clothed all the models in its jewelry (see photo above).. It’s very sexy. Hotel chains were easily able to charge $100 more for the same room nary a year later; didn’t even upgrade the comforter. buy christian louboutin online cheap

    what store sells christian louboutin shoeschristian louboutin maudissimachristian louboutin shoes outlet online So we were clothes and now they came out with more expensive clothes hoping to stir up some classicism. Now only the rich people were name brands and the rest just wear the basics. Well no one wants to be not rich so we try to stay up with the names no matter what the price..”Conservation in this area is extremely important because it not only helps preserve the ecosystem and distinct fish species, but also the livelihoods and culture of those who live here,” said Caleb McClennen, Director of WCS’s Marine Program.

    real christian louboutin shoeschristian louboutin ankle bootscheap christian louboutins outlet If you are a business you may want to also check professional business directories such as Dun and Bradstreet where most legitimate businesses are listed.Y is for Yale Or “that total Yale thing” which, according to Harvard graduates, consists of being a “closet homosexual who will a lot of cocaine”. Z is for Zagat Restaurant goer’s scriptures leafed through with “trembling fingers” by the kind of stockbrokers petrified at the thought of not getting reservations at Dorsia. 1 .


    16 maart 2015 om 20:32
    MiltonKt

    louboutin boots salepumps christian louboutinchristian louboutin outlet online Not being able to wear a bikini or stylish one piece was a painful reminder of my deformity. A pair of Oracle Racing AC45 skippered by Russell Coutts, left, and James Spithill, right, make their way toward the Golden Gate Bridge in San Francisco, Monday, June 13, 2011.Only then a lot of European and Italian brands will enter India in a big way, Fondazione Altagamma Executive Director Armando Branchini said. He said India was lagging behind China in a big way when it came to the presence of Italian brands. 40 Italian brands have 430 stores in China, but in India, only 15 brands are present with just 30 stores, he said..

    shoe louboutincheap christian louboutin sneakers for menchristian louboutin simple pump But in 2009, high quality replica watches of Collector’s Edition Rolex was landing in China and citing a new round buying frenzy of neighborhood watch, and millions of people realize their dream of Rolex owning . The exact replica watches of Collector’s Edition Rolex are praised as”civilian version of Rolex” by professional experts in relevant industry, They are perfect in appearance. In addition to the excellent product quality price setting, also was praised as “excellent value for money”.If you could have one handbag, expense no limit, but you could only get one, which Bag would you buy? you aren paying for it, your rich uncle (for the purposes of this.

    cheap christian louboutin online Listen and watch. Sheck turned and smiled several times at relatives and supporters in courtroom 107 Thursday as Bahen read out his findings. There are additional ways to deal with some of those issues.cheap christian Military cemetery,pas de calais5/23/2009Terry Casey Q: My great uncle is buried in the military cemetery in pas de calais after dying in the first world .A: . Tina! On your question about the World War I military cemetery at Pas de Calais, are you .Lake Como/Mila/Aix en Provence/Nice5/23/2009Terry Casey Q: My husband and I are planning a trip to Italy/France for 21 days. wedding shoes christian louboutin

    christian louboutin shoes discount saleoutlet christian louboutinchristian louboutin discount site She was the country’s first officially approved self employed private entrepreneur after the Cultural Revolution or “Capitalist Number One,” as one newspaper called her.Felix’s three children are supposedly fathered by Sinaloa cartel lieutenant “El Chavo Felix.” The two parted ways, and Felix moved on to date cartel figure Dorian Trinidad Leon after he escaped from prison in 2011, according to The Daily Beast.


    16 maart 2015 om 22:21
    WilliamSa

    christian louboutin simple 70stores that sale christian louboutin shoeschristian louboutin official site 4. Et comme toutes les montres premium de haute qualit, ils sont assez chers. This will not help in the recovery of your lost case ” airlines only telex the style of suitcase to the last destination, not descriptions.The SA 8000 emerged as the leading industry driven voluntary standard on worker welfare issues. Here our top ten for Spring/Summer 09.. There are students, soldiers, serving government officials and, most common of all, retirees.

    cheap christian louboutins sneakerschristian louboutin online storechristian louboutins shoes cheap From the model sequence number, however, the production is indicated to be circa 1984 1986 as the original number coding changed after the 1970s. Matsumoku began manufacture around 1976 and after a brief time, the brand was actually manufactured in Korea. They were very expensive export guitars if from Japan in that era.Windows, air ducts, doors, chimney are all very difficult for a renter to soundproof, unless you are able and willing to shut them off totally. Shall we begin with the brawl? Just outside of the John Galliano show Wednesday night, one could find all the volatile ingredients necessary for an explosion.

    christian louboutin shoes for cheaplouboutin you youused christian louboutin shoes for sale I can go there and buy name brand clothes (South Pole, Dereon, Mecca, Baby Phat, etc.)brand new for the same prices that I would pay at Walmart. Since she’s been home, I cant say I’ve ever really used a diaper bag.Zuckerman is just one of many celebrities throwing his weight behind veganism. So your girlfriend seeking out someone, a professional (money manager and/or psychologist) just to talk to would be very helpful.

    buy used christian louboutin It is occurs that women bought Women Bags home but accretion no clothes is adapted to achieve up. Mr. For Hawaiian history, I went directly to the Hawaiians.used christian louboutins Weeks passed, no word. And suddenly, a few days back, a rambling tale (with footnotes!) arrives in our inbox. It’s funny and sad and true andpretty long. what is christian louboutin


    17 maart 2015 om 16:38
    DallasLiat

    cheap louboutin sneakerscheap louboutin bootscheap louboutin shoes for men When her partner Susan Sontag was being treated for cancer, she chartered a private jet to transport her around the country.. Started in 2001, This luxury brand is primarily a fine silver jewellery label based out of Delhi.Brooks is famous for putting Holt Renfrew on the map and, most recently, she turned the Hong Kong based Lane Crawford stores into a major powerhouse in Asia. While the Bay is tight lipped about plans, one of the more curious rumours circulating please let it be true! is that it will be bringing famed British fashion store Topshop into the fold. If that happens, watch for a stampede to the Bay’s doors..

    louboutin shoes for menchristian louboutin on sale onlineused christian louboutin shoes for sale They will still have a good chunk of it, maybe even the biggest but it will be smaller. Ingredients such as ginger, sugar and a Shaoxing style huangjiu (yellow wine) balance the crab’s yin (cold energy) with yang (hot energy).Just think of your bridesmaids and what they would like to choose models and have fun. They truly know what they are talking about, and they actually care about you.

    louboutins menmen christian louboutin salechristian louboutin eugenie “Red 5 Limited (RED) : Company Profile and SWOT Analysis” contains in depth information and data about the company and its operations. The profile contains a company overview, key facts, major pr . What are the best natural supplements for bone and joint health? This is a common question heard from people.CUCURBIT n pl. S a gourdThat jack o’ lantern you just gutted and carved scary faces into, well, it’s a CUCURBIT. A cucurbit could mean any hard rinded fruit from the Cucurbitaceae family of plants, aka the gourd family.

    pre owned christian louboutin wedding shoes Years, the America Cup remained an Anglo Saxon event. Thanks to new Challengers from Europe, Africa and Asia, and thanks, too, to our partnership, the Cup has now taken on an international scope. We are delighted to stand alongside the organisers of the 32nd America Cup at this incredibly important moment in its history.louboutin store Mulberry outlet ukFeaturing a lightweight along with hyper chic style, this bag also has the signature Chanel quilted cloth in a soft luscious lambskin leather. Comes completely new with tags, dustbag, authenticity card, and Chanel documents. All bar Lv, who are quite rigid on the wholesale of their handbags you can purchase most of the big brand developer handbags at at wholesale prices price, including; Gucci, Dior, Prada, Coach and many from the others should you didnt see your preference in this list dont fear, they are most probably available too. christian louboutin sale online


    18 maart 2015 om 02:33
    DallasLiat

    christian louboutin shoes outlet onlinechristian louboutin men salechristian louboutin platforms Today’s Markets In Asia, Japan 1.8% to 10505. Hong Kong 0.4% to 23313. China +1.9% to 2997. I look forward to your answer. I in no hurry and I know delays happen. It sounds it probably ivory.It was in a small cellophane bag. I thought I could just eat it like a snack out of the bag. It had such a strong taste and I was shocked. We live at 3000ft elevation, so I know that will have some effect, but it seems like SOME of it should stay in solution. I accomplished this without any extra cash spent on fancy ceramic diffusers by just plugging the end of the tube and poking several holes along its length (near the end) with a small needle. Smaller bubbles should let the CO2 be absorbed more easily..

    christian louboutin outlet sale store “The original human nature was not like the present . The age of the charm bracelet is also a factor. A jury ruled the Germans were at fault for their collision in Wednesday’s third fleet race..best louboutin shoes The Aditya Birla Group and Bharti Group announced their own mega plans shortly thereafter while others including Godrej, Essar, and Avantha also made their respective entries albeit in a more conservative manner.. cheap christian louboutin online

    used christian louboutin for salediscount louboutin shoes authenticchristian louboutin shop The fountains not only were a symbol of the papal power but where also an important water supply. Herm (OTCPK:HESAF) vs. Bold, graphic prints can be ever so unforgiving, and all it takes is the wrong hair, make up or accessories to fluff it..I’m no Bond. She knew of only one place that might be able to devise and package such a vehicle: Vuitton.. Various Tiongkok duplicate shopping bags tend to be low cost but they’re legitimate.

    christian louboutin nude shoeschristian louboutin sample salechristian louboutin pumps cheap For many people, even the excitement of saving money to buy a house, go on a vacation or retire is not strong enough to combat the impulse shopping bug!.They are very well written and equally enlightening. The Louis Vutton Backpack is an ideal choice for business or travel. Then the audience can hopefully have their version of a similar image in their minds when they listen.


    18 maart 2015 om 22:59
    DallasLiat

    real christian louboutin outletcheap mens christian louboutinchristian louboutin online sale The Pike Place Market (85 Pike St) can be overwhelming with its plethora of shops and maze of passageways. A nearby exercycle has a pointed seat. When the Azur gets dirty and old.They’re terrible looking. If you have this by your side you will look amazing. The owner, Mosi Alvand, is away and could not be reached for comment..

    christian louboutin pigalle pumpsdesigner shoes christian louboutincheap louboutin shoes for men Because collecting, commissioning, and displaying art boost the luxury appeal of fashion houses. And it’s all part of a broader agenda that in fact presents the reverse of what’s really happening: thebrand as a purveyor not just of commodity but culture. When you purchase an LV bag, you’re buy into a lifestyle of art and prestige.But some consultants warn that even the designer market could soon peak here. This brand is perfect in providing the details that are necessary on the road which can be of greater help while travelling.

    louboutins cheapchristian louboutin wedges 2014new louboutin shoes (Reuters/ Tyrone Siu) Going dotty Japanese artist Yayoi Kusama sold eighteen works from the Victoria Miro stand at prices of up to $2m.(AFP/Philippe Lopez) Bird watching Works by Ugo Rondinone are presented at the fair by Galerie Eva Presenhuber.”If only he could have held the seam that straight while bowling,” he said.. Comparative shopping is the smart way to shop and find what it is you are looking for..

    authentic christian louboutin on sale It is understood, Wheelock Place 4 storey high end dining, deputy floor will be opened and the luxury brand retail business. Filet w/ goat cheese and balsamic sauce, smashed potatoes, and grilled asparagus.christian louboutin men sale Dust bags usually have handles so it can be hung too.. The Chinese government relies on IBM to bring China IT infrastructure on par with international standard just as much as IBM relies on the Chinese government for its future growth. christian louboutin heels for sale


    22 maart 2015 om 17:59
    WilliamSa

    christian louboutin boots cheapchristian louboutins on salelouboutins men shoes It’s important that it’s a jet pump so you get enough pressure to run the attachments. I didnt make the icing because I was afraid how it would turn out with honey instead of sugar.I love this bit of perspective about one of his first hotel experiences in the United States. For the five years through FY 08, COH exhibited a revenue compound annual growth rate of 27%, a gross profit CAGR of 29%, an EBIT CAGR of 37%, and a net income CAGR of 40%.

    christian louboutin maudissimaauthentic used christian louboutinlouboutin sale shoes Front row footage from the Marc by Marc Jacobs ready to wear collection at New York Fashion Week Fall 2013. As ever it’s been a really useful event for us, the guys have given 100%, and although disappointed, we will take a lot from it and continue to move forward.”At the beginning of the event Artemis were beset by gear failures but New Zealand born grinder Craig Monk said they had made steady improvements.”It was nice for us to have a race where everything finally went right,” said Monk.”We kept it tight and pounced when we had to.”Team New Zealand and Mascalzone Latino went through on Wednesday with first round elimination wins after they finished as the top two seeds following an eight team round robin competition.The regatta is designed to provide competitive racing for America’s Cup teams not involved in the latest event last month, which was a duel between Oracle and Alinghi, which Oracle won 2 0.Search term:BBC navigation News Sport Weather Capital TV Radio MoreCBBC CBeebies Comedy Food History Learning Music Science Nature Local Northern Ireland Scotland Wales Full A Z of BBC sitesBBC links Mobile site Terms of Use About the BBC Advertise With Us Privacy Accessibility Help Ad Choices Cookies Contact the BBC Parental GuidanceBBC 2014 The BBC is not responsible for the content of external sites.”Nice to see another Kiwi here,” she jokes. But this area is also steeped in history and natural beauty.. What is the equivalent of a cookbook or Haynes manual for higher end goods?.

    where can i buy louboutin shoeslouboutin pumps salemen louboutins Third, Apple finally opened up Apple stores in China. When the iPhone launched there last year, consumers had to buy official versions through China Unicom, because Apple hadn’t yet opened its own stores. Not having dedicated Apple stores made Chinese people feel Apple didn’t care about them, and the Unicom outlets didn’t recreate the sense of happiness and creativity that is part of shopping at an Apple store.While it is far easier said than done, the key to overcoming ED anxiety is perseverance, and the ability to look at it the way it really is. In other words, men who experience difficulty getting an erection need to remind themselves that for the most part, erectile dysfunction is only a temporary condition, providing they don let it get the better of them. If they can pleasure their partners by means of intercourse, there are many other ways to give women orgasms..

    authentic christian louboutin on sale The brochure features special offers and savings at 53 participating mall stores, along with two sweepstakes offers.. During this period, cloth bags were used that were made larger and used by travelers and carried diagonally across the body.christians louboutin The invention of Chromoskedasic Process is in itself an advance in through science It has brought forth a new means of artistic expression, as it enables an artist to convey his or her message through shapes and colors produced by playing with light intensity and reaction time of photo processing instead of the application of tactile material pigments. This is not an ordinary invention, as it signifies a historical evolution in the media for pictorial presentation on two dimensional surfaces, from the traditional use of tactile pigments to non tactile elements, in this case, light, to satisfy human urge to express creative ideas. A certain quality of unpredictability and the nature of fluidity of tonal values and color variations produced through the Chromoskedasic Process are the characteristics that make it an ideal medium for spontaneous artistic expressions. christian louboutin size 11


    22 maart 2015 om 23:55
    DallasLiat

    christian louboutin spiked heelsbuy christian louboutin shoesmen christian louboutin shoes That could be a good thing for Puerto Rico, he says too many super rich moving here to avoid taxes could draw congressional scrutiny.. The exhibit is open until August 19.The vibrant Brisbane Festival in early September has an exciting program of music, theatre, dance and free .On October 20, the Wallabies will face the All Blacks at Suncorp Stadium for the third and final Bledisloe Cup Test.Show your support for the Brisbane Lions at the Gabba.Head to Suncorp Stadium to cheer on the Brisbane Broncos in their 25th season.Edward Street is home to Hermes, Hugo Boss and Gucci.Try the newly refurbished Wintergarden for Coach, Lisa Ho, Scanlan and Theodore, Georg Jensen, Swarovski and Tommy Hilfiger; or head to Tattersall Arcade for Longchamp.Food and nightlifeTry your hand at laneway hopping in Burnett Lane in The City with Brew, Super Whatnot and The Survey Co.By the time they returned to New York all the world, including her facialist, knew the ins and outs of her $19 million bankruptcy filing.. A further good reason that you are able to at the moment structure Webkinz via the internet is the fact there’s merely too much request around the gadgets.

    authentic christian louboutin on sale A tip received by Immigration and Customs Enforcement in northern Virginia led to an undercover effort that ultimately led to the arrests. Nicknamed “The Beijing Kid,” Guo is portrayed in the indictments as having his hand in smuggling, warehousing and distributing the counterfeit goods. Guo faces conspiracy, counterfeit goods trafficking and money laundering charges.christian louboutin spiked A solid stainless steel watch is universal and matches with formal as well as casual wear. Thanks for getting back with me. Kirsten added an eye popping pair of earrings, and a bejeweled clutch, all by Louis Vuitton.. christian louboutin spiked shoes

    christian louboutin londonlouboutin ukmen louboutin sneakers The former “Two and a Half Men” star turned unprecedented online sensation (1 million Twitter followers in less than 24 hours) takes drag after drag on his new online show, “Sheen’s Korner,” and in his many rambling interviews.While I am new to gardening, last summer i had a tomato plant in a rock garden. It grew fast and BIG. We also have deer. Table 105: Avon Products, Inc. Major Products and ServicesTable 106: Avon Products, Inc. HistoryTable 107: Avon Products, Inc.

    christian louboutin slingbackschristian louboutin sneakers cheapwhat are louboutins shoes They may suggest that you keep the party fun.. Coach handbags come an luxury price point as they are significantly cheaper than other luxury brands such as Louis Vuitton, Gucci and Prada but still have strong brand recognition.Prosecutors say the McDonnells took more than $165,000 in secret gifts, cash and loans in exchange for promoting Star Scientific Inc., a company Williams headed until he stepped down under the cloud of a securities investigation and shareholder lawsuits..


    23 maart 2015 om 20:11
    DallasLiat

    christian louboutin lady peeppigalle christian louboutinchristian louboutin wholesale This company gets points for design, creating products that belong in MoMa and that have the potential to get consumers excited about solar. When he dons a wig to become Geronimo, to demonstrate how the shooter should play his part, he is accidentally shot dead.Drugs. Police were called to a home on the 22000 block of Poppy Street NW. On a domestic report. Plesner isn’t the only artist to use Louis Vuitton’s logo and accessories to make a statement. Last weekend, artist Peter Gronquist opened a solo show at a Los Angeles gallery featuring his $4,500 Louis Vuitton electric chair a wooden electric chair printed with the company’s monogram and outfitted with Louis Vuitton buckles for wrist and ankle straps. Gronquist’s works also include a chainsaw embossed with Fendi’s logo and a machine gun clad in Burberry tartan..

    christian louboutin authentic outletchristian louboutin men salechristian louboutin men store Gucci bought a 51 percent stake in the designers private line, self tilted “Alexander McQueen,” Alexander wisely put this new capital to work by expanding his line.Now that I’ve got that off my chest, I’ll leave my criticisms at that. Let’s face it it’s an unrealistic storyline but it’s no more unrealistic than a macho action flick. If a guy can fight 10 people at once and win, then I’m sure a girl can have 100 designer dresses in her wardrobe.

    christian shoeslouboutins pigallechristian louboutin shoes sale Nordstrom put them on sale last year and hubby and I were this close to getting one. A lot of forests are generall chopped to make documents. You can, however, find vintage and pre used Louis Vuitton through Ebay or similar avenues, but be sure to do your research.Guests aboard the boat will pay tribute to all while simultaneously freezing their butts off for the full experience. They said the federal government would pay 90 percent of those costs and of the costs of switching to the federal exchange.

    christian louboutin wedge sneakers Operating profit is well operating income and expenses is down.We has monthly depreciation of intangible assets so that’s where we have less this year than last year.christian louboutin sale authentic Striking is beyond the gemstone, the setting has to say it comes from the House of Vuitton. Last year saw her signing a multi million pound deal with UK’s Topshop to design her own clothing range exclusively for the chain. christian lou


    24 maart 2015 om 10:07
    Armandokes

    ray ban predator polarized The air bag suspension unit includes at least one air bag constructed of an elastomeric material. THE OFFICER SAID, HAD I NOT HAD THE SERIAL NUMBER, WE WOULD NEVER HAVE FOUND ANYTHING.pre owned louis vuittonEach player draws from this bag to get their game pieces. If you do, you will be adding a lot of problems to a fish that already has a lot going on. I ended up using 4 sticks of unsalted butter which is a pound, 4 cups of powdered sugar, 2 teaspoons each of vanilla and lemon extract, 2 Tablespoons of homemade mocha paste (I just ground coffee beans with a little bit of water. louis vuitton uk

    louis vuitton wallet youtubebest place to sell louis vuitton bagslouis vuitton mon monogram speedylouis vuitton wallet

    louis vuitton speedy 40

    louis vuitton bookbag

    louis vuitton diaper bag

    louis vuitton artsy mm

    louis vuitton purses on sale

    louis vuitton pochette

    louis vuitton keepall

    louis vuitton trunk

    louis vuitton speedy

    cheap louis vuitton purses

    louis vuitton paris

    louis vuitton purses on sale

    louis vuitton handbags prices

    louis vuitton purse

    ray ban frames 5228b&l ray ban usa 62 14ray ban 4165 price in indiaIf the new dad to be isn’t prone to travel so lightly or will be going on lengthier jaunts with the baby, the Diaper Dude Diaper Bag is styled like a regular messenger bag that you’d see any guy on the street carrying, but is well thought out with ample pockets designed for wipes, bottles, cell phone, and keys as well a changing pad, an interior zip pocket, and a special bag for dirty diapers.


    14 mei 2015 om 05:32

Marketingfacts. Elke dag vers. Mis niks!

Welke nieuwsbrief