eBay Listings From JPMorgan

EBAY 3Q listings update from I. Khan. On a reported basis, we have tracked 351.6M listings on eBay's sites through August 17, up 24.2% Y/Y, ahead of our estimate of 17% listings growth for the quarter. Increased listings in Germany continue to contribute to the Y/Y growth, as well as strong Y/Y listings in the UK. Listings in US Motors continue to be grow more slowly. We note that, as eBay diversifies away from GMV-focused businesses, the Listings count becomes an even more imperfect predictor of eBay's performance. eBay trades at a 32% discount to peers. On an EV/EBITDA basis, eBay trades at 8.1x our F'09 estimate, vs. its peers at 11.9x. We believe such a discount is unwarranted and thus reiterate our OW rating.