Zacks Investment Research



| Intl |(CTRP-NASDAQ) |

|Current Recommendation |Neutral |

|Prior Recommendation |Outperform |

|Date of Last Change |11/05/2008 |

| | |

|Current Price (02/05/10) |$30.57 |

|Six- Month Target Price | |

OUTLOOK

|Analyst must write |

SUMMARY DATA

|52-Week High |$38.69 |

|52-Week Low |$9.35 |

|One-Year Return (%) |184.37 |

|Beta |2.00 |

|Average Daily Volume (sh) |2,424,212 |

| | |

|Shares Outstanding (mil) |134 |

|Market Capitalization ($mil) |$4,102 |

|Short Interest Ratio (days) |2.03 |

|Institutional Ownership (%) |32 |

|Insider Ownership (%) |23 |

| | |

|Annual Cash Dividend |$0.00 |

|Dividend Yield (%) |0.00 |

| | |

|5-Yr. Historical Growth Rates | |

| Sales (%) |48.7 |

| Earnings Per Share (%) |N/A |

| Dividend (%) |13.1 |

| | |

|P/E using TTM EPS |44.3 |

|P/E using 2010 Estimate |38.4 |

|P/E using 2011 Estimate |26.8 |

| | |

|Zacks Rank |3 |

| | |

|Risk Level |Average, |

|Type of Stock |Large-Growth |

|Industry |Internet Commer |

|Zacks Rank in Industry |15 of 17 |

KEY POINTS

➢ Analyst must write

OVERVIEW

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INDUSTRY OUTLOOK

INDUSTRY OUTLOOK - NEUTRAL

Our outlook for the non-food - retail/wholesale industry is neutral. This industry is contingent on consumer disposable income, which is critically tied to the employment outlook. There is some debate about the extent to which debt has funded consumer spending over the last few years. Though debt reduction through home refinancings is likely to slow, consumers will continue to have some additional disposable income from lower payments. Consumer debt is high by many measures, though including mortgages may be somewhat misleading, as U.S. home ownership is at an historic high.

Retailers, in general, should benefit from an improving economy and consumer confidence, along with job growth and lower unemployment. Some retail segments will perform better than others. Merchandising has been and will continue to be very important, as consumers are selective in terms of product and price.

Building traffic is a central theme for all retailers. Target, Wal-Mart, and Dollar General are trying to attract customers by offering both groceries and other items in one place. Radio Shack and Circuit City have focused on reformatting their stores to be more visually appealing. Home Depot is improving its customers' shopping experience by providing better service and cleaner stores.

Inventory management is the other focus for retailers. Expectations are high for new systems (at chains as diverse as Nordstrom, Home Depot, and Dollar General) to provide management with faster and better information regarding what is selling. This impacts markdowns, distribution, re-orders, and new inventory purchases. As the economy improves, earnings for these companies will benefit.

Overall, we believe retailers will perform in-line with the S&P 500.

INDUSTRY POSITION

Analyst must write

RECENT NEWS

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VALUATION

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RISKS

➢ Analyst must write.

INSIDER TRADING AND OWNERSHIP

Analyst must write.

PROJECTED INCOME STATEMENT & BALANCE SHEET

HISTORICAL ZACKS RECOMMENDATIONS

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DISCLOSURES

The analysts contributing to this report do not hold any shares of CTRP. Zacks EPS and revenue forecasts are not consensus forecasts. Additionally, the analysts contributing to this report certify that the views expressed herein accurately reflect the analysts’ personal views as to the subject securities and issuers. Zacks certifies that no part of the analysts’ compensation was, is, or will be, directly or indirectly, related to the specific recommendation or views expressed by the analyst in the report. Additional information on the securities mentioned in this report is available upon request. This report is based on data obtained from sources we believe to be reliable, but is not guaranteed as to accuracy and does not purport to be complete. Because of individual objectives, the report should not be construed as advice designed to meet the particular investment needs of any investor. Any opinions expressed herein are subject to change. This report is not to be construed as an offer or the solicitation of an offer to buy or sell the securities herein mentioned. Zacks or its officers, employees or customers may have a position long or short in the securities mentioned and buy or sell the securities from time to time. Zacks uses the following rating system for the securities it covers. Outperform- Zacks expects that the subject company will outperform the broader U.S. equity market over the next one to two quarters. Neutral- Zacks expects that the company will perform in line with the broader U.S. equity market over the next one to two quarters. Underperform- Zacks expects the company will under perform the broader U.S. Equity market over the next one to two quarters. The current distribution of Zacks Ratings is as follows on the 1081 companies covered: Outperform- 14.3%, Neutral- 78.7%, Underperform – 6.1%. Data is as of midnight on the business day immediately prior to this publication.

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Month Day, Year

[pic]Equity Research Robert Plaza, CFA

111 North Canal Street, Chicago, IL 60606

ZACKS ESTIMATES

Revenue

(in millions of $)

| |Q1 |Q2 |Q3 |Q4 |Year |

| |(Mar) |(Jun) |(Sep) |(Dec) |(Dec) |

|2008 |49 A |59 A |55 A |62 A |233 A |

|2009 |59 A |74 A |80 A |88 A |311 A |

|2010 |77 E |92 E |103 E |103 E |375 E |

|2011 | | | | |537 E |

Earnings per Share

(EPS is operating earnings before non recurring items)

| |Q1 |Q2 |Q3 |Q4 |Year |

| |(Mar) |(Jun) |(Sep) |(Dec) |(Dec) |

|2008 |$0.10 A |$0.13 A |$0.11 A |$0.13 A |$0.47 A |

|2009 |$0.13 A |$0.17 A |$0.19 A |$0.19 A |$0.68 A |

|2010 |$0.17 E |$0.21 E |$0.25 E | |$0.80 E |

|2011 | | | | |$1.14 E |

|Zacks Projected EPS Growth Rate - Next 5 Years % |20 |

|Consensus Projected EPS Growth - Next 5 Years % |24 |

| Top 5 Public Companies in the industry |

| | | | |

|Ticker |Company |Market Share |Zacks |

|  |  | |Rec |

|AMZN | Inc |61.68505% |Outperform |

|EBAY |Ebay Inc |21.96531% |Neutral |

|SPGZ |Spectrum Group |10.80562% |N/A |

|PCLN | |N/A |Outperform |

|EXPE |Expedia Inc |N/A |Outperform |

| Intl |  |

|Income Statement and Balance Sheet |  |

|(Dollars in millions, except EPS data) |  |

|  | | | | | | | | |

| |12/05 |12/06 |12/07 |12/08 |12/09 |12/10E |

|Sales | |65 |100 |164 |217 |291 |375 |

|  |Cost of Goods Sold |11 |20 |32 |48 |66 |85 |

|  |SG&A |19 |34 |52 |67 |79 |102 |

|  |Other operating expenses |7 |14 |24 |35 |46 |60 |

|  |Interest and other |-1 |2 |1 |2 |3 |4 |

|Zacks Adjusted Income before NRI |28 |31 |55 |65 |97 |107 |

|Net Income |28 |31 |55 |65 |98 |107 |

|Diluted EPS before NRI |0.22 |0.47 |0.40 |0.47 |0.68 |0.80 |

|Reported EPS |0.22 |0.47 |0.40 |0.47 |0.68 |0.80 |

|  | | | | | | |

|Cash & Marketable Securities |92 |109 |166 |184 |253 |253 |

|Current Assets |105 |135 |212 |239 |338 |338 |

|Current Liabilities |33 |54 |92 |92 |170 |170 |

|Long Term Debt |0 |0 |0 |0 |0 |0 |

|Shareholder's Equity |95 |132 |199 |283 |438 |544 |

Industry Comparables

| |Pr Chg |P/E CurrFY |EPS Gr |Price/ |Price/ |Price/ |

| |YTD | |5Yr Est |Book |Sales |CF |

| INTL |-16.1 |33.5 |23.6 |9.2 |13.4 |56.7 |

| | | | | | | |

|Industry Mean |2.3 |60.0 |21.1 |4.6 |3.6 |26.9 |

|Industry Median |-7.9 |27.3 |20.2 |2.3 |1.7 |16.2 |

|S&P 500 |-4.7 |13.6 | |3.4 |2.3 |11.9 |

| | | | | | | |

| |-13.3 |536.0 | |2.7 |0.7 |133.1 |

|ORBITZ WORLDWID |-16.8 |25.6 |10.0 |3.6 |0.7 |8.0 |

|BLUE NILE INC |-21.1 |43.9 |21.3 |21.5 |2.6 |53.0 |

|GAIAM INC |-12.6 |36.0 |12.5 |0.9 |0.6 |17.2 |

| | | | | | | |

CTRP: Zacks Company Report - NEUTRAL

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