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November 12, 2009

Research Associate: Sanghamitra Saha, MBA.

Editor: Sweta Killa, M. Fin.

Sr. Ed.: Ian Madsen, CFA; imadsen@; 1-800-767-3771 x9417

111 N. Canal Street, Suite 1101 ( Chicago, IL 60606

|Monster Worldwide, Inc. |(MWW-NYSE) |$15.36* |

Note: This report contains substantially new material. Subsequent reports will have new or revised material highlighted.

Reason for Report: 3Q09 Earnings Update and Analyst Day

Prev. Ed.: Oct. 13; Change in Rating and Target Price by One Firm (broker material considered till Sept. 23)

Brokers’ Recommendations: Neutral: 56.2% (9 firms); Positive: 25.0% (4); Negative: 18.8% (3) Prev. Ed.: 12; 5; 1

Brokers’ Target Price: $16.57 (↑ $0.0.02 from last edition; 12 firms) Brokers’ Avg. Expected Return: 7.9%

*Note: Although dated November 12, 2009, share price and broker material are as of November 9, 2009.

Note: A Flash update on 3Q09 Earnings Update was done on October 29, 2009.

Note: The tables below (Revenue, Margins, Earnings per Share, and Balance Sheet) contain less broker material than the broker material used in the Valuation table. The extra figures in the Valuation table come from reports that did not have accompanying spreadsheet models.

Portfolio Manager Executive Summary

Monster Worldwide, Inc. (MWW or the Company), the parent company of , provides online employment solutions, primarily in North America, Europe, and Asia. It operates in three business segments: Monster Careers-North America, Monster Careers-International, and Internet Advertising & Fees.

25.0% of the brokerage firms covering MWW provided positive ratings, 56.2% assigned neutral ratings, and 18.8% had a negative stance. The firms used different valuation methodology to value the shares such as P/E multiples, EV/EBITDA, DCF, P/S multiple, etc.

Bullish: Buy or equivalent outlook (4/16 firms): Target prices are in the range of $19.00-$27.00. These brokerage firms continue to view recent site improvements positively and believe MWW is well positioned to increase market share following a recovery in global employment trends. They recommend purchase of shares, especially for the patient investors looking to invest in a potential economic recovery during the next few years. They are incrementally positive on the prospects of the Company and are encouraged by early signs of stabilization in demand and solid expense management. MWW remained focused on its turnaround plan, which includes the achievement of meaningful cost savings and heavy investments in the business. MWW is a key beneficiary of strong secular trend toward online recruitment. During the current downturn, the Company will focus on capturing market share with its upgraded product offering, customer service and global presence. Intermediate term, the firms believe the Trovix search technology and other newer offerings provide MWW with a competitive advantage relative to traditional competitors and can blunt competitive threat from alternative recruitment technology solutions.

Cautious: Neutral or equivalent outlook (9/16 firms): Target prices are in the range of $12.00-$20.00: These brokerage firms remain cautious on MWW based on the uncertainty regarding the depth and length of global employment moderation. They remain concerned that the macro pressures would dampen MWW's ability to garner outsized returns on its investments, as demand for online job postings has fallen dramatically. As such, they remain concerned about the Company’s revenue outlook as the demand for online job postings, as measured by the MEI Index, remains soft. In addition, MWW's international business, which has been a key driver of growth, continues to deteriorate. The firms believe cyclical issues continue to weigh on the shares. They believe that the main risks to owning shares of MWW at present continue to be sentiment about the pace of an economic recovery (which remains unclear) and uncertainty about competitive challenges to the Company. MWW’s global scale and brand are unique, and its investment in new products and services will allow it to benefit when the economy rebounds. In the near term, the firms believe its performance will largely be driven by macro factors. Longer-term outlook depends on the Company’s ability to successfully execute technology initiatives. Additionally, profitability is likely to be limited near term as MWW continues to invest in the business. Firms think that MWW can lose share, going forward. According to management, demand is stabilizing, but not improving in the Company’s major markets.

Bearish: Negative or equivalent outlook (3/16 firms): Target prices are in the range of $9.50-$10.81: The firms believe MWW shares will trade lower as the market acknowledges the extent of impairment to the long-term earnings power, evidenced by weaker-than-expected revenue growth expected in FY09 and FY10 and a sub-par recovery in the longer term.

The firms believe the following additional factors should also be taken into consideration for investing in the stock:

A) MWW is the largest advertising agency network for worldwide recruitment, as well as the largest advertiser in the Yellow Pages. The Company has a strong presence in the US, as well as around the world.

B) MWW remains focused on increasing sales through its high-margin eComm channel, and formed partnerships with other media properties to improve its presence in smaller markets.

C) Competition intensified over the last few years in the online employment advertising market, which resulted in Monster losing share. While Monster once had a dominant position, there are several national competitors at present (i.e., CareerBuilder and HotJobs), as well as niche sites (i.e., Dice, JobsintheMoney, The Ladders, SnagAJob, etc.), in addition to at least one geographically focused site in almost every major market.

D) The Company does not pay any dividend to the shareholders. It reinvests its excess cash into the business for growth.

General Outlook

As one of the top players in each market, MWW is well positioned to benefit from market penetration and development. The Company continues to develop and roll out new products, and is gaining market share. The Company’s business model has the potential to generate high (35.0%-50.0%) incremental margins in an expansionary environment, has low capital requirements, and generates high returns on capital and strong free cash flow. The firms believe the business to be less cyclical than in previous business cycles due to its significant growth in the international business. Further, the Company recently completed the divestiture of its non-core advertising businesses, which allows it to focus on growing its core Internet-based business. Management is beginning to see encouraging signs of a recovery in the U.S., while the decline in Western Europe is slowing. Thus, the firms expect an improvement in FY10, with the assumption that the economy shows signs of stabilization in 2H09 and that economic growth returns in FY10.

The Zacks Research Digest model expects operating income to likely decrease 95.7% and 50.5%, and increase a whopping 1090.2% y-o-y in FY09, FY10, and FY11, respectively. Pro forma EPS is expected to decline 96.2%, and increase 23.1%, and 483.3% y-o-y in FY09, FY10 and FY11, respectively.

November 9, 2009

Recent Events

On October 29, 2009, MWW announced 3Q09 earnings results. Highlights are as follows:

• Total revenue decreased 35.0% y-o-y to $215.0 million.

• GAAP EPS was $0.27 versus $0.35 in 3Q08.

On October 29, 2009, MWW held its Analyst Day in New York. Key areas of focus include the outlook for recruitment spending for FY09, pricing trends, the health of international markets, and the launch of MWW's new search technology for employers.

Overview

Analysts identified the following factors for evaluating the investment merits of MWW:

|Key Positive Arguments |Key Negative Arguments |

|Global Presence: MWW established itself as the leader in online global |Increased Competition: The Company faces increased online competition from|

|employment services, and has established a well-known brand within the |CareerBuilder, HotJobs, as well as niche sites, such as Dice, |

|U.S. |JobsintheMoney, TheLadders, SnagAJob, which resulted in loss of market |

|Attractive Business Model: The business model generates high incremental |share. |

|margins in an expansionary environment, has low capital requirements, and |International Expansion and Execution Risks: The integration and |

|generates high returns on capital and strong free cash flow. |performance of large acquisitions and executing future acquisitions remain|

|Further Penetrating the Small Business Market: The Company remains focused|a risk. |

|on increasing sales through its high-margin eComm channel, and has |Cyclical Swings: The Company is subject to cyclical swings in demand and |

|recently been forming partnerships with other media properties to improve |foreign exchange changes. |

|its presence in the smaller markets. |Potential for Technological Disruption: There is the possibility that |

|Corporate Relationships: The Company’s increasing global reach is driving | could be displaced by a new competitive technology at some |

|deeper relationships in the corporate market. |point in future. |

|Gaining Acceptance: The brand is gaining acceptance in Europe, and is |US and Europe Economy: If the U.S. economy continues to deteriorate, and |

|ranked as the No.1 jobsite. |if Europe’s economy also significantly worsens, the profitability of the |

| |business will be affected. |

Based in New York City, Monster Worldwide, Inc. (MWW or the Company) is an online recruitment organization, and the parent company of , the leading career website in the world. It operates in three segments: Monster Careers-North America, Monster Careers-International, and Advertising and Fees. It provides online recruitment services in North America, Europe, and Asia Pacific, and operates an online career website, which connects companies with individuals, and offers technology and services that give the employers control over the recruiting process. Its solutions include searchable job postings, a resume database, and career management content and advice. The Company sold all its AdComm business during 2006. Monster is a pure-play Internet company at present.

Further information on the Company is available at its website:

Note: MWW’s Fiscal Year ends on December 31.

November 9, 2009

Revenue

According to Zacks Research Digest, total revenue decreased 35.3% y-o-y to $215.0 million in 3Q09, slightly below the consensus estimate of $217.0 million (approximately in line with the press release) due to continued weakness in global employment in general. The Company generated 42.0% of its revenue outside the United States, and total revenue was negatively impacted by $7.4 million from unfavorable foreign exchange rates.

Provided below is a summary of total revenue as compiled by Zacks Digest:

|Revenue ($ million) |

|Positive |25.0%↓ |

|Neutral |56.2%↓ |

|Negative |18.8%↑ |

|Avg. Target Price |$16.57↑ |

|Median Price Target |$16.25↑ |

|Digest High |$27.00 |

|Digest Low |$9.50 |

|No. of Analysts with Target price/Total |12/16 |

|Downside from current |7.9% |

|Maximum Upside from current |75.8% |

|Minimum Downside from current |38.2% |

The firm (UnionBankSwitz.) with the Digest high price target based the valuation on DCF analysis. The firm (Wells Fargo Securities) with the Digest low price target based the valuation on a combination of DCF and an 8x EV/EBITDA multiple on 2009 estimate.

Risks to the target price include inability to expand outside the US and difficulty in brand building, hurdles in integration and assimilation of numerous acquisitions, any decline in growth rate in the global labor market, and the competitive nature of the online employment services market.

Metrics detailing current management effectiveness are as follows:

|Metrics (TTM) |MWW |Industry |S&P 500 |

|Return on Assets (ROA) |2.7% |1.0% |3.6% |

|Return on Investments (ROI) |4.3% |2.0% |4.9% |

|Return on Equity (ROE) |4.5% |0.3% |8.7% |

ROA, ROI, and ROE of the Company are lower than the market averages (measured by S&P 500) of 3.6%, 4.9%, and 8.7%, respectively.

Capital Structure/Solvency/Cash Flow/Governance/Other

At 3Q09 end, the Company had net cash and marketable securities of $187.5 million versus $235.0 million at the end of 2Q09. The Company generated flat q-o-q cash flow from operations at $12.0 million in 3Q09. Capital expenditures were $12.0 million versus $11.0 million in 2Q09.

One firm (J.P. Morgan) estimates that MWW was slightly free cash flow negative in 3Q09, but the firm expects it to swing positive in 4Q09 and through 2010. Moreover, the firm anticipates the Company to remain fairly conservative with cash on hand through the next few quarters until the economic recovery gets some traction.

One firm (William Blair) believes that share repurchases and acquisitions remain the most likely uses of the Company’s excess cash, but does not expect a significant amount of either of these in the near term given the uncertainty of the demand environment.

Provided below is a summary (abstract) of balance sheet at the end of September 30, 2009, as compiled by Zacks Digest:

| |Value ($ in million) |y-o-y Growth |

|Cash |$187.5 |-69.3% |

|Accounts Receivable |$243.0 |-32.2% |

|Property, Plant, and Equipment (Net) |$151.1 |-0.8% |

|Total Assets |$1,774.2 |-19.5% |

|Accounts Payable and Accrued Expenses |$204.4 |-37.8% |

|Deferred Revenues |$265.6 |-35.5% |

|Shareholders’ Equity |$1,134.9 |5.4% |

|Total Liabilities and Shareholders’ Equity |$1,774.2 |-19.5% |

Investor Day Highlights

Management held an Analyst Day on October 29, 2009. Highlights are given below:

• Background on new search technology: MWW walked through a demonstration of its new résumé search and job-seeker search products. As a reminder, this technology evolved from the Company’s acquisition of a company called Trovix about 18 months ago for $73 million.

• Description of new search technology: Management provided a demonstration of its new search technology during the investor day. The basic premise of the technology is to use “conceptual search” technology, rather than the high-end “key-word searches” that the Company and most competitors have used in the past.

• Feedback from beta testing: The new search technology is being made available for companies to buy and it is used only in a beta format on its Web site. Therefore, there is limited information about the potential impact of this new technology on new sales at this point.

• Other key points from investor day: While the majority of the investor day was devoted to the Company’s new search technology, MWW also has made a variety other changes to its Web sites and sales force. Those are:

Sales force: Management said that it currently has 743 salespeople in North America, which is down about 12.0% from a year ago (less than the 35.0% decrease in revenue). In the past, the Company primarily used field-based sales people for only its largest customers, telephone sales for other large companies and small and medium-sized businesses (10-500 employees), and its self-service e-commerce channel for small companies. It has increased the size of its field-based sales force, partly by establishing a local field-based sales presence in each of the top 28 metropolitan markets. This field-based sales staff is teaming with telephone sales staff to better penetrate and serve the medium and large corporations that previously were served only by telephone sales, which sometimes led to complaints about customer service in the past.

Redesign of Web site and new tools: MWW also provided an update of the Company’s new Web site for job-seekers, which was rolled out earlier in FY09. Management said that the number of résumés posted per unique visitor to the Web site is up 32.0% and the number of job searches per visit is up 76.0% during the last year.

Affiliated sites: The Company said that it started to integrate is community-orientated web sites into its core web site. As a reminder, the Company provides about 20 community-orientated sites such as and , in response to the growth of niche online recruitment Web sites and the growth in social networking.

Long-term targets: The Company continues to target 15.0%-plus revenue growth and 25.0%-plus operating margins.

Others

On October 1, 2009, MWW announced the opening of the 2010 Director of Fandemonium (DOF) online application process at nfl..

On July 8, 2009, MWW announced its plans for a new Technology Center of Excellence & Innovation to be located in Cambridge, Massachusetts, along with certain organizational changes designed to enable the Company to shift or add talent and skills to support the Company’s innovation strategy.

November 9, 2009

Potentially Severe Problems

There are none other than those discussed in other sections of this report.

November 9, 2009

Long-Term Growth

The average long-term growth quoted by the analysts is 17.6%. The growth rates range from 10.0% (Wells Fargo Securities, Oppenheimer) to 25.0% (ThinkEquity).

The brokerage firms believe that the labor market will continue to be under pressure through FY09. Despite the challenging operating environment, management continues to invest in product innovation, technology, new regions, global reach and sales force expansion, while at the same time, successfully reducing operating expense. Management is confident that these initiatives, combined with the powerful Monster brand and the strong balance sheet, will capture the global market share and provide a solid base for future long-term growth and profitability.

Management is taking necessary steps to improve the Company's competitive positioning, and the firms believe MWW has several attractive investment characteristics, including a valuable franchise, good positioning in an attractive growth cyclical market with high incremental margins and returns on invested capital, a significant existing user base and resume database, an unrivaled international presence in the industry, and a strong balance sheet. If the Company's current initiatives are successful, the firms believe the Company could reemerge as the clear leader in online recruitment advertising.

By refocusing on product improvements and technology innovation, the Company appears well positioned to take advantage of the secular trend. Near term, as more job seekers emerge due to layoffs, the Company has the chance to reengage the seeker, and provide them with a better user experience during weak economic cycles. While the economic uncertainty continues to cloud Monster’s near-term outlook, the product improvements, the organizational realignment, and the sales force productivity enhancements should position the Company well in a recovery.

Management continues to invest capital so as to set it apart from the competition, and to take advantage of a turnaround in the economy. The firms believe that the ongoing investment into the Company is the prudent strategy, as MWW needs to stay on top of the competition in the fast-moving online industry. However, these investments will likely continue to be a headwind to earnings until the economy rebounds. In the event of a rebound, the Company is poised to outperform the competition.

The Company has the opportunity for further market share gains in the intermediate term in the core recruitment market. The Company continues to broaden its offerings beyond core recruitment advertising products.

The Company announced some new products that would potentially create new growth opportunities and competitive advantages. In an effort to enhance job-seeker loyalty and draw passive job seekers to the Web site, Monster developed a variety of new tools focused on career management issues. Many of the new products announced by Monster are aimed at combating the competitive threat posed by LinkedIn, Craigslist, and niche job sites. In the near term, the Company is developing tools that allow the job seekers to see salary information, information about typical career progression in an industry, and information about the typical skill sets, and education of candidates applying for a job. Longer term, management believes that this information could create new growth opportunities, including partnering with online education companies, selling information based products to staffing firms, and expanding in traditional staffing-related areas.

November 9, 2009

Upcoming Events

There are currently no significant upcoming events.

Individual Analyst Opinions

POSITIVE RATINGS (25.0%)

J.P. Morgan – Overweight ($24.00 price target) – 10/29/09: The firm maintained an Overweight rating with a price target of $24.00. INVESTMENT SUMMARY: The firm believes that MWW’s investments in products will be well received by the market and that its position coming out of the current recession will be stronger than it has been in recent years. Additionally, the firm expects the Company to regain some market share in the U.S. and continue its international expansion at a healthy rate.

Thomas Weisel – Overweight ($19.00 price target) – 11/05/09: The firm maintained an Overweight rating with a price target of $19.00.

UnionBankSwitz. – Buy ($27.00 price target) – 11/02/09: The firm maintained a Buy rating and a target price of $27.00.

William Blair – Outperform (no price target) – 10/30/09: The firm maintained an Outperform rating with no specific target price.

NEUTRAL RATINGS (56.2%)

CL King – Neutral (no price target) – 11/02/09: The firm maintained a Neutral rating with no specific target price.

ThinkEquity – Hold ($20.00 price target) – 10/30/09: The firm maintained a Hold rating with a price target of $20.00. INVESTMENT SUMMARY: The firm remains cautious on the stock given management’s conservative outlook and lingering impact of the challenging economy. Additionally, the firm believes the Company has been losing market share of the online job market to CareerBuilder.

Wall Street Strategies – Hold ($15.50 price target) – 10/29/09: The firm maintained a Hold rating and a price target of $15.50. INVESTMENT SUMMARY: The firm believes the recovery in employment is likely to be long and slow, and the market has already priced a fair amount of recovery into the stock.

Citigroup – Hold ($15.00 price target) – 10/30/09: The firm maintained a Hold rating, and decreased the price target from $19.00 to $15.00. INVESTMENT SUMMARY: In the near term, the firm remains cautious recommending stocks with MWW’s cyclical exposure.

Deutsche Bank – Hold ($12.00 price target) – 10/30/09: The firm maintained a Hold rating and a price target to $12.00. INVESTMENT SUMMARY: The firm prefers to remain on the sidelines as it sees the stock extremely volatile to the market. The firm would wait for an improvement at Monster sometime in 2010, with the assumption that the economy shows signs of stabilization in 2H09 and that economic growth returns in 2010.

Goldman – Neutral ($19.00 price target) – 10/29/09: The firm maintained a Neutral rating, and a target price of $19.00.

Oppenheimer – Perform (no price target) – 11/06/09: The firm maintained a Perform rating with no specific target price. INVESTMENT SUMMARY: The firm remains cautious based on the uncertainty regarding the depth and length of global employment moderation coupled with uncertainty regarding the sales success with Trovix. Cyclical concerns outweigh a reasonable valuation. While management indicated some signs of stabilization, earnings visibility appears limited over the next 12 months.

R W. Baird – Neutral ($17.00 price target) – 11/02/09: The firm maintained a Neutral rating with a target price of $17.00. INVESTMENT SUMMARY: The firm thinks MWW’s profitability is likely to be limited near term since it continues to invest in the business and 3Q09 revenue performance materially lagged that of other employment related companies. Hence, the firm prefers to remain on the sidelines.

Stifel Nicolaus – Hold (no price target) – 10/30/09: The firm maintained a Hold rating with no specific target price.

NEGATIVE RATINGS (18.8%)

Singular Research– Sell ($10.00 price target) – 11/09/09: The firm maintained a Sell rating with a price target of $10.00. INVESTMENT SUMMARY: The firm notes that though the economic downturn may be abating, a lack of hiring drives poor visibility. Higher expenses and planned investments in the global platform will likely provide a drag on near-term earnings.

ValuEngine – Sell ($10.81 price target) – 11/03/09: The firm maintained a Sell rating with a price target of $10.81.

Wells Fargo Securities – Under Perform ($9.00-$10.00 price target range) – 11/02/09: The firm maintained an Under Perform rating with a target price range of $9.00-$10.00. INVESTMENT SUMMARY: The firm believes MWW shares will trade lower as the market acknowledges the extent of impairment to long-term earnings power, evidenced by weaker-than-expected revenue growth in FY09 and FY10, and a sub-par recovery in the longer term.

DROPPED COVERAGE

Barclays Capital – 08/11/09: The firm discontinued coverage of MWW as a result of an analyst's departure.

|Research Associate |Sanghamitra Saha |

|Copy Editor |Pushpanjali B. |

|Content Ed. |Sweta Killa |

|No. of brokers reported/Total |16/16 |

|brokers | |

|Reason for Update |Earnings |

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Zacks Research Digest

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