While we continue to believe that the significant opportunities to meet global energy needs with solar powerwill drive long-term market growth, in the near-term we expect challenging conditions in the solar industry to continue.
Most importantly, the 18% price-per-ad growth in North America, despite easy comps with virtually no Newsfeed revenue a year ago, suggests wewill need to see a pricing-power inflection for the multiple to expand, or even for it to remain stable, in early 2014 and onwards when comps become harder.