Alphabet is the global leader in digital advertising with market share forecast to be above 30% in 2019 according to eMarketer, and leading franchises in search, mobile, and digital video. However, 85% of revenue came from advertising in 2018 and in our opinion an even higher share of profit resulting in limited product diversity. Revenue growth has exceeded 20% in the past three years with above-average EBITDA margins that we expect to be the 36%-37% range over the next two years. Annual cash flow has been in the low- to mid-$20 billion range over the past three years. At the end of 2018, the company had $109 billion of cash and only $4 billion of debt. There is significant cushion
