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Sectorwatch: Management Consulting October 2019 Management Consulting October 2019 Sector Dashboard [4] Sectorwatch: Management Consulting October 2019 Management Consulting October 2019 Sector Dashboard [4] Public Basket Performance [5] Operational Metrics [7] Valuation Comparison [10] Recent Deals [13] Appendix [15] 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document. All data cited in this document was believed to be accurate at the time of authorship and came from publicly available sources. Neither 7 Mile Advisors nor 7M Securities make warranties or representations as to the accuracy or completeness of third-party data contained herein. This document should be treated as confidential and for the use of the intended recipient only. Please notify 7 Mile Advisors if it was distributed in error. 2 Overview 7MA provides Investment Banking & Advisory Services to the Business Services and Technology Industries globally. We advise on M&A and private capital transactions, and provide market assessments and benchmarking. As a close knit team with a long history together and a laser focus on our target markets, we help our clients sell their companies, raise capital, grow through acquisitions, and evaluate new markets. We publish our sectorwatch, a review of M&A and operational trends in the industries we focus. Dashboard Valuation Comparison • Summary metrics on the sector • Graphical, detailed comparison of valuation • Commentary on market momentum by multiples for the public basket comparing the most recent 12-month performance against the last 3-year averages. Public Basket Performance Recent Deals • Summary valuation and operating metrics • The most recently announced deals in the for a basket of comparable public companies sector 3 Dashboard Operating Metrics Revenue Growth Momentum 1 - year revenue growth compared to revenue growth Median LTM GP Margin % 34.8% 4.6% average for last 3 years Current revenue growth rate exceeds the average of the last 3 years by this amount, indicating that market momentum is increasing Median LTM EBITDA Margin % 12.3% Pricing / Gross Margin Momentum Median LTM Rev. Growth % 9.4% 1 - year gross profit % compared to gross profit % 0.8% average for last 3 years 0% 10% 20% 30% 40% Current gross profit margin exceeds the average of the last 3 years gross profit margin by this amount, indicating supplier pricing power Valuation Profitability Momentum Median Price / LTM Earnings 23.5x 1 - year EBITDA % compared to EBITDA % average for 0.7% last 3 years Median TEV / LTM EBIT 18.0x Current EBITDA margin exceeds the average of the last 3 years EBITDA margin by this amount, a condition that may attract new entrants Median TEV / LTM EBITDA 15.4x Median TEV / LTM Revenue 1.8x 0x 10x 20x 30x 4 Public Basket Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k The Hackett Group, Inc. 488 260 1% 38% 16% 1.9 11.9 1,165 223 CRA International, Inc. 493 429 9% 30% 9% 1.2 13.1 687 625 Huron Consulting Group Inc. 1,668 829 10% 35% 12% 2.0 16.3 3,269 254 ICF International, Inc. 2,003 1,419 13% 36% 9% 1.4 15.5 7,000 203 FTI Consulting, Inc. 4,172 2,255 13% 35% 15% 1.8 12.5 4,768 473 Booz Allen Hamilton Holding Corporation 11,417 6,882 9% 24% 10% 1.7 16.7 26,100 264 Accenture plc 110,953 43,215 9% 31% 17% 2.6 15.4 492,000 88 Average 18,742 7,899 9% 33% 12% 1.8 14.5 76,427 304 Median 2,003 1,419 9% 35% 12% 1.8 15.4 4,768 254 share price as of 26Oct19 5 Public Basket Valuation Trends Public Basket Valuation 10x 12x 14x 16x 18x 0x 2x 4x 6x 8x Jan-15 Apr-15 TEV/EBITDA- Average TEV/EBITDA- Median Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 11.7x 1.3x Apr-17 Jul-17 TEV/Revenue - Average TEV/Revenue - Median Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Public Public Time over Multiples EBITDA Public 0x 1x 1x 2x 2x 10x 15x 20x 0x 5x Jan-15 Jan-15 Apr-15 TEV/Revenue - Median Apr-15 Jul-15 TEV/EBITDA- Median Revenue Multiples Multiples Revenue Jul-15 Oct-15 Oct-15 Jan-16 Jan-16 Apr-16 Apr-16 Jul-16 Jul-16 Oct-16 Oct-16 Jan-17 Jan-17 Apr-17 Apr-17 Jul-17 Jul-17 TEV/Revenue - Average Oct-17 TEV/EBITDA- Average Oct-17 Jan-18 Jan-18 Apr-18 Apr-18 Jul-18 Time over Jul-18 Oct-18 Oct-18 Jan-19 Jan-19 Apr-19 Apr-19 Jul-19 Jul-19 Oct-19 Oct-19 6 Operational Metrics LTM Gross Profit Margin % LTM EBITDA % The Hackett Group, Inc. Accenture plc ICF International, Inc. The Hackett Group, Inc. FTI Consulting, Inc. FTI Consulting, Inc. Huron Consulting Group Huron Consulting Group Inc. Inc. Booz Allen Hamilton Accenture plc Holding Corporation CRA International, Inc. ICF International, Inc. Booz Allen Hamilton CRA International, Inc. Holding Corporation Median Median - 10% 20% 30% 40% - 5% 10% 15% 20% 7 Operational Metrics LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s FTI Consulting, Inc. CRA International, Inc. ICF International, Inc. FTI Consulting, Inc. Huron Consulting Group Booz Allen Hamilton Inc. Holding Corporation Booz Allen Hamilton Huron Consulting Group Holding Corporation Inc. Accenture plc The Hackett Group, Inc. CRA International, Inc. ICF International, Inc. The Hackett Group, Inc. Accenture plc Median Median - 5% 10% 15% 20% $- $200 $400 $600 $800 8 Operational Metrics Average Days Accounts Receivable Turnover Sales Outstanding Accenture plc FTI Consulting, Inc. Booz Allen Hamilton CRA International, Inc. Holding Corporation The Hackett Group, Inc. ICF International, Inc. Huron Consulting Group Huron Consulting Group Inc. Inc. ICF International, Inc. The Hackett Group, Inc. Booz Allen Hamilton Holding FTI Consulting, Inc. Corporation CRA International, Inc. Accenture plc Median Median 0x 2x 4x 6x 8x 10x 0 30 60 90 120 150 9 Valuation TEV / LTM Revenue TEV / LTM EBITDA Booz Allen Hamilton Accenture plc Holding Corporation Huron Consulting Huron Consulting Group Group Inc. Inc. The Hackett Group, ICF International, Inc. Inc. FTI Consulting, Inc. Accenture plc Booz Allen Hamilton CRA International, Inc. Holding Corporation ICF International, FTI Consulting, Inc. Inc. CRA International, The Hackett Group, Inc. Inc. Median Median 0x 1x 2x 3x 0x 5x 10x 15x 20x 10 Valuation TEV / LTM EBIT Price / LTM Earnings Huron Consulting Group Huron Consulting Group Inc. Inc. ICF International, Inc. Accenture plc Booz Allen Hamilton ICF International, Inc. Holding Corporation CRA International, Inc. The Hackett Group, Inc. Booz Allen Hamilton Accenture plc Holding Corporation FTI Consulting, Inc. FTI Consulting, Inc. The Hackett Group, Inc. CRA International, Inc. Median Median 0x 10x 20x 30x 0x 20x 40x 60x 80x 11 Valuation Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate 18x 13.3% 13.2% 14% 18x 45% 38.3% 16x 16x 40% 12% 34.8% 35.4% 35.6% 14x 35% 14x 10% 12x 30% 12x 10.0% 9.4% 30.8% 29.9% 9.1% 9.2% 8% 10x 25% 10x 1.2% 8x 24.0% 20% 8x 6% 6x 15% 6x 4% 4x 10% 4x LTM GP% LTM EBITDA(x) EBITDA(x) 2% LTM RGR% LTM 2x 5% 2x 12x 12x 13x 15x 15x 16x 17x 12x 12x 13x 15x 15x 16x 17x 0x 0% 0x 0% EBITDA(x) LTM GP% EBITDA(x) LTM RGR% 12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA 23Oct19 Revel Consulting, Inc. Infogain Corporation - - - - 2Oct19 Anthony Hodges Consulting Limited Arthur J. Gallagher & Co. - - - - 22Mar19 Hangzhou Yihui Business Consulting Co., Ltd. Shanghai Xuxiao Enterprise Management Co., Ltd. 53.40 - - - 18Sep19 Hangzhou Yihui Business Consulting Co., Ltd. Shanghai Xuxiao Enterprise Management Co., Ltd. 40.83 - - - 25Jul19 PowerData Solutions SL Devoteam SA - 2.19 - - 3Sep19 Westney Consulting Group, Inc. McKinsey & Company, Inc. - - - - 5Jun19 Torres Advanced Enterprise Solutions, LLC Bootstrap Capital, LLC - - - - 22Jul19 Frank & Company, p.c. Prager Metis CPAs, LLC - - - - 19Jul19 W Group INC. Wavestone SA 30.50 26.10 1.2x - 28Jun19 Changxing Lincheng Enterprise Management Consulting Noblelift Intelligent Equipment Co.,Ltd. 53.73 - - - Co., Ltd. 26Jun19 Auriemma Consulting Group, Inc. CNL Strategic Capital, LLC 44.50 - - - 24Jun19 Altran Technologies S.A. Capgemini SE 6,405.66 3,450.86 1.7x 13.8x 29May19 BusinessForward, Inc. Acorio LLC - - - - 3Jun19 Oxygy Management Consulting SPV Baseline Ltd. - - - - 30May19 Profectus, LLC Excel Search Group, LLC - - - - 1May19 Credere Group, LLC Eliassen Group, LLC - - - - 9Apr19 KSM Consulting, LLC Renovus Capital Partners - - - - 3Apr19 Global Tech Inc. Tetra Tech, Inc. 49.70 - - - 14Mar19 Ferrier Hodgson Group KPMG Australia - - - - 20Feb19 PWGL Inc KPMG LLP (Canada) - - - - 14Feb19 Silver Planet Oy Gofore Oyj 15.89 8.13 1.5x - 9Jan19 Orbium AG Accenture plc - - - - 20Dec18 Knowledgent Group Inc. Accenture plc - - - - 7Dec18 iSolutions, Inc. Emerson Electric Co. - - - - 3Dec18 Enaxis Consulting LP Accenture plc - - - - 27Nov18 Assets of BridgePoint Group, LLC Tata Consultancy Services Limited - - - - 12Nov18 Kaplan Accenture plc - - - - 5Nov18 Eliassen Group, LLC Stone Point Capital LLC - - - - 13 Management Consulting October 2019 APPENDIX: Public Basket Constituents 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company. This document is meant to be delivered only in conjunction with a verbal presentation, and is not authorized for distribution. Please see the Confidentiality Notice & Disclaimer at the end of the document.
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