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No Slide Title European Technology Update 25thAugust 2014 Thierry Monjauze Managing Director 63 Brook Street London W1K 4HS United Kingdom Phone: +44 (0) 20 7518 8900 [email protected] Jonathan Organ Vice President 63 Brook Street London W1K 4HS United Kingdom Phone: +44 (0) 20 7518 8900 [email protected] www.harriswilliams.com www.harriswilliams.de Recent Developments Company . Hexagon has agreed to acquire Vero Software, the UK-based computer aided software company, for an Specific undisclosed amount News . 21st Century Fox has withdrawn its $76 billion offer for Time Warner . BSkyB has made an offer to acquire Sky Italia and Sky Deutschland from 21st Century Fox for £4.9 billion . Zillow has agreed to acquire Trulia, the online real estate and home-related information marketplace, for $3.3 billion . Cerner Corporation has acquired Siemens’ healthcare information technology business unit for $1.3 billion . YouTube has completed the acquisition of Twitch Interactive, formerly known as Justin.tv, a video platform and community for online gamers, for $1 billion . Gemalto has acquired SafeNet, the provider of enterprise network security solutions, hardware, software and chips to protect communications, intellectual property and digital identities, for $890 million . Intel has acquired Axxia Networking Business, the provider networking and infrastructure products for wireless networks and enterprise gateways, from LSI Corporation for $650 million . The Carlyle Group has acquired Expereo International, the provider of broadband internet, ethernet, wifi, virtual private networks and equipment to international carriers and cloud providers, for €500 million . Penta Capital is backing the proposed take-private of Daisy Group, a business communications and IT services company, for £470 million . Host Europe WVS has had its two c.£300 million offers to acquire iomart Group, the provider of cloud computing and managed hosting services, rejected by the Board . Dassault Systèmes has acquired Quintiq, the provider of software solutions for operational planning and event management, for €250 million . Lake Capital has acquired Engine Group, the provider of advertising and branding services, from HIG Capital for £100 million . Xchanging has acquired Agencyport Europe, the provider of software to the property, casualty and health insurance markets, for £64 million . InvenSense has acquired Movea, the provider of data fusion and motion processing firmware, software, and IP for the consumer electronics industry, for $61 million . Sage Software has acquired Exact Software Deutschland, the German division of the payroll solution provider, for €16 million . SPIE has agreed to acquire Connectis, the provider of unified communication and collaboration technologies, and Softix, the provider of ICT services, from Aurelius for CHF 48 million Industry . Western European online cross-border sales are increasing, forecast to reach 14% of all ecommerce sales in 2014. By 2018, cross-border activity is expected to more than double in value and account for 20% of the Trends region’s total ecommerce sales, according to eMarketer . The number of mobile connections has increased from 5.7 billion in 2011 to 7.0 billion in 2014, and expected to reach 8.5 billion by 2018 according to eMarketer . The number of household bill payments made via PCs, Tablets and Mobiles will exceed 20 billion this year, representing approximately 16% of all global consumer household bills. This trend is being driven by a growing consumer acceptance of transactional digital banking, and the sharp rise in mobile banking adoption overall, according to Juniper Research . European Online Display Advertising Spend is forecast to grow more than three times faster than total advertising spend over the next five years. Online display advertising in Western Europe is currently growing at a 10.3% CAGR currently, according to Forrester Source: Various industry news outlets. 1 Public Market Trading Statistics Stock Last 30 Days Performance 4% 2% 2.5% 2.2% 0% 0.8% (2%) (3.8%) (4.4%) (4%) (6%) (8%) (10%) 25 Jul 01 Aug 08 Aug 15 Aug 22 Aug Nasdaq Composite Internet and Digital Media Software and IT Services Communications DJ Stoxx 600 Technology Last Twelve Months 50% 40% 30% 24.6% 23.6% 20% 15.0% 12.3% 10% 6.6% 0% (10%) Aug 2013 Nov 2013 Feb 2014 May 2014 Aug 2014 Software and IT Services Communications Nasdaq Composite Internet and Digital Media DJ Stoxx 600 Technology Sources: Capital IQ, 25 August 2014; Brokers’ reports Comparable CY2014E EV / Revenue EV / EBITDA P / E Trading EBITDA Margin Growth CY2014E CY2015E CY2014E CY2015E CY2014E CY2015E Summary Software and IT Services Enterprise Applications 13.5% 9.9% 3.6x 3.1x 10.9x 14.0x 21.6x 17.8x European Large Cap Software 33.6% 1.1% 4.3x 4.0x 12.7x 11.6x 19.5x 17.5x Financial Software 25.1% 2.3% 3.0x 2.8x 11.4x 9.9x 22.0x 20.5x Healthcare Software 20.5% 13.9% 2.4x 2.2x 11.4x 10.2x 20.6x 17.6x Large Cap IT Services 14.3% 2.0% 1.2x 1.2x 8.5x 7.9x 15.2x 13.8x Mid Cap IT Services 9.6% (1.4%) 0.8x 0.8x 8.0x 7.4x 14.3x 12.0x Offshore IT Services 25.3% 15.8% 3.3x 2.9x 12.7x 11.6x 18.1x 16.3x Security Software 26.7% 13.4% 5.0x 4.4x 12.7x 11.0x 17.3x 15.9x Communications Digital Broadband 11.4% (2.7%) 0.8x 0.8x 7.1x 5.9x 14.4x 13.4x Diversified Communication Equipment 11.7% (11.1%) 1.2x 1.1x 10.1x 8.2x 20.7x 16.4x Mobile Content / Solutions Providers 18.8% 29.4% 2.7x 2.1x 13.6x 9.3x 29.8x 19.7x Mobile Infrastructure Software 28.8% 10.0% 2.7x 2.5x 11.4x 14.4x 17.8x 18.9x Internet and Digital Media Chinese Internet Leaders 7.1% 230.8% 4.0x 3.1x 20.5x 15.6x 23.8x 21.9x Online Classifieds 39.5% 22.2% 7.9x 6.5x 14.4x 12.4x 23.1x 19.6x Content Providers / Communities 17.9% 25.5% 5.7x 4.3x 13.2x 13.5x 31.1x 26.2x Ecommerce 19.1% 17.0% 3.4x 2.8x 16.4x 14.1x 25.9x 24.7x Global Internet Leaders 34.9% 21.8% 6.2x 5.1x 18.1x 14.6x 22.9x 21.4x Interactive Entertainment 25.0% 25.5% 2.1x 1.9x 12.9x 8.2x 16.9x 16.8x Intermediation and Comparison 17.4% 20.7% 4.5x 3.6x 13.0x 11.7x 18.8x 16.7x Online Gambling 25.4% 4.2% 2.3x 2.2x 8.6x 8.8x 16.3x 16.5x Online Marketing 17.1% 8.4% 2.2x 1.9x 12.0x 10.0x 20.8x 22.4x Online Travel 25.9% 18.1% 4.9x 4.1x 14.0x 14.3x 24.4x 23.5x 2 Software and IT Services Last 30 Days Performance 4% 2% 0% (2%) (4%) (6%) (8%) European Large Cap Software 1.8% (10%) Large Cap IT Services (2.7%) Financial Software (2.8%) (12%) Offshore IT Services (2.8%) Healthcare Software (3.3%) (14%) Security Software (5.4%) Mid Cap IT Services (7.1%) Enterprise Applications (10.9%) (16%) 25 Jul 01 Aug 08 Aug 15 Aug 22 Aug Enterprise Applications Healthcare Software Offshore IT Services Large Cap IT Services Security Software Financial Software European Large Cap Software Mid Cap IT Services Last Twelve Months Performance 80% Enterprise Applications 47.0% Offshore IT Services 40.4% Mid Cap IT Services 29.5% 70% Healthcare Software 26.7% Large Cap IT Services 16.8% 60% Financial Software 16.2% Security Software 14.3% European Large Cap Software 7.8% 50% 40% 30% 20% 10% 0% (10%) Aug 2013 Nov 2013 Feb 2014 May 2014 Aug 2014 Enterprise Applications Mid Cap IT Services Offshore IT Services Financial Software Healthcare Software Large Cap IT Services Security Software European Large Cap Software 3 Source: Capital IQ, 25 August 2014 Software and IT Services (Continued) Market Enterprise CY2014E EV / Revenue EV / EBITDA P / E Cap ($m) Value ($m) EBITDA Margin Growth CY2014E CY2015E CY2014E CY2015E CY2014E CY2015E European Large Cap Software SAP 92,355 93,814 34.7% (0.8%) 4.1x 3.8x 11.7x 10.6x 17.0x 15.5x Dassault Systemes 16,628 15,375 31.6% 6.3% 5.0x 4.5x 16.0x 13.7x 28.0x 24.6x Sage 7,144 7,742 30.0% (2.1%) 3.5x 3.3x 11.7x 11.0x 17.3x 15.9x Temenos 2,562 2,679 33.1% 7.3% 5.3x 4.9x 16.1x 14.1x 27.5x 22.8x Aveva 2,257 2,062 33.1% 7.1% 5.0x 4.5x 15.0x 13.1x 22.5x 19.9x Micro Focus 2,064 2,320 45.5% 4.2% 5.3x 5.1x 11.6x 11.3x 14.2x 13.1x Software AG 2,048 2,218 27.4% (14.7%) 1.9x 1.9x 7.0x 7.2x 10.2x 10.4x Mean 33.6% 1.1% 4.3x 4.0x 12.7x 11.6x 19.5x 17.5x Median 33.1% 4.2% 5.0x 4.5x 11.7x 11.3x 17.3x 15.9x Financial Software Intuit 23,724 22,309 35.2% 6.7% 5.0x 5.0x 14.1x NA 22.0x 29.1x Temenos 2,562 2,679 33.1% 7.3% 5.3x 4.9x 16.1x 14.1x 27.5x 22.8x Fidessa 1,465 1,369 24.6% (0.5%) 3.0x 2.8x 12.1x 11.1x 29.0x 26.6x SimCorp 1,267 1,200 25.8% 4.0% 3.7x 3.4x 14.4x 12.2x 22.1x 18.0x Innovation 615 520 15.7% 11.3% 1.3x 1.2x 8.5x 7.3x 18.0x 15.7x Linedata 204 258 24.9% (5.9%) 1.2x 1.2x 4.9x 4.8x 9.6x 9.1x Microgen 154 120 28.3% (2.3%) 2.5x 2.4x 8.8x 8.5x 20.1x 19.2x StatPro 94 89 13.6% (2.5%) 1.7x 1.7x 12.6x 11.2x 27.5x 23.8x Mean 25.1% 2.3% 3.0x 2.8x 11.4x 9.9x 22.0x 20.5x Median 25.4% 1.8% 2.7x 2.6x 12.3x 11.1x 22.0x 21.0x Enterprise Applications Splunk 5,211 4,384 2.9% 40.3% 10.7x 8.0x NM NM NM NM Guidewire Software 3,054 2,624 17.4% 16.8% 7.3x 6.6x NM 38.1x NM NM Exact 851 781 20.2% (4.1%) 2.8x 2.7x 13.7x 12.5x 22.7x 21.7x IFS 794 761 18.9% (0.5%) 1.8x 1.7x 9.4x 8.2x 22.6x 17.9x Kofax 713 621 13.3% 8.8% 2.0x 1.9x 15.3x 11.3x 25.9x 20.9x Jive Software 495 402 (0.7%) 19.7% 2.3x 2.0x NM NM NM NM SDL 450 447 8.6% 0.8% 1.0x 0.9x 11.7x 9.9x 24.4x 16.9x Cegid 337 407 27.3% (2.2%) 1.2x 1.1x 4.3x 4.2x 12.5x 11.5x Mean 13.5% 9.9% 3.6x 3.1x 10.9x 14.0x 21.6x 17.8x Median 15.4% 4.8% 2.2x 2.0x 11.7x 10.6x 22.7x 17.9x Healthcare Software McKesson 44,467 52,821 2.8% 30.7% 0.3x 0.3x 11.2x 9.9x 18.6x 15.9x Cerner 19,290 18,457 34.1% 16.4% 5.4x 4.8x 15.9x 13.8x 34.1x 28.9x Allscripts Healthcare Solutions 2,631 3,151 15.8% 3.1% 2.2x 2.1x 14.2x 11.7x 38.2x 26.4x CompuGroup 1,301 1,721
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