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Mobile M&A and Valuation Update

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Mobile M&A and Valuation Update 2014 AWARD WINNER: BOUTIQUE INVESTMENT BANKING FIRM OF THE YEAR Mobile M&A and Valuation Update Q4 2014 BOSTON CHICAGO LONDON LOS ANGELES PHILADELPHIA SAN DIEGO SILICON VALLEY TAMPA Capstone Partners Over a Decade of M&A Excellence 1 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.1 BUILT FOR THE MIDDLE MARKET.TM Table of Contents Section Page Introduction Research Coverage: Mobile 4 Key Takeaways 5-6 M&A Activity & Multiples M&A Dollar Volume 8 M&A Transaction Volume 9-11 LTM Revenue Multiples 12-13 Revenue Multiples by Segment 14 Highest Revenue Multiple Transactions 15 Notable M&A Transactions 16 Most Active Buyers 17-18 Public Company Valuation & Operating Metrics Mobile 140 Public Company Universe 20-22 Recent IPOs 23-27 Stock Price Performance 28 LTM Revenue, EBITDA & P/E Multiples 29-31 Revenue, EBITDA and EPS Growth 32-34 Margin Analysis 35-36 Best / Worst Performers 37-38 Notable Transaction Profiles 40-49 Public Company Trading & Operating Metrics 51-57 Technology & Telecom Team 59-61 Capstone Partners Over a Decade of M&A Excellence 2 Investment Banking Advisors 2 Introduction Capstone Partners Over a Decade of M&A Excellence 3 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.3 BUILT FOR THE MIDDLE MARKET.TM Research Coverage: Mobile Capstone’s Technology & Telecom Group focuses its research efforts on the following market segments: Enterprise SaaS & Mobile Consumer Internet Cloud App Stores & Content Aggregators Carrier Back Office Games / Virtual Goods M-Commerce Enablement Messaging & VoIP Mobile / Local Marketing E-Commerce Consumer, IT & Mobile Devices Telecom Hardware Mobile OS & Utility SW Mobility & Monitoring Portals & Social Networks Search, Referral & Navigation Video, Music & eBooks Wireless Network Equipment Wireless Network Operators Wireless Semiconductors Capstone Partners Over a Decade of M&A Excellence 4 Investment Banking Advisors 4 Capstone Partners KeyInvestment Takeaways Banking Advisors – M&A Activity & Multiples M&A dollar volume has increased to $118.0B in 2014 from $100.7B in 2013 Although H2’14 M&A dollar volume was weaker than prior years, strong M&A activity in H1’14 fueled the total dollar volume, bringing it to a five year high Transaction volume reaches a new 5 year high, just shy of 600 transactions Private company deal volume of 579 in 2014 sets a new five year high 17 billion- dollar private deals in 2014 sets a new five year high Public target M&A transaction volume remains stable at 13 deals in 2014 Median deal size rose to $625M in LTM with deal mix diverging toward the high and low ends of the range M&A valuations vary considerably across the various Mobile segments, with Wireless Tower and hot Software segments commanding more than 6x revenue while the majority of segments trade below 4x Notable M&A transactions in Q4’14 Altice / Portugal Telecom ($9.1B) American Tower / Airtel (Assets) ($1.1B) BCE / Glentel ($528M) AT&T / Iusacell ($2.5B) Churchill Downs / Big Fish Games ($835M) Raytheon / Blackbird Tech ($420M) Qualcomm / CSR ($2.5B) Mozido / PayEase ($750M) American Tower / TIM (Assets) ($1.2B) Yahoo! / BrightRoll ($640M) Most active buyers include Yahoo!, Google, Apple, Facebook, Intel, American Tower, Twitter, AT&T and Dropbox Capstone expects the robust M&A activity and attractive exit valuations in Mobile to continue through 2015 There is some risk that an abrupt market correction could negatively affect the market in mid/late 2015 Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 5 Investment Banking Advisors 5 Capstone Partners KeyInvestment Takeaways Banking Advisors – Public Company Metrics Q4’14 saw five IPOs added to Capstone’s Mobile 140 Post IPO performances were mixed among the 5 companies added to the Mobile 140 Mobile 140 median has underperformed the NASDAQ for the first time in five years The Mobile 140 median experienced a 4.2% decrease, while the NASDAQ gained 5.4% in Q4 Wireless Semis posted the strongest performance with a 7.4% gain over the last quarter with Mobile / Local Marketing coming in second with a 6% gain Median LTM Revenue Multiple decreased to 3.0x Medians vary significantly with Wireless Towers at 10.7x and Carrier Back Office at just 1.2x Public companies within the Mobile sector continue to trade at a healthy EBITDA multiple of 11.5x Search, Referral & Navigation trade at a premium LTM EBITDA multiple of 32.5x Median LTM P/E multiple decreased slightly to 18.4x for 2014 P/E multiples have recovered after a 2011-2012 drop as investors are valuing on future profit growth expectations Mobile 140 median revenue growth slowed to 11.2% LTM with growth of 11.0% NTM expected Six segments are projecting median NTM revenue growth of over 15% Median EBITDA growth increased 8.7% in LTM with strong NTM growth projected Median gross margins improved to 55.3%, a new five year high Median EBITDA margins stayed constant at 21.0%, despite companies improving EBITDA margins outnumbering companies with declines Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 6 Investment Banking Advisors 6 Capstone Partners Investment Banking Advisors M&A Activity & Multiples Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 7 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.7 BUILT FOR THE MIDDLE MARKET.TM Capstone Partners LTMInvestment M&A Banking Dollar Advisors Volume M&A dollar volume has surged to $118B in 2014 from $100.7B in 2013 Although H2’14 M&A dollar volume was weaker than prior years, strong M&A activity in H1’14 fueled the total dollar volume, bringing it to a five year high A lack of large public telecom deals in 2014 drove the drop from 2012 and 2013 levels $140,000 $120,000 $12,444 $100,000 $80,000 $43,837 $60,000 $51,530 $22,005 $105,724 Total Transaction Value $40,000 $44,921 $10,534 $56,896 $20,000 $35,319 $40,297 $25,194 $18,724 $0 2009 2010 2011 2012 2013 2014 Total Private $ Total Public $ Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 8 Investment Banking Advisors 8 Capstone Partners LTMInvestment M&A Banking Transaction Advisors Volume by Segment Transaction volume reaches a new 5 year high, just shy of 600 transactions M-Commerce Enablement and Mobile / Local Marketing has grown from a combined 41 deals in 2009 to 144 deals in 2014 as marketing and commerce are increasingly moving towards mobile devices Mobile OS & Utility Software surged to 101 deals in 2014 Deal volume fell for Carrier Back Office, Portals & Social Networks, and Search, Referral & Navigation 700 600 9 16 6 6 60 23 6 500 19 61 51 17 14 11 22 10 7 13 36 20 17 19 37 400 34 46 5 51 45 71 35 16 7 18 11 16 41 21 67 300 80 20 38 17 25 103 81 38 6 33 72 Transactions 18 33 60 9 200 33 11 64 50 31 16 15 41 34 48 88 58 30 7 66 6 15 39 42 100 26 29 26 30 25 18 23 25 43 15 34 42 56 33 36 26 13 13 27 11 22 12 11 20 10 0 2009 2010 2011 2012 2013 2014 Apps Stores & Content Aggregators Carrier Back Office m-Commerce Enablement Messaging & VoIP Mobile / Local Marketing Mobile Devices Mobile Games / Virtual Goods Mobile OS & Utility Software Mobility & Monitoring Portals & Social Networks Search, Referral & Navigation Video, Music & eBooks Wireless Network Equipment Wireless Network Operators Wireless Semis Wireless Tower Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 9 Investment Banking Advisors 9 Capstone Partners LTMInvestment M&A Banking Transaction Advisors Volume by Deal Size – Private Targets Private company deal volume of 578 in 2014 sets a new five year high 17 billion dollar private deals in 2014 set a new five year high Mid-market deal volume increased significantly with 65 deals compared to 46 in 2013 100% 6 6 4 3 14 16 17 5 2 6 90% 5 9 10 14 9 11 15 15 7 80% 20 10 10 12 23 16 26 70% 12 13 6 21 14 60% 25 15 21 21 16 50% 25 32 34 40% 27 22 30 30% 64 20% 80 49 49 33 48 10% 0% 2009 2010 2011 2012 2013 2014 Total Deals 351 417 534 443 515 578 Deals w/ Value 139 149 201 123 157 179 Median ($M) $11 $20 $19 $32 $26 $30 $0-10M $10-25M $25-50M $50-100M $100-250M $250-500M $500M-1B $1B+ Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 10 Investment Banking Advisors 10 Capstone Partners LTMInvestment M&A Banking Transaction Advisors Volume by Deal Size – Public Targets Public target M&A transaction volume remains stable with deal mix diverging toward the high and low ends $1B+ transaction activity is at the high end of recent years with five $1B+ deals in LTM Median deal size rose to $625M in 2014 despite deal mix diverging toward the high and low ends of the range 100% 90% 4 6 3 4 4 80% 5 70% 2 1 2 2 60% 2 3 1 4 2 50% 1 2 40% 2 1 2 3 2 1 1 30% 1 2 1 1 20% 2 4 2 1 2 1 10% 1 2 2 1 1 1 1 0% 2009 2010 2011 2012 2013 2014 Total Deals 16 21 12 11 13 13 Median ($M) $349 $68 $541 $384 $607 $625 $0-10M $10-25M $25-50M $50-100M $100-250M $250-500M $500M-1B $1B+ Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 11 Investment Banking Advisors 11 Capstone Partners LTMInvestment Revenue Banking Advisors Multiples – Private Targets The Median LTM Revenue Multiple paid for private company targets have increased to 2.7x More premium valuations were in the mid-range ($25M~$250M) deals 25% of Mobile software & services deals have revenue multiples greater than 6.8x
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