Digital, Media & Internet Monitor Q4 2018
Thomas Egli | Managing Director Tobias Schultheiss | Managing Director Sam Fuller | Managing Director Tel: +41 43 499 43 41 Tel: +49 69 20 434 64 16 Tel: +44 20 7484 40 40 [email protected] [email protected] [email protected]
Alexander Grünwald | Managing Director Christopher Jones | Managing Director Simon Lord | Managing Director Communication regarding this Tel: +41 43 499 43 43 Tel: +44 207 484 40 40 Tel: +44 845 505 43 43 newsletter should be directed to [email protected] [email protected] [email protected] [email protected] GCA’S RECENT DIGITAL, MEDIA, INTERNET & TECHNOLOGY TRANSACTIONS
RELEVANT TRANSACTIONS CLOSED IN LAST 3 QUARTERS
2 GCA’S GLOBAL TRACK RECORD IN THE DIGITAL, MEDIA & INTERNET SECTOR
EUROPE
NORTH & CENTRAL AMERICA
ASIA
3 SUMMARY – DIGITAL, MEDIA & INTERNET SECTOR (1/2)
SECTOR PERFORMANCE & VALUATION M&A AND IPO ACTIVITY
o Share price performance was negative across all subsectors, o The number of deals in Q4 2018 increased slightly to 266 particularly for Inventory-based (-21.7%), Content Monetization compared to 252 in the previous year’s fourth quarter. (-21.3%) and Payment (-19.5%), the sectors posting the lowest returns in Q4 2018. Marketplaces (-5.5%), Gaming (-4.3%), o The total sector deal value (disclosed) at EUR 6.0bn was higher Classifieds (-3.0%) and Customer Acquisition (-5.6%) had the than the previous year’s fourth quarter of EUR 4.6bn, in line with lowest declines. In line with a continuing slow down in the the increase in deal volume this quarter. IBM completed this global equity market’s performance, technology and software quarter’s largest transaction by acquiring Red Hat for EUR stocks are posting weaker returns due to US-China trade 31.4bn1) (10.7x Sales and 56.4x EBITDA), while the acquisition of tensions, increasing privacy concerns affecting social media Tribune Media for EUR 6.3bn1) (3.2x Sales and 8.6x EBITDA) by networks, as well as rising interest rates and market volatility. Nexstar was the second largest. Other transactions include Travelport’s acquisition by Elliott for EUR 3.8bn (1.6x Sales and o EV/EBITDA valuations (2018) decreased in every subsector 10.0x EBITDA), the acquisition of Windstream’s consumer with Content Monetization (-29.0%), Social Network & internet business by Trive Capital for EUR 288m, Building Communities (-19.0%) and Payment (-18.1%) showing the Connected’s acquisition by Autodesk for EUR 241m and largest losses, while Inventory-based (-8.8%), Travel (-9.3%), earthport’s acquisition by VISA for EUR 215m (5.1x Sales). Classifieds (-9.3%) and Customer Acquisition (-7.9%) had the lowest declines in EV/EBITDA valuations. Decreased valuations o 7 IPOs were completed in Q4 2018 with overall proceeds of EUR can mostly be attributed to weakened market performance. 1.0bn, a higher value and similar volume compared to Q4 2017, during which there were 7 IPOs in the Digital, Media & Internet o EV/Sales valuations (2018) showed a significant decline sector with a value of EUR 0.8bn. Funding Circle dominates the throughout all subsectors. Inventory-based (-20.1%), Content quarter’s gross proceeds with a value of EUR 494m. Monetization (-25.8%) and E-commerce & Marketing solutions (-20.7%) declined the most, whereas Marketplaces (-6.8%), o Overall, multiples have decreased across all subsectors mostly Travel (-8.9%), Classifieds (-9.5%) and Customer Acquisition due to continued weak market performance, although M&A and (-6.3%) posted the lowest declines of sales valuation levels. IPO activity and volume experienced an uptick this quarter.
Note: Multiples based on latest available financial statements; 1) These transactions are not included in total sector deal value and volume due to focus on digital media and internet sectors Source: Capital IQ (06-Jan-2019); Mergermarket 4 SUMMARY – DIGITAL, MEDIA & INTERNET SECTOR (2/2)
ACQUIRED ACQUIRED ACQUIRED ACQUIRED ACQUIRED ACQUIRED
BUSINESS OF CONSUMER INTERNET (EARTHLINK)
OPEN SOURCE OPERATING WEBSITES, TELEVISION AND B2B ONLINE TRAVEL SERVICE INTERNET ACCESS, E-MAIL CONSTRUCTION B2B SMART INTERNATIONAL SYSTEM SOFTWARE RADIO STATIONS CONNECTION PLATFORM AND WEB HOSTING COMMUNICATION PLATFORM PAYMENTS NETWORK
Transaction Value: EUR 31.4bn Transaction Value: EUR 6.3bn Transaction Value: EUR 3.8bn Transaction Value: EUR 288m Transaction Value: EUR 241m Transaction Value: EUR 215m Seller: Public Seller: Public Seller: Public Seller: Windstream Seller: Bee Partners, CrossLink, Seller: i.a. Oppenheimer (37%), EV/Sales: 10.7x EV/Sales: 3.2x EV/Sales: 1.6x EV/Sales: n/a Brick & Mortar Ventures, Wellington (19%), Schroder EV/EBITDA: 56.4x EV/EBITDA: 8.6x EV/EBITDA: 10.0x EV/EBITDA: n/a freestyle.vc and Homebr2w Investment Management (17%) Announced: 28/10/18 Announced: 03/12/18 Announced: 10/12/18 Announced: 31/12/18 EV/Sales: n/a and public investors EV/EBITDA: n/a EV/Sales: 5.1x Announced: 20/12/18 EV/EBITDA: n/m1) Announced: 27/12/18
Note: Multiples based on latest available financial statements; 1) Negative EV/EBITDA multiples considered as n/m Source: Capital IQ (06-Jan-2019), Mergermarket 5 RECENT DEVELOPMENT OF ONLINE SUBSECTOR VALUATIONS
MEDIAN TOTAL RETURN1) MEDIAN SALES MEDIAN EV/SALES -20MEDIAN0 EBITDA20 MEDIAN EV/EBITDA (LAST 3 MONTHS) 2018 ESTIMATE 2018 VALUATION 2018 ESTIMATE 2018 VALUATION
1 Champions (8.9%) (0.5%) (12.6%) (0.9%) (11.4%)
2 Inventory-based (21.7%) (0.4%) (20.1%) (4.2%) (8.8%)
Marketplaces (5.5%) 0.0% (6.8%) 0.0% (10.1%)
Travel (13.0%) (1.0%) (8.9%) (1.0%) (9.3%)
3 Diversifieds & Portals (12.4%) 0.1% (12.8%) (1.0%) (10.6%)
Content Monetization (21.3%) 0.1% (25.8%) (6.0%) (29.0%)
Social Netw. & Cmtys (9.4%) (0.9%) (16.7%) (5.1%) (19.0%)
Gaming (4.3%) (0.6%) (17.0%) (2.4%) (17.1%)
Gambling (16.4%) (0.5%) (14.1%) (0.1%) (14.4%)
4 Classifieds (3.0%) (0.1%) (9.5%) (1.0%) (9.3%)
Customer Acquisition (5.6%) 0.1% (6.3%) 0.0% (7.9%)
Oth. Online Marketing (10.8%) 0.0% (12.5%) 1.2% (16.1%)
E-comm. & Mktg. Solutions (17.2%) (1.0%) (20.7%) (11.9%) (15.9%)
5 Consumer/B2C Services (14.5%) 0.5% (13.5%) (0.4%) (10.0%)
Payment (19.5%) 1.5% (16.5%) 1.4% (18.1%)
Note: Multiples with values over 50x deemed not meaningful and excluded from analysis; 1) Median total return based on share prices adjusted for cash dividends, stock splits, rights offerings and spin-offs Source: Capital IQ (06-Jan-2018) 6 M&A AND IPO OVERVIEW IN THE DIGITAL, MEDIA & INTERNET SECTOR1) (1/3)
TRANSACTIONS
Number of 500 transactions Internet Software and Services 328 333 311 Internet Retail 266 66 66 243 252 252 250 72 214 208 47 65 48 67 38 59 262 267 239 196 204 199 187 176 149 0 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 183)
15 13.7 Size of 10.5 11.5 Internet Software and Services 9.2 transactions 10 7.6 6.0 6.6 6.0 Internet Retail (in EURbn)2) 4.6 5
0 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 183) 15 13.7 10.5 11.5 Over 1000m 9.2 10 7.6 500 - 1000m 6.0 6.6 6.0 4.6 5 250 - 500m Under 250m 0 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 183)
Note: 1) Target located in Europe or North America; 2) Includes only transactions for which financial details are publicly available; 3) Not including Red Hat and Tribune Media acquisitions Source: Capital IQ (06-Jan-2019) 7 M&A AND IPO OVERVIEW IN THE DIGITAL, MEDIA & INTERNET SECTOR1) (2/3)
TRANSACTIONS WITH EUROPEAN TARGETS IN Q4 2018
2) Origins of RoE United Kingdom Origins of North America targets 14% 18% buyers 12% Poland RoW3) 6% 9% Switzerland 6% Germany Sweden 17% 7% Spain 7% Europe Netherlands France 79% 9% 16%
TRANSACTIONS WITH NORTH AMERICAN TARGETS IN Q4 2018
Origins of Canada Origins of Europe targets 10% buyers 9% RoW3) 5%
United States North America 90% 86%
Note: 1) Target located in Europe or North America; 2) RoE = Rest of Europe; 3) RoW = Rest of the World Source: Capital IQ (06-Jan-2019) 8 M&A AND IPO OVERVIEW IN THE DIGITAL, MEDIA & INTERNET SECTOR1) (3/3)
IPOs
Number of 15 IPOs Internet Software and Services 11 Internet Retail 10 9 7 7 7 5 5 4 3 2
0 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18
Value of IPO 4 3.52) Internet Software and Services proceeds Internet Retail (in EURbn) 3
2 1.8 1.8
1.1 1.0 1 0.8 0.9 0.4 0.0 0 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18
Note: 1) Company located in Europe or North America; 2) Includes Snap’s IPO of EUR 3.2bn Source: Capital IQ (06-Jan-2019) 9 DIGITAL, MEDIA & INTERNET: HOW WE DEFINE THE UNIVERSE
1 Champions 2 E-commerce & Travel
Champions Inventory based Marketplaces Travel
# of companies 11 # of companies 24 # of companies 11 # of companies 12 Combined EV Combined EV Combined EV Combined EV (EURbn) 3'844.8 (EURbn) 76.3 (EURbn) 80.8 (EURbn) 44.1
3 Content & Communities
Social Network Diversified & Portals Content Monetization Gaming Gambling & Communities
# of companies 18 # of companies 7 # of companies 13 # of companies 15 # of companies 13 Combined EV Combined EV Combined EV Combined EV Combined EV (EURbn) 678.7 (EURbn) 20.1 (EURbn) 53.3 (EURbn) 101.7 (EURbn) 38.6
4 Marketing & Classifieds
Customer E-commerce & Classifieds Other Online Marketing Acquisition Mrkt. solutions
# of companies 13 # of companies 19 # of companies 11 # of companies 8 Combined EV Combined EV Combined EV Combined EV (EURbn) 51.3 (EURbn) 38.7 (EURbn) 9.9 (EURbn) 19.8
5 Consumer/B2C Services & Payment
Consumer/ Payment Overall B2C Services
# of companies 9 # of companies 6 # of companies 190 Combined EV Combined EV Combined EV (EURbn) 58.2 (EURbn) 104.8 (EURbn) 5'221.0
Notes: “Champions” are companies from all sectors with a market capitalization of over € 50bn Source: Capital IQ (06-Jan-2019) 10 ONLINE SUBSECTOR VALUATIONS 2018 AND 2019
MEDIAN EV/SALES MEDIAN EV/EBITDA MEDIAN SALES GROWTH YOY MEDIAN EBITDA MARGIN
6.1x 14.5x 23.9% 33.1% 1 Champions 5.1x 13.2x 17.7% 30.0% 0.9x 16.3x 18.7% 3.6% 2 Inventory-based 0.7x 12.1x 19.5% 4.3% 3.3x 12.5x 12.2% 22.9% Marketplaces 3.1x 11.6x 12.2% 25.5% 1.8x 10.5x 2.5% 16.4% Travel 1.8x 8.8x 9.6% 16.7% 2.4x 11.0x 9.6% 22.9% 3 Diversifieds & Portals 2.1x 9.7x 6.8% 23.1% 2.2x 11.3x 11.4% 21.9% Content Monetization 1.9x 9.3x 11.8% 24.9% 2.2x 8.8x 30.9% 22.8% Social Netw. & Cmtys 1.9x 7.1x 17.4% 23.9% 2.7x 10.7x 9.9% 20.4% Gaming 2.4x 8.0x 15.1% 21.0% 1.9x 7.0x 6.9% 25.0% Gambling 1.7x 7.4x 4.7% 24.0% 5.3x 18.9x 16.4% 32.5% 4 Classifieds 4.3x 15.4x 18.1% 34.7% 3.8x 13.6x 16.4% 16.5% Customer Acquisition 2.9x 11.5x 13.8% 16.5% 1.2x 8.0x 10.0% 9.1% Oth. Online Marketing 1.2x 10.8x 15.0% 12.3%
E-comm. & Mktg. Solutions 2.1x 14.2x 20.6% 9.7% 1.7x 12.7x 24.7% 11.3%
5 Consumer/B2C Services 2.5x 12.2x 24.3% 19.9% 2.4x 10.5x 11.4% 18.6%
Payment 6.4x 15.4x 8.6% 32.2% 5.3x 13.4x 10.6% 36.2%
2018 2019 2018 2019 2017-18 2018-19 2018 2019
Note: Multiples values over 50x deemed not meaningful and excluded from analysis; Source: Capital IQ (06-Jan-2019) 11 ONLINE SUBSECTOR PERFORMANCE
MEDIAN 3 YEAR PERFORMANCE MEDIAN 1 YEAR PERFORMANCE MEDIAN 3 MONTH PERFORMANCE
1 Champions 70.4% (0.6%) (8.9%)
2 Inventory-based (4.1%) (37.1%) (21.7%)
Marketplaces 80.3% 0.6% (5.5%)
Travel 7.8% (19.4%) (13.0%)
3 Diversifieds & Portals 5.6% (12.2%) (12.4%)
Content Monetization 25.8% (8.7%) (21.3%)
Social Netw. & Cmtys 15.6% (31.9%) (9.4%)
Gaming 23.3% (24.4%) (4.3%)
Gambling (25.3%) (36.3%) (16.4%)
4 Classifieds (1.3%) (16.3%) (3.0%)
Customer Acquisition 10.0% (9.9%) (5.6%)
Oth. Online Marketing 16.5% (5.0%) (10.8%)
E-comm. & Mktg. Solutions 71.7% (4.8%) (17.2%)
5 Consumer/B2C Services 37.2% (9.1%) (14.5%)
Payment 51.4% 3.3% (19.5%)
Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (06-Jan-2019) 12 GCA ALTIUM DIGITAL, MEDIA & INTERNET GROUP: LOCAL CONTACTS
Zurich Alexander Grünwald Munich Dr. Martin Kühner Frankfurt Sascha Pfeiffer Switzerland Managing Director Germany Managing Director Germany Managing Director [email protected] [email protected] [email protected] +41 43 499 43 43 +49 89 413 120 +49 69 204 346 415
Thomas Egli Georg Schultze Tobias Schultheiss Managing Director Director Managing Director [email protected] [email protected] [email protected] +41 43 499 43 41 +49 89 413 12 124 +49 69 204 346 416
Manchester Phil Adams Milan Carlo Dawan London Christopher Jones UK Group CEO Italy Managing Director UK Managing Director [email protected] [email protected] [email protected] +44 20 7484 4034 +39 02 76 01 73 40 +44 20 7484 4040
Simon Lord Alessandro Soprano Sam Fuller Managing Director Managing Director Managing Director [email protected] [email protected] [email protected] +44 84 5505 4304 +39 02 76 01 73 40 +44 20 7484 40 40
13 APPENDIX: SECTOR CONSTITUTION 1: CHAMPIONS
MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
Alibaba CN 317'736 321'626 11.1x 7.3x 5.2x 27.4x 21.9x 17.2x 40.5% 33.1% 30.0% 46% Alphabet US 655'358 565'517 5.8x 4.7x 4.0x 18.0x 12.9x 10.7x 32.3% 36.7% 37.4% 20% Amazon.com US 675'644 690'953 4.4x 3.4x 2.8x n/m 23.8x 18.7x 8.5% 14.2% 15.0% 26% Apple US 617'086 659'347 3.1x 2.9x 2.9x 10.1x 9.5x 9.9x 31.0% 30.2% 28.9% 5% Baidu CN 49'206 43'832 4.0x 3.4x 2.9x 12.5x 12.9x 11.8x 32.3% 26.4% 24.8% 18% Facebook US 347'717 311'636 8.7x 6.4x 5.2x 15.3x 10.7x 9.7x 57.1% 59.8% 53.4% 30% Microsoft US 686'391 644'428 7.7x 6.2x 5.6x 22.1x 14.7x 13.2x 34.8% 42.1% 42.6% 17% Netflix US 113'818 118'439 11.5x 8.5x 6.8x n/m n/m 44.9x 7.8% 12.6% 15.1% 30% PayPal US 89'163 82'509 7.2x 6.1x 5.2x 38.8x 23.6x 19.8x 18.5% 25.8% 26.3% 17% Booking US 69'794 71'178 6.4x 5.6x 5.0x 16.5x 14.3x 12.8x 38.8% 39.2% 39.1% 13% Tencent CN 328'805 336'168 11.1x 8.4x 6.5x 27.2x 22.3x 19.5x 40.6% 37.7% 33.2% 31%
Mean 7.4x 5.7x 4.7x 20.9x 16.7x 17.1x 31.1% 32.5% 31.5% 23.0% Median 7.2x 6.1x 5.2x 18.0x 14.5x 13.2x 32.3% 33.1% 30.0% 20.4%
Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (06-Jan-2019) 15 2: E-COMMERCE & TRAVEL (1/2)
Inventory-based
MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
1-800-FLOWERS.COM US 700 764 0.8x 0.7x 0.7x 12.3x 11.0x 10.0x 6.1% 6.6% 6.9% 4% AO World GB 658 630 0.7x 0.7x 0.5x n/m n/m n/m -1.0% 0.1% 0.8% 18% ASOS GB 2'617 2'570 1.1x 1.0x 0.8x 23.9x 14.9x 17.0x 4.7% 6.4% 4.8% 17% Blue Apron US 168 197 0.3x 0.3x 0.4x n/m n/m n/m -17.0% -10.1% -1.7% -17% boohoo group GB 2'173 2'013 3.6x 2.6x 1.8x 39.2x 25.9x 18.5x 9.1% 10.0% 9.5% 43% Boozt SE 254 226 1.1x 0.8x 0.6x n/m 23.5x 14.7x -2.1% 3.5% 4.4% 34% CJ ENM CO KR 3'293 4'984 2.8x 1.6x 1.4x 13.6x 10.6x 8.6x 20.6% 15.3% 15.9% 44% Cnova FR 1'243 1'511 0.7x n/a n/a n/m n/a n/a 0.2% n/a n/a n/a Cogobuy Group CN 430 327 0.3x 0.1x n/a 6.9x 2.3x n/a 3.9% 5.0% n/a n/a Delticom DE 89 146 0.2x 0.2x 0.2x 18.9x 11.5x 8.6x 1.2% 1.8% 2.3% 6% Mango Excellent Media CN 4'618 4'352 4.1x 3.1x 2.5x n/a 16.3x 11.1x n/a 19.3% 22.9% 27% JD.com CN 28'260 27'809 0.6x 0.5x 0.4x n/m 42.1x 22.6x 0.9% 1.1% 1.8% 23% Ocado Group GB 6'301 6'221 3.8x 3.4x 3.0x n/m n/m n/m 4.8% 4.6% 5.7% 12% Overstock.com US 402 323 0.2x 0.2x 0.2x n/m n/m n/m -1.7% -8.7% -2.6% 7% PetMed Express US 418 341 1.4x 1.3x 1.3x 7.5x 6.8x 6.5x 19.3% 19.7% 19.3% 7% Qliro Group SE 142 142 0.4x 0.4x 0.5x n/m n/m 9.2x 0.8% 0.1% 4.9% -3% Rocket Internet DE 3'002 503 13.7x 11.5x 10.8x n/m n/m n/m -183.5% -100.1% -115.2% 12% Shop Apotheke Europe NL 461 386 1.4x 0.7x 0.6x n/m n/m n/m -4.2% -1.9% -0.5% 57% ZOZO JP 4'672 4'711 6.2x 4.9x 3.8x 18.0x 16.5x 13.1x 34.5% 29.7% 28.9% 28% Stitch Fix US 1'570 1'343 1.4x 1.1x 0.9x 39.7x 31.2x 38.3x 3.5% 3.6% 2.4% 23% Vipshop CN 3'297 3'215 0.3x 0.3x 0.3x 6.8x 7.8x 6.4x 5.1% 3.8% 4.2% 14% Wayfair US 7'136 7'147 1.7x 1.2x 0.9x n/m n/m n/m -3.7% -3.5% -2.5% 37% Zalando DE 6'179 5'246 1.2x 1.0x 0.8x 23.2x 21.8x 16.5x 5.0% 4.5% 4.9% 21% zooplus DE 880 861 0.7x 0.6x 0.5x n/m n/m n/m 0.7% 0.4% 1.0% 19%
Mean 2.2x 1.9x 1.6x 19.1x 17.4x 14.3x -4.0% 0.0% 0.8% 19.6% Median 1.1x 0.9x 0.7x 18.0x 16.3x 12.1x 1.2% 3.6% 4.3% 18.4%
Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (06-Jan-2019) 16 2: E-COMMERCE & TRAVEL (2/2)
Marketplaces MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
B2W - Companhia Digital BR 4'518 5'074 3.0x 3.2x 2.9x n/m 48.7x 30.1x 4.4% 6.6% 9.5% 3% Cars.com US 1'338 1'939 3.5x 3.3x 3.1x 11.1x 9.8x 9.2x 31.9% 34.1% 34.0% 6% Copart US 9'967 10'037 7.0x 6.1x 5.5x 17.4x 16.0x 14.2x 40.3% 37.9% 38.6% 13% eBay US 24'465 28'333 3.4x 3.0x 2.9x 11.0x 9.0x 8.4x 30.7% 33.6% 34.0% 9% Etsy US 5'251 4'984 12.9x 9.5x 7.3x n/m 41.5x 29.2x 10.9% 22.9% 24.9% 33% Infibeam Avenues IN 377 356 3.9x 2.2x 1.3x 28.2x 9.4x 5.2x 13.9% 22.9% 25.5% 72% MercadoLibre AR 12'502 12'152 9.9x 9.7x 7.0x n/m n/m n/m 13.3% -2.0% 4.5% 19% Rakuten JP 7'950 10'448 1.4x 1.2x 1.1x 8.0x 5.8x 7.3x 17.1% 20.5% 14.5% 14% Scout24 DE 4'347 5'143 10.4x 9.6x 8.3x 22.3x 18.1x 15.8x 46.6% 53.4% 52.5% 12% Shutterstock US 1'094 913 1.9x 1.7x 1.5x 20.9x 10.1x 8.6x 8.9% 16.5% 17.6% 11% Trade Me Group NZ 1'475 1'513 10.6x 9.9x 9.2x 18.1x 15.0x 13.9x 58.2% 65.8% 65.9% 7%
Mean 6.2x 5.4x 4.5x 17.1x 18.3x 14.2x 25.1% 28.4% 29.2% 18.1% Median 3.9x 3.3x 3.1x 17.8x 12.5x 11.6x 17.1% 22.9% 25.5% 12.1% Travel MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
Besttone CN 1'071 775 1.1x n/a n/a 20.6x n/a n/a 5.3% n/a n/a n/a Ctrip.com CN 13'653 14'296 4.2x 3.7x 3.1x 29.4x 22.4x 18.6x 14.2% 16.4% 16.7% 16% Despegar.com AR 801 515 1.1x 1.1x 1.1x 7.7x 8.6x 8.5x 14.6% 13.0% 12.5% 3% eDreams ODIGEO LU 279 658 1.3x 1.3x 1.2x 5.7x 5.7x 5.4x 22.6% 22.2% 22.3% 4% Expedia Group US 14'777 16'451 1.9x 1.7x 1.5x 16.2x 9.8x 8.6x 11.5% 17.0% 17.6% 11% lastminute.com NL 191 138 0.5x 0.5x 0.5x n/m 5.5x 5.0x -0.7% 8.9% 9.6% 6% MakeMyTrip IN 2'195 1'904 3.4x 3.4x 2.9x n/m n/m n/m -31.4% -22.0% -10.3% 9% On the Beach Group GB 552 456 4.7x 3.4x 2.4x 15.3x 11.2x 9.0x 30.7% 30.3% 27.2% 38% TripAdvisor US 6'511 5'929 4.3x 4.2x 3.9x 39.1x 16.3x 14.6x 11.1% 25.8% 26.4% 6% trivago DE 1'856 1'708 1.6x 1.9x 1.8x n/m n/m 31.6x -1.1% -0.4% 5.7% -4% Tuniu CN 572 370 1.4x 1.3x 1.1x n/m n/m n/m -33.8% -8.8% 0.5% 12% Webjet AU 884 846 2.9x 4.0x 3.1x 21.3x 12.8x 8.8x 13.7% 31.2% 34.6% -2%
Mean 2.4x 2.4x 2.0x 19.4x 11.5x 12.2x 4.7% 12.1% 14.8% 8.9% Median 1.8x 1.9x 1.8x 18.4x 10.5x 8.8x 11.3% 16.4% 16.7% 6.1%
Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (06-Jan-2019) 17 3: CONTENT & COMMUNITIES (1/4)
Diversifieds & Portals
MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
CBS US 15'482 23'965 2.0x 1.9x 1.7x 9.0x 8.3x 7.8x 22.3% 22.5% 22.4% 7% Comcast US 142'895 199'387 2.7x 2.4x 2.1x 8.2x 7.4x 6.7x 32.9% 32.6% 30.8% 14% CyberAgent JP 4'189 3'995 1.3x 1.1x 1.0x 12.0x 12.2x 10.4x 10.8% 9.3% 9.6% 13% Discovery US 15'771 32'460 5.4x 3.5x 3.3x 14.5x 8.9x 7.9x 37.1% 38.8% 41.2% 28% IAC/InterActiveCorp US 13'405 14'208 4.9x 3.8x 3.4x 47.8x 16.5x 13.9x 10.2% 23.2% 24.4% 20% Kakao KR 6'769 5'836 3.8x 3.1x 2.7x 25.3x 32.3x 22.7x 14.9% 9.7% 11.8% 18% Lions Gate Entertainment US 3'141 5'251 1.4x 1.5x 1.5x 11.5x 11.0x 9.7x 12.0% 14.0% 15.0% -3% Mail.ru Group CY 4'574 4'445 6.6x 4.7x 3.8x 32.6x 15.9x 11.4x 20.4% 29.4% 33.6% 32% NAVER KR 14'389 12'803 3.5x 2.9x 2.6x 11.8x 13.5x 11.9x 29.6% 21.8% 21.5% 17% Phoenix New Media CN 202 94 0.5x 0.5x 0.5x 14.5x 16.5x 12.5x 3.2% 3.3% 4.0% -3% ProSiebenSat.1 Media DE 3'324 5'619 1.4x 1.4x 1.3x 5.5x 5.8x 5.8x 25.3% 24.1% 23.1% 1% Sony JP 53'314 49'673 0.7x 0.7x 0.7x 4.9x 4.9x 4.9x 14.6% 14.2% 14.2% 2% The Walt Disney Company US 143'119 162'333 3.3x 3.1x 2.9x 10.9x 10.6x 9.7x 30.4% 29.3% 30.3% 6% Twenty-First Century Fox US 78'019 90'250 3.5x 3.3x 3.2x 15.7x 14.5x 13.6x 22.3% 22.9% 23.5% 5% Viacom US 9'633 17'377 1.5x 1.5x 1.5x 6.8x 6.6x 6.3x 22.5% 23.0% 23.5% 1% Yahoo Japan JP 11'250 9'055 1.3x 1.2x 1.1x 4.7x 5.4x 5.3x 26.9% 21.8% 21.1% 6% Altaba US 31'036 34'938 n/m n/m n/a n/m n/a n/a 12.2% n/a n/a n/a Yandex NL 8'126 7'543 6.2x 4.6x 3.6x 25.9x 15.0x 11.1x 24.0% 30.8% 32.6% 31%
Mean 2.9x 2.4x 2.2x 15.3x 12.0x 10.1x 20.6% 21.8% 22.5% 11.5% Median 2.7x 2.4x 2.1x 11.8x 11.0x 9.7x 22.3% 22.9% 23.1% 7.0%
Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (06-Jan-2019) 18 3: CONTENT & COMMUNITIES (2/4)
Content Monetization
MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
Cookpad JP 256 86 0.8x 0.9x 0.9x 1.7x 4.1x 3.6x 46.8% 21.9% 24.9% -5% Leaf Group US 162 133 1.2x 1.0x 0.8x n/m n/m n/m -15.5% -0.2% 1.6% 18% GoDaddy US 9'182 10'709 5.5x 4.6x 4.1x 41.9x 17.7x 16.0x 13.1% 25.9% 25.6% 16% Pandora Media US 2'085 2'419 1.9x 1.8x 1.6x n/m n/m n/m -19.7% -6.8% -0.5% 10% TechTarget US 301 294 3.1x 2.8x 2.5x 22.3x 11.4x 9.3x 13.9% 24.3% 26.7% 12% TEGNA US 2'085 4'686 2.8x 2.4x 2.5x 8.5x 7.0x 7.9x 32.9% 34.8% 31.3% 6% Yelp US 2'518 1'784 2.4x 2.2x 1.9x n/m 11.3x 9.3x 4.7% 19.1% 20.9% 11%
Mean 2.5x 2.2x 2.0x 18.6x 10.3x 9.2x 10.9% 17.0% 18.6% 9.6% Median 2.4x 2.2x 1.9x 15.4x 11.3x 9.3x 13.1% 21.9% 24.9% 11.0% Social Networks and Communities MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
DeNA JP 2'135 1'336 1.2x 1.2x 1.2x 3.8x 6.2x 5.1x 30.6% 20.1% 24.0% -3% Gree JP 841 155 0.3x 0.3x 0.3x 1.7x 2.0x 2.1x 14.9% 13.1% 11.9% -1% LINE JP 7'336 6'530 4.8x 3.8x 3.3x 37.3x 48.7x 29.9x 12.9% 7.8% 11.0% 21% The Meet Group US 317 333 3.1x 2.2x 2.0x 16.4x 12.5x 11.5x 18.7% 17.3% 17.0% 25% mixi JP 1'521 322 0.2x 0.2x 0.3x 0.4x 0.7x 1.1x 45.1% 33.8% 23.8% -12% Momo CN 4'605 3'924 3.4x 2.2x 1.8x 12.0x 8.8x 7.1x 28.3% 25.4% 25.8% 36% SINA CN 3'616 3'201 2.3x 1.7x 1.4x 8.7x 6.7x 5.1x 26.6% 25.7% 27.5% 28% Snap US 6'758 5'517 7.6x 5.4x 4.1x n/m n/m n/m -410.3% -53.8% -27.8% 36% Tian Ge Interactive CN 428 252 2.2x 1.5x n/a 4.6x n/a n/a 46.9% n/a n/a n/a Twitter US 19'932 17'082 8.0x 6.5x 5.7x n/m 17.0x 14.9x 14.1% 38.3% 38.4% 18% Weibo CN 11'960 11'335 11.2x 7.5x 5.8x 30.6x 20.0x 16.0x 36.8% 37.6% 36.0% 40% Xing DE 1'335 1'294 7.0x 5.7x 4.8x 25.8x 17.3x 14.9x 27.1% 32.9% 32.1% 21% YY CN 3'520 2'033 1.4x 1.0x 0.9x 5.5x 5.4x 4.5x 25.0% 19.0% 19.1% 27%
Mean 4.0x 3.0x 2.6x 13.3x 13.2x 10.2x -6.4% 18.1% 19.9% 19.8% Median 3.1x 2.2x 1.9x 8.7x 8.8x 7.1x 26.6% 22.8% 23.9% 23.2%
Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (06-Jan-2019) 19 3: CONTENT & COMMUNITIES (3/4)
Gaming
MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
Activision Blizzard US 31'570 30'908 5.0x 4.7x 4.6x 15.8x 13.1x 12.2x 31.7% 36.0% 37.6% 5% Changyou.com CN 804 262 0.5x 0.6x 0.6x 1.5x 2.3x 2.5x 34.0% 26.8% 25.3% -11% Electronic Arts US 22'371 19'256 4.3x 4.4x 3.9x 14.2x 12.8x 11.0x 30.2% 34.4% 35.5% 5% Glu Mobile US 991 917 3.6x 2.7x 2.4x n/m 26.1x 19.1x -24.0% 10.5% 12.5% 24% Gree JP 841 155 0.3x 0.3x 0.3x 1.7x 2.0x 2.1x 14.9% 13.1% 11.9% -1% GungHo JP 1'148 663 0.9x 1.0x 1.1x 2.3x 3.6x 4.0x 38.5% 28.8% 26.5% -8% Kingsoft CN 1'738 996 1.5x 1.4x 1.0x 8.5x n/m 7.7x 17.6% 0.0% 12.9% 23% Ncsoft KR 7'734 6'715 4.9x 5.0x 4.1x 13.9x 12.9x 10.4x 35.0% 38.5% 39.8% 9% NEOWIZ KR 203 104 0.8x 0.6x 0.6x 9.3x 4.8x 3.9x 8.2% 13.4% 15.4% 13% NetDragon Websoft CN 699 613 1.2x 1.0x 0.8x 26.7x 10.8x 8.1x 4.6% 9.1% 10.2% 23% NetEase CN 26'465 23'154 3.4x 2.7x 2.2x 14.0x 21.3x 16.6x 23.9% 12.8% 13.1% 24% NEXON JP 10'495 6'873 3.6x 3.3x 3.1x 7.8x 7.6x 7.1x 46.2% 43.1% 43.7% 8% Ubisoft Entertainment FR 7'566 7'907 4.7x 4.1x 3.3x 17.1x 9.1x 7.8x 27.4% 45.1% 42.6% 19% Wemade KR 458 376 4.4x 3.9x 3.2x 39.0x n/m 15.6x 11.2% 5.3% 20.7% 16% Zynga US 3'264 2'895 3.8x 3.7x 3.1x 47.0x 17.9x 16.9x 8.1% 20.4% 18.6% 10%
Mean 2.9x 2.6x 2.3x 15.6x 11.1x 9.7x 20.5% 22.5% 24.4% 10.6% Median 3.6x 2.7x 2.4x 14.0x 10.8x 8.1x 23.9% 20.4% 20.7% 10.4%
Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (06-Jan-2019) 20 3: CONTENT & COMMUNITIES (4/4)
Gambling
MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
888 GI 672 551 1.2x 1.2x 1.1x 7.7x 6.0x 6.2x 15.0% 19.4% 18.1% 2% Bet-At-Home.com DE 375 308 2.3x 2.4x 2.5x 8.5x 8.4x 8.5x 26.5% 28.3% 28.9% -4% GVC GB 4'464 6'439 7.2x 1.7x 1.7x 29.0x 7.8x 8.7x 24.8% 21.6% 19.7% 105% International Game Technology GB 2'703 9'342 2.2x 2.2x 2.2x 7.4x 6.1x 6.0x 29.3% 36.0% 35.9% 0% JPJ Group GB 507 841 2.5x 2.4x 2.3x 7.4x 7.0x 7.4x 33.6% 34.2% 30.4% 5% Kindred Group MT 1'844 1'942 2.3x 2.0x 1.8x 9.6x 8.6x 8.9x 24.2% 22.6% 19.9% 14% NetEnt SE 929 893 5.6x 5.1x 4.8x 14.1x 10.8x 9.9x 39.8% 47.3% 48.5% 8% Paddy Power Betfair IE 5'849 5'682 2.9x 2.7x 2.5x 10.8x 11.4x 12.2x 27.1% 23.8% 20.3% 9% Playtech IM 1'405 1'801 2.2x 1.4x 1.1x 7.0x 5.4x 4.4x 31.9% 26.8% 24.0% 45% The Rank Group GB 609 619 0.8x 0.7x 0.7x 4.5x 4.7x 4.6x 17.6% 15.9% 15.6% 4% The Stars Group CA 4'077 8'163 7.1x 4.6x 3.4x 17.5x 11.9x 9.2x 40.5% 38.4% 36.8% 45% William Hill GB 1'566 1'763 0.9x 1.0x 1.0x 4.8x 5.0x 6.0x 19.2% 19.4% 16.0% -2% ZEAL Network GB 186 44 0.3x 0.3x 0.3x 2.2x 1.1x 1.0x 15.4% 25.0% 28.8% 9%
Mean 2.9x 2.1x 1.9x 10.1x 7.3x 7.2x 26.5% 27.6% 26.4% 18.5% Median 2.3x 1.9x 1.7x 7.8x 7.0x 7.4x 26.5% 25.0% 24.0% 8.0%
Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (06-Jan-2019) 21 4: MARKETING & CLASSIFIEDS (1/3)
Classifieds
MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
51job CN 3'382 2'580 7.1x 5.4x 4.4x 21.6x 15.8x 12.6x 32.8% 33.8% 34.7% 28% 58.com CN 7'392 6'962 5.4x 4.2x 3.5x 24.4x 20.1x 15.0x 22.2% 20.8% 23.1% 25% Auto Trader Group GB 4'661 5'033 13.8x 13.3x 12.9x 20.3x 19.1x 17.1x 68.1% 69.7% 75.5% 4% Autohome CN 8'015 6'947 8.8x 7.7x 6.3x 25.5x 18.7x 15.4x 34.3% 41.1% 41.0% 18% Bitauto CN 1'291 4'759 4.3x 3.6x 3.0x n/m 25.8x 21.5x -2.5% 14.0% 14.0% 19% carsales.com AU 1'637 1'883 7.7x 6.2x 5.8x 17.0x 13.9x 12.6x 45.2% 44.9% 46.1% 15% Fang CN 537 982 2.5x 3.5x 2.8x 16.0x 15.1x 8.1x 15.8% 23.2% 34.5% -5% Info Edge IN 2'389 2'207 20.0x 16.9x 14.3x n/m n/m 41.3x 33.9% 32.5% 34.7% 18% REA Group AU 5'935 6'132 12.9x 11.4x 10.1x 25.0x 19.7x 17.1x 51.4% 57.8% 58.8% 13% Rightmove GB 4'452 4'436 16.4x 14.9x 13.8x 22.1x 19.6x 18.2x 73.9% 76.2% 75.9% 9% SaraminHR KR 158 132 2.1x 1.9x 1.8x 9.5x 7.7x 6.5x 21.7% 25.1% 27.1% 9% SEEK AU 3'572 4'335 5.9x 5.0x 4.3x 18.9x 15.6x 14.2x 31.2% 32.0% 30.3% 17% Zillow Group US 5'491 4'677 5.0x 4.0x 2.8x n/m 26.4x 23.1x 7.7% 15.3% 12.1% 33%
Mean 8.6x 7.5x 6.6x 19.9x 18.1x 17.1x 33.5% 37.4% 39.1% 15.3% Median 7.0x 5.3x 4.3x 20.8x 18.9x 15.4x 32.8% 32.5% 34.7% 16.7%
Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (06-Jan-2019) 22 4: MARKETING & CLASSIFIEDS (2/3)
Customer Acquisition
MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
ANGI Homeservices US 6'945 6'928 10.7x 7.0x 5.6x n/m 30.3x 25.7x -9.0% 23.0% 21.7% 39% Care.com US 573 514 3.4x 3.0x 2.7x 49.9x 18.5x 15.6x 6.7% 16.5% 17.2% 12% Catena Media MT 537 678 10.2x 6.4x 5.4x 19.3x 13.2x 10.4x 52.7% 48.5% 51.4% 38% Delivery Hero DE 5'367 4'704 8.7x 6.2x 4.3x n/m n/m n/m -39.5% -17.7% -12.6% 43% eHealth US 642 624 4.1x 3.1x 2.7x n/m 27.1x 17.3x -14.7% 11.6% 15.5% 24% Groupon US 1'722 1'424 0.6x 0.6x 0.6x 14.5x 5.7x 5.4x 3.9% 10.8% 11.4% -4% GrubHub US 6'030 6'017 10.0x 6.8x 5.1x 49.3x 28.7x 21.8x 20.4% 23.7% 23.5% 40% Gruppo MutuiOnline IT 640 692 4.5x 3.9x 3.5x 15.7x 12.8x 11.5x 28.6% 30.2% 30.6% 13% Gurunavi JP 263 203 0.7x 0.7x 0.7x 3.2x 4.4x 5.0x 21.6% 16.7% 15.1% -5% HolidayCheck Group DE 155 126 1.0x 0.9x 0.8x n/m 12.7x 10.5x -2.3% 7.4% 7.9% 10% iSelect AU 105 86 0.7x 0.7x 0.7x 6.1x 11.5x 6.0x 11.8% 6.5% 11.9% 1% Just Eat GB 4'460 4'414 7.2x 5.2x 4.1x 25.6x 23.3x 18.1x 28.3% 22.1% 22.6% 33% Kakaku.com JP 3'256 3'061 8.3x 7.2x 6.5x 16.1x 14.4x 13.3x 51.6% 49.8% 48.6% 13% LendingTree US 2'557 2'542 4.7x 3.8x 2.9x 34.0x 18.8x 14.5x 13.8% 20.0% 19.8% 28% Moneysupermarket.com GB 1'681 1'654 4.5x 4.2x 3.9x 12.9x 11.5x 10.6x 34.9% 36.8% 36.8% 7% Quotient Technology US 900 746 2.6x 2.1x 1.7x n/m 14.2x 10.3x 3.6% 15.1% 16.5% 25% Takeaway.com NL 2'468 2'401 14.4x 10.0x 7.1x n/m n/m n/m -17.1% -3.9% 6.4% 42% Travelzoo US 105 91 1.0x 0.9x 0.9x 16.4x 11.0x 10.5x 5.9% 8.4% 8.4% 5% trivago DE 1'856 1'708 1.6x 1.9x 1.8x n/m n/m 31.6x -1.1% -0.4% 5.7% -4%
Mean 5.2x 3.9x 3.2x 21.9x 16.1x 14.0x 10.5% 17.1% 18.9% 18.9% Median 4.5x 3.8x 2.9x 16.3x 13.7x 11.5x 6.7% 16.5% 16.5% 13.3%
Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (06-Jan-2019) 23 4: MARKETING & CLASSIFIEDS (3/3)
Other Online Marketing MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
1000mercis FR 65 61 1.0x 0.9x 0.9x 5.6x 6.7x 6.2x 17.8% 14.2% 13.9% 8% Blucora US 1'117 1'287 2.9x 2.6x 2.4x 16.6x 12.4x 10.8x 17.3% 21.1% 22.4% 9% comScore US 786 914 2.6x 2.5x 2.4x n/m n/m 39.0x -36.3% 3.0% 6.2% 3% Criteo FR 1'400 1'019 0.5x 1.2x 1.2x 5.1x 3.8x 3.7x 10.0% 32.0% 31.4% -34% LivePerson US 1'065 1'006 5.2x 4.6x 4.0x n/m n/m 48.7x 4.3% 7.6% 8.3% 14% Otello NO 193 173 0.5x 0.7x 0.6x n/m 9.0x 4.5x -0.8% 8.0% 12.3% -8% OPT Holding JP 280 242 0.4x 0.3x 0.3x 9.0x 7.0x 8.8x 4.0% 4.9% 3.4% 11% QuinStreet US 702 640 2.2x 1.6x 1.4x n/m 17.9x 12.8x 3.4% 9.1% 11.2% 24% RhythmOne US 158 147 0.7x 0.5x 0.4x 15.5x 4.2x 2.8x 4.6% 11.4% 13.9% 35% The Trade Desk US 4'472 4'327 16.0x 10.6x 8.0x n/m 33.7x 25.9x 24.1% 31.5% 30.9% 41% Telaria US 109 47 1.2x 1.1x 0.9x n/m n/m 13.4x -42.0% -6.8% 6.6% 18%
Mean 3.0x 2.4x 2.0x 10.4x 11.8x 16.1x 0.6% 12.4% 14.6% 11.0% Median 1.2x 1.2x 1.2x 9.0x 8.0x 10.8x 4.3% 9.1% 12.3% 10.6%
E-commerce & Marketing Solutions MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
Brightcove US 227 204 1.5x 1.4x 1.3x n/m n/m 37.1x -9.2% 0.8% 3.6% 6% Baozun CN 1'518 1'503 2.8x 2.2x 1.6x 38.3x 24.3x 15.4x 7.4% 8.9% 10.7% 31% Cafe24 KR 729 659 5.9x 5.0x 4.0x n/m 36.6x 20.9x 8.8% 13.7% 19.3% 21% HubSpot US 4'362 4'145 12.6x 9.3x 7.4x n/m n/m n/m -8.2% 10.4% 11.9% 30% InnerWorkings US 191 337 0.3x 0.3x 0.3x 9.0x 8.8x 6.9x 3.8% 3.9% 4.8% 1% Limelight Networks US 251 205 1.3x 1.2x 1.1x 13.0x 7.5x 6.5x 9.7% 16.0% 16.5% 8% Quotient Technology US 900 746 2.6x 2.1x 1.7x n/m 14.2x 10.3x 3.6% 15.1% 16.5% 25% Shopify CA 13'361 11'976 20.3x 12.9x 9.3x n/m n/m n/m -4.8% 3.7% 6.4% 48%
Mean 5.9x 4.3x 3.4x 20.1x 18.3x 16.2x 1.4% 9.1% 11.2% 21.3% Median 2.7x 2.2x 1.7x 13.0x 14.2x 12.8x 3.7% 9.7% 11.3% 22.7%
Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (06-Jan-2019) 24 5: CONSUMER/B2C SERVICES & PAYMENT
Consumer / B2C Services
MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
Chegg US 3'011 2'854 12.8x 10.3x 8.4x n/m 39.6x 28.9x -0.9% 25.9% 29.0% 23% Cimpress NL 2'887 3'814 1.8x 1.6x 1.5x 19.3x 12.1x 9.9x 9.2% 13.3% 14.7% 10% CTS Eventim DE 3'283 2'919 2.8x 2.5x 2.4x 16.5x 12.4x 11.0x 17.1% 19.9% 21.4% 9% Live Nation Entertainment US 9'190 10'466 1.2x 1.1x 1.0x 20.2x 14.3x 12.6x 5.7% 7.9% 8.2% 5% Proto Labs US 2'624 2'518 8.3x 6.4x 5.7x 31.7x 22.2x 19.3x 26.3% 28.8% 29.5% 21% Qurate Retail US 7'800 13'892 1.5x 1.1x 1.1x 9.2x 7.5x 7.0x 16.5% 15.0% 15.7% 18% Shutterfly US 1'281 2'169 2.1x 1.2x 1.1x 14.9x 6.2x 6.0x 13.9% 19.9% 18.6% 36% Spotify Technology LU 18'829 17'121 4.2x 3.3x 2.5x n/m n/m n/m -8.0% -2.2% -1.0% 28% Stamps.com US 2'456 2'458 6.0x 4.9x 4.1x 15.2x 11.0x 9.5x 39.5% 44.3% 42.8% 21%
Mean 4.5x 3.6x 3.1x 18.1x 15.7x 13.0x 13.3% 19.2% 19.9% 19.3% Median 2.8x 2.5x 2.4x 16.5x 12.2x 10.5x 13.9% 19.9% 18.6% 21.0% Payment
MV EV EV/Sales EV/EBITDA EBITDA Margin Sales CAGR Company Country (EURm) (EURm) 2017 2018 2019 2017 2018 2019 2017 2018 2019 17-19
Intuit US 44'617 43'822 9.2x 7.8x 7.3x 30.1x 20.5x 20.2x 30.4% 38.1% 35.9% 12% Global Payments US 14'258 18'376 5.3x 5.3x 4.7x 19.0x 14.7x 12.9x 27.8% 36.0% 36.6% 6% SafeCharge International Group GG 387 314 3.2x 2.6x 2.3x 11.4x 9.7x 8.6x 28.2% 26.9% 27.2% 17% Qiwi CY 760 355 1.3x 1.4x 1.3x 5.9x 5.0x 3.3x 22.4% 28.5% 40.3% -1% Wirecard DE 16'465 15'423 10.0x 7.5x 5.8x 39.1x 27.4x 20.0x 25.7% 27.4% 29.1% 31% Worldpay US 19'493 26'488 7.5x 7.7x 7.0x 34.0x 16.0x 13.9x 22.1% 47.9% 50.5% 3%
Mean 6.1x 5.4x 4.8x 23.2x 15.5x 13.2x 26.1% 34.1% 36.6% 11.5% Median 6.4x 6.4x 5.3x 24.5x 15.4x 13.4x 26.7% 32.2% 36.2% 9.0%
Note: Multiples values over 50x deemed not meaningful and excluded from analysis Source: Capital IQ (06-Jan-2019) 25