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Internet & Digital Media Monthly

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Internet & Digital Media Monthly NOVEMBER 2016 Internet & Digital Media Monthly BOB LOCKWOOD JERRY DARKO HENRY IZBICKI Internet & Digital Media Internet & Digital Media Internet & Digital Media Managing Director Vice President Associate +1-617-624-7010 +1-415-616-8002 +49-89-232-377-52 [email protected] [email protected] [email protected] Boston San Francisco Munich INVESTMENT BANKING ©2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC Internet & Digital Media Monthly TECHNOLOGY & SERVICES INVESTMENT BANKING GROUP OVERVIEW Deep & Experienced Tech Team Business Model Coverage + 23 Senior Investment Internet / Digital Media Bankers Software / SaaS + 9 Senior Equity Research Analysts Technology-Enabled Solutions + 6 Equity Capital Markets Transaction Processing Professionals Data / Information Services + Tech coverage complemented by 5 Systems | Semiconductors | Hardware related industry groups BPO / IT Services Extensive Transaction Experience Domain Coverage Vertical Coverage Accounting / Financial B2B + More than 170 M&A and private placement Digital Media Communications transactions with an aggregate deal value of E-Commerce Consumer over $22 billion since 2012 HCM Education / Non-Profit + 115 public offering transactions raising more Marketing Tech / Services Financial than $69 billion since 2012 Supply Chain Real Estate . Internet Equity Research: 3 Analysts Covering 29 Companies . Software / Other Equity Research: 4 Analysts Covering 44 Companies RAYMOND JAMES / INVESTMENT BANKING OVERVIEW . Full-service firm with investment banking, equity research, institutional sales & trading and asset management – Founded in 1962; public since 1983 (NYSE: RJF) – $5.4 billion in FY 2016 revenue; equity market capitalization of approximately $8.4 billion – Stable and well-capitalized platform; over 110 consecutive quarters of profitability . Over 6,600 financial advisors managing over $500 billion of assets for 2.6 million accounts; offices in all 50 states . Raymond James Bank operates with over $13.7 billion in total assets for lending and depository services . Industry-focused, knowledge-driven approach, backed by highly-ranked equity research team . Over 600 Equity Capital Markets professionals: over 300 investment bankers across 15 offices and over 200 institutional sales and sales traders in the U.S. and Europe April 2015 . 2015 M&A Advisor Awards “Cross Border M&A Deal of the Year” for sale of AdColony to Opera Software Cross-Border M&A . Received 5 “Deal of the Year” Awards from M&A Advisor and 15 Analyst awards from Deal of the Year Starmine in 2015 M&A Advisor Awards INVESTMENT BANKING 1 Internet & Digital Media Monthly RECENT INTERNET AND SOFTWARE INVESTMENT BANKING TRANSACTIONS September 2016 September 2016 September 2016 August 2016 / May 2015 May 2016 Has received an Investment from $329,906,250 $133,200,000 $84,000,006 $90,000,000 Follow-on Offering Initial Public Offering Initial Public Offering Initial Public Offering $150,535,000 Initial Public Offering Co-Manager Co-Manager Co-Manager Co-Manager $52,000,000 March 2016 / November 2015 March 2016 February 2016 February 2016 January 2016 Sale to: Has received an Has been acquired by Has been acquired by Investment from Has been acquired by (CRM Division) (Studio Division) Undisclosed $6,200,000 Undisclosed $1,110,270,453 $100,000,000 November 2015 October 2015 August 2015 August 2015 August 2015 Has Acquired: Has received an (India Business) (SEA Business) Has been acquired by Investment from Has merged with Has been acquired by $925,000,000 $67,000,000 Undisclosed Undisclosed $190,000,000 June 2015 March 2015 March 2015 / October 2014 January 2015 December 2014 Sale to: Sale to: $176,538,160 (Groups Business) Follow-on Offering $841,225,000 $201,250,000 $143,750,000 Initial Public Offering Initial Public Offering (Art Business) Initial Public Offering Co-Manager Co-Manager Undisclosed Co-Manager Undisclosed November / June 2014 October 2014 September 2014 September 2014 / April 2014 July 2014 Sale to: $893,593,125 $421,300,000 Follow-on Offering $366,850,000 $25,032,296,000 Follow-on Offering $491,280,000 Initial Public Offering Initial Public Offering $221,427,856 Initial Public Offering Initial Public Offering Co-Manager Co-Manager Co-Manager Co-Manager $350,000,000 September / May 2013 October / May 2013 April 2013 December 2013 September / March 2012 A subsidiary of Sale to: $213,000,000 $196,000,000 $168,750,000 Follow-on Offering Follow-on Offering $230,000,000 Follow-on Offering $91,000,000 $92,750,000 Equity Linked Note $185,730,000 Initial Public Offering Initial Public Offering Initial Public Offering Co-Manager Co-Manager Co-Manager Undisclosed Co-Manager INVESTMENT BANKING 2 INTERNET & DIGITAL MEDIA Internet & Digital Media Monthly SUMMARY METRICS BY SECTOR EV / 2016E Revenue EV / 2016E EBITDA 3.5x 18.0x 2.9x 16.0x 14.8x 3.0x 2.8x 14.2x 14.0x 13.0x 2.5x 12.4x 2.5x 12.0x 2.0x 9.6x 2.0x 1.8x 10.0x 8.0x 1.5x 6.0x 1.0x 4.0x 0.5x 2.0x 0.0x 0.0x Adv. & Mktg. E-Commerce Travel Digital Media Gaming Adv. & Mktg. E-Commerce Travel Digital Media Gaming Technology Technology Technology Technology Summary Operating / Trading Statistics Adv. & Mktg. Technology E-Commerce Travel Technology Digital Media Gaming 2016E Revenue Growth 21.5% 15.3% 12.3% 21.6% 18.1% 2017E Revenue Growth 15.0% 14.1% 14.5% 16.5% 13.8% 2016E Gross Margin 66.8% 49.4% 73.2% 70.7% 68.8% 2017E Gross Margin 67.2% 49.9% 73.4% 68.5% 69.8% 2016E EBITDA Margin 14.1% 7.9% 22.3% 18.2% 28.2% 2017E EBITDA Margin 17.2% 9.1% 23.6% 21.9% 33.1% % of 52-Week High 80.3% 79.2% 87.6% 73.4% 85.9% % Above 52-Week Low 37.7% 44.7% 50.0% 35.7% 46.9% LTM Stock Performance(1) 50.0% Adv. & Mktg. Technology 6.9% E-Commerce 18.7% 40.0% Travel Technology (2.2%) Digital Media 21.0% 30.0% Gaming 39.6% NASDAQ 1.2% 20.0% 10.0% 0.0% (10.0%) (20.0%) (30.0%) 10/15 12/15 02/16 04/16 06/16 08/16 10/16 (1) Indices are marked cap weighted. INVESTMENT BANKING 3 Advertising & Marketing E-Commerce Travel Technology Digital Media Gaming Technology Internet & Digital Media Monthly Internet & Digital Media Monthly SUMMARY VALUATION METRICS Historical EV / LTM Revenue Historical EV / LTM EBITDA 4-Yr Quarterly Average: 5.5x 4-Yr Quarterly Average: 13.4x 7.0x 18.0x 6.0x 16.0x 14.0x 5.0x 12.0x 4.0x 10.0x 3.0x 8.0x 2.0x 6.0x 4.0x 1.0x 2.0x 0.0x 12/12 9/13 6/14 3/15 12/15 9/16 0.0x 12/12 9/13 6/14 3/15 12/15 9/16 *Quarterly summary bars are market cap weighted. *Quarterly summary bars are market cap weighted. EV / 2016E Revenue Search Advertising Technology Marketing Technology Median 6.0x 5.3x 10.0x 5.0x 8.0x 4.0x 6.0x 3.0x Median 4.0x 3.1x 2.0x Median 0.6x 1.0x 2.0x 0.0x 0.0x BV WIX EIGI CRM WEB TTD PERI ADBE HUBS BIDU RUBI SHOP SCOR GDDY MRIN FUEL ECOM BLNX TUBE YNDX CRTO YUME TRMR MTMY OPERA GOOGL Note: Excludes multiples that are NA or NM. EV / 2016E EBITDA Search Advertising Technology Marketing Technology 50.0x 45.0x 40.0x 35.0x 30.0x Median 25.0x Median 17.7x 20.0x 13.7x Median 15.0x 7.9x 10.0x 5.0x 0.0x BV WIX TTD EIGI CRM PERI BIDU RUBI MRIN FUEL ADBE YNDX CRTO YUME SCOR GDDY MTMY OPERA GOOGL Note: Excludes multiples that are NA or NM. INVESTMENT BANKING 4 Advertising & Marketing E-Commerce Travel Technology Digital Media Gaming Technology Internet & Digital Media Monthly Internet & Digital Media Monthly SUMMARY VALUATION METRICS (CONT’D) LTM Stock Performance(1) Advertising Technology (9.7%) Marketing Technology 8.6% Search 6.8% 20.0% NASDAQ 1.3% 10.0% 0.0% (10.0%) (20.0%) (30.0%) 10/15 12/15 02/16 04/16 06/16 08/16 10/16 Advertising & Marketing Technology Composite: ADBE, BIDU, AIM:BLNX (Blinkx), BV, CRTO, CRM, ECOM, EIGI, FUEL, GDDY, GOOG, HUBS, MRIN, LSE:MTMY (Matomy Media), OB:OPERA (Opera Software), PERI, RUBI, SCOR, SHOP, TRMR, TTD, TUBE, WIX, WEB, YNDX, YUME. (1) Indices are market cap weighted. PUBLIC MARKET ACTIVITY Detailed Valuation Multiples and Metrics ($ in millions, except per share data) Enterprise Value / Price on LTM Price Market Enterprise Revenue Revenue Growth Gross Margin EBITDA Margin Revenue EBITDA 10/31/16 Chg. %(1) Cap. Value 2016E 2017E 2016E 2017E 2016E 2017E 2016E 2017E 2016E 2017E 2016E 2017E Search Google $809.90 9.8% $549,381 $470,993 $89,320 $103,195 19.1% 15.5% 65.6% 64.4% 40.1% 40.7% 5.3x 4.6x 13.1x 11.2x Baidu (China) 176.86 (5.7%) 61,355 55,559 10,415 12,730 5.6% 22.2% 50.4% 50.0% 22.4% 24.0% 5.3 4.4 23.8 18.2 Yandex (Russia) 19.69 22.3% 6,336 5,647 1,174 1,403 41.2% 19.5% 73.8% 73.9% 35.1% 36.4% 4.8 4.0 13.7 11.0 Mean 8.8% 22.0% 19.1% 63.3% 62.8% 32.5% 33.7% 5.1x 4.3x 16.9x 13.5x Median 9.8% 19.1% 19.5% 65.6% 64.4% 35.1% 36.4% 5.3x 4.4x 13.7x 11.2x Advertising Technology Criteo (France) $36.15 (5.0%) $2,300 $1,931 710 888 33.9% 25.1% 36.1% 35.6% 28.2% 30.2% 2.7x 2.2x 9.6x 7.2x The Trade Desk 25.18 39.9% 963 982 188 245 65.4% 30.1% 77.9% 75.9% 27.5% 28.4% 5.2 4.0 19.0 14.1 Opera Software (Norway) 7.06 12.8% 1,040 1,217 715 797 16.1% 11.4% 53.7% 52.2% 14.0% 15.5% 1.7 1.5 12.1 9.9 The Rubicon Project 7.66 (49.5%) 375 188 273 299 9.7% 9.6% 80.2% 80.9% 24.7% 23.8% 0.7 0.6 2.8 2.6 TubeMogul 7.30 (38.9%) 264 194 220 260 21.5% 18.3% 68.9% 70.0% 0.5% 5.0% 0.9 0.7 NM 14.9 RhythmOne 0.44 8.6% 177 130 167 179 (22.9%) 7.1% 50.5% 50.0% (1.6%) 2.1% 0.8 0.7 NM 34.7 Matomy Media Group (Israel) 1.59 (8.3%) 150 141 272 308 (18.3%) 13.3% 23.0% 23.0% 6.6% 7.3% 0.5 0.5 7.8 6.3 YuMe 3.75 22.5% 128 66 178 190 2.9% 6.8% 48.4% 47.9% 5.4% 5.9% 0.4 0.3 6.9 5.9 Rocket Fuel 1.98 (57.0%) 88 97 451 467 (2.2%) 3.5% 36.9% 31.3% 2.7% 2.8% 0.2 0.2 7.9 7.3 Marin Software 2.30 (35.8%) 88 55 100 97 (7.9%)
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