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Management Consulting October 2018 Management Consulting October 2018 Sector Dashboard [4] Sectorwatch: Management Consulting October 2018 Management Consulting October 2018 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 % 33.2% 0.03 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 % 12.5% Pricing / Gross Margin Momentum Median LTM Rev. Growth % 9.2% 1 - year gross profit % compared to gross profit % 0.4% 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 19.7x 1 - year EBITDA % compared to EBITDA % average for 0.03% last 3 years Median TEV / LTM EBIT 15.9x 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 13.6x Median TEV / LTM Revenue 1.4x 0x 5x 10x 15x 20x 4 Public Basket Rev TEV / LTM Rev Growth EBITDA TEV / EBITDA Rev / Company TEV $m $m YoY GP % % Rev X X # FTEs FTE $k CRA International, Inc. 349 393 15% 31% 7% 0.9 12.4 631 623 The Hackett Group, Inc. 585 268 2% 38% 16% 2.2 14.0 1,123 238 Navigant Consulting, Inc. 1,074 951 20% 31% 13% 1.1 8.6 6,008 158 Huron Consulting Group Inc. 1,337 754 3% 36% 12% 1.8 14.8 3,083 244 ICF International, Inc. 1,609 1,254 5% 37% 9% 1.3 14.5 5,500 228 FTI Consulting, Inc. 2,724 1,991 12% 35% 13% 1.4 10.8 4,609 432 Booz Allen Hamilton Holding Corporation 8,385 6,296 7% 24% 10% 1.3 13.5 24,600 256 Accenture plc 93,063 39,573 14% 31% 17% 2.4 13.8 459,000 86 Average 13,641 6,435 9% 33% 12% 1.5 12.8 63,069 283 Median 1,473 1,102 9% 33% 13% 1.4 13.6 5,055 241 share price as of 24Oct18 5 Public Basket Valuation Trends Valuation Public Basket 10x 12x 14x 16x 0x 2x 4x 6x 8x Jan-14 Apr-14 TEV/EBITDA - Average TEV/EBITDA - Median Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 10.5x 1.2x Apr-16 Jul-16 TEV/RevenueAverage - TEV/RevenueMedian - Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Public Time Public EBITDA Multiples over 0.0x 0.5x 1.0x 1.5x 2.0x 10x 15x 20x 0x 5x Jan-14 Jan-14 TEV/RevenueMedian - Apr-14 Apr-14 TEV/EBITDA - Median Jul-14 Multiples Revenue Jul-14 Oct-14 Oct-14 Jan-15 Jan-15 Apr-15 Apr-15 Jul-15 Jul-15 Oct-15 Oct-15 Jan-16 Jan-16 Apr-16 Apr-16 Jul-16 Jul-16 TEV/RevenueAverage - Oct-16 TEV/EBITDA - Average Oct-16 Jan-17 Jan-17 Apr-17 Apr-17 Jul-17 Time over Jul-17 Oct-17 Oct-17 Jan-18 Jan-18 Apr-18 Apr-18 Jul-18 Jul-18 Oct-18 Oct-18 6 Operational Metrics LTM Gross Profit Margin % LTM EBITDA % The Hackett Group, Inc. Accenture plc ICF International, Inc. The Hackett Group, Inc. Huron Consulting Group Inc. FTI Consulting, Inc. FTI Consulting, Inc. Navigant Consulting, Inc. Accenture plc Huron Consulting Group Inc. Navigant Consulting, Inc. Booz Allen Hamilton Holding Corporation CRA International, Inc. ICF International, Inc. Booz Allen Hamilton Holding Corporation CRA International, Inc. Median Median - 10% 20% 30% 40% - 10% 20% 30% 7 Operational Metrics LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s Navigant Consulting, Inc. CRA International, Inc. CRA International, Inc. FTI Consulting, Inc. Booz Allen Hamilton Accenture plc Holding Corporation FTI Consulting, Inc. Huron Consulting Group Inc. Booz Allen Hamilton Holding Corporation The Hackett Group, Inc. ICF International, Inc. ICF International, Inc. Huron Consulting Group Inc. Navigant Consulting, Inc. The Hackett Group, Inc. Accenture plc Median Median - 10% 20% 30% $- $200 $400 $600 $800 8 Operational Metrics Average Days Accounts Receivable Turnover Sales Outstanding Accenture plc CRA International, Inc. Booz Allen Hamilton Holding Corporation FTI Consulting, Inc. The Hackett Group, Inc. ICF International, Inc. Huron Consulting Group Navigant Inc. Consulting, Inc. Navigant Consulting, Inc. Huron Consulting Group Inc. ICF International, Inc. The Hackett Group, Inc. Booz Allen Hamilton FTI Consulting, Inc. Holding Corporation CRA International, Inc. Accenture plc Median Median 0x 2x 4x 6x 8x 10x 0 20 40 60 80 100 120 9 Valuation TEV / LTM Revenue TEV / LTM EBITDA Huron Consulting Accenture plc Group Inc. The Hackett Group, ICF International, Inc. Inc. Huron Consulting The Hackett Group, Group Inc. Inc. FTI Consulting, Inc. Accenture plc Booz Allen Hamilton Booz Allen Hamilton Holding Corporation Holding Corporation ICF International, CRA International, Inc. Inc. Navigant FTI Consulting, Inc. Consulting, Inc. CRA International, Navigant Inc. Consulting, Inc. Median Median 0x 2x 4x 6x 0x 10x 20x 30x 10 Valuation TEV / LTM EBIT Price / LTM Earnings Huron Consulting CRA International, Group Inc. Inc. ICF International, Inc. Accenture plc CRA International, Inc. ICF International, Inc. Accenture plc Booz Allen Hamilton Holding Corporation The Hackett Group, Inc. The Hackett Group, Inc. Booz Allen Hamilton Holding Corporation FTI Consulting, Inc. FTI Consulting, Inc. Navigant Navigant Consulting, Inc. Consulting, Inc. Median Median 0x 10x 20x 30x 40x 0x 10x 20x 30x 11 Valuation Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate 16x 45% 16x 25% 38.2% 40% 19.9% 14x 36.8% 14x 34.9% 31.4% 20% 35% 12x 30.7% 35.5% 12x 30% 14.7% 10x 31.0% 10x 13.6% 15% 25% 8x 8x 23.7% 20% 11.7% 10% 6x 6x 15% 4x 4x 1.9% 4.6% 10% 6.6% 5% 3.0% 2x 2x 5% 9x 11x 12x 14x 14x 14x 14x 15x 9x 11x 12x 14x 14x 14x 14x 15x LTM GP% EBITDA(x) 0x 0% 0x 0% EBITDA(x) LTM RGR% LTM EBITDA(x) LTM GP% EBITDA(x) LTM RGR% 12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA 3Oct18 TayganPoint Consulting Group, Inc. Grant Thornton LLP - - - - 1Oct18 4Plan Consulting Corp. MNP LLP - - - - 18Sep18 Paradigm Consulting Group Inc. Golden Opportunities Fund Inc. - Class A; Westcap - - - - Management Ltd. 2Aug18 David M Shapiro Disaster Planning & Recovery Consultants, ICF International, Inc. - - - - Inc. 18Jul18 Barkawi Management Consultants GmbH & Co. KG Genpact Limited - - - - 12Jul18 Intellinet Corporation FPT Corporation 50.00 30.00 1.8x - 4Jun18 EVER BE SAS Mercer Limited - - - - 21May18 Aveus, LLC Medecision, Inc. - - - - 30Apr18 Newcomb Anderson McCormick, Inc. Willdan Group, Inc. - - - - 16Apr18 Lenati, LLC ProKarma Inc. - - - - 28Mar18 Ideas at Work (nka:BDO Ideas at Work) BDO Belgium - - - - 29Mar18 C3 Consulting LLC Ankura Consulting Group, LLC - - - - 21Mar18 Cartesian, Inc. Blackstreet Capital Management, LLC 11.50 50.78 0.2x NM 5Feb18 LiquidHub, Inc. Capgemini SE 500.00 247.70 2.0x - 22Jan18 Evidence Strategy AB The North Alliance AS - - - - 9Jan18 RPR Partners, LLP Ernst & Young LLP - - - - 9Nov17 SQS Software Quality Systems AG Assystem Technologies SA 436.24 377.96 1.1x 14.3x 6Dec17 GAP Solutions Inc. System One Holdings, LLC - - - - 3Dec17 Al-Faris National Company for Investment & Export P.L.C. The Arab Palestinian Investment Company 14.12 27.33 - - 30Nov17 Brand Control Co., Ltd. Vector Inc. 9.44 - - - 20Nov17 Bridgepoint Consulting, LLC Addison Group, LLC - - - - 2Nov17 Dominion Consulting Inc. TeraThink Corporation - - - - 29Sep17 Double Consulting s.r.l. SQS Software Quality Systems AG 12.41 7.84 1.8x - 18Aug17 AML RightSource LLC Clarion Capital Partners, LLC - - - - 15Aug17 Evans International Enterprises, Inc. Waterhouse Group, Inc. - - - - 1Jul17 ProService Worldwide (Cyprus) Limited ProLogics (UK) LLP 1.89 - - - 13 Management Consulting October 2018 APPENDIX: Public Basket Constituents 7 Mile Advisors appreciates the opportunity to present this confidential information to the Company.
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