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Digital Agency December 2019 Digital Agency December 2019 Sector Dashboard [4] Sectorwatch: Digital Agency December 2019 Digital Agency December 2019 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 % 24.7% 0.9% 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 % 16.5% Pricing / Gross Margin Momentum Median LTM Rev. Growth % 3.1% 1 - year gross profit % compared to gross profit % 1.6% average for last 3 years 0% 10% 20% 30% Current gross profit margin exceeds the average of the last 3 years gross profit margin by this amount, indicating supplier pricing power Valuation Profitability Median TEV / LTM EBIT 14.2x 1 - year EBITDA % compared to EBITDA % average for -0.5% last 3 years Median Price / LTM Earnings 13.7x Current EBITDA margin is less than the average of the last 3 years EBITDA margins, which may signal further consolidation Median TEV / LTM EBITDA 9.9x Median TEV / LTM Revenue 1.5x 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 Dentsu Inc. 13,515 9,621 4% 90% 17% 1.4 8.5 62,608 154 Publicis Groupe S.A. 13,546 10,369 2% 38% 20% 1.3 6.8 69,465 149 The Interpublic Group of Companies, Inc. 13,951 8,606 11% 25% 16% 1.6 10.0 54,000 159 Omnicom Group Inc. 22,706 14,899 -3% 18% 16% 1.5 9.8 70,400 212 Alliance Data Systems Corporation 23,144 7,710 22% 25% 22% 3.0 13.5 20,000 385 WPP plc 26,946 19,984 1% 18% 11% 1.3 12.1 134,281 149 Average 18,968 11,865 6% 36% 17% 1.7 10.1 68,459 201 Median 18,329 9,995 3% 25% 16% 1.5 9.9 66,037 157 share price as of 30Dec19 5 Public Basket Valuation Trends Public Basket Valuation 15x 12x 0x 3x 6x 9x Mar-15 Jun-15 TEV/EBITDA- Average TEV/EBITDA- Median Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 1.6x Mar-17 9.6x Jun-17 Sep-17 TEV/Revenue - Average TEV/Revenue - Median Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Public Public Time over Multiples EBITDA Public 0.0x 0.5x 1.0x 1.5x 2.0x 10x 15x 0x 5x Mar-15 Mar-15 TEV/Revenue - Median Jun-15 Jun-15 TEV/EBITDA- Median Sep-15 Multiples Revenue Sep-15 Dec-15 Dec-15 Mar-16 Mar-16 Jun-16 Jun-16 Sep-16 Sep-16 Dec-16 Dec-16 Mar-17 Mar-17 Jun-17 Jun-17 Sep-17 Sep-17 TEV/Revenue - Average Dec-17 TEV/EBITDA- Average Dec-17 Mar-18 Mar-18 Jun-18 Jun-18 Sep-18 Time over Sep-18 Dec-18 Dec-18 Mar-19 Mar-19 Jun-19 Jun-19 Sep-19 Sep-19 Dec-19 Dec-19 6 Operational Metrics LTM Gross Profit Margin % LTM EBITDA % Alliance Data Systems Dentsu Inc. Corporation Publicis Groupe S.A. Publicis Groupe S.A. The Interpublic Group of Dentsu Inc. Companies, Inc. Alliance Data Systems The Interpublic Group of Corporation Companies, Inc. Omnicom Group Inc. Omnicom Group Inc. WPP plc WPP plc Median Median - 20% 40% 60% 80% 100% - 10% 20% 30% 7 Operational Metrics LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s Alliance Data Systems Alliance Data Systems Corporation Corporation The Interpublic Group of Companies, Inc. Omnicom Group Inc. Dentsu Inc. The Interpublic Group of Companies, Inc. Publicis Groupe S.A. Dentsu Inc. WPP plc Publicis Groupe S.A. Omnicom Group Inc. WPP plc Median Median (10%) - 10% 20% 30% $- $100 $200 $300 $400 8 Operational Metrics Average Days Accounts Receivable Turnover Sales Outstanding Alliance Data Systems Corporation Dentsu Inc. Omnicom Group Inc. Publicis Groupe S.A. The Interpublic Group of WPP plc Companies, Inc. The Interpublic Group of WPP plc Companies, Inc. Publicis Groupe S.A. Omnicom Group Inc. Alliance Data Systems Dentsu Inc. Corporation Median Median 0x 1x 2x 3x 4x 5x 0 100 200 300 400 500 9 Valuation TEV / LTM Revenue TEV / LTM EBITDA Alliance Data Systems Alliance Data Systems Corporation Corporation The Interpublic Group of WPP plc Companies, Inc. The Interpublic Group of Omnicom Group Inc. Companies, Inc. Dentsu Inc. Omnicom Group Inc. Publicis Groupe S.A. Dentsu Inc. WPP plc Publicis Groupe S.A. Median Median 0x 1x 2x 3x 4x 0x 4x 8x 12x 16x 20x 10 Valuation TEV / LTM EBIT Price / LTM Earnings Alliance Data Systems Corporation Dentsu Inc. Dentsu Inc. WPP plc The Interpublic WPP plc Group of Companies, Inc. The Interpublic Group of Omnicom Group Companies, Inc. Inc. Omnicom Group Inc. Publicis Groupe S.A. Alliance Data Publicis Groupe S.A. Systems Corporation Median Median 0x 4x 8x 12x 16x 20x 0x 10x 20x 30x 40x 11 Valuation Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate 16x 25% 16x 100% 22.2% 90.3% 90% 14x 14x 20% 80% 12x 12x 70% 15% 10x 10x 60% 11.1% 8x 50% 8x 10% 40% 6x 6x 4.3% (3.1%) 5% 24.7% 37.8% 24.6% 30% 4x 4x 20% 2.0% 0% 0.5% 2x 18.4% 18.4% 2x 10% LTM GP% LTM EBITDA(x) EBITDA(x) 7x 8x 10x 10x 12x 14x 7x 8x 10x 10x 12x 14x RGR% LTM 0x 0% 0x -5% EBITDA(x) LTM GP% EBITDA(x) LTM RGR% 12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA 12Nov19 Element, LLC MJH Life SCIENCES LLC - - - - 3Oct19 Nytec Inc. Accenture plc - - - - 23Sep19 Engage:BDR LLC - 23.25 - - - 5Aug19 Connective DX, Inc. ProKarma Inc. - - - - 31Jul19 Pop Art, Inc. - 1.00 - - - 1Jul19 SocialGIZ Monk Media Network - - - - 20May19 MeritDirect LLC Mountaingate Capital Fund I, L.P.; Mountaingate Capital - - - - Management, L.P. 13May19 Assets of Sundog Interactive, Inc. Perficient, Inc. 14.00 - - - 12Apr19 Epsilon Data Management, LLC Publicis Groupe Holdings B.V.; MMS USA Investments, Inc. 4,400.00 1,900.00 2.3x 8.2x 4Apr19 I-Cubed Holding, Inc. Blue Acorn, LLC (nka:Blue Acorn iCi) - - - - 1Mar19 Springbox, Ltd. (nka:Springbox, a Prophet company) Prophet, Inc. - - - - 5Mar19 NichePlus Digital AMF Media Group - - - - 21Feb19 Happy Marketer Private Ltd. Dentsu Aegis Network Ltd. - 4.85 - - 1Jan19 SpeakerBox Communications, LLC REQ, Inc. - - - - 12Dec18 Adaptly, Inc. Accenture plc - - - - 11Dec18 Mustache LLC Cognizant Technology Solutions Corporation - - - - 6Dec18 We Are Friday Limited PA Consulting Group Limited - - - - 1Nov18 Flywheel Digital LLC Ascential plc 400.00 - - - 29Oct18 Elixiter, Inc. Perficient, Inc. 11.70 6.00 2.0x - 9Oct18 Interactive Thinking Srl Capgemini Invent - - - - 4Oct18 We Are Vista Limited ICF International, Inc. - 21.36 - - 1Oct18 June 21 Capgemini Invent - - - - 24Sep18 Emark B.V. Wunderman Limited - - - - 6Sep18 CPC Strategy Inc. Elite SEM Inc. (nka:Tinuiti Inc.) - - - - 20Aug18 Amicus Digital Ventures Pty Ltd Merkle Inc. - - - - 8Aug18 Gorilla, Inc. Wunderman Commerce - 40.00 - - 2Aug18 Gencorp Technologies, Inc. Omnicom Precision Marketing Group - - - - 13 Digital Agency December 2019 APPENDIX: Public Basket Constituents 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.
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