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London Tech Listing Considerations LONDON TECH LISTING CONSIDERATIONS MARCH 2017 EXECUTIVE SUMMARY Why London? UK MARKETS PROVING RESILIENT LARGE APPETITE FOR UK TECH STOCKS AND IPOs ARE OUTPERFORMING — Relative scarcity of UK-listed technology stocks makes large tech — London in the top five global exchanges for issuance despite companies a must own for UK investors – Sophos marketed solely against political backdrop US comps and achieved valuation premium — London IPOs have outperformed their US counterparts in 2015 and — Just Eat provides a case study in how VCs can use public markets for impressive performance continued in 2016 with technology companies monetisation and growth leading the way — London has lead the way with jumbo IPOs like Worldpay – the largest — UK indices continue to perform well post-Brexit – best major market tech IPO globally in 2015 performers in the local currency terms – driven by large overseas — Small cap successes such as Blue Prism demonstrate unique revenue exposure of UK-listed firms. differentiation through AIM. LONDON IS THE MOST INTERNATIONAL MARKET ENHANCED DEAL STRUCTURE AND PROCESS IN THE UK — London is the most international stock market globally in terms — UK more receptive to small and micro cap deals of international listed companies — Less share price volatility observed in the UK due to long term orientation — International shareholders represent almost half the ownership of investors in UK stocks — UK IPO process provide more certainty in pricing and valuation — North American shareholders alone own c.30% and UK IPOs routinely — UK investors superior appetite to absorb secondary selldown at IPO than offered to most US institutions US counterparts. — US IPO market remains essentially domestic with limited relative international investor representation VASTLY REDUCED REGULATORY BURDEN AND COST — US investors’ holding of “non-domestic” companies tends to be — London much more cost-effective for IPO underwriting and more volatile. transaction costs — Insurance far more expensive in US due to legal environment / track record of shareholder activism — Annual Sarbanes Oxley compliance estimated at $1.5m / SEC review process longer than UKLA — Quarterly reporting not mandatory in UK further reducing cost and time burden. 01 LSEG RANKS TOP GLOBALLY 193 equity offerings in Q1 2017 raising $25bn TOP FIVE EXCHANGES BY NUMBER OF DEALS TOP FIVE EXCHANGES BY MONEY RAISED Number of deals Money raised ($bn) 250 50 IPO IPO Further issues Further issues 200 40 150 30 100 20 50 10 0 0 LSEG NASDAQ Australian New York Shenzhen New York LSEG Shanghai NASDAQ Shenzhen Stock Exchange 02 Source: Dealogic, London Stock Exchange Group, April 2017. Number of IPOs and FOs by exchange group. IPO AFTERMARKET PRICE PERFORMANCE London Stock Exchange provides superior support for IPOs London IPOs have out-performed new listings on NYSE and the NASDAQ over the past two years. 2015/16 IPO PERFORMANCE 2016 TECH IPO PERFORMANCE 25% Average price performance weighted by market cap at offer (%) 2015 2016 160 20% 18.7 140 144.7 15% 16.9 14.9 120 10% 10.8 5% 100 NASDAQ NYSE 0% 80 London London NASDAQ NYSE −5% 60 −10% −11.9 40 45.9 −15% 30.8 −19.0 20 −20% 0 −25% London NASDAQ New York Source: Dealogic, January 2017. Price performance is weighted by market cap at offer. 03 AFTERMARKET PERFORMANCE IN 2017 2016 IPOs generally traded up despite market backdrop LONDON IPO PERFORMANCE (2017 IPOs*) Percentage price performance (local currency) 60% 60% AIM 2017 Main Market 50% Weighted performance† +6.6% 50% Deals above offer price 13 Deals under offer price 4 40% 40% 30% 30% 20% 20% Ocelot Partners Ltd Ocelot Partners Arix Bioscience plc Emmerson plc Emmerson 10% 10% GBGI Ltd 0% 0% Saffron Energy plc Energy Saffron Anglo African Oil & Gas plc Holdings plc Stranger plc Medical Group UK Ltd UP Global Sourcing Holdings plc Ramsdens Xafinity plc Earths Ltd Rare Rainbow LXI REIT plc plc Trust Landing Backed TOC Property REIT plc Impact Healthcare plc BioPharma Credit Gas & Oil plc Diversified −10% −20% 04 Source: Dealogic, Bloomberg, price performance as of 31 March 2017. * Three companies either suspended or undetermined value † Weighted by market cap at offer THE IMPACT OF BREXIT Opportunity for internationally-focused companies GLOBAL EQUITY INDICES PERFORMANCE (TRAILING YEAR) Index Constituents’ Percentage price performance (local currency) — The resilience of the FTSE 100 during the Overseas Revenue volatility surrounding the EU referendum is 35% testament to its international nature and the sector diversity of our issuer community. — The institutional nature of London investors 30% 31% and their long-term outlook results in lower volatility in the secondary market. FTSE 100 c.75% 25% 23% 20% 21% 20% 17% 15% 16% 13% 10% 11% S&P 500 c.33% 5% 0% FTSE 100 FTSE 250 FTSE All AIM STOXX CAC 40 DAX S&P 500 Hang Seng Europe 600 Source: FactSet, March 2017. 05 INVESTOR DIVERSIFICATION London offers superior diversification and access to US investors DOMICILE OF TOP INVESTORS DOMICILE OF TOP INVESTORS London has the most diverse investor IN LISTED SECURITIES IN LONDON IN LISTED SECURITIES IN THE US base of any major global exchange, while still allowing issuers to tap US institutional investors. This allows issuers access to a pool of capital that is comfortable with companies who build internationally facing business models. Largest institutions Country NASDAQ investing in LSE and NYSE LSE-listed stock BlackRock Investment United Management (UK) Ltd Kingdom Legal & General Investment United Management Ltd Kingdom The Vanguard Group, Inc. United States Norges Bank Investment Norway Management BlackRock Advisors United (UK) Ltd Kingdom 52% 13% 5% 5% Capital Research United United Kingdom Europe (ex. UK) United Kingdom Europe (ex. UK) & Management Co States (World Investors) 30% 5% 88% 2% North America Rest of world North America Rest of world 06 Source: FactSet and LSE calculations, January 2017. THE INTERNATIONAL MARKET OF CHOICE — More international companies choose London for listing than any other exchange. 30% of all major exchange-listed international companies are listed on LSE. — Tried and tested market expertise, developed financing infrastructure and internationally-minded investor community. — Our issuers operate in over 115 countries around the world. CROSS-BORDER LISTINGS ON INTERNATIONAL EXCHANGES LONDON HAS MORE INTERNATIONAL COMPANIES THAN ANY OTHER EXCHANGE By number 3,000 of companies International Domestic 30% 2,500 2,230 LSE 28% 1,996 NYSE 2,000 1,615 1,449 23% NASDAQ 1,622 1,500 10% companies SGX 1,000 845 6% 618 TSX 500 3% 488 459 HKSE 372 160 89 54 0 London NYSE NASDAQ Singapore Toronto Hong Kong Source: Bloomberg, FactSet, April 2017. * International classification based on FactSet Nation 07 INTERNATIONAL VS DOMESTIC US investors favour domestic companies A little appreciated fact is that foreign firms listed in the US consistently underperform. Part of the reason lies in the high percentage of US investors on US markets – in uncertain times they prefer domestic companies and international companies will suffer. PRICE PERFORMANCE OF IPOs (2016) 50% London NASDAQ New York 40% 33.6% 30% 32.2% 26.9% 20% 21.4% 15.8% 10% 0% −7.3% −10% Domestic International −20% 08 Source: Bloomberg, January 2017. EUROPEAN DIGITAL CITY INDEX: TOP 20 4 18 6 of the top 20 cities 2 are in the UK 19 7 1. London 2. Stockholm 3. Amsterdam 16 20 4. Helsinki 8 5. Paris 6 12 3 6. Berlin 15 7. Copenhagen 13 1 8. Dublin 17 9. Barcelona 10. Vienna 5 11. Munich 10 12. Cambridge 11 13. Bristol 14. Madrid 15. Oxford 16. Manchester 17. Brussels 18. Tallinn 19. Edinburgh 20. Hamburg 9 14 Source: Financial Times, December 2016. Compiled by EDCI, based on factors including finance, tech, infrastructure skills and entrepreneurial culture. A BOOMING TECH SECTOR London-listed tech outperforms the benchmark Since early 2015, the UK has seen significant outperformance of tech issuers and indices when compared to the US exchanges. Despite a challenging start to 2016, LSE tech continues to outperform the US and in particular the NASDAQ. FTSE ALL-SHARE TECH OUTPERFORMING S&P INFOTECH 150 FTSE All-Share FTSE All-Share / Technology – IND S&P 500 / Information Technology – SEC S&P North American Technology Sector 140 130 120 110 100 90 80 70 May ’15 Jul ’15 Sep ’15 Nov ’15 Jan ’16 Mar ’16 May ’16 Jul ’16 Sep ’16 Nov ’16 Jan ’17 Mar ’17 10 Source: FactSet, 31 March 2017. VALUATIONS No evidence of tech valuation differential Across a range of examples within the tech industry, the valuations of listed companies runs counter to received wisdom. What we observe is that differences in valuation are more often explained due to differences in companies rather than differences in exchanges. SOFTWARE AUTOMATION ONLINE MARKETPLACE 50× 20× 18.4× 17.9× 40.4× 41.1× 40× 16× London-listed – P/S 30× 12× London-listed – EV/Sales 8.4× 8.5× US-listed – P/S 20× 8× US-listed – EV/Sales 5.9× 5.7× 4.6 4.8× × 3.9× 4.1× 10× 4× 2.4× 2.6× 2.7× 2.6× 0× 0× Blue Prism Computer Blue Prism Paddy Power Moneysupermarket Priceline eBay Expedia Services Betfair FINTECH ONLINE FOOD DELIVERY CYBER SECURITY 12× 12× 12× 10.8 × 10.4× 10× 10× 10× 8× 8× 8× 6.8× 6.2× 6.1× 6 6 5.4 6 × 5.3× 5.1 5.0 5.2× × × × × × 4.7× 4.2× 4 4 4 × 3.0× 3.1× 3.1× × × 3.1× 2.7× 2.4× 2.5× 2× 1.2× 2× 2× 0× 0× 0× Worldpay First Fidessa First Data SS&C Total System Just Eat GrubHub Sophos Barracuda Derivatives Group Services Source: FactSet, Bloomberg, April 2017. 11 “MUST OWN” STOCK Due to relative scarcity of tech IPOs compared to US — Sophos was London’s largest ever software IPO.
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