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Management Consulting February 2019 Management Consulting February 2019 Sector Dashboard [4] Sectorwatch: Management Consulting February 2019 Management Consulting February 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 % 4% average for last 3 years 32.9% 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 % 11.1% Pricing / Gross Margin Momentum Median LTM Rev. Growth % 8.7% 0.4% 1 - year gross profit % compared to gross profit % 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 Median Price / LTM Earnings 23.8x 1 - year EBITDA % compared to EBITDA % average for -0.9% last 3 years Median TEV / LTM EBIT 16.6x Current EBITDA margin is less than the average of the last 3 years EBITDA margins, which may signal further consolidation Median TEV / LTM EBITDA 12.4x Median TEV / LTM Revenue 1.4x 0x 10x 20x 30x 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. 352 418 13% 31% 9% 0.9 11.5 - NA The Hackett Group, Inc. 458 265 0% 38% 16% 1.7 10.9 1,246 212 Navigant Consulting, Inc. 699 673 -28% 29% 9% 1.0 11.9 - NA Huron Consulting Group Inc. 1,391 795 9% 34% 12% 1.7 14.6 2,445 325 ICF International, Inc. 1,555 1,338 9% 36% 9% 1.2 13.0 5,500 243 FTI Consulting, Inc. 2,816 2,028 12% 35% 13% 1.4 10.6 4,700 431 Booz Allen Hamilton Holding Corporation 8,956 6,559 7% 24% 10% 1.4 13.4 24,600 267 Accenture plc 98,880 40,295 11% 31% 16% 2.5 15.1 459,000 88 Average 14,388 6,546 4% 32% 12% 1.5 12.6 62,186 261 Median 1,473 1,067 9% 33% 11% 1.4 12.4 3,573 255 share price as of 26Feb19 5 Public Basket Valuation Trends Public Basket Valuation 10x 12x 14x 16x 0x 2x 4x 6x 8x May-14 Aug-14 TEV/EBITDA- Average TEV/EBITDA- Median Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 10.7x May-16 1.2x Aug-16 Nov-16 TEV/Revenue - Average TEV/Revenue - Median Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 Public Public Time over Multiples EBITDA Public 0x 1x 1x 2x 2x 10x 15x 20x 0x 5x May-14 May-14 Aug-14 TEV/Revenue - Median Aug-14 Nov-14 TEV/EBITDA- Median Revenue Multiples Multiples Revenue Nov-14 Feb-15 Feb-15 May-15 May-15 Aug-15 Aug-15 Nov-15 Nov-15 Feb-16 Feb-16 May-16 May-16 Aug-16 Aug-16 Nov-16 Nov-16 TEV/Revenue - Average Feb-17 TEV/EBITDA- Average Feb-17 May-17 May-17 Aug-17 Aug-17 Nov-17 Time over Nov-17 Feb-18 Feb-18 May-18 May-18 Aug-18 Aug-18 Nov-18 Nov-18 Feb-19 Feb-19 6 Operational Metrics LTM Gross Profit Margin % LTM EBITDA % The Hackett Group, Inc. Accenture plc ICF International, Inc. The Hackett Group, Inc. FTI Consulting, Inc. FTI Consulting, Inc. Huron Consulting Group Huron Consulting Group Inc. Inc. Booz Allen Hamilton Accenture plc Holding Corporation CRA International, Inc. ICF International, Inc. Navigant Consulting, Inc. Navigant Consulting, Inc. Booz Allen Hamilton CRA International, Inc. Holding Corporation Median Median - 10% 20% 30% 40% - 5% 10% 15% 20% 7 Operational Metrics LTM Revenue per LTM Revenue Growth % Full Time Employee x 000’s CRA International, Inc. FTI Consulting, Inc. FTI Consulting, Inc. Huron Consulting Group Inc. Accenture plc Booz Allen Hamilton Holding Corporation ICF International, Inc. Huron Consulting Group ICF International, Inc. Inc. Booz Allen Hamilton Holding Corporation The Hackett Group, Inc. The Hackett Group, Inc. Accenture plc Navigant Consulting, Inc. Median Median (30%) (20%) (10%) - 10% 20% $- $100 $200 $300 $400 $500 8 Operational Metrics Average Days Accounts Receivable Turnover Sales Outstanding Booz Allen Hamilton Navigant Consulting, Inc. Holding Corporation Accenture plc CRA International, Inc. The Hackett Group, Inc. FTI Consulting, Inc. Huron Consulting Group ICF International, Inc. Inc. Huron Consulting Group ICF International, Inc. Inc. FTI Consulting, Inc. The Hackett Group, Inc. CRA International, Inc. Accenture plc Booz Allen Hamilton Holding Navigant Consulting, Inc. Corporation Median Median 0x 2x 4x 6x 8x 10x 0 20 40 60 80 100 120 9 Valuation TEV / LTM Revenue TEV / LTM EBITDA Accenture plc Accenture plc Huron Consulting Huron Consulting Group Inc. Group Inc. The Hackett Group, Booz Allen Hamilton Inc. Holding Corporation ICF International, FTI Consulting, Inc. Inc. Booz Allen Hamilton Navigant Holding Corporation Consulting, Inc. ICF International, CRA International, Inc. Inc. Navigant The Hackett Group, Consulting, Inc. Inc. CRA International, FTI Consulting, Inc. Inc. Median Median 0x 1x 2x 3x 0x 5x 10x 15x 20x 10 Valuation TEV / LTM EBIT Price / LTM Earnings Huron Consulting Group Huron Consulting Group Inc. Inc. Navigant Consulting, Inc. Navigant Consulting, Inc. ICF International, Inc. CRA International, Inc. CRA International, Inc. Accenture plc Accenture plc ICF International, Inc. Booz Allen Hamilton Holding Corporation FTI Consulting, Inc. FTI Consulting, Inc. The Hackett Group, Inc. The Hackett Group, Inc. Median Median 0x 10x 20x 30x 0x 10x 20x 30x 11 Valuation Historical Valuation Multiples Historical Valuation Multiples versus Gross Profit versus Revenue Growth Rate 16x 12.9% 15% 16x 45% 12.2% 11.3% 8.5% 8.9% 10% 38.2% 14x 40% 14x 35.9% 34.4% 7.2% 5% 35% 12x 12x 34.5% 0% 30% 0.5% 10x 31.5% 10x 30.8% -5% 28.7% 25% 8x 23.9% 8x -10% 20% -15% 6x 6x 15% -20% 4x 10% 4x -25% 2x 5% 2x (28.4%) -30% LTM GP% LTM EBITDA(x) EBITDA(x) 11x 11x 12x 12x 13x 13x 15x 15x 11x 11x 12x 12x 13x 13x 15x 15x RGR% LTM 0x 0% 0x -35% EBITDA(x) LTM GP% EBITDA(x) LTM RGR% 12 Recent Transactions Total Transaction Target TEV / TEV / Date Target Buyer / Investor Value Revenue Revenue EBITDA 20Feb19 PWGL Inc KPMG LLP (Canada) - - - - 19Feb19 Julhiet and SterWen - - 67.99 - - 14Feb19 Silver Planet Oy Gofore Oyj 15.89 8.13 1.5x - 11Feb19 Independence Consulting Company Point B, Inc. - - - - 5Feb19 The Good Brand Works Ltd Anthesis Consulting Group PLC - - - - 1Feb19 Integratto Inc. Management Solutions Co.,Ltd. - 1.96 - - 31Jan19 Healthtech Inc. Nordic Consulting Partners, Inc. - - - - 9Jan19 X'ian Yongheng Management Consulting Partnership - 0.24 - - - Enterprise (Limited Partnership) 22Jan19 Montgomery Coscia Greilich LLP Baker Tilly Virchow Krause, LLP - - - - 17Jan19 eTERA Consulting, LLC HAYSTACKID LLC - - - - 15Jan19 SandPoint Consulting, Inc. Valuize Consulting - - - - 1Jan19 Dougherty & Associates, Inc. Concept Plus, LLC - - - - 20Dec18 Knowledgent Group Inc. Accenture plc - - - - 18Dec18 Linn Thurber LLP Ernst & Young LLP - - - - 17Dec18 PT Surya Cipta Investama PT. Cahaya Investama 13.38 - - - 6Dec18 Aptimen Managers Taplow Consulting France SAS - - - - 20Aug18 Milestep Capital Management (Hengqin) Co., Ltd. - - - - - 10Dec18 Pöyry PLC ÅF AB (publ) 718.45 634.88 0.9x 8.9x 7Dec18 iSolutions, Inc. Emerson Electric Co. - - - - 5Dec18 Economics Partners, LLC Ryan, LLC - - - - 3Dec18 Enaxis Consulting LP Accenture plc - - - - 3Dec18 Colicchio Consulting, LLC Cushman & Wakefield, Inc. - - - - 27Nov18 Assets of BridgePoint Group, LLC Tata Consultancy Services Limited - - - - 27Nov18 Taylor Consulting and Contracting, LLC Albireo Energy, LLC - - - - 23Nov18 Qufu Changyong Corporate Management Consulting Chongqing Yuecheng Zhiyuan Education Technology Co., 13.21 - - - Company Limited Ltd. 6Nov18 Qufu Changyong Corporate Management Consulting - - - - - Company Limited 13 Management Consulting February 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.
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