Clare Capital Tech Updates #1-17
Table of Contents
# Title Date 1 NZ Tech EVAR v 1Y% v EV 22 July 2016 2 NZ Tech EVAR Over Time 29 July 2016 3 NZ v AU v US Tech Sector 05 August 2016 4 SaaS Gross Margin 12 August 2016 5 NZ Tech Value Shares Traded 19 August 2016 6 SaaS Revenue per Employee 26 August 2016 7 SaaS EBITDA Margins 02 September 2016 8 Rem. vs Performance 09 September 2016 9 Capital Used vs Recurring Revenue 16 September 2016 10 NZX Sectors Over Time 23 September 2016 11 ARR & Net ARR Over Time 30 September 2016 12 Company Spotlight 07 October 2016 13 SaaS Spotlight 14 October 2016 14 40% Rule 20 October 2016 15 Cash Burn & Runway 28 October 2016 15B Cash Burn & Runway 28 October 2016 16 Accounting Giants 04 November 2016 17 NZX vs ASX Valuation Multiples 11 November 2016
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 3 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 1 - NZ Tech EVAR v 1Y% v EV - 20160722 The chart compares EV/Annualised Revenue v 1-year annualised revenue growth with the bubble showing Enterprise Value. The entities in light green are specific Software-as-a- Service companies, while the dark green bubbles show other publicly-listed NZ technology companies with a market capitalisation of greater than NZD$10M.
Share Price Movements as at 22 July 2016 Valuation Chart as at 22 July 2016 Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s 16 EROAD 2.05 (4%) (44%) 114 244 Size of the bubble Finzsoft 2.30 - (32%) - - represents Enterprise Value. Gentrack 2.97 (1%) 33% 156 654 14 GeoOp 0.28 (10%) (40%) 58 17 Pushpay ikeGPS 0.65 14% (4%) 170 103 Orion Health 4.82 (1%) 23% 1,136 5,523 12 Plexure 0.34 - (11%) 199 67 Pushpay 2.30 (6%) 100% 172 417 Trade Me Rakon 0.23 - (37%) 1,237 284 10 Serko 0.75 7% (14%) 42 30 Xero SLI Systems 0.80 (1%) (2%) 2,479 1,990 SmartPay 0.23 41% 32% 16 3 8 Trade Me 5.23 6% 56% 4,744 24,129 Vista 6.05 1% 8% 200 1,201 Wynyard 0.62 - (59%) 163 100 6 Vista Plexure
Xero 19.14 6% 7% 550 10,177 EV/Annualised Revenue Total 11,437 44,752 Gentrack EROAD Average 3% 1% 4 ikeGPS Weighted Ave 4% 28% Wynyard Orion Health GeoOp Serko SmartPay Definitions 2 Price = Share Price 1Week∆ = 1 Week Share Price Change Finzsoft SLI Systems Rakon 1Year∆ = 1 Year Share Price Change - Vol. '000s = Volume of Shares Traded in the Last Week ('000s) (50%) - 50% 100% 150% 200% 250% 300% 350% 400% Val. '000s = Value of Shares Traded in the Last Week (NZD '000s) 1Yr Annualised Revenue Growth
Notes This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth rates and some high-level company specific data. Also included is some international company comparator data. Email us if there is anything you would like to see.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 4 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 22 July 2016 Definitions Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation EROAD 124 111 28 4.0 44% n/a 34 3.3 34% EV = Enterprise Value Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue Gentrack 216 204 47 4.4 14% n/a n/a n/a n/a EV/AR = EV/Annualised Revenue multiple GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth ikeGPS 33 27 9 3.2 118% 65% 16 1.7 n/a GM% = Gross Margin % Orion Health 771 713 211 3.4 26% 78% 260 2.7 26% CFY Rev = Current Financial Year Revenue Plexure 31 28 5 5.3 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple Pushpay 532 520 39 13.4 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth Rakon 44 56 109 0.5 (22%) n/a n/a n/a n/a Serko 55 48 13 3.6 20% n/a n/a n/a n/a Disclaimer SLI Systems 50 44 36 1.2 23% 77% 35 1.3 25% The information provided in this report has been solely SmartPay 39 63 21 3.0 - n/a 24 2.6 18% sourced from Factset. Clare Capital holds no Trade Me 2,077 2,195 211 10.4 9% 94% 219 10.0 9% responsibility over the actual and forecast numbers Vista 486 463 76 6.1 28% n/a 93 5.0 43% presented in this report. The forecasts are an average of Wynyard 111 96 25 3.9 (20%) 64% n/a n/a n/a broker forecasts complied by Factset. Xero 2,623 2,438 258 9.5 62% 75% 312 7.8 n/a Total & Average 7,224 7,038 1,106 6.4 Global SaaS company data has been converted to USD and will move with exchange rate changes. Clare Capital Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 22 July 2016 is not an Authorised Financial Adviser. Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY athenahealth 4,915 5,075 1,048 4.8 17% 50% 1,103 4.6 19% This document is intended as analysis – not financial Box 519 391 361 1.1 37% 64% 394 1.0 30% advice. If you are making investment decisions you Salesforce.com 55,928 55,962 7,666 7.3 27% 73% 8,300 6.7 24% should seek appropriate personalised financial advice HubSpot 1,836 1,729 236 7.3 54% 75% 258 6.7 42% from a qualified professional to suit your circumstances. Lifelock 1,541 1,339 637 2.1 18% 75% 667 2.0 13% LogMeIn 1,612 1,438 319 4.5 30% 86% 331 4.3 22% Contact Details Marketo 1,581 1,489 249 6.0 35% 66% 272 5.5 30% Mark Clare Managing Partner New Relic 1,718 1,526 210 7.3 57% 79% 252 6.1 39% +64-21-470227 [email protected] ServiceNow 11,841 11,423 1,224 9.3 44% 68% 1,368 8.4 36% NetSuite 6,815 6,715 866 7.8 31% 67% 966 7.0 30% Clare Capital is a corporate finance advisory firm built on RealPage 2,008 1,989 514 3.9 16% 53% 570 3.5 22% a base of structured fundamental analysis. We provide Shopify 2,226 2,036 289 7.1 93% 52% 345 5.9 69% creative solutions for both origination and analysis Splunk 7,893 6,871 744 9.2 48% 82% 895 7.7 34% mandates. We have a strong track record for the Workday 9,516 7,950 1,381 5.8 38% 68% 1,553 5.1 34% successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 5 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 2 - NZ Tech EVAR Over Time - 20160729 The chart compares the EV/Annualised Revenue multiple for Pushpay (NZX:PAY), Trade Me (NZX:TME) and Xero (NZX:XRO) at the end of their financial years since their IPO. Clare Capital has included semi-annual information for Pushpay as the company has only been listed since 2013.
Share Price Movements as at 29 July 2016 Valuation Chart as at 29 July 2016 Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s EROAD 2.10 2% (42%) 134 279 Size of the bubble Finzsoft 2.30 - (32%) 0 0 120 represents Enterprise Value. Gentrack 2.99 1% 36% 178 529 GeoOp 0.29 2% (43%) 33 9 Trade Me Pushpay Xero ikeGPS 0.71 9% 8% 377 263 100 Orion Health 4.85 1% 23% 316 1,528 Plexure 0.32 (6%) (17%) 167 55 80 Pushpay 2.58 12% 121% 666 1,676 Rakon 0.23 (2%) (38%) 688 156 Serko 0.67 (11%) (23%) 47 34 60 SLI Systems 0.79 (1%) (1%) 78 62 SmartPay 0.23 - 32% - - Trade Me 5.12 (2%) 53% 3,625 18,951
EV/Annualised Revenue 40 Vista 6.25 3% 11% 451 2,810 Wynyard 0.59 (5%) (61%) 364 218 Xero 19.79 3% 10% 566 11,216 20 Total 7,691 37,785 Average 0% 2% Weighted Ave 2% 17% - - 1 2 3 4 5 6 7 8 9 10 Definitions Financial Years since IPO Price = Share Price Annualised Revenue Growth Rate 1Week∆ = 1 Week Share Price Change 15% 7% 13% 9% 1Year∆ = 1 Year Share Price Change Trade Me Vol. '000s = Volume of Shares Traded in the Last Week ('000s) Pushpay 1,149% 446% Val. '000s = Value of Shares Traded in the Last Week (NZD '000s) Xero 366% 532% 210% 109% 82% 102% 81% 71% 62% Notes This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth rates and some high-level company specific data. Also included is some international company comparator data. Email us if there is anything you would like to see.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 6 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 29 July 2016 Definitions Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation EROAD 127 114 28 4.1 44% n/a 34 3.4 34% EV = Enterprise Value Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue Gentrack 217 205 47 4.4 14% n/a n/a n/a n/a EV/AR = EV/Annualised Revenue multiple GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth ikeGPS 36 30 9 3.6 118% 65% 16 1.9 n/a GM% = Gross Margin % Orion Health 776 717 211 3.4 26% 78% 260 2.8 26% CFY Rev = Current Financial Year Revenue Plexure 29 27 5 4.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple Pushpay 596 584 39 15.1 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth Rakon 43 55 109 0.5 (22%) n/a n/a n/a n/a Serko 49 42 13 3.1 20% n/a n/a n/a n/a Disclaimer SLI Systems 49 44 36 1.2 23% 77% 35 1.2 25% The information provided in this report has been solely SmartPay 39 63 21 3.0 - n/a 24 2.6 18% sourced from Factset. Clare Capital holds no Trade Me 2,033 2,152 211 10.2 9% 94% 219 9.8 9% responsibility over the actual and forecast numbers Vista 502 479 76 6.3 28% n/a 93 5.1 43% presented in this report. The forecasts are an average of Wynyard 106 91 25 3.7 (20%) 64% n/a n/a n/a broker forecasts complied by Factset. Xero 2,712 2,527 258 9.8 62% 75% 312 8.1 51% Total & Average 7,348 7,162 1,036 6.5 Global SaaS company data has been converted to USD and will move with exchange rate changes. Clare Capital Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 29 July 2016 is not an Authorised Financial Adviser. Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY athenahealth 5,028 5,188 1,048 5.0 17% 50% 1,102 4.7 19% This document is intended as analysis – not financial Box 564 437 361 1.2 37% 64% 394 1.1 30% advice. If you are making investment decisions you Salesforce.com 55,420 55,454 7,666 7.2 27% 73% 8,300 6.7 24% should seek appropriate personalised financial advice HubSpot 1,908 1,801 236 7.6 54% 75% 258 7.0 42% from a qualified professional to suit your circumstances. Lifelock 1,574 1,372 637 2.2 18% 75% 667 2.1 13% LogMeIn 2,174 1,994 333 6.0 28% 85% 334 6.0 23% Contact Details Marketo 1,584 1,491 249 6.0 35% 66% 272 5.5 30% Mark Clare Managing Partner New Relic 1,744 1,553 210 7.4 57% 79% 252 6.2 39% +64-21-470227 [email protected] ServiceNow 12,208 11,892 1,365 8.7 38% 70% 1,376 8.6 37% NetSuite 8,756 8,656 866 10.0 31% 67% 966 9.0 30% Clare Capital is a corporate finance advisory firm built on RealPage 2,013 1,994 514 3.9 16% 53% 570 3.5 22% a base of structured fundamental analysis. We provide Shopify 2,320 2,131 289 7.4 93% 52% 345 6.2 69% creative solutions for both origination and analysis Splunk 8,310 7,288 744 9.8 48% 82% 895 8.1 34% mandates. We have a strong track record for the All Global SaaS Companies Median 3.7 18% 66% 3.4 19% successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 7 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 3 - NZ v AU v US Tech Sector - 20160805 Comparing Market Capitalisation Indices for New Zealand (NZ), Australia (AU) and United States (US) tech sectors over time.
NZ v AU v US Tech Sector (Jan11 - Jul16) NZ v AU v US Tech Sector (Jan14 - Jul16)
400 180
350 5+ years 160 2+ years 11 11 =100
300 14 =100 140
- - 250 120 200 100 150 80
100 60 Mkt Index CapJan
50 Mkt Index CapJan 40
Jul-15
Jul-14
Jul-16
Jul-11
Jul-13
Jan-15
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Jul-12 Jan-16
Jul-14
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Jan-11
Jan-13 Mar-15
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Mar-14
Nov-15 Mar-16
Jan-12
Jan-14
Jan-16
Nov-14
Apr-11
Apr-13
Oct-11
Oct-13
Apr-15
May-15
Oct-15
Apr-12
Apr-14
Oct-12 Apr-16 May-14
Oct-14 May-16
NZ AU US NZ AU US
NZ v AU v US Tech Sector (Jan15 - Jul16) NZ v AU v US Tech Sector (Jan16 - Jul16) 160 140 150 18+ months 130 Current Calendar Year
140
15 =100
16 =100 - - 120 130 120 110 110 100 100 90
90
Mkt Index CapJan Mkt Index CapJan
80 80
Jul-15
Jul-16
Jul-16
Jan-15
Jun-15
Jan-16
Jan-16
Jun-16
Jun-16
Apr-15
Oct-15
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Feb-16
Dec-15
Mar-15
Aug-15
Nov-15 Mar-16
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May-15
May-16 May-16
NZ AU US NZ AU US
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 8 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Chart Methodology Definitions Due to new-listing (IPOs) increasing the number of companies in each of the indices through time, Clare Capital has Price = Share Price employed the principles of chain-linking to create these indices. 1Week∆ = 1 Week Share Price Change 1Year∆ = 1 Year Share Price Change Chart Commentary Vol. '000s = Volume of Shares Traded (Last Week) Invest $1,000 at January 2011 into: Invest $1,000 at January 2014 into: Val. '000s = Value of Shares Traded (Last Week) As at 31 July 2016 Profit Return CAGR As at 31 July 2016 Profit Return CAGR Mkt Cap = Market Capitalisation NZ Tech Sector 1,268 127% 16% NZ Tech Sector (302) (30%) (13%) EV = Enterprise Value AU Tech Sector 2,656 266% 27% AU Tech Sector 543 54% 19% EV/AR = EV/Annualised Revenue multiple US Tech Sector 938 94% 13% US Tech Sector 292 29% 11% Yr∆ AR = Annualised Revenue Growth
Invest $1,000 at January 2015 into: Invest $1,000 at January 2016 into: Disclaimer As at 31 July 2016 Profit Return CAGR As at 31 July 2016 Profit Return CAGR The information provided in this report has been solely NZ Tech Sector 279 28% 18% NZ Tech Sector 221 22% 49% sourced from Factset. AU Tech Sector 470 47% 29% AU Tech Sector 262 26% 59% US Tech Sector 159 16% 10% US Tech Sector 123 12% 26% Clare Capital holds no responsibility over the actual numbers presented in this report. Share Price Movements as at 05 August 2016 Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap AR EV/AR Yr∆ AR Clare Capital is not an Authorised Financial Adviser. This EROAD 2.10 - (42%) 859 1,789 127 28 4.1 44% document is intended as analysis – not financial advice. Finzsoft 2.30 - (32%) - - 20 14 1.5 (12%) Gentrack 2.99 - 48% 530 1,590 217 47 4.4 14% If you are making investment decisions you should seek GeoOp 0.27 (5%) (46%) 45 12 13 4 2.5 204% appropriate personalised financial advice from a ikeGPS 0.69 (3%) 5% 144 101 35 9 3.4 118% qualified professional to suit your circumstances. Orion Health 4.77 (2%) 24% 470 2,281 763 211 3.3 26% Plexure 0.29 (11%) (19%) 242 72 26 5 4.3 70% Contact Details Pushpay 2.61 1% 120% 247 640 603 39 15.2 330% Mark Clare Rakon 0.22 (4%) (41%) 657 144 41 109 0.5 (22%) Managing Partner Serko 0.67 - (22%) 54 36 49 13 3.1 20% [email protected] SLI Systems 0.82 4% 2% 91 74 51 36 1.3 23% +64-21-470227 SmartPay 0.23 - 32% - - 39 21 3.0 0% Trade Me 5.00 (2%) 47% 10,852 54,871 1,985 211 10.0 9% Clare Capital is a corporate finance advisory firm built on Vista 6.21 (1%) 3% 488 3,054 499 76 6.2 28% a base of structured fundamental analysis. We provide Wynyard 0.55 (7%) (62%) 523 301 99 25 3.4 (20%) creative solutions for both origination and analysis Xero 20.09 2% 15% 545 10,830 2,762 258 10.0 62% mandates. We have a strong track record for the Total & Average (2%) 2% 15,746 75,793 7,329 1,106 4.8 successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 9 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 4 - SaaS Gross Margin - 20160812 The chart compares Gross Margin (%) for all global SaaS companies, grouped by years since their IPO.
Share Price Movements as at 12 August 2016 Indicator of Profitability - SaaS Gross Margin (%) as at 12 August 2016 Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s EROAD 2.20 5% (41%) 433 942 100% Finzsoft 2.30 - (32%) - - n=123 n=103 n=46 n=32 Gentrack 3.20 7% 55% 3,586 11,211 GeoOp 0.28 4% (44%) 22 6 ikeGPS 0.63 (9%) (2%) 108 70 80% Orion Health 4.55 (5%) 15% 321 1,479 x SLI XRO x Plexure 0.26 (9%) (30%) 263 71 Pushpay 2.40 (8%) 96% 407 1,023 Rakon 0.24 12% (33%) 1,002 222 60% x PAY Serko 0.66 (1%) (18%) 4 3 SLI Systems 0.90 10% 25% 84 75 SmartPay 0.23 - 36% - -
Trade Me 5.14 3% 61% 12,717 63,856 40% GrossMargin % Vista 6.20 (0%) 3% 71 440 Wynyard 0.41 (25%) (72%) 2,273 957 Xero 20.14 0% 24% 367 7,398 Total 21,669 87,751 20% Average (1%) 3% Weighted Ave (0%) 35%
Definitions - Price = Share Price 1 5 10 15 1Week∆ = 1 Week Share Price Change 1Year∆ = 1 Year Share Price Change Years Since IPO Vol. '000s = Volume of Shares Traded in the Last Week ('000s) Val. '000s = Value of Shares Traded in the Last Week (NZD '000s) 25-50% Percentile 50-75% percentile Notes This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 10 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 12 August 2016 Definitions Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation EROAD 133 120 28 4.3 44% n/a 34 3.5 34% EV = Enterprise Value Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue Gentrack 233 220 47 4.7 14% n/a 51 4.3 23% EV/AR = EV/Annualised Revenue multiple GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth ikeGPS 32 26 9 3.1 118% 65% 16 1.7 n/a GM% = Gross Margin % Orion Health 728 669 211 3.2 26% 78% 260 2.6 26% CFY Rev = Current Financial Years Revenue Plexure 24 21 5 3.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple Pushpay 555 543 39 14.0 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth Rakon 46 58 109 0.5 (22%) n/a n/a n/a n/a Serko 48 41 13 3.1 20% n/a n/a n/a n/a Disclaimer SLI Systems 56 50 36 1.4 23% 77% 35 1.4 25% The information provided in this report has been solely SmartPay 39 63 21 3.0 0% n/a 24 2.6 18% sourced from Factset. Clare Capital holds no Trade Me 2,041 2,160 211 10.2 9% 94% 218 9.9 9% responsibility over the actual and forecast numbers Vista 498 475 76 6.2 28% n/a 93 5.1 43% presented in this report. The forecasts are an average of Wynyard 73 59 25 2.4 (20%) 64% n/a n/a n/a broker forecasts complied by Factset. Global SaaS Xero 2,769 2,585 258 10.0 62% 75% 312 8.3 51% company data has been converted to USD and will move Total & Average 7,308 7,122 1,106 6.4 with exchange rate changes back to its local currency.
Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 12 August 2016 Clare Capital is not an Authorised Financial Adviser. This Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY document is intended as analysis – not financial advice. athenahealth 4,888 5,048 1,048 4.8 17% 50% 1,102 4.6 19% If you are making investment decisions you should seek Box 604 477 361 1.3 37% 64% 394 1.2 30% appropriate personalised financial advice from a Salesforce.com 55,304 55,339 7,666 7.2 27% 73% 8,304 6.7 25% qualified professional to suit your circumstances. HubSpot 2,086 1,969 260 7.6 51% 75% 264 7.5 45% Lifelock 1,580 1,424 658 2.2 13% 74% 666 2.1 13% Contact Details LogMeIn 2,098 1,918 333 5.8 28% 85% 334 5.7 23% Mark Clare Marketo 1,565 1,467 264 5.6 30% 67% 273 5.4 30% Managing Partner New Relic 1,804 1,608 234 6.9 54% 80% 255 6.3 40% [email protected] +64-21-470227 ServiceNow 12,464 12,148 1,365 8.9 38% 70% 1,376 8.8 37% NetSuite 8,789 8,667 923 9.4 30% 66% 966 9.0 30% Clare Capital is a corporate finance advisory firm built on RealPage 2,011 2,011 571 3.5 24% 53% 570 3.5 22% a base of structured fundamental analysis. We provide Shopify 2,666 2,487 347 7.2 93% 52% 366 6.8 79% creative solutions for both origination and analysis Splunk 8,535 7,512 744 10.1 48% 82% 896 8.4 34% mandates. We have a strong track record for the All Global SaaS Companies Median 3.8 19% 66% 3.7 19% successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 11 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 5 - NZ Tech Value Shares Traded - 20160819 This report compares the montly value of shares traded for NZ-listed technology companies since January 2014.
Figure 1.a Monthly value of shares traded - Companies greater than NZD$60M Figure 1.b Monthly value of shares traded - Companies between NZD$60M & $1B 120,000 14,000 50-75% Quartile 50-75% Quartile 100,000 12,000 25-50% Quartile 25-50% Quartile 10,000 80,000 8,000 60,000
6,000
(Monthly)
(Monthly) NZD NZD (000s) 40,000 NZD (000s) 4,000
Value of Shares Traded 20,000 Value of Shares Traded 2,000
- - XRO TME OHE PAY VGL GTK ERD WYN Mkt Cap OHE PAY VGL GTK ERD WYN 2,721 2,144 713 599 522 249 140 69 Mkt Cap 713 599 522 249 140 69 NZD m NZD m
Figure 2. Monthly value of shares traded - Companies less than NZD$60M 19-Aug-16 ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap EROAD 2.33 6% (37%) 271 597 140 1,200 Finzsoft 2.30 - (32%) - - 20 50-75% Quartile Gentrack 3.43 7% 70% 1,216 3,953 249 1,000 25-50% Quartile GeoOp 0.28 - (36%) - - 14 800 ikeGPS 0.65 3% - 168 108 39 Orion Health 4.46 (2%) 21% 455 2,073 713 600 Plexure 0.25 (4%) (29%) 77 20 23 Pushpay 2.59 8% 88% 419 1,084 599 400 Rakon 0.23 (6%) (34%) 571 137 43 NZD NZD (000s) Serko 0.66 - (27%) 2 1 48 200 SLI Systems 0.84 (7%) 15% 142 121 52 SmartPay 0.18 (20%) 9% 311 55 31 Trade Me 5.40 5% 74% 13,954 73,743 2,144
Value of Shares Traded (Monthly) - SLI SKO RAK IKE SPY VML PLX GEO Vista 6.50 5% 13% 504 3,149 522 Mkt Cap 52 48 43 39 31 23 20 14 Wynyard 0.39 (6%) (72%) 2,233 825 69 NZD m Xero 19.79 (2%) 30% 300 5,988 2,721
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 12 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Chart Notes Same as the charts on the previous page, but adding in the top and bottom 25% as well as the minimum and maximum monthly trade value for each company.
Figure 3.a Monthly value of shares traded - Companies greater than NZD$60M Figure 3.b Monthly value of shares traded - Companies between NZD$60M & $1B 450,000 140,000 50-75% Quartile 400,000 50-75% Quartile 25-50% Quartile 120,000 350,000 25-50% Quartile 100,000 300,000 250,000 80,000
200,000 60,000
(Monthly)
(Monthly) NZD NZD (000s) 150,000 NZD (000s) 40,000
100,000 Value of Shares Traded Value of Shares Traded 20,000 50,000 - - XRO TME OHE PAY VGL GTK ERD WYN OHE PAY VGL GTK ERD WYN Mkt Cap 2,721 2,144 713 599 522 249 140 69 Mkt Cap 713 599 522 249 140 69 NZD m NZD m
Figure 4. Monthly value of shares traded - Companies less than NZD$60M Disclaimer The information provided in this report has been solely sourced from Factset. Clare 7,000 Capital holds no responsibility over the actual numbers presented in this report. 50-75% Quartile 6,000 25-50% Quartile Clare Capital is not an Authorised Financial Adviser. This document is intended as 5,000 analysis – not financial advice. 4,000 If you are making investment decisions you should seek appropriate personalised 3,000 financial advice from a qualified professional to suit your circumstances.
NZD NZD (000s) 2,000 Contact Details 1,000 Mark Clare [email protected] +64-21-470227
- Clare Capital is a corporate finance advisory firm built on a base of structured Value of Shares Traded (Monthly) SLI SKO RAK IKE SPY VML PLX GEO fundamental analysis. We provide creative solutions for both origination and Mkt Cap 52 48 43 39 31 23 20 14 NZD m analysis mandates. We have a strong track record for the successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 13 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 6 - SaaS Revenue per Employee - 20160826 This tech update looks at revenue per employee. This metric is one of several indicators looking at efficient use of a company's resources. It is expected that the amount of revenue per employee increases as the company matures. Early-stage companies are often hiring in advance to meet their expansion needs before they reach a certain revenue level.
Share Price Movements as at 26 August 2016 Indicator of Resource Efficiency - SaaS Revenue per Employee as at 26 August 2016 Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s EROAD 2.37 2% (32%) 54 126 300 Finzsoft 2.30 - (28%) - - n=77 Gentrack 3.35 (2%) 72% 576 2,007 n=45 GeoOp 0.26 (7%) (40%) 28 7 250 ikeGPS 0.61 (6%) 22% 186 118 n=32 Orion Health 4.22 (5%) 17% 195 850 n=121 Plexure 0.26 4% (26%) 322 83 Pushpay 2.54 (2%) 77% 195 502 200 Rakon 0.23 2% (30%) 394 89 Serko 0.68 3% (15%) 64 43 SLI SLI Systems 0.84 - (5%) 159 131 150 x SmartPay 0.20 11% 33% 311 56 Trade Me 5.39 (0%) 53% 15,578 84,417 Vista 6.20 (5%) 14% 1,393 8,835 100 Wynyard 0.28 (27%) (77%) 2,962 973 x XRO x PLX
Xero 19.60 (1%) 43% 1,089 21,648 Revenueper Employee (USD 000s) Total 23,506 119,886 Average (2%) 5% 50 PAY x Weighted Ave (2%) 41% x GEO
Definitions - Price = Share Price 1 5 10 15 1Week∆ = 1 Week Share Price Change 1Year∆ = 1 Year Share Price Change Years Since IPO Vol. '000s = Volume of Shares Traded in the Last Week ('000s) Val. '000s = Value of Shares Traded in the Last Week (NZD '000s) 25-50% Percentile 50-75% Percentile Notes This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 14 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 26 August 2016 Definitions Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation EROAD 143 130 28 4.7 44% n/a 34 3.8 34% EV = Enterprise Value Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue Gentrack 244 231 47 4.9 14% n/a 51 4.5 23% EV/AR = EV/Annualised Revenue multiple GeoOp 13 10 4 2.3 204% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth ikeGPS 36 31 9 3.6 118% 65% 16 1.9 n/a GM% = Gross Margin % Orion Health 675 616 211 2.9 26% 78% 259 2.4 25% CFY Rev = Current Financial Years Revenue Plexure 24 21 5 3.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple Pushpay 587 575 39 14.8 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth Rakon 44 56 109 0.5 (22%) n/a n/a n/a n/a Serko 50 43 13 3.2 20% n/a n/a n/a n/a Disclaimer SLI Systems 52 47 31 1.5 (10%) 77% 36 1.3 27% The information provided in this report has been solely SmartPay 34 58 21 2.8 0% n/a 24 2.4 18% sourced from Factset. Clare Capital holds no Trade Me 2,140 2,242 225 10.0 9% 94% 218 10.3 (0%) responsibility over the actual and forecast numbers Vista 498 475 76 6.2 28% n/a 88 5.4 34% presented in this report. The forecasts are an average of Wynyard 50 35 25 1.4 (20%) 64% 41 0.9 67% broker forecasts complied by Factset. Global SaaS Xero 2,695 2,511 28 9.7 62% 75% 314 8.0 52% company data has been converted to USD and will move Total & Average 7,305 7,102 1,115 6.4 with exchange rate changes back to its local currency.
Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 26 August 2016 Clare Capital is not an Authorised Financial Adviser. This Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY document is intended as analysis – not financial advice. athenahealth 4,803 4,964 1,048 4.7 17% 50% 1,102 4.5 19% If you are making investment decisions you should seek Box 632 504 361 1.4 37% 64% 394 1.3 30% appropriate personalised financial advice from a Salesforce.com 54,220 54,255 7,666 7.1 27% 73% 8,300 6.5 24% qualified professional to suit your circumstances. HubSpot 2,007 1,890 260 7.3 51% 75% 264 7.2 45% Lifelock 1,568 1,412 658 2.1 13% 74% 667 2.1 13% LogMeIn 2,087 1,906 333 5.7 28% 85% 334 5.7 23% Contact Details Marketo n/a n/a 264 n/a 30% 67% 272 n/a 30% Mark Clare Managing Partner New Relic 1,838 1,642 234 7.0 54% 80% 255 6.4 40% +64-21-470227 [email protected] ServiceNow 12,091 11,775 1,365 8.6 38% 70% 1,376 8.6 37% NetSuite 8,816 8,695 923 9.4 30% 66% 966 9.0 30% Clare Capital is a corporate finance advisory firm built on RealPage 2,071 2,071 571 3.6 24% 53% 570 3.6 22% a base of structured fundamental analysis. We provide Shopify 2,852 2,672 347 7.7 93% 52% 366 7.3 79% creative solutions for both origination and analysis Splunk 7,776 6,756 851 7.9 43% 81% 913 7.4 37% mandates. We have a strong track record for the All Global SaaS Companies Median 3.9 19% 66% 3.8 19% successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 15 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 7 - SaaS EBITDA Margins - 20160902 The chart compares EBITDA Margin for global SaaS companies, grouped by years since their IPO. Most SaaS companies tend to be unprofitable in their first few years as they seek growth over profitability. Although the SaaS sector is still relatively immature with very few "steady-state" SaaS businesses, long-term EBITDA margins are trending to ~25-35%.
Share Price Movements as at 11 November 2016 Indicator of Profitability - SaaS EBITDA Margin (%) as at 02 September 2016 Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s EROAD 2.27 (4%) (37%) 147 346 60% n=105 n=96 n=46 n=34 Finzsoft 2.50 9% (22%) 0 1 Gentrack 3.29 (2%) 88% 536 1,769 GeoOp 0.30 13% (36%) 75 20 40% ikeGPS 0.61 - 22% 61 37 Orion Health 4.09 (3%) 14% 297 1,223 Plexure 0.25 (4%) (26%) 266 68 20% Pushpay 2.55 0% 79% 183 467 Rakon 0.21 (9%) (36%) 464 101 - Serko 0.65 (4%) (19%) 18 12 SLI Systems 0.72 (14%) (24%) 211 156 SmartPay 0.19 (5%) 19% 598 112 (20%) Trade Me 5.61 4% 60% 9,713 53,205
Vista 6.61 7% 28% 1,577 9,898 EBITDA Margin% Wynyard 0.24 (14%) (81%) 2,434 626 (40%) Xero 19.81 1% 45% 469 9,252 Total 17,045 77,295 Average (2%) 5% (60%) Weighted Ave 1% 45%
Definitions (80%) Price = Share Price 1 5 10 15 1Week∆ = 1 Week Share Price Change Years Since IPO 1Year∆ = 1 Year Share Price Change Vol. '000s = Volume of Shares Traded in the Last Week ('000s) Val. '000s = Value of Shares Traded in the Last Week (NZD '000s) 50-75% Percentile 25-50% Percentile
Notes This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 16 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 02 September 2016 Definitions Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation EROAD 137 124 28 4.5 44% n/a 34 3.6 34% EV = Enterprise Value Finzsoft 22 23 22 1.0 39% n/a n/a n/a n/a AR = Annualised Revenue Gentrack 239 227 47 4.8 14% n/a 51 4.4 23% EV/AR = EV/Annualised Revenue multiple GeoOp 15 12 5 2.5 249% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth ikeGPS 36 31 9 3.6 118% 65% 16 1.9 n/a GM% = Gross Margin % Orion Health 654 595 211 2.8 26% 78% 252 2.4 22% CFY Rev = Current Financial Years Revenue Plexure 23 20 5 3.7 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple Pushpay 590 577 39 14.9 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth Rakon 40 52 109 0.5 (22%) n/a n/a n/a n/a Serko 47 41 13 3.0 20% n/a n/a n/a n/a Disclaimer SLI Systems 45 39 31 1.3 (10%) 77% 36 1.1 27% The information provided in this report has been solely SmartPay 33 57 21 2.7 0% n/a 24 2.4 18% sourced from Factset. Clare Capital holds no Trade Me 2,228 2,329 225 10.4 9% 94% 218 10.7 (0%) responsibility over the actual and forecast numbers Vista 531 508 76 6.7 28% n/a 90 5.7 37% presented in this report. The forecasts are an average of Wynyard 43 28 25 1.1 (20%) 64% 41 0.7 67% broker forecasts complied by Factset. Global SaaS Xero 2,724 2,540 258 9.8 62% 75% 314 8.1 52% company data has been converted to USD and will move Total & Average 7,405 7,203 1,124 6.4 with exchange rate changes back to its local currency.
Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 02 September 2016 Clare Capital is not an Authorised Financial Adviser. This Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY document is intended as analysis – not financial advice. athenahealth 4,863 5,024 1,048 4.8 17% 50% 1,102 4.6 19% If you are making investment decisions you should seek Box 685 570 383 1.5 30% 65% 395 1.4 31% appropriate personalised financial advice from a Salesforce.com 50,880 52,221 8,146 6.4 25% 71% 8,315 6.3 25% qualified professional to suit your circumstances. HubSpot 2,015 1,899 260 7.3 51% 75% 264 7.2 45% Lifelock 1,569 1,413 658 2.1 13% 74% 667 2.1 13% LogMeIn 2,232 2,052 333 6.2 28% 85% 334 6.1 23% Contact Details Marketo n/a n/a 264 n/a 30% 67% 272 n/a 30% Mark Clare Managing Partner New Relic 1,910 1,714 234 7.3 54% 80% 255 6.7 40% +64-21-470227 [email protected] ServiceNow 12,541 12,226 1,365 9.0 38% 70% 1,376 8.9 37% NetSuite 8,818 8,696 923 9.4 30% 66% 966 9.0 30% Clare Capital is a corporate finance advisory firm built on RealPage 2,036 2,036 571 3.6 24% 53% 570 3.6 22% a base of structured fundamental analysis. We provide Shopify 2,914 2,734 347 7.9 93% 52% 366 7.5 79% creative solutions for both origination and analysis Splunk 7,892 6,871 851 8.1 43% 81% 913 7.5 37% mandates. We have a strong track record for the All Global SaaS Companies Median 4.1 20% 66% 4.0 19% successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 17 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 8 - Rem. vs Performance - 20160909 This update compares SaaS remuneration information with Company size & performance. The entities in light green are specific Software-as-a-Service companies, green and blue bubbles represent companies with some SaaS elements and the blue bubbles show other publicly-listed NZ technology companies with a market value of greater than NZD$10M.
Remuneration versus Company Performance Definitions 70% LTM Rev. = Last Twelve Months LTM Rev. = LTM Revenue 60% Size of Bubble represents Enterprise Value (EV) Ann. Rev. = Annualised Revenue 50% Rev./Emp = Revenue/Employee 40% Mkt Cap = Market Value Yr∆ AR = 1 Year AR Growth 30% NPBT % = NPBT Margin 20% SP = Share Price 10% Wk∆ SP = 1Week Price Change
Yr∆ SP = 1Year Price Change % of %of EmployeesPaid>$100k - Volume = of Shares Traded Category ERD FIN GTK GEO IKE OHE PLX PAY RAK SKO SLI SPY TME VGL WYN XRO Value = of Shares Traded CEO Rem. $000 524 650 401 305 554 508 609 375 908 280 289 492 650 291 662 761 EV/LTM = EV/LTM Revenue Rem. as % Rev % 2.1% 3.3% 1.0% 33% 6.5% 0.2% 11% 2.5% 0.8% 2.1% 1.0% 2.4% 0.3% 0.4% 2.7% 0.4% EV/AR = EV/AR multiple % staff >$100k % 32% 40% 27% 25% 43% 51% 52% 20% 22% 21% 34% 14% 24% 22% 46% 44% LTM Revenue $m 25 20 42 1 9 207 5 15 113 13 28 20 218 65 25 207 Disclaimer Ann. Revenue $m 28 22 47 5 9 211 5 39 109 13 31 21 225 76 25 258 The information provided in this Employees # 196 95 220 40 56 1,240 52 216 589 140 175 125 464 350 297 1,450 report has been solely sourced Rev./Employee $000 130 206 190 23 153 167 103 68 191 94 161 163 470 187 83 143 from Factset and company EV $m 121 23 231 13 30 613 19 536 52 41 39 53 2,266 528 26 2,566 annual reports. Clare Capital Mkt Cap $m 133 22 244 16 36 671 22 548 40 48 44 29 2,164 551 41 2,750 holds no responsibility over the Yr∆ AR % 44% 39% 14% 249% 118% 26% 70% 330% (22%) 20% (10%) 0% 9% 28% (20%) 62% actual numbers presented in NPBT % % (5%) 20% 23% (305%) (103%) (25%) (123%) (137%) (1%) (43%) (25%) 7% 56% 10% (165%) (39%) this report. This document is SP $ 2.21 2.50 3.35 0.33 0.60 4.20 0.24 2.37 0.21 0.66 0.71 0.17 5.45 6.86 0.23 20.00 not intended for advice. Clare ∆ Wkly Capital is not an Authorised Wk∆ SP % (3%) - 2% 10% (2%) 3% (4%) (7%) - 2% (1%) (11%) (3%) 4% (4%) 1% Financial Adviser. If you are Yr∆ SP % (39%) (21%) 86% (26%) 20% 20% (31%) 74% (37%) (18%) (19%) 6% 53% 32% (82%) 41% making investment decisions Volume (week) 000 194 - 2,180 58 46 499 182 154 187 2 153 35 8,942 485 2,402 1,078 you should seek appropriate Value (week) $000 429 - 7,274 17 27 2,043 45 375 39 1 111 6 50,622 3,300 566 21,701 personalised financial advice EV/LTM Rev x 4.7 1.2 5.5 14.4 3.5 3.0 3.6 36.3 0.5 3.1 1.4 2.6 10.4 8.1 1.1 12.4 from a qualified professional to EV/AR x 4.3 1.0 4.9 2.9 3.5 2.9 3.6 13.8 0.5 3.1 1.2 2.5 10.1 6.9 1.1 9.9 suit your circumstances.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 18 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Share Price Performance Share price performance against the NZX50, indexed from Jan 2016. GTK-NZ GEO-NZ 2.0 ERD-NZ 750 2.0 FIN-NZ 20 2.0 4,000 2.0 200
1.5 1.5 15 1.5 3,000 1.5 150 500 1.0 1.0 10 1.0 2,000 1.0 100 250
0.5 5 0.5 1,000 0.5 50
Share Price Index Price Share Index Price Share Index Price Share
Share Price Index Price Share 0.5
Vol ('000s) per day per ('000s) Vol day per ('000s) Vol day per ('000s) Vol day per ('000s) Vol ------ERD-NZ NZX50 FIN-NZ NZX50 GTK-NZ NZX50 GEO-NZ NZX50 OHE-NZ PLX-NZ PAY-NZ 2.0 IKE-NZ 600 2.0 1,000 2.0 6,000 2.0 400
1.5 450 1.5 750 1.5 4,500 1.5 300
1.0 300 1.0 500 1.0 3,000 1.0 200
Share Price Index Price Share Index Price Share Index Price Share
Share Price Index Price Share 0.5 150 0.5 250 0.5 1,500 0.5 100
Vol ('000s) per day per ('000s) Vol day per ('000s) Vol day per ('000s) Vol day per ('000s) Vol
------IKE-NZ NZX50 OHE-NZ NZX50 PLX-NZ NZX50 PAY-NZ NZX50 RAK-NZ 2.0 750 2.0 SKO-NZ 200 2.0 SLI-NZ 2,000 2.0 SPY-NZ 4,000
1.5 1.5 150 1.5 1,500 1.5 3,000 500 1.0 1.0 100 1.0 1,000 1.0 2,000
250
Share Price Index Price Share Index Price Share Index Price Share
Share Price Index Price Share 0.5 0.5 50 0.5 500 0.5 1,000
Vol ('000s) per day per ('000s) Vol day per ('000s) Vol day per ('000s) Vol day per ('000s) Vol
------RAK-NZ NZX50 SKO-NZ NZX50 SLI-NZ NZX50 SPY-NZ NZX50 TME-NZ XRO-NZ 2.0 10,000 2.0 VGL-NZ 24,000 2.0 WYN-NZ 2,000 2.0 1,000
1.5 7,500 1.5 18,000 1.5 1,500 1.5 750
1.0 5,000 1.0 12,000 1.0 1,000 1.0 500
0.5 2,500 0.5 6,000 0.5 500 0.5 250
Share Price Index Price Share Index Price Share Index Price Share Index Price Share
Vol ('000s) per day per ('000s) Vol day per ('000s) Vol day per ('000s) Vol day per ('000s) Vol ------TME-NZ NZX50 VGL-NZ NZX50 WYN-NZ NZX50 XRO-NZ NZX50
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 19 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 9 - Capital Used vs Recurring Revenue - 20160916 This week we are looking at the amount of capital used (Share Capital + Debt - Cash) to generate a $1 million in recurring revenue, another measure of resource efficiency. The international median for SaaS companies is $1 million capital used to generate $1 million in recurring revenue (i.e. a 1:1 ratio).
Share Price Movements as at 16 September 2016 Indicator of Resource Efficiency - Capital Used per Recurring Revenue Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s EROAD 2.20 (0%) (38%) 216 477 5,000,000 Finzsoft 2.50 - (17%) - - Clare Capital's SaaS High Performance Threshold Gentrack 3.18 (5%) 72% 1,930 6,417 4,500,000 GeoOp 0.20 (40%) (59%) 59 14 Global SaaS International Median ikeGPS 0.59 (2%) 13% 138 82 4,000,000 Orion Health 3.97 (5%) 24% 491 2,003 Plexure 0.26 8% (19%) 148 37 3,500,000 Pushpay 2.50 5% 68% 357 870 Rakon 0.22 5% (36%) 596 123 Serko 0.60 (9%) (24%) 10 6 3,000,000 SLI Systems 0.65 (8%) (28%) 215 144 SmartPay 0.17 - 5% 63 11 2,500,000 Trade Me 5.46 0% 52% 4,459 24,278 Vista 6.75 (2%) 30% 5,209 34,896 2,000,000 Wynyard 0.22 (4%) (82%) 2,038 460 Xero 19.99 (0%) 45% 1,151 22,624 1,500,000 Total 17,081 92,443 Average (4%) 0%
Weighted Ave (0%) 42% 1,000,000 Capital Used to Generate$1M Recurring Revenue
Definitions 500,000 Price = Share Price 1Week∆ = 1 Week Share Price Change - 1Year∆ = 1 Year Share Price Change ERD GTK GEO IKE OHE PLX PAY SKO SLI SPY VGL WYN XRO Vol. '000s = Volume of Shares Traded in the Last Week ('000s) Val. '000s = Value of Shares Traded in the Last Week (NZD '000s) Note: Some NZ Tech companies above have elements of non-recurring revenue as part of their total revenue. Notes This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth rates and some high-level company specific data. Also included is some international SaaS company comparator data. Email us if there is anything you would like to see.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 20 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 16 September 2016 Definitions Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation EROAD 133 120 28 4.3 44% n/a n/a n/a n/a EV = Enterprise Value Finzsoft 22 23 22 1.0 39% n/a n/a n/a n/a AR = Annualised Revenue Gentrack 231 219 47 4.7 14% n/a 51 4.3 23% EV/AR = EV/Annualised Revenue multiple GeoOp 10 7 5 1.5 249% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth ikeGPS 35 30 9 3.5 118% 65% 16 1.9 87% GM% = Gross Margin % Orion Health 635 576 211 2.7 26% 78% 252 2.3 22% CFY Rev = Current Financial Years Revenue Plexure 24 21 5 3.9 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple Pushpay 578 566 39 14.6 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth Rakon 42 54 109 0.5 (22%) n/a n/a n/a n/a Serko 44 37 13 2.7 20% n/a n/a n/a n/a Disclaimer SLI Systems 40 35 31 1.1 (10%) 77% 36 1.0 27% The information provided in this report has been solely SmartPay 29 53 21 2.5 0% n/a n/a n/a n/a sourced from Factset and company annual reports. Clare Trade Me 2,168 2,270 225 10.1 9% 94% 218 10.4 (0%) Capital holds no responsibility over the actual and Vista 542 534 81 6.6 49% n/a 90 5.9 37% forecast numbers presented in this report. The forecasts Wynyard 39 25 26 1.0 4% 64% 41 0.6 67% are an average of broker forecasts complied by Factset. Xero 2,749 2,564 258 9.9 62% 75% 312 8.2 51% Global SaaS company data has been converted to USD Total & Average 7,321 7,132 1,129 6.3 and will move with exchange rate changes back to its local currency. Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 16 September 2016 Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Clare Capital is not an Authorised Financial Adviser. This athenahealth 4,864 5,024 1,048 4.8 17% 50% 1,102 4.6 19% document is intended as analysis – not financial advice. Box 794 679 383 1.8 30% 65% 395 1.7 31% If you are making investment decisions you should seek Salesforce.com 49,654 50,995 8,146 6.3 25% 71% 8,315 6.1 25% appropriate personalised financial advice from a HubSpot 1,975 1,858 260 7.2 51% 75% 264 7.0 45% qualified professional to suit your circumstances. Lifelock 1,490 1,334 658 2.0 13% 74% 667 2.0 13% LogMeIn 2,294 2,114 333 6.3 28% 85% 334 6.3 23% Contact Details New Relic 1,880 1,684 234 7.2 54% 80% 255 6.6 40% Mark Clare Managing Partner ServiceNow 12,714 12,398 1,365 9.1 38% 70% 1,376 9.0 37% +64-21-470227 [email protected] NetSuite 8,837 8,715 923 9.4 30% 66% 966 9.0 30% RealPage 2,023 2,024 571 3.5 24% 53% 570 3.6 22% Clare Capital is a corporate finance advisory firm built on Shopify 3,064 2,885 347 8.3 93% 52% 366 7.9 79% a base of structured fundamental analysis. We provide Splunk 7,946 6,926 851 8.1 43% 81% 913 7.6 37% creative solutions for both origination and analysis Workday 10,583 9,036 1,510 6.0 34% 68% 1,557 5.8 34% mandates. We have a strong track record for the All Global SaaS Companies Median 3.9 19% 66% 3.8 18% successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 21 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 10 - NZX Sectors Over Time - 20160923 Comparing the different sectors in the NZX over time.
NZX Sectors (Jan11 - Aug16) NZX Sectors (Jan14 - Aug16) 450 180 400 5+ years 160 2+ years
350 140
14 14 =100
11 11 =100 - - 300 120 250 100 200 80 150 100 60
50 40
Mkt Index CapJan
Mkt Index CapJan
Jul-15
Jul-14
Jul-16
Jul-11
Jul-13
Jul-15
Jul-12
Jul-14
Jul-16
Jan-15
Jan-14
Jan-16
Jan-11
Jan-13
Jan-15
Sep-15
Jan-12
Jan-14
Jan-16
Sep-14
Apr-11
Apr-13
Oct-11 Mar-15
Oct-13
Apr-15
Oct-15
Mar-14
Nov-15 Mar-16
Apr-12
Apr-14
Apr-16
Oct-12
Oct-14
Nov-14
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May-14 May-16 Tech Healthcare Wholesale Trade Retail Trade Tech Healthcare Wholesale Trade Retail Trade Manufacturing Utilities Property Finance Manufacturing Utilities Property Finance NZX Sectors (Jan15 - Aug16) NZX Sectors (Jan16 - Aug16)
150 125
140 18+ months 120 Current Calendar Year 15 =100
130 16 =100 115
- - 120 110
110 105
100 100
90 95
Mkt Index CapJan Mkt Index CapJAn
80 90
Jul-15
Jul-16
Jul-16
Jan-15
Jun-15
Jan-16
Jun-16
Jan-16
Jun-16
Apr-15
Oct-15
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Apr-16
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Feb-16
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Nov-15 Mar-16
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Tech Healthcare Wholesale Trade Retail Trade Tech Healthcare Wholesale Trade Retail Trade Manufacturing Utilities Property Finance Manufacturing Utilities Property Finance
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 22 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Chart Methodology Definitions Due to new-listing (IPOs) increasing the number of companies in each of the indices through time, Clare Capital has ∆ = Directional Change in Share Price employed the principles of chain-linking to create these indices. Price = Share Price 1Week∆ = 1 Week Share Price Change Chart Commentary 1Year∆ = 1 Year Share Price Change Invest $1,000 at January 2011 into: Invest $1,000 at January 2016 into: Vol. '000s = Volume of Shares Traded (Last Week) As at 31 August 2016 Profit Return CAGR As at 31 August 2016 Profit Return CAGR Val. '000s = Value of Shares Traded (Last Week) Healthcare 3,046 305% 28% Tech 221 22% 41% Mkt Cap = Market Capitalisation Tech 1,268 127% 16% Healthcare 210 21% 39% EV = Enterprise Value Property 1,199 120% 15% Retail Trade 209 21% 38% EV/AR = EV/Annualised Revenue multiple Utilities 649 65% 9% Manufacturing 191 19% 35% Yr∆ AR = Annualised Revenue Growth Manufacturing 398 40% 6% Utilities 167 17% 30% Retail Trade 218 22% 4% Wholesale Trade 120 12% 21% Disclaimer Wholesale Trade 166 17% 3% Property 109 11% 19% The information provided in this report has been solely Finance 105 10% 2% Finance (31) (3%) (5%) sourced from Factset and company annual reports.
Share Price Movements as at 23 September 2016 Clare Capital holds no responsibility over the actual Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap AR EV/AR Yr∆ AR numbers presented in this report. EROAD 1.90 (14%) (45%) 68 136 114 28 3.7 44% Finzsoft 2.50 - (17%) - - 22 22 1.0 39% Clare Capital is not an Authorised Financial Adviser. This Gentrack 3.23 2% 70% 2,570 8,098 235 47 4.8 14% document is intended as analysis – not financial advice. GeoOp 0.20 - (56%) - - 10 5 1.5 249% ikeGPS 0.60 2% 3% 222 131 36 9 3.5 118% If you are making investment decisions you should seek Orion Health 3.50 (12%) 2% 700 2,696 560 211 2.4 26% appropriate personalised financial advice from a Plexure 0.26 - (21%) 119 31 24 5 3.9 70% qualified professional to suit your circumstances. Pushpay 2.50 - 43% 253 633 578 39 14.6 330% Rakon 0.22 - (19%) 548 120 42 109 0.5 (22%) Serko 0.58 (3%) (28%) 29 17 42 13 2.6 20% Contact Details SLI Systems 0.60 (8%) (31%) 95 58 37 31 1.0 (10%) Mark Clare Managing Partner SmartPay 0.18 3% (8%) 40 7 30 21 2.6 0% +64-21-470227 [email protected] Trade Me 5.61 3% 55% 7,593 41,950 2,228 225 10.4 9% Vista 6.55 (3%) 26% 9,531 64,196 526 81 6.4 49% Clare Capital is a corporate finance advisory firm built on Wynyard 0.21 (5%) (81%) 2,526 535 38 26 0.9 4% a base of structured fundamental analysis. We provide Xero 19.90 (0%) 41% 1,310 26,187 2,736 258 9.9 62% creative solutions for both origination and analysis Total 25,602 144,794 7,257 1,129 mandates. We have a strong track record for the Average (2%) (4%) 4.3 63% successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 23 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 11 - ARR & Net ARR Over Time - 20160930 This reports compares ARR and Net ARR (ARR times Gross Margin %) for SaaS companies over time. The green band represents the upper and lower quartile ARR for global SaaS companies over time. A high gross margin (70-80>%) results in a greater Net ARR - a key feature of a high-quality SaaS company.
Share Price Movements as at 30 September 2016 Figure 1 - ARR since IPO Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s 375 EROAD 1.86 (2%) (30%) 1,137 2,017 350 XRO (EV/ARR 9.6x) 75% Quartile 325 Finzsoft 2.50 - - - - SLI (EV/ARR 0.8x) Gentrack 3.25 1% 71% 197 632 300 275 PAY (EV/ARR 15.0x) GeoOp 0.21 8% (48%) 74 15 250 ikeGPS 0.58 (3%) (18%) 28 16 225 GEO (EV/ARR 1.8x) 200 Orion Health 3.49 (0%) 4% 283 984 PLX (EV/ARR 4.8x) 175 Plexure 0.31 19% (6%) 287 84 150
Pushpay 2.56 2% 71% 203 511 ARR M)(NZD 125 Rakon 0.21 (5%) (9%) 342 72 100 75 Serko 0.53 (9%) (34%) 105 55 50 25% Quartile SLI Systems 0.50 (17%) (37%) 163 87 25 SmartPay 0.18 - (8%) 90 16 - Trade Me 5.62 0% 54% 7,178 40,306 - 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 Vista 6.50 (1%) 27% 497 3,235 Quarters since IPO Wynyard 0.18 (14%) (84%) 9,067 1,907 Figure 2 - Net ARR since IPO Xero 19.35 (3%) 29% 305 5,965 375 Total 19,954 55,901 350 XRO (EV/Net ARR 12.6x) 325 Average (1%) (1%) SLI (EV/Net ARR 1.0x) 300 275 PAY (EV/Net ARR 27.2x) Top SaaS firms at the end of 10 years Definitions 250 ARR Net ARR 1Week∆ = 1 Week Price Change 225 GEO (EV/Net ARR 2.3x) 200 Salesforce Salesforce 1Year∆ = 1 Year Share Change PLX (EV/Net ARR 6.3x) 175 75% Quartile Citrix Systems Citrix Systems Vol. '000s = Volume of Shares 150 Synchronoss Synchronoss Traded in the Last Week 125
CSG Systems J2 Global Val. '000s = Value of Shares Net ARR M)(NZD 100 Manhattan CSG Systems Traded in the Last Week (NZD) 75 50 25 25% Quartile Notes - This report outlines company and valuation metrics for NZ-listed - 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 technology companies. Email us if there is anything you would like to see. Quarters since IPO
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 24 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZ Publicly-Listed Technology Companies (all in NZD millions) as at 30 September 2016 Definitions Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Mkt Cap = Market Capitalisation EROAD 112 100 28 3.6 44% n/a 33 3.0 30% EV = Enterprise Value Finzsoft 22 23 22 1.0 39% n/a n/a n/a n/a AR = Annualised Revenue Gentrack 236 224 47 4.8 14% n/a 51 4.4 23% EV/AR = EV/Annualised Revenue multiple GeoOp 11 8 5 1.8 249% 80% n/a n/a n/a Yr∆ AR = Annualised Revenue Growth ikeGPS 37 32 9 3.7 118% 65% 16 2.0 87% GM% = Gross Margin % Orion Health 558 499 211 2.4 26% 78% 244 2.0 18% CFY Rev = Current Financial Years Revenue Plexure 28 26 7 3.6 66% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple Pushpay 592 580 39 15.0 330% 55% n/a n/a n/a Yr∆ CFY = CFY Revenue Growth Rakon 40 52 109 0.5 (22%) n/a n/a n/a n/a Serko 39 32 13 2.4 20% n/a n/a n/a n/a Disclaimer SLI Systems 31 24 31 0.8 (10%) 77% 36 0.7 2% The information provided in this report has been solely SmartPay 30 54 21 2.6 0% n/a n/a n/a n/a sourced from Factset and company annual reports. Clare Trade Me 2,232 2,333 225 10.4 9% 94% 218 10.7 (0%) Capital holds no responsibility over the actual and Vista 522 513 81 6.3 49% n/a 90 5.7 37% forecast numbers presented in this report. The forecasts Wynyard 32 18 26 0.7 4% 64% 41 0.4 67% are an average of broker forecasts complied by Factset. Xero 2,661 2,476 258 9.6 62% 75% 312 7.9 51% Global SaaS company data has been converted to USD Total & Average 7,184 6,994 1,131 6.2 74% and will move with exchange rate changes back to its local currency. Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 30 September 2016 Name Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY Clare Capital is not an Authorised Financial Adviser. This athenahealth 4,962 5,122 1,048 4.9 17% 50% 1,102 4.6 19% document is intended as analysis – not financial advice. Box 848 734 383 1.9 30% 65% 395 1.9 30% If you are making investment decisions you should seek Salesforce.com 48,326 4,667 8,146 6.1 25% 71% 8,315 6.0 25% appropriate personalised financial advice from a HubSpot 2,037 1,920 260 7.4 51% 75% 264 7.3 45% qualified professional to suit your circumstances. Lifelock 1,567 1,411 658 2.1 13% 74% 667 2.1 13% LogMeIn 2,287 2,107 333 6.3 28% 85% 334 6.3 23% Contact Details New Relic 1,948 1,752 234 7.5 54% 80% 255 6.9 40% Mark Clare Managing Partner ServiceNow 13,020 12,704 1,365 9.3 38% 70% 1,376 9.2 37% +64-21-470227 [email protected] NetSuite 8,958 8,836 923 9.6 30% 66% 966 9.2 30% RealPage 2,063 2,063 571 3.6 24% 53% 570 3.6 22% Clare Capital is a corporate finance advisory firm built on Shopify 3,170 2,990 347 8.6 93% 52% 367 8.2 79% a base of structured fundamental analysis. We provide Splunk 7,895 6,874 851 8.1 43% 81% 913 7.5 37% creative solutions for both origination and analysis Workday 10,911 9,364 1,510 6.2 34% 68% 1,557 6.0 34% mandates. We have a strong track record for the All Global SaaS Companies Median 3.9 19% 66% 3.9 18% successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 25 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 12 - Company Spotlight - 20161007 This report looks at the top four share price performers out of the NZX tech sector over the last 52 weeks. The yellow highlights emphasise key SaaS metrics for each company.
1. Gentrack (GTK-NZ) as at 07 October 2016 2. Trade Me (TME-NZ) as at 07 October 2016 2.0 3,000 2.0 15,000
2,000 10,000 1.0 1.0
1,000 5,000 Share Index Price
- - Share Index Price - -
Vol ('000s) ('000s) Vol perday Vol ('000s) ('000s) Vol perday GTK-NZ NZX50 TME-NZ NZX50 Mkt Cap (M) 246 Share Price 3.39 Mkt Cap (M) 2,136 Share Price 5.38 EV/AR 5.0 52 Week Change 71% EV/AR 9.9 52 Week Change 47% EV/Net AR n/a AR/Employee 212,645 EV/Net AR 10.6 AR/Employee 461,922 AR Growth 14% EBITDA/Employee 64,068 AR Growth 9% EBITDA/Employee 291,834
3. Vista (VGL-NZ) as at 07 October 2016 4. Pushpay (PPH-NZ) as at 07 October 2016 2.0 30,000 2.0 1,000
20,000 1.0 1.0 500 10,000
- - - -
Share Index Price
Share Index Price
Vol ('000s) ('000s) Vol perday Vol ('000s) Vol('000s) perday VGL-NZ NZX50 PAY-NZ NZX50 Mkt Cap (M) 511 Share Price 6.36 Mkt Cap (M) 520 Share Price 2.25 EV/AR 6.2 52 Week Change 25% EV/AR 13.1 52 Week Change 24% EV/Net AR n/a AR/Employee 232,709 EV/Net AR 23.8 AR/Employee 180,326 AR Growth 49% EBITDA/Employee 45,311 AR Growth 330% EBITDA/Employee (88,056)
Notes This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements, current market valuations relative to growth rates and some high-level company specific data. Email us if there is anything you would like to see.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 26 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Share Price Movements as at 07 October 2016 Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY EROAD (ERD-NZ) 1.75 (6%) (35%) 2,252 3,672 105 93 28 3.3 44% n/a 33 2.8 30% Finzsoft (FIN-NZ) 2.50 - - - - 22 23 22 1.0 39% n/a n/a n/a n/a Gentrack (GTK-NZ) 3.39 4% 71% 966 3,256 246 234 47 5.0 14% n/a 51 4.6 23% GeoOp (GEO-NZ) 0.20 (5%) (56%) 41 9 11 8 5 1.7 249% 80% n/a n/a n/a ikeGPS (IKE-NZ) 0.58 - (21%) 17 10 37 32 9 3.7 118% 65% 16 2.0 87% Orion Health (OHE-NZ) 3.35 (4%) (4%) 209 720 536 477 211 2.3 26% 78% 244 2.0 18% Plexure (PLX-NZ) 0.28 (10%) (13%) 1,027 299 26 23 7 3.2 66% n/a n/a n/a n/a Pushpay (PPH-NZ) 2.25 (12%) 24% 909 2,042 520 508 39 13.1 330% 55% n/a n/a n/a Rakon (RAK-NZ) 0.22 5% (8%) 247 52 42 54 109 0.5 (22%) n/a n/a n/a n/a Serko (SKO-NZ) 0.50 (6%) (38%) 133 70 36 30 13 2.2 20% n/a n/a n/a n/a SLI Systems (SLI-NZ) 0.47 (6%) (40%) 630 294 29 22 31 0.7 (10%) 77% 36 0.6 2% SmartPay (SPY-NZ) 0.18 - (8%) 4 1 30 54 21 2.6 0% n/a n/a n/a n/a Trade Me (TME-NZ) 5.38 (4%) 47% 6,135 34,449 2,136 2,238 225 9.9 9% 94% 218 10.3 (0%) Vista (VGL-NZ) 6.36 (2%) 25% 290 1,863 511 502 81 6.2 49% n/a 90 5.6 37% Wynyard (WYN-NZ) 0.18 (3%) (85%) 2,596 462 31 17 26 0.7 4% 64% 41 0.4 67% Xero (XRO-NZ) 19.00 (2%) 19% 962 18,718 2,613 2,428 258 9.4 62% 75% 298 8.1 44% Average (3%) (8%) 1,026 4,120 433 421 71 4.1 63% 74% 114 4.0 34%
Definitions Disclaimer ∆ = Directional Change in Share Price The information provided in this report has been solely sourced from Factset and company Price = Share Price annual reports. Clare Capital holds no responsibility over the actual and forecast numbers 1Week∆ = 1 Week Share Price Change presented in this report. The forecasts are an average of broker forecasts complied by 1Year∆ = 1 Year Share Price Change Factset. Vol. '000s = Volume of Shares Traded in the Last Week Val. '000s = Value of Shares Traded in the Last Week Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis – Mkt Cap = Market Capitalisation not financial advice. If you are making investment decisions you should seek appropriate EV = Enterprise Value AR = Annualised Revenue Contact Details EV/AR = EV/Annualised Revenue multiple Mark Clare Managing Partner Yr∆ AR = Annualised Revenue Growth +64-21-470227 [email protected] GM% = Gross Margin % CFY Rev = Current Financial Years Revenue Clare Capital is a corporate finance advisory firm built on a base of structured fundamental EV/CFY = EV/CFY Revenue multiple analysis. We provide creative solutions for both origination and analysis mandates. We have a Yr∆ CFY = CFY Revenue Growth strong track record for the successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 27 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 13 - SaaS Spotlight - 20161014 This report looks at the top four international SaaS firms after 10 years by ARR, showing their share price over the last 52 weeks. The yellow highlights emphasise key SaaS metrics.
1. Salesforce.com (CRM-US) as at 14 October 2016 2. Citirix Systems (CTXS-US) as at 14 October 2016 2.0 60,000 2.0 10,000
1.5 1.5 40,000 1.0 1.0 5,000 20,000
0.5 0.5
Share Index Price Share Index Price Vol ('000s) ('000s) Vol perday - - ('000s) Vol perday - - CRM-US NASDAQ CTXS-US NASDAQ Develops on-demand customer relationship management software technology. Designs, develops and markets technology solutions. Mkt Cap (M) 50,436 USD Share Price 74.27 USD Mkt Cap (M) 13,025 USD Share Price 83.64 USD EV/AR 6.4 52 Week Change 2% EV/AR 3.9 52 Week Change 14% EV/Net AR 8.9 AR/Employee 428,762 USD EV/Net AR 4.7 AR/Employee 354,939 USD AR Growth 25% EBITDA/Employee 55,367 USD AR Growth 6% EBITDA/Employee 101,539 USD
3. Synchronoss (SNCR-US) as at 14 October 2016 4. CSG Systems (CSGS-US) as at 14 October 2016 2.0 6,000 2.0 4,000
1.5 1.5 3,000 4,000 1.0 1.0 2,000 2,000
0.5 0.5 1,000
Share Index Price Share Index Price
Vol ('000s) ('000s) Vol perday ('000s) Vol perday - - - - SNCR-US NASDAQ CSGS-US NASDAQ Provides cloud solutions and software-based activation for connected devices. Provides business support solutions. Mkt Cap (M) 1,675 USD Share Price 37.10 USD Mkt Cap (M) 1,286 USD Share Price 39.75 USD EV/AR 2.8 52 Week Change 4% EV/AR 1.8 52 Week Change 26% EV/Net AR 7.0 AR/Employee 332,561 USD EV/Net AR 3.7 AR/Employee 232,227 USD AR Growth 14% EBITDA/Employee 75,332 USD AR Growth 4% EBITDA/Employee 54,074 USD
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 28 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Share Price Movements and Valuation Metrics as at 14 October 2016 Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR Yr∆ AR GM% CFY Rev EV/CFY Yr∆ CFY EROAD (ERD-NZ) 1.90 9% (25%) 224 411 114 102 28 3.7 44% n/a 33 3.1 30% Finzsoft (FIN-NZ) 2.50 - - - - 22 23 22 1.0 39% n/a n/a n/a n/a Gentrack (GTK-NZ) 3.40 0% 70% 1,749 5,931 247 235 47 5.0 14% n/a 51 4.6 23% GeoOp (GEO-NZ) 0.24 20% (47%) 36 8 13 15 5 3.2 249% 80% n/a n/a n/a ikeGPS (IKE-NZ) 0.56 (3%) (14%) 65 37 36 31 9 3.6 118% 65% 16 1.9 87% Orion Health (OHE-NZ) 3.35 - (4%) 166 552 536 477 211 2.3 26% 78% 244 2.0 18% Plexure (PLX-NZ) 0.26 (7%) (19%) 169 45 24 21 7 3.0 66% n/a n/a n/a n/a Pushpay (PPH-NZ) 1.99 (12%) (4%) 682 1,484 498 486 48 10.1 244% 55% n/a n/a n/a Rakon (RAK-NZ) 0.22 - (12%) 360 79 42 54 109 0.5 (22%) n/a n/a n/a n/a Serko (SKO-NZ) 0.50 - (38%) 61 29 36 30 13 2.2 20% n/a n/a n/a n/a SLI Systems (SLI-NZ) 0.47 - (41%) 615 279 29 22 31 0.7 (10%) 77% 36 0.6 2% SmartPay (SPY-NZ) 0.18 - 5% 121 21 30 54 21 2.6 0% n/a n/a n/a n/a Trade Me (TME-NZ) 5.24 (3%) 42% 5,790 30,778 2,081 2,183 225 9.7 9% 94% 218 10.0 (0%) Vista (VGL-NZ) 6.36 - 24% 1,156 7,358 511 502 81 6.2 49% n/a 90 5.6 37% Wynyard (WYN-NZ) 0.21 20% (83%) 1,667 335 38 23 26 0.9 4% 64% 41 0.6 67% Xero (XRO-NZ) 17.89 (6%) 12% 1,062 19,688 2,460 2,276 258 8.8 62% 75% 298 7.6 44% Average 1% (8%) 870 4,190 420 408 71 4.0 57% 74% 114 4.0 34%
Definitions Disclaimer ∆ = Directional Change in Share Price The information provided in this report has been solely sourced from Factset and company Price = Share Price annual reports. Clare Capital holds no responsibility over the actual and forecast numbers 1Week∆ = 1 Week Share Price Change presented in this report. The forecasts are an average of broker forecasts complied by 1Year∆ = 1 Year Share Price Change Factset. Vol. '000s = Volume of Shares Traded in the Last Week Val. '000s = Value of Shares Traded in the Last Week Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis – Mkt Cap = Market Capitalisation not financial advice. If you are making investment decisions you should seek appropriate EV = Enterprise Value AR = Annualised Revenue Contact Details EV/AR = EV/Annualised Revenue multiple Mark Clare Managing Partner Yr∆ AR = Annualised Revenue Growth +64-21-470227 [email protected] GM% = Gross Margin % CFY Rev = Current Financial Years Revenue Clare Capital is a corporate finance advisory firm built on a base of structured fundamental EV/CFY = EV/CFY Revenue multiple analysis. We provide creative solutions for both origination and analysis mandates. We have a Yr∆ CFY = CFY Revenue Growth strong track record for the successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 29 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 14 - 40% Rule - 20161020 The chart this week looks at the trade-off between growth and profitability. US technology investors have proposed a '40% Rule' - adding a company's annual growth rate to the EBITDA margin. The rule proposes that a number above 40% is a high performance company. The chart below shows a spectrum from lower growth but high profitability (TME) to high growth but loss making (PPH). The chart has the 40% line marked - but we have also included the 20% line (middle of the orange range) and the 0% line.
Share Price Movements as at 20 October 2016 Revenue Growth vs. EBITDA Margin Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s EROAD (ERD-NZ) 1.85 - (29%) 201 381 60% TME Finzsoft (FIN-NZ) 2.00 (20%) (20%) n/a n/a SPY High Performance Gentrack (GTK-NZ) 3.40 1% 67% 1,690 5,798 GTK VGL GeoOp (GEO-NZ) 0.25 4% (38%) 147 36 20% ERD FIN ikeGPS (IKE-NZ) 0.58 - (23%) 193 108 SLI RAK Orion Health (OHE-NZ) 3.15 (5%) (14%) 198 642 (20%) OHE 40% Rule Plexure (PLX-NZ) 0.24 (8%) (29%) 315 81 XRO SKO Pushpay (PPH-NZ) 1.82 (13%) (7%) 510 997 (60%) Rakon (RAK-NZ) 0.20 (9%) (27%) 401 85 Serko (SKO-NZ) 0.45 (10%) (47%) 8 4 SLI Systems (SLI-NZ) 0.40 (15%) (49%) 175 75 (100%)
EBITDA Margin IKE SmartPay (SPY-NZ) 0.17 (3%) 2% 156 28 PLX PPH WYN Trade Me (TME-NZ) 4.87 (8%) 30% 5,156 26,535 (140%) Vista (VGL-NZ) 6.17 (3%) 13% 660 4,081 Poor Performance Wynyard (WYN-NZ) 0.20 (2%) (82%) 593 126 (180%) Xero (XRO-NZ) 18.09 3% 13% 867 15,465 GEO Average (5%) (15%) 751 3,629 (220%) (20%) - 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% Definitions ∆ = Directional Change in Share Price Data Revenue Growth Price = Share Price Ticker Rev Grwth EBITDA% Combined Ticker Rev Grwth EBITDA% Combined 1Week∆ = 1 Week Share Price Change ERD 45% 20% 65% RAK (14%) 4% (10%) 1Year∆ = 1 Year Share Price Change FIN (9%) 8% (1%) SKO 28% (49%) (21%) Vol. '000s = Volume of Shares Traded in the Last Week GTK 9% 34% 43% SLI 24% (0%) 24% Val. '000s = Value of Shares Traded in the Last Week GEO 111% (193%) (82%) SPY (7%) 39% 32% IKE 134% (107%) 27% TME 9% 65% 74% Notes OHE 26% (22%) 4% VGL 39% 17% 56% The report looks at share price movements, current market valuations relative PLX 134% (122%) 12% WYN (2%) (132%) (133%) to growth rates and some high-level company specific data. PPH 209% (128%) 80% XRO 67% (30%) 37%
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 30 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Financial and Valuation Metrics as at 20 October 2016 Name ∆ Mkt Cap EV AR EV/AR Yr∆ AR GM% EM% AR/Emp EV/Nt AR UC/AR CFY Rev EV/CFY Yr∆ CFY EROAD (ERD-NZ) 111 99 28 3.6 44% n/a 20% 142 n/a 1.7 33 3.1 30% Finzsoft (FIN-NZ) 18 18 14 1.3 (41%) n/a 8% 154 n/a 0.3 n/a n/a n/a Gentrack (GTK-NZ) 247 235 47 5.0 14% n/a 34% 213 n/a 1.0 51 4.6 23% GeoOp (GEO-NZ) 13 15 5 3.3 249% 80% (193%) 114 3.8 3.4 n/a n/a n/a ikeGPS (IKE-NZ) 37 32 9 3.7 118% 65% (107%) 153 5.5 3.7 16 2.0 87% Orion Health (OHE-NZ) 504 445 211 2.1 26% 78% (22%) 175 2.7 0.5 244 1.8 18% Plexure (PLX-NZ) 22 19 7 2.7 66% n/a (122%) 137 n/a 2.6 n/a n/a n/a Pushpay (PPH-NZ) 456 443 48 9.2 244% 55% (128%) 223 16.8 0.8 n/a n/a n/a Rakon (RAK-NZ) 38 50 109 0.5 (22%) n/a 4% 186 n/a 1.7 n/a n/a n/a Serko (SKO-NZ) 33 26 13 1.9 20% n/a (49%) 106 n/a 1.4 n/a n/a n/a SLI Systems (SLI-NZ) 25 18 31 0.6 (10%) 77% (0%) 183 0.8 0.4 36 0.5 2% SmartPay (SPY-NZ) 29 53 21 2.5 0% n/a 39% 167 n/a 3.7 n/a n/a n/a Trade Me (TME-NZ) 1,934 2,036 225 9.1 9% 94% 65% 462 9.7 5.2 218 9.3 (0%) Vista (VGL-NZ) 495 487 81 6.0 49% n/a 17% 233 n/a 0.5 90 5.4 37% Wynyard (WYN-NZ) 39 24 26 0.9 4% 64% (132%) 86 1.4 4.9 41 0.6 67% Xero (XRO-NZ) 2,488 2,303 258 8.9 62% 75% (30%) 178 11.9 1.2 301 7.6 45% Average 406 394 71 3.8 52% 74% (37%) 182 6.6 2.1 114 3.9 34%
Definitions Disclaimer Name = Company Name and Ticker The information provided in this report has been solely sourced and calculated from Factset ∆ = Directional Change in Share Price and company reports. Clare Capital holds no responsibility over the actual and forecast Mkt Cap = Market Capitalisation (NZD M) numbers (complied by Factset) presented in this report. EV = Enterprise Value (NZD M) AR = Annualised Revenue (NZD M) Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis – EV/AR = EV/Annualised Revenue multiple not financial advice. If you are making investment decisions you should seek appropriate Yr∆ AR = Annualised Revenue Growth personalised financial advice from a qualified professional. GM% = Gross Margin % EM% = EBITDA Margin % Contact Details AR/Emp = Annualised Revenue per Employee ('000s) Mark Clare Managing Partner EV/Nt AR = Enterprise Value/Net Annualised Revenue +64-21-470227 [email protected] UC/AR = Used Capital/Annualised Revenue CFY Rev = Current Financial Years Revenue (NZD M) Clare Capital is a corporate finance advisory firm built on a base of structured fundamental EV/CFY = EV/CFY Revenue multiple analysis. We provide creative solutions for both origination and analysis mandates. We have Yr∆ CFY = CFY Revenue Growth a strong track record for the successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 31 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 15 - Cash Burn & Runway - 20161028 This report looks at months of cash runway and monthly cash burn calculated from a company's Cashflows statement rather than profitability from the Profit & Loss statement. Of the ~70% of the NZX-listed tech companies that are cashflow negative, NZD$20M is being burned each month.
Figure 1. Months of Cash Runway Figure 2. Monthly Cash Burn (NZD M)
25 6 12 25 PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN - 20 (1) (2) 15 (3) 10 (4)
Cash Cash Runway (5) 5
(6) Cash Cash Burn M)(NZD - (7) PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN (8) Monthy Cash Burn and Runway Metrics Calculations Calculated Monthly Months of Burn Last Raise Last Raise Announced Next Raise Monthly cash burn is calculated by Operating + Investing Cash Bal. Cash Burn Runway % of Cash Amount Date Breakeven Date cashflows from the company's latest annual/interim report. TME 58.4 8.1 Cash +ve 14% ------Cashflow Positive ------Calculated cash balance at 30-Sep-16 based on a company's OHE 71.4 2.1 Cash +ve 3% ------Cashflow Positive ------cash balance at report date + monthly cash burn + any new GTK 12.6 0.5 Cash +ve 4% ------Cashflow Positive ------capital raised. SLI 6.9 0.1 Cash +ve 1% ------Cashflow Positive ------Months of cash runway is from 30-Sep-16 based on the RAK 3.5 0.0 Cash +ve 1% ------Cashflow Positive ------calculated cash balance / monthly cash burn. PPH 43.0 (1.7) 25.1 (4%) 43 Oct-16 Dec-17 Not Req'd XRO 139.7 (7.4) 18.9 (5%) 147 Feb-15 n/a Not Req'd GEO 3.9 (0.3) 15.0 (7%) 4 Oct-16 H2 Y17 Not Req'd Definition SKO 4.8 (0.4) 11.1 (9%) 8 Dec-15 Mar-18 Not Req'd Cash Bal. = Calculated cash balance at 30-Sept-16 SPY 2.0 (0.2) 8.8 (11%) n/a n/a n/a H1 Y17 Cash Burn = Monthly cash burn IKE 8.3 (1.1) 7.8 (13%) 8 Sep-16 2017 Not Req'd Runway = Months of cash runway from 30-Sep-16 VGL 8.5 (1.6) 5.4 (18%) n/a n/a n/a Now Burn (%) = Monthly Cash Burn as a % of Calculated Cash PLX 2.3 (0.6) 3.7 (27%) 4 May-16 n/a Now Last Raise = Last capital raised amount ERD 2.5 (1.8) 1.4 (72%) n/a n/a n/a Now Date = Last capital raised date FIN 0.0 (0.1) 0.4 (275%) n/a n/a n/a Now Breakeven = Company announcement on breakeven date WYN 0.2 (4.8) 0.1 (1,972%) 32 Mar-16 n/a Now Next Raise = Clare Capital's expectation on next raise date
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Share Price Movements and Valuation Metrics as at 28 October 2016 Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR Yr∆ AR GM% EM% 40% Rule AR/Emp UC/AR EROAD (ERD) 1.81 (2%) (30%) 113 205 109 97 28 3.5 44% n/a 20% 65% 142 1.7 Finzsoft (FIN) 2.00 - (33%) - - 18 18 14 1.3 (41%) n/a 8% (1%) 154 0.3 Gentrack (GTK) 3.50 3% 72% 692 2,367 254 242 47 5.2 14% n/a 34% 43% 213 1.0 GeoOp (GEO) 0.23 5% (49%) 59 14 16 18 5 3.9 249% 80% (193%) (82%) 114 3.4 ikeGPS (IKE) 0.58 - (25%) 36 21 37 32 9 3.7 118% 65% (107%) 27% 153 3.7 Orion Health (OHE) 3.20 (2%) (13%) 460 1,482 512 453 211 2.2 26% 78% (22%) 4% 175 0.5 Plexure (PLX) 0.24 - (24%) 45 11 22 19 7 2.7 66% n/a (122%) 12% 137 2.6 Pushpay (PPH) 1.76 (5%) (2%) 548 1,001 441 428 48 8.9 244% 55% (128%) 80% 223 0.8 Rakon (RAK) 0.20 (3%) (22%) 507 101 37 49 109 0.4 (22%) n/a 4% (10%) 186 1.7 Serko (SKO) 0.42 (7%) (50%) 330 140 31 24 13 1.8 20% n/a (49%) (21%) 106 1.4 SLI Systems (SLI) 0.38 (10%) (51%) 1,293 498 24 17 31 0.5 (10%) 77% (0%) 24% 183 0.4 SmartPay (SPY) 0.14 (20%) (18%) 70 11 23 47 21 2.3 0% n/a 39% 32% 167 3.7 Trade Me (TME) 4.88 (1%) 32% 6,360 31,592 1,938 2,040 225 9.1 9% 94% 65% 74% 462 5.2 Vista (VGL) 6.01 (2%) 14% 145 872 483 474 81 5.8 49% n/a 17% 56% 233 0.5 Wynyard (WYN) 0.22 - (85%) - - 39 24 26 0.9 4% 64% (132%) (133%) 86 4.9 Xero (XRO) 17.84 (1%) 13% 236 4,240 2,454 2,269 258 8.8 62% 75% (30%) 37% 178 1.2 Average (3%) (17%) 681 2,660 402 391 71 3.8 52% 74% (37%) 13% 182 2.1
Definitions Disclaimer Price = Share Price The information provided in this report has been solely sourced and calculated from Factset and 1Week∆ = 1 Week Share Price Change company reports. Clare Capital holds no responsibility over the actual and forecast numbers presented 1Year∆ = 1 Year Share Price Change in this report. The forecasts are an average of broker forecasts complied by Factset. Vol. '000s = Volume of Shares Traded in the Last Week Val. '000s = Value of Shares Traded in the Last Week Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis – not Mkt Cap = Market Capitalisation financial advice. If you are making investment decisions you should seek appropriate personalised EV = Enterprise Value financial advice from a qualified professional. AR = Annualised Revenue EV/AR = EV/Annualised Revenue multiple Contact Details Yr∆ AR = Annualised Revenue Growth Mark Clare Managing Partner GM% = Gross Margin % +64-21-470227 [email protected] EM% = EBITDA Margin % 40% Rule = Revenue Growth % + EBITDA Margin % Clare Capital is a corporate finance advisory firm built on a base of structured fundamental analysis. We AR/Emp = Annualised Revenue per Employee ('000s) provide creative solutions for both origination and analysis mandates. We have a strong track record for UC/AR = Used Capital/Annualised Revenue the successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 33 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 15B - Cash Burn & Runway - 20161028 This report looks at months of cash runway and monthly cash burn calculated from a company's Cashflow Statement rather than profitability from the Profit & Loss Statement. Of the ~70% of the NZX-listed tech companies that are cashflow negative (when both OPERATING & INVESTING activities are included), NZD$20M is being burned each month.
Figure 1. Monthly Cash Burn from Net OPERATING Activities (NZD M) Figure 2. Monthly Cash Burn from Net OPERATING + INVESTING Activities (NZD M)
OHE PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN OHE PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN 2 2
- -
(2) (2)
(4) (4)
(6) Cash Cash Burn M)(NZD
Cash Cash Burn M)(NZD (6)
(8) (8) Monthly Cash Burn and Runway Metrics as at 30-Sept-16 Figure 3. Months of Cash Runway (OPERATING + INVESTING Activities) Calculated OPERATING ACTIVITIES OPERATING+INVESTING
6 12 25 Cash Bal. Cash Burn Mnth Runway Cash Burn Mnth Runway 25 TME 58.4 10.2 Cash +ve 8.1 Cash +ve 20 GTK 12.6 0.2 Cash +ve 0.5 Cash +ve SLI 6.9 0.1 Cash +ve 0.1 Cash +ve 15 RAK 3.5 0.6 Cash +ve 0.0 Cash +ve SPY 2.0 0.5 Cash +ve (0.2) 8.8 10 VGL 8.5 0.1 Cash +ve (1.6) 5.4
Cash Cash Runway FIN 0.0 0.0 Cash +ve (0.1) 0.4 5 ERD 2.5 (0.0) 52.1 (1.8) 1.4 XRO 139.7 (2.9) 48.2 (7.4) 18.9 - PPH 43.0 (1.4) 30.7 (1.7) 25.1 PPH XRO GEO SKO SPY IKE VGL PLX ERD FIN WYN OHE 71.4 (2.7) 26.5 2.1 Cash +ve Calculations GEO 3.9 (0.2) 17.1 (0.3) 15.0 Calculated cash balance at 30-Sep-16 is based on a the cash balance at report date + SKO 4.8 (0.4) 12.9 (0.4) 11.1 monthly net operating and investing activities cash burn + any new capital raised. IKE 8.3 (0.8) 10.1 (1.1) 7.8 Months of cash runway is from 30-Sep-16, based on the calculated cash balance / PLX 2.3 (0.4) 6.2 (0.6) 3.7 monthly net operating and investing activities cash burn. WYN 0.2 (1.6) 0.2 (4.8) 0.1
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Share Price Movements and Valuation Metrics as at 28 October 2016 Name ∆ Price 1Week∆ 1Year∆ Vol. '000s Val. '000s Mkt Cap EV AR EV/AR Yr∆ AR GM% EM% 40% Rule AR/Emp UC/AR EROAD (ERD) 1.81 (2%) (30%) 113 205 109 97 28 3.5 44% n/a 20% 65% 142 1.7 Finzsoft (FIN) 2.00 - (33%) - - 18 18 14 1.3 (41%) n/a 8% (1%) 154 0.3 Gentrack (GTK) 3.50 3% 72% 692 2,367 254 242 47 5.2 14% n/a 34% 43% 213 1.0 GeoOp (GEO) 0.23 5% (49%) 59 14 16 18 5 3.9 249% 80% (193%) (82%) 114 3.4 ikeGPS (IKE) 0.58 - (25%) 36 21 37 32 9 3.7 118% 65% (107%) 27% 153 3.7 Orion Health (OHE) 3.20 (2%) (13%) 460 1,482 512 453 211 2.2 26% 78% (22%) 4% 175 0.5 Plexure (PLX) 0.24 - (24%) 45 11 22 19 7 2.7 66% n/a (122%) 12% 137 2.6 Pushpay (PPH) 1.76 (5%) (2%) 548 1,001 441 428 48 8.9 244% 55% (128%) 80% 223 0.8 Rakon (RAK) 0.20 (3%) (22%) 507 101 37 49 109 0.4 (22%) n/a 4% (10%) 186 1.7 Serko (SKO) 0.42 (7%) (50%) 330 140 31 24 13 1.8 20% n/a (49%) (21%) 106 1.4 SLI Systems (SLI) 0.38 (10%) (51%) 1,293 498 24 17 31 0.5 (10%) 77% (0%) 24% 183 0.4 SmartPay (SPY) 0.14 (20%) (18%) 70 11 23 47 21 2.3 0% n/a 39% 32% 167 3.7 Trade Me (TME) 4.88 (1%) 32% 6,360 31,592 1,938 2,040 225 9.1 9% 94% 65% 74% 462 5.2 Vista (VGL) 6.01 (2%) 14% 145 872 483 474 81 5.8 49% n/a 17% 56% 233 0.5 Wynyard (WYN) 0.22 - (85%) - - 39 24 26 0.9 4% 64% (132%) (133%) 86 4.9 Xero (XRO) 17.84 (1%) 13% 236 4,240 2,454 2,269 258 8.8 62% 75% (30%) 37% 178 1.2 Simple Average (3%) (17%) 681 2,660 402 391 71 3.8 52% 74% (37%) 13% 182 2.1
Definitions Disclaimer Price = Share Price The information provided in this report has been solely sourced and calculated from Factset and 1Week∆ = 1 Week Share Price Change company reports. Clare Capital holds no responsibility over the actual and forecast numbers presented 1Year∆ = 1 Year Share Price Change in this report. The forecasts are an average of broker forecasts complied by Factset. Vol. '000s = Volume of Shares Traded in the Last Week Val. '000s = Value of Shares Traded in the Last Week Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis – not Mkt Cap = Market Capitalisation financial advice. If you are making investment decisions you should seek appropriate personalised EV = Enterprise Value financial advice from a qualified professional. AR = Annualised Revenue EV/AR = EV/Annualised Revenue multiple Contact Details Yr∆ AR = Annualised Revenue Growth Mark Clare Managing Partner GM% = Gross Margin % +64-21-470227 [email protected] EM% = EBITDA Margin % 40% Rule = Revenue Growth % + EBITDA Margin % Clare Capital is a corporate finance advisory firm built on a base of structured fundamental analysis. We AR/Emp = Annualised Revenue per Employee ('000s) provide creative solutions for both origination and analysis mandates. We have a strong track record for UC/AR = Used Capital/Annualised Revenue the successful execution of commercial transactions.
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Overview Clare Capital - NZ Listed Tech Update 16 - Accounting Giants - 20161104 With Xero (XRO-NZ) realising its interim FY17 statements last week, this report compares the company against three of its biggest rivals (Intuit in the US, Sage in the UK and MYOB in Australia & NZ). Note: only Xero is a 'pure' SaaS company, so in order to compare fairly no SaaS metrics have been used (e.g. Annualised Recurring Revenue (ARR)).
LTM Revenue Multiple vs. Growth for Accounting Giants Chart Notes 12 Size of the bubble represents Enterprise Value in USD millions. The green coloured bubble illustrate a company being above the 40% Rule (Revenue Growth + EBITDA Margin), while orange is below 40%. 10 The arrows show the movement of EV/LTM Revenue multiple and LTM XRO-NZ Revenue Growth rate from the previous 12 months, at November 2015. 8 INTU-US MYO-AU Definitions Units 6 Mkt Cap = Market Capitalisation USD millions EV = Enterprise Value USD millions
4 LTM Rev. = Last Twelve Months (LTM) Revenue USD millions EV/LTM EV/LTM Revenue SGE-GB EV/LTM. = EV/LTM Revenue Multiple x 2 LTM Growth = LTM Revenue Growth % EBITDA% = EBITDA Margin % - 40% Rule = Revenue Growth + EBITDA Margin % - 10% 20% 30% 40% 50% 60% 70% Gross% = Gross Margin % LTM Revenue Growth Rev./Emp = LTM Revenue per Employee USD '000s Used Capital = Share Capital + Debt - Cash USD millions UC/LTM Rev. = Used Capital (UC)/LTM Revenue x Metrics as at 11 November 2016 Ticker Mkt Cap EV LTM Rev. EV/LTM. LTM Growth EBITDA% 40% Rule Gross% Rev./Emp Used Capital UC/LTM Rev. Intuit 27,156 27,076 4,694 5.8 12% 32% 44% 87% 594 4,362 0.9 MYOB 1,631 1,918 265 7.3 20% 45% 65% 66% 221 1,161 4.4 Sage 9,263 9,594 1,861 5.2 3% 27% 31% 92% 140 1,036 0.6 Xero 1,755 1,654 181 9.1 52% (19%) 33% 75% 119 269 1.5
Metrics as at 11 November 2015 Ticker Mkt Cap EV LTM Rev. EV/LTM. LTM Growth EBITDA% 40% Rule Gross% Rev./Emp Used Capital UC/LTM Rev. Intuit 27,412 27,788 4,192 6.6 (1%) 27% 26% 87% 544 4,383 1.0 MYOB 1,384 1,698 206 8.3 17% 39% 55% 69% n/a 1,122 5.5 Sage 9,046 9,574 2,209 4.3 10% 29% 38% 90% 177 1,371 0.6 Xero 1,599 1,443 107 13.5 73% (48%) 25% 74% 92 180 1.7
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Share Price Movements and Valuation Metrics as at 04 November 2016 Name ∆ Price 1Week∆ 1Year∆ Volume Value Mkt Cap EV AR EV/AR GM% Yr∆ AR EM% 40% Rule AR/Emp UC/AR EROAD (ERD) 1.75 (3%) (30%) 60 107 105 93 28 3.3 n/a 44% 20% 65% 142 1.7 Finzsoft (FIN) 2.50 25% (23%) 3 8 22 23 14 1.6 n/a (41%) 8% (1%) 154 0.3 Gentrack (GTK) 3.50 - 74% 244 855 254 212 47 5.2 n/a 14% 34% 43% 213 1.0 GeoOp (GEO) 0.21 (9%) (52%) 112 25 15 16 5 3.6 80% 249% (193%) (82%) 114 3.4 ikeGPS (IKE) 0.58 - (28%) 26 15 37 32 9 3.7 65% 118% (107%) 27% 153 3.7 Orion Health (OHE) 3.00 (6%) (18%) 290 909 480 421 211 2.0 78% 26% (22%) 4% 175 0.5 Plexure (PLX) 0.22 (8%) (35%) 113 25 20 17 7 2.5 n/a 66% (122%) 12% 137 2.6 Pushpay (PPH) 1.74 (1%) (11%) 417 706 436 423 48 8.8 55% 244% (128%) 80% 223 0.8 Rakon (RAK) 0.19 (3%) (24%) 280 54 36 48 109 0.4 n/a (22%) 4% (10%) 186 1.7 Serko (SKO) 0.37 (13%) (55%) 117 46 27 20 13 1.5 n/a 20% (49%) (21%) 106 1.4 SLI Systems (SLI) 0.46 21% (42%) 2,160 841 29 22 31 0.7 77% (10%) (0%) 24% 183 0.4 SmartPay (SPY) 0.15 7% (12%) 5 1 25 49 21 2.3 n/a 0% 39% 32% 167 3.7 Trade Me (TME) 4.47 (8%) 16% 11,007 51,994 1,775 1,877 225 8.3 94% 9% 65% 74% 462 5.2 Vista (VGL) 5.85 (3%) 10% 1,157 6,797 470 461 81 5.7 n/a 49% 17% 56% 233 0.5 Wynyard (WYN) 0.22 - (85%) - - 39 24 26 0.9 64% 4% (132%) (133%) 86 4.9 Xero (XRO) 17.45 (2%) (2%) 495 8,597 2,400 2,216 303 7.3 75% 39% (30%) 37% 209 1.1 Simple Average (0%) (20%) 1,030 4,436 386 374 74 3.6 74% 51% (37%) 13% 184 2.0
Definitions Units Disclaimer Price = Share Price NZD The information provided in this report has been solely sourced and calculated from Factset 1Week∆ = 1 Week Share Price Change % and company reports. Clare Capital holds no responsibility over the actual numbers 1Year∆ = 1 Year Share Price Change % presented in this report. Volume = Volume of Shares Traded (Last Week) '000s Value = Value of Shares Traded (Last Week) NZD '000s Clare Capital is not an Authorised Financial Adviser. This document is intended as analysis – Mkt Cap = Market Capitalisation NZD millions not financial advice. If you are making investment decisions you should seek appropriate EV = Enterprise Value NZD millions personalised financial advice from a qualified professional. AR = Annualised Revenue NZD millions EV/AR = EV/Annualised Revenue multiple x Contact Details Yr∆ AR = Annualised Revenue Growth % Mark Clare Managing Partner GM% = Gross Margin % +64-21-470227 [email protected] EM% = EBITDA Margin % 40% Rule = Revenue Growth + EBITDA Margin % Clare Capital is a corporate finance advisory firm built on a base of structured fundamental AR/Emp = Annualised Revenue per Employee NZD '000s analysis. We provide creative solutions for both origination and analysis mandates. We have a UC/AR = Used Capital/Annualised Revenue x strong track record for the successful execution of commercial transactions.
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 37 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
Overview Clare Capital - NZ Listed Tech Update 17 - NZX vs ASX Valuation Multiples - 20161111 Given the recent issue of NZ companies listing on the ASX rather than the NZX due to perceived higher valuations, this report compares NZX-listed Tech companies versus a selection of ASX-listed tech companies. The median EV/AR multiples for NZX-listed companies is 3.1x, while ASX is 3.2x.
Figure 1: NZX-listed Tech Companies Figure 2: Selection of ASX-listed Tech Companies
17.5 17.5 WTC 15.0 15.0
12.5 12.5 REA PPH TME CAR FLN 10.0 10.0 XRO ALU PPS ACX 7.5 7.5 TCH GTK WEB VGL MYO 5.0 5.0 GEO HSN SPY OHE ERD IKE RKN GLH IRE IRI APX 2.5 PLX 2.5 ISD
BPS PRO EV/Annualised RevenueMultiple EV/Annualised RevenueMultiple PRY SPZ SKO RFL MBE - WYN - - 50% 100% 150% 200% 250% 300% - DTL 25% MDG 50% 75% Annualised Revenue Growth Rate Annualised Revenue Growth Rate
Chart Notes Size of the bubble represents Enterprise Value (NZD M). The bubble colour represents the "40% Rule" where the green bubbles show companies with a value greater than 40% when LFY Revenue Growth Rate + LFY EBITDA margin are added together; orange is between 20-40% and red is less than 20%.
NZX Share Price Movements as at 11 November 2016 NZX Share Price Movements as at 11 November 2016 Name ∆ Price 1Week∆ 1Year∆ Volume Value Name ∆ Price 1Week∆ 1Year∆ Volume Value ERD 1.75 - (26%) 139,100 245,343 RAK 0.20 3% (22%) 186,880 35,732 FIN 2.50 - (23%) - - SKO 0.33 (10%) (61%) 55,964 19,530 GTK 3.52 1% 76% 253,535 908,084 SLI 0.45 (2%) (40%) 998,624 460,407 GEO 0.20 (5%) (50%) 14,738 3,085 SPY 0.14 (4%) (16%) 150,870 21,122 IKE 0.52 (10%) (35%) 56,000 29,120 TME 4.72 6% 29% 9,292,881 41,758,818 OHE 2.80 (7%) (22%) 691,544 2,032,995 VGL 5.78 (1%) 8% 2,170,033 12,717,765 PLX 0.25 14% (26%) 22,000 5,440 WYN 0.22 - (84%) - - PPH 1.92 10% 1% 388,287 697,323 XRO 17.62 1% (11%) 653,810 11,466,630
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 38 of 41 NZ LISTED TECH UPDATE Source: Clare Capital Data: Factset and Company Reports If you want to be added to the distribution list, please email Mark Clare at [email protected] or call on +64-21-470227
NZX Financial & Valuation Metrics (all in NZD) as at 11 November 2016 Selection of ASX Financial & Valuation Metrics (all in NZD) as at 11 November 2016 Ticker EV AR EV/AR Yr∆ AR Yr∆ LFY EM% G+M Ticker EV AR EV/AR Yr∆ AR Yr∆ LFY EM% G+M ERD (EROAD) 93 28 3.3 44% 45% 20% 65% 1ST (1st Available) 4 2 1.8 391% 582% (157%) 425% FIN (Finzsoft) 23 14 1.6 (41%) (9%) 8% (1%) 8CO (8Common) 9 4 2.3 (8%) 16% (19%) (3%) GTK (Gentrack) 244 47 5.2 14% 9% 34% 43% ACX (Aconex) 1,136 135 8.4 53% 50% 11% 61% GEO (GeoOp) 16 5 3.5 249% 111% (193%) (82%) ALU (Altium) 1,043 139 7.5 27% 34% 31% 64% IKE (ikeGPS) 28 9 3.3 118% 134% (107%) 27% APX (Appen) 286 107 2.7 49% 62% 17% 80% OHE (Orion Health) 389 211 1.8 26% 26% (22%) 4% BPS (BPS Tech.) 110 50 2.2 8% 16% 22% 38% PLX (Plexure) 20 7 2.8 66% 134% (122%) 12% CAR (Carsales.com) 2,792 353 7.9 10% 10% 50% 60% PPH (Pushpay) 468 48 9.8 244% 209% (128%) 80% COO (Corum Group) 7 16 0.5 (18%) (13%) 5% (8%) RAK (Rakon) 49 109 0.4 (22%) (14%) 4% (10%) DTL (Data#3) 147 1,049 0.1 13% 13% 2% 15% SKO (Serko) 17 13 1.3 20% 28% (49%) (21%) FLN (Freelancer) 540 52 10.4 57% 49% (9%) 40% SLI (SLI Systems) 21 31 0.7 (10%) 24% (0%) 24% GEG (Grays eCommerce) 171 112 1.5 (24%) 1% (12%) (11%) SPY (SmartPay) 48 21 2.3 0% (7%) 39% 32% GLH (Global Health) 17 7 2.3 69% 45% 22% 67% TME (Trade Me) 1,976 225 8.8 9% 9% 65% 74% HSN (Hansen Tech.) 769 150 5.1 31% 40% 30% 71% VGL (Vista) 456 81 5.6 49% 39% 17% 56% IRE (IRESS) 2,148 389 5.5 12% 10% 29% 39% WYN (Wynyard) 24 26 0.9 4% (2%) (132%) (133%) IRI (Integrated Research) 393 90 4.4 23% 20% 36% 57% XRO (Xero) 2,285 303 7.5 39% 67% (30%) 37% ISD (iSentia Group) 761 160 4.7 23% 23% 32% 54% 7,500 333 22.5 175% 175% 5% 180% JCS (JCurve Solutions) 3 9 0.4 (14%) (17%) (1%) (18%) Disclaimer MBE (Mobile Embrace) 107 65 1.6 74% 85% 16% 101% The information provided in this report has been solely sourced and calculated from MDG (Medtech Global) 10 21 0.5 30% 12% 3% 15% Factset and company reports. Clare Capital holds no responsibility over the actual MIG (migme) 61 30 2.0 393% 213% (168%) 44% numbers presented in this report. Exchange rate movements will apply when MOQ (MOQ) 45 34 1.3 452% 989% 1% 990% converting AUD to NZD. Clare Capital is not an Authorised Financial Adviser. This MYO (MYOB) 2,638 357 7.4 11% 14% 46% 60% document is intended as analysis – not financial advice. If you are making investment PPS (Praemium) 190 30 6.3 23% 28% 6% 34% decisions you should seek appropriate personalised financial advice from a qualified PRO (Prophecy Intl.) 49 13 3.7 20% 48% 32% 80% professional. PRY (Primary Health Care) 2,925 1,604 1.8 3% 4% 20% 23% REA (REA Group) 7,683 630 12.2 20% 20% 55% 75% Definitions Units RFL (Rubik Financial) 47 45 1.0 18% 11% 14% 25% EV = Enterprise Value NZD millions RKN (Reckon) 254 114 2.2 6% 4% 35% 39% AR = Annualised Revenue NZD millions SPZ (Smart Parking) 83 32 2.6 25% 35% 6% 41% EV/AR = EV/Annualised Revenue Multiple x TCH (Touchcorp) 248 44 5.6 20% 71% 32% 103% Yr∆ AR = Annualised Revenue Growth Rate % TNE (Technology One) 1,758 67 26.2 (62%) 11% 18% 29% Yr∆ LFY = Last Financial Year (LFY) Revenue Growth Rate % UBN (Urbanise.com) 38 10 3.6 (16%) (10%) (116%) (126%) EM% = LFY EBITDA Margin % WEB (Webjet) 985 160 6.2 31% 30% 23% 53% G+M = LFY Revenue Growth + LFY EBITDA Margin % WTC (Wisetech Global) 1,721 108 15.9 27% 29% 32% 61%
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 39 of 41 About Clare Capital
Clare Capital is a Wellington-based boutique investment bank founded by Mark Clare.
Clare Capital adds value by:
.Originating ideas for clients. Clare Capital .Assisting clients by completing analysis of issues. .Assisting clients to complete commercial transactions. www.clarecapital.co.nz
Clare Capital provides advisory and transactional services across: Level 18, 125 The Terrace .Mergers & Acquisitions (M&A) – combining detailed financial analysis with extensive M&A experience to help our clients maximize outcomes. PO Box 10269, The Terrace, Wellington 6143 .Capital Management – advising clients on their capital raising activities. .Corporate Finance – combining fundamental corporate finance principles with real-world practical experience to provide clients with: valuations, Contact: Mark Clare capital structure advice, and option and incentive schemes. .Strategic Advice – strategic and commercial advice to clients including: Phone: +64-4-4985104 detailed strategic options analysis for clients facing key decisions and structuring and negotiating financial and commercial agreements. Mobile +64-21-470227 Email: [email protected]
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 40 of 41 Recent Major Transactions
Mergers & Acquisitions Capital Management Corporate Finance Strategic Advice BNZ – Led the process for BNZ CricHQ – Advised CricHQ on their capital Heyday – Completed a valuation of the North American Oil and Gas Company – Insurances on the sale of their commercial raising from offshore and local investors. digital design agency company for Advised a North American oil and gas insurance channel business to AON. 2011 2012 financial reporting purposes. 2012 company on strategic options in the New Zealand market. This analysis included Radian Technology – Led the process for Scoop Media – Advised Scoop on Seaworks – Completed a valuation of the detailed M&A options. 2012 Radian Technology on the sale of their company reorganization and capital marine transport company for financial business to Tru-Test. 2012 raising from a local investor. 2013 reporting purposes. 2010 and 2013 Australasian Financial Institution – Advised an Australasian financial MetOcean – Led the process for the Raygun – Advised the company on their Raygun – Built a financial model of institution on strategic options in the New owners of MetOcean on the sale of the capital raising from local investors. 2014 Raygun for the company. 2014 Zealand market. This analysis included business to MetService. 2013 detailed M&A options. 2012 ProActive Rehab – Advised the company Xero – Built a financial model of Xero for LifeDirect – Advised the Board on the on financing options for its M&A strategy. the company. 2014 Backdoor Surf – Completed a valuation sale of LifeDirect to Trade Me. 2013 2014 and strategic advice report for the Pushpay – Built a financial model of company. This analysis included detailed NZX – Led the process for NZX on the Cin7 – Advised the company on their Pushpay for the company. 2014 M&A options. 2014 sale of their NewsRoom business unit to capital raise from local investors. 2015 Sublime Group. 2014 Cin7 – Built a financial model of Cin7 for NZ Rewards Company – Provided Cin7 – Advised the company on their the company. 2015 strategic advice to a rewards and loyalty EOS – Advised the business on their sale second capital raising round from local programme company. 2015 to SLR Consulting. 2014 investors. 2015 Pushpay – Released multiple equity research reports commissioned by the Heyday – Advised the owner of Heyday Raygun – Advised the company on their company. 2015 on their sale to WPP. 2014 second capital raising round from local investors. 2016 Rubio – Built a financial model of Rubio ProActive Rehab – Advised the company for the company. 2015 on its purchase of IPH and Physio Solutions. 2015 Cin7 – Completed operational budgeting and management forecasting for the ProActive Rehab – Advised the company company. 2016 on its purchase of Plus Rehab and Oasis. 2016
www.clarecapital.co.nz l +6444985104 l Level 18, 125 The Terrace, PO Box 10269, Wellington 6143, New Zealand Page 41 of 41