DOCSLIB.ORG

Weekly Internet / Digital Media / Saas Sector Summary

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Weekly Internet / Digital Media / Saas Sector Summary Weekly Internet / Digital Media / SaaS Sector Summary Week of April 11th, 2016 Industry Stock Market Valuation Internet / Digital Media / SaaS Last 12 Months Last 3 Months 135% 115% 10.9% 26.4% 110% 9.8% 125% 9.2% 105% 4.2% 3.9% 115% 3.8% 1.3% 100% 9.5% (2.1%) 6.6% 105% 95% (6.5%) (0.5%) (3.1%) 90% 95% (3.4%) (8.5%) 85% 85% (16.7%) (19.2%) 80% 75% 75% 65% 70% 4/13/2015 6/4/2015 7/26/2015 9/16/2015 11/7/2015 12/29/2015 2/19/2016 4/11/2016 1/11/2016 1/24/2016 2/6/2016 2/19/2016 3/3/2016 3/16/2016 3/29/2016 4/11/2016 (1) (2) (3) (4) Search / Online Advertising Internet Commerce Internet Content Publishers (5) (6) (7) (8) NASDAQ Diversified Marketing Media Conglomerates Gaming SaaS Notes: (1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, TRMR, TUBE, TWTR, YHOO, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, QUOT, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WEB, XOXO, Z. (4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. (5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, VCI, WPP-GB. (6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 2 (7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. (8) SaaS Composite includes: APIC, APPF, BCOV, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTG, MKTO, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN. Industry Stock Market Valuation Internet / Digital Media / SaaS: Financial Metrics EV / 2016E Revenue EV / 2016E EBITDA 45.0x 5.0x 35.9x 4.0x 3.8x 3.8x 30.0x 2.9x 2.7x 3.0x 2.5x 2.5x 2.0x 1.9x 16.9x 16.7x 2.0x 14.8x 1.4x 15.0x 10.5x 10.3x 10.0x 9.5x 7.5x 1.0x 0.0x 0.0x Notes: (1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CRTO, GOOGL, FUEL, MCHX, MRIN, MSFT, MXPT, QNST, RLOC, RUBI, TRMR, TUBE, TWTR, YHOO, YNDX, YUME. (2) Internet Commerce Composite includes: AMZN, ANGI, BABA, CMPR, CPRT, EBAY, ETSY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, QUOT, SSTK, STMP, TZOO. (3) Internet Content Composite includes: CRCM, DHX, DMD, EHTH, GDDY, IAC, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WEB, XOXO, Z. (4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. (5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, VCI, WPP-GB. (6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 3 (7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. (8) SaaS Composite includes: APIC, APPF, BCOV, BV, CRM, CSOD, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MB, MRIN, MKTG, MKTO, N, NOW, RNG, RP, SHOP, ULTI, WDAY, XTLY, ZEN. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics (Cont’d) $MM, Except Per Share Data Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 4/11/16 Low High Value Debt Value LTM CY 15E CY 16E LTM CY 15E CY 16E LTM CY 15E CY 16E Growth PEG 16E/15E Y/Y MRQ Search / Online Advertising Alphabet Inc. $757.54 $529.00 $810.35 $521,430 ($64,278) $457,152 6.1x 6.1x 5.3x 18.7x 15.5x 13.0x 32.1x 26.2x 21.9x 16.4% 1.3 16.7% NA Microsoft Corporation 54.31 39.72 56.85 429,554 (57,446) 372,108 4.2 4.1 3.9 12.2 11.0 10.9 38.4 20.7 19.2 9.3% 2.1 4.2% (10.1%) Yahoo! Inc. 36.48 26.15 46.13 34,540 (4,591) 29,985 6.0 7.4 8.5 90.7 32.4 39.7 62.9 62.2 68.8 1.8% 37.6 (12.4%) 1.6% Yandex N.V. 15.68 9.94 21.36 5,010 (208) 4,803 5.8 5.9 4.6 20.5 16.7 13.4 37.7 30.1 25.4 20.4% 1.2 28.3% 5.3% Criteo SA (1) 38.25 24.23 57.30 2,390 (343) 2,051 4.7 4.0 2.9 18.0 15.4 10.0 42.0 35.7 21.9 24.9% 0.9 39.4% 14.1% The Rubicon Project, Inc. (1) 18.60 11.72 19.45 878 (140) 738 3.0 3.3 2.5 38.8 17.0 12.5 NM 28.0 25.1 24.6% 1.0 32.1% 124.7% TubeMogul, Inc. (1) 13.86 9.11 17.77 493 (80) 413 2.3 2.4 1.8 NM NM 71.4 NM NM NM NM NM 29.7% 62.0% Blucora, Inc. 5.11 4.69 16.66 211 505 730 6.2 1.6 1.6 32.2 10.8 8.2 12.8 4.4 5.1 18.5% 0.3 (3.0%) NA Marchex, Inc. 4.32 3.08 5.32 181 (109) 72 0.5 0.5 0.5 38.5 4.8 17.1 86.4 21.9 NM 15.0% NM (3.8%) 11.8% QuinStreet, Inc. 3.31 2.65 6.82 150 (36) 114 0.4 0.4 0.3 NM 12.3 6.9 NM NM NM NA NA 14.1% (2.6%) Rocket Fuel Inc. 3.01 2.61 9.66 131 5 137 0.3 0.3 0.3 NM NM 21.8 NM NM NM NA NA (1.3%) (10.1%) YuMe, Inc. 3.61 2.35 5.76 126 (48) 77 0.4 0.5 0.4 NM NM 15.3 NM NM NM NA NA 3.2% (5.7%) Marin Software Incorporated 2.88 2.61 7.62 110 (34) 75 0.7 0.7 0.7 NM NM 17.3 NM NM NM NA NA 4.1% 7.5% Blinkx plc 0.26 0.21 0.58 104 (75) 29 0.1 0.1 0.1 NM NM 6.3 NM 11.1 6.5 NM NM 6.9% (13.8%) Tremor Video, Inc. 1.86 1.29 3.28 98 (60) 38 0.2 0.2 0.2 NM NM 16.1 NM NM NM NA NA (6.0%) (9.5%) Sizmek Inc. 2.80 2.68 7.91 81 (42) 39 0.2 0.2 0.2 6.7 3.4 2.4 NM NA NM NA NA 11.7% 13.4% ReachLocal, Inc. 1.93 0.55 3.50 58 12 70 0.2 0.2 0.2 NM NM 4.4 NM NM NM NA NA (17.8%) (18.4%) MaxPoint Interactive, Inc. 1.85 1.16 10.14 49 (10) 39 0.3 0.5 0.4 NM NM NM NM NM NM 20.0% NM 11.6% 6.2% Mean 2.3x 2.1x 1.9x 30.7x 13.9x 16.9x 44.6x 26.7x 24.2x 16.8% 6.4 8.7% 11.0% Median 0.6 0.6 0.6 20.5 13.9 13.0 38.4 26.2 21.9 18.5% 1.2 5.5% 3.5% Internet Content TEGNA Inc. $22.73 $21.11 $38.48 $4,969 $4,072 $9,331 3.1x 2.9x 2.7x 8.4x 8.6x 7.0x 14.6x 15.2x 9.9x 6.0% 1.6 8.4% (1.1%) IAC/InterActiveCorp 46.55 38.82 84.66 3,867 268 4,576 1.4 1.4 1.4 11.9 9.5 8.2 34.9 14.4 14.6 14.7% 1.0 3.6% 2.2% Zillow Group, Inc. 21.05 16.46 35.47 3,756 (290) 3,466 5.4 5.4 4.3 NM 37.0 29.6 NM NM NM 49.8% NM 24.4% 83.4% GoDaddy Inc. 30.64 21.04 35.35 2,381 723 3,360 2.1 2.1 1.8 25.7 10.0 8.3 NM 24.2 19.5 22.0% 0.9 14.5% 14.4% WebMD Health Corp. 61.19 37.57 63.14 2,201 162 2,362 3.7 3.7 3.4 16.1 12.3 10.6 41.2 41.7 33.9 12.5% 2.7 9.9% NA comScore, Inc. 28.96 26.21 65.00 1,641 (114) 1,527 4.1 4.1 2.9 41.1 16.4 12.3 NM 16.5 18.6 23.5% 0.8 40.8% 8.4% Shutterfly, Inc. 45.82 35.22 49.10 1,597 71 1,668 1.6 1.6 1.4 14.5 8.6 7.8 NM NM 60.3 20.0% 3.0 9.1% 13.4% Renren Inc. 3.43 2.58 4.45 1,163 (172) 990 18.1 14.0 6.8 NM NM NM NM NM NM 20.0% NM 107.0% (36.4%) Web.com Group, Inc.
Load more

Recommended publications
  • Financing Transactions 12
    MOBILE SMART FUNDAMENTALS MMA MEMBERS EDITION AUGUST 2012 messaging . advertising . apps . mcommerce www.mmaglobal.com NEW YORK • LONDON • SINGAPORE • SÃO PAULO MOBILE MARKETING ASSOCIATION AUGUST 2012 REPORT MMA Launches MXS Study Concludes that Optimal Spend on Mobile Should be 7% of Budget COMMITTED TO ARMING YOU WITH Last week the Mobile Marketing Association unveiled its new initiative, “MXS” which challenges marketers and agencies to look deeper at how they are allocating billions of ad THE INSIGHTS AND OPPORTUNITIES dollars in their marketing mix in light of the radically changing mobile centric consumer media landscape. MXS—which stands for Mobile’s X% Solution—is believed to be the first YOU NEED TO BUILD YOUR BUSINESS. empirically based study that gives guidance to marketers on how they can rebalance their marketing mix to achieve a higher return on their marketing dollars. MXS bypasses the equation used by some that share of time (should) equal share of budget and instead looks at an ROI analysis of mobile based on actual market cost, and current mobile effectiveness impact, as well as U.S. smartphone penetration and phone usage data (reach and frequency). The most important takeaways are as follows: • The study concludes that the optimized level of spend on mobile advertising for U.S. marketers in 2012 should be seven percent, on average, vs. the current budget allocation of less than one percent. Adjustments should be considered based on marketing goal and industry category. • Further, the analysis indicates that over the next 4 years, mobile’s share of the media mix is calculated to increase to at least 10 percent on average based on increased adoption of smartphones alone.
    [Show full text]
  • Saban Acquires Leading Lifestyle Company Paul Frank Industries
    Saban Acquires Leading Lifestyle Company Paul Frank Industries Saban Brands To Manage Paul Frank Brand and Global Licensing Program Company Also Plans To Develop Content and Media Opportunities Based On World-Famous Characters, Including The Iconic Monkey, Julius LOS ANGELES, CA. (August 17, 2010) – Saban Capital Group, Inc. announced today that its affiliate has acquired renowned lifestyle company Paul Frank Industries (PFI) including all company assets and intellectual property, an extensive design portfolio including more than 150 characters, headlined by the omnipresent monkey Julius. Saban Brands, an affiliate of Saban Capital Group, Inc., will be responsible for the management of the company’s business strategy moving forward, while creative operations will remain based in PFI’s current headquarters in Costa Mesa, California. PFI marks the second acquisition, in the $500 million fund for Saban Brands, which was created to manage and license entertainment properties and consumer brands across media and consumer platforms throughout the world. The first property, the Power Rangers franchise, was announced in early May. The company will continue to acquire additional brands going forward. In conjunction with the acquisition, Saban Brands also has announced plans to support the Paul Frank brand with new content and media strategies incorporating the Paul Frank characters. The property will be showcased at Brand Licensing Europe in September. “Paul Frank Industries is one of the world’s leading lifestyle properties and we are delighted to add it to our stable of brands,” said Haim Saban, chairman and chief executive officer, Saban Capital Group, Inc. “Paul Frank Industries has established a unique image that resonates with a wide variety of consumers and we look forward to building on its global success.” “This acquisition ties into Saban’s strategy of building a portfolio of compelling global properties that touch consumers’ lives through strategic licensing partnerships,” stated Elie Dekel, President of Saban Brands.
    [Show full text]
  • Mutual Funds As Venture Capitalists? Evidence from Unicorns
    NBER WORKING PAPER SERIES MUTUAL FUNDS AS VENTURE CAPITALISTS? EVIDENCE FROM UNICORNS Sergey Chernenko Josh Lerner Yao Zeng Working Paper 23981 http://www.nber.org/papers/w23981 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 October 2017 We thank Slava Fos (discussant), Jesse Fried, Jarrad Harford, William Mann, Ramana Nanda, Morten Sorensen, Xiaoyun Yu (discussant), and conference participants at the Southern California Private Equity Conference, London Business School Private Equity Symposium, and the FRA Meeting for helpful comments. We thank Michael Ostendorff for access to the certificates of incorporation collected by VCExperts. We are grateful to Jennifer Fan for helping us better interpret and code the certificates of incorporation. We thank Quentin Dupont, Luna Qin, Bingyu Yan, and Wyatt Zimbelman for excellent research assistance. Lerner periodically receives compensation for advising institutional investors, private equity firms, corporate venturing groups, and government agencies on topics related to entrepreneurship, innovation, and private capital. Lerner acknowledges support from the Division of Research of Harvard Business School. Zeng acknowledges support from the Foster School of Business Research Fund. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2017 by Sergey Chernenko, Josh Lerner, and Yao Zeng. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.
    [Show full text]
  • JMP Securities Elite 80 Report (Formerly Super 70)
    Cybersecurity, Data Management & ,7 Infrastructure FEBRUARY 201 ELITE 80 THE HOTTEST PRIVATELY HELD &<%(5SECURITY, '$7$0$1$*(0(17 AND ,7,1)5$6758&785( COMPANIES &RS\ULJKWWLWLSRQJSZO6KXWWHUVWRFNFRP Erik Suppiger Patrick Walravens Michael Berg [email protected] [email protected] [email protected] (415) 835-3918 (415) 835-8943 (415)-835-3914 FOR DISCLOSURE AND FOOTNOTE INFORMATION, REFER TO JMP FACTS AND DISCLOSURES SECTION. Cybersecurity, Data Management & IT Infrastructure TABLE OF CONTENTS Executive Summary ............................................................................................................................ 4 Top Trends and Technological Changes ............................................................................................ 5 Funding Trends ................................................................................................................................ 11 Index by Venture Capital Firm .......................................................................................................... 17 Actifio ................................................................................................................................................ 22 Alert Logic ......................................................................................................................................... 23 AlgoSec ............................................................................................................................................ 24 AnchorFree ......................................................................................................................................
    [Show full text]
  • Lionsgate and Saban Brands Partner for Power Rangers Live Action Feature Film
    LIONSGATE AND SABAN BRANDS PARTNER FOR POWER RANGERS LIVE ACTION FEATURE FILM SANTA MONICA, CA, May 7, 2014 – Lionsgate (NYSE: LGF), a leading global entertainment company, and Saban Brands, a strategic brand management company that acquires and builds global consumer brands, are partnering to develop and produce an original live action feature film based on the iconic Power Rangers property, it was announced today by creator of Power Rangers Haim Saban and Lionsgate Chief Executive Officer Jon Feltheimer. The announcement marks another step in Lionsgate’s continued commitment to build a broad portfolio of branded properties and franchises with global appeal. Saban launched Mighty Morphin Power Rangers as a live action television series more than 20 years ago, and the series has been in continuous production ever since. It has subsequently grown into one of the world’s most popular and recognizable brands, with toys, apparel, costumes, video games, DVD’s, comic books and other merchandise. The two companies noted that, with an extensive and extremely devoted worldwide fan base as well as a deep and detailed mythology, the Power Rangers are primed for the big screen. The new film franchise will re-envision the Mighty Morphin Power Rangers, a group of high school kids who are infused with unique and cool super powers but must harness and use those powers as a team if they have any hope of saving the world. “Lionsgate is the perfect home for elevating our Power Rangers brand to the next level,” said Saban. “They have the vision, marketing prowess and incredible track record in launching breakthrough hits from The Hunger Games to Twilight and Divergent.
    [Show full text]
  • Summer 2019 Magazine
    Maurer School of Law: Indiana University Digital Repository @ Maurer Law Ergo Law School Publications Summer 2019 Summer 2019 Magazine Follow this and additional works at: https://www.repository.law.indiana.edu/ergo Part of the Legal Education Commons, and the Legal Profession Commons Recommended Citation "Summer 2019 Magazine" (2019). Ergo. 58. https://www.repository.law.indiana.edu/ergo/58 This Magazine is brought to you for free and open access by the Law School Publications at Digital Repository @ Maurer Law. It has been accepted for inclusion in Ergo by an authorized administrator of Digital Repository @ Maurer Law. For more information, please contact [email protected]. RURAL JUSTICE INITIATIVE: SUPPORTING THE ERGO / SUMMER 2019 SMALL-TOWN JUDICIARY ACADEMY OF LAW ALUMNI FELLOWS INDUCTS FOUR IU MAURER SCHOOL OF LAW ALUMNI NEWS — SUMMER 2019 FIVE-YEAR STRATEGIC PLAN DOCUMENTS HISTORIC ACHIEVEMENT AT INDIANA LAW CONTENTS From the dean 2 Five-year review 4 A new look for new beginnings 10 Stewart Fellows program expanded 12 New book recounts law school history 14 Supporting the small-town judiciary 15 Academy inducts four alumni 16 Alumni summit planned for fall 2019 19 New board of visitors members elected 20 Austen L. Parrish Stout professorship first of its kind 22 Dean and James H. Rudy Professor of Law Donna M. Nagy Buxbaum elected to Hague Academy governing council 25 Executive Associate Dean and C. Ben Dutton Professor of Law Faculty chairs endowed 26 Andrea C. Havill Assistant Dean for External Affairs and Programs, colloquium honor Professor Bradley 27 Alumni Relations A fresh start 28 Kenneth L.
    [Show full text]
  • Venture Capital Ecosystems: Digital Health in the United States
    Venture Capital Ecosystems A Report on Digital Health in the United States CONTENTS SECTION ONE Introduction 03 SECTION TWO Industry Trends: US Digital Health Venture Ecosystem 05 SECTION THREE The Investment and Market Landscape 07 SECTION FOUR Methodology 24 MOSS ADAMS Venture Capital Ecosystems 02 SECTION ONE Introduction A watershed moment for the digital health industry, 2021 and 2021 revealed new paths forward for many companies and set the scene for a more favorable regulatory environment. As the COVID-19 pandemic’s ripple effects spread throughout the world, digital health technology became a necessary tool for meeting people’s health care needs. This proved to be a massive accelerant to both funding and innovation across the sector. In response, many digital health companies expanded, and deal values soared for early- and growth-stage investments. These developments introduced opportunities for digital health, but they also revealed new challenges, including increased competition, new operational demands, and a need for more judicious spend on capital. Below is a look at what the early- and growth-stage venture ecosystem looks like and steps your company can take to stay competitive in the changing environment. We hope you find this report useful. RICH CROGHAN National Practice Leader Life Sciences Practice MOSS ADAMS Venture Capital Ecosystems / Introduction 03 EARLY-STAGE VENTURE ECOSYSTEM AT A GLANCE Throughout the 2010s, venture In 2020, deal value spiked as A flood of capital into the digital investment rose steadily with invested venture capital (VC) hit health start-up environment scarcely a slowdown, in both $14.7 billion—a staggering surge enabled companies to stay count and aggregate value.
    [Show full text]
  • Power Rangers” Franchise to Nickelodeon
    SABAN BRINGS “POWER RANGERS” FRANCHISE TO NICKELODEON Eighteenth Season of Power Rangers to Air on Nickelodeon and Nicktoons in 2011; 700-Episode Library Bows on Nicktoons in 2010 NEW YORK, May 13, 2010 – Nickelodeon, the number-one entertainment brand for kids, and SCG Power Rangers LLC, an affiliate of Saban Brands, have partnered to make Nick the U.S. television platform for Power Rangers, the long-running kids’ TV phenomenon now heading into its 18th television season. The partnership marks the return of the global franchise to its original developer, Haim Saban, who developed and produced the original “Mighty Morphin Power Rangers” series in 1993. Financial terms of the deal were not disclosed. “We are truly excited to be partners with Haim Saban and his team,” said Cyma Zarghami, President, Nickelodeon/MTVN Kids and Family Group. “As one of the original leaders in kids’ television he helped to create powerful brand equity for Power Rangers and with partnerships like this Nickelodeon will be able to build a broader audience, superserve multiple demos, especially boys, and expand our programming offerings.” “We are delighted to be partnering with Nickelodeon to bring the ever-popular Power Rangers to a whole new generation of viewers,” said Haim Saban, the original developer of Power Rangers. “With Nickelodeon’s reach we are at the beginning of a new era for one of the world’s leading children’s entertainment properties.” “The Saban Brands team is looking forward to collaborating with the experts at Nick to re-launch and propel the new Power Rangers like never before,” said Elie Dekel, President of Saban Brands.
    [Show full text]
  • Valuing Young Startups Is Unavoidably Difficult: Using (And Misusing) Deferred-Equity Instruments for Seed Investing
    University of New Hampshire University of New Hampshire Scholars' Repository University of New Hampshire – Franklin Pierce Law Faculty Scholarship School of Law 6-25-2020 Valuing Young Startups is Unavoidably Difficult: Using (and Misusing) Deferred-Equity Instruments for Seed Investing John L. Orcutt University of New Hampshire Franklin Pierce School of Law, Concord, New Hampshire, [email protected] Follow this and additional works at: https://scholars.unh.edu/law_facpub Part of the Banking and Finance Law Commons, and the Commercial Law Commons Recommended Citation John L. Orcutt, Valuing Young Startups is Unavoidably Difficult: Using (and Misusing) Deferred-Equity Instruments for Seed Investing, 55 Tulsa L.Rev. 469 (2020). This Article is brought to you for free and open access by the University of New Hampshire – Franklin Pierce School of Law at University of New Hampshire Scholars' Repository. It has been accepted for inclusion in Law Faculty Scholarship by an authorized administrator of University of New Hampshire Scholars' Repository. For more information, please contact [email protected]. 42208-tul_55-3 Sheet No. 58 Side A 05/15/2020 10:30:18 ORCUTT J - FINAL FOR PUBLISHER (DO NOT DELETE) 5/14/2020 9:49 AM VALUING YOUNG STARTUPS IS UNAVOIDABLY DIFFICULT: USING (AND MISUSING) DEFERRED- EQUITY INSTRUMENTS FOR SEED INVESTING John L. Orcutt* I. ASTARTUP’S LIFE AND FUNDING CYCLES ............................................................... 474 II. VALUING YOUNG STARTUPS .................................................................................
    [Show full text]
  • Agenda Item 5B
    Item 5b - Attachment 3, Page 1 of 45 SEMI - ANNUAL PERFORMANCE R EPORT California Public Employees’ Retirement System Private Equity Program Semi-Annual Report – June 30, 2017 MEKETA INVESTMENT GROUP B OSTON C HICAGO M IAMI P ORTLAND S AN D IEGO L ONDON M ASSACHUSETTS I LLINOIS F LORIDA O REGON C ALIFORNIA U N I T E D K INGDOM www.meketagroup.com Item 5b - Attachment 3, Page 2 of 45 California Public Employees’ Retirement System Private Equity Program Table of Contents 1. Introduction and Executive Summary 2. Private Equity Industry Review 3. Portfolio Overview 4. Program Performance 5. Program Activity 6. Appendix Vintage Year Statistics Glossary Prepared by Meketa Investment Group Page 2 of 45 Item 5b - Attachment 3, Page 3 of 45 California Public Employees’ Retirement System Private Equity Program Introduction Overview This report provides a review of CalPERS Private Equity Program as of June 30, 2017, and includes a review and outlook for the Private Equity industry. CalPERS began investing in the private equity asset class in 1990. CalPERS currently has an 8% interim target allocation to the private equity asset class. As of June 30, 2017, CalPERS had 298 investments in the Active Portfolio, and 319 investments in the Exited Portfolio1. The total value of the portfolio was $25.9 billion2, with total exposure (net asset value plus unfunded commitments) of $40.2 billion3. Executive Summary Portfolio The portfolio is diversified by strategy, with Buyouts representing the largest exposure at 66% of total Private Equity. Mega and Large buyout funds represent approximately 57% of CalPERS’ Buyouts exposure.
    [Show full text]
  • 2017 Swiss Venture Capital Report
    Edition No 5 Swiss Venture Capital 2017 Report Overall investment Almost a billion francs Cantons Vaud jumps further ahead Exits The year of the IPO In cooperation with SECA – Swiss Private Equity & Corporate Finance Association start up ticker .ch www.plusgestaltung.com — Foto: photocase.de / antifalten — Foto: www.plusgestaltung.com The swiss start-up news channel We might not hand out trophies – but we show you where to get them 8 Y J 9 Create your Get the Follow Set alerts for personal archive weekly newsletter companies deadlines Principal Commission for Technology and Innovation CTI Supporters State Secretariat for Economic Affairs SECO, Business & Economic Development Canton of Zurich, Swissparks.ch, Partners Startupticker Foundation, Gebert Rüf Foundation, Stiftung digitalswitzerland, ETH Zurich, Venture Kick, InnoCampus, School of Natur und Umwelt, Swiss Startup Invest, ETH transfer, EPFL Innovation Management Fribourg, GENILEM, Swiss Private Equity & Corporate Park, Start-up Promotion Centro Ticino Finance Association SECA, StartAngels Network, Top 100 Start-ups, Institut für Jungunternehmen IFJ, STARTUPS.CH, Y-Parc, Fongit, Contributors Swisscom, Swiss Startup Invest, W.A. de Vigier, P & TS BASELAREA.SWISS, STARTFELD, Innovaud, STARTUP SUPPPORT Intellectual Property, EPFL Innovation Park, Ernst Göhner Foundation, LUZERN, Technopark Luzern, Swiss Economic Forum SEF, swissECS, GoBeyond, Microsoft SEF Growth Initiative for SMEs, Swiss Innovation Forum SIF, BioBusiness, MedTech-Business, SBB, Zürcher Kantonalbank, StartupCampus, Technopark Zürich Editor Journalistenbüro Niedermann GmbH, Lucerne Input: [email protected] start up ticker .ch Editorial Contents Five years of growth Results In the beginning, we were simply 5 At a glance curious: when we researched CHF 908.7 million for Swiss start-ups the first Swiss Venture Capital 9 Report five years ago, we wanted The Top 20 www.plusgestaltung.com — Foto: photocase.de / antifalten — Foto: www.plusgestaltung.com Two companies obtain more to create transparency.
    [Show full text]
  • The State of Global Venture Funding During COVID-19
    The State Of Global Venture Funding During COVID-19 The State Of Global Venture Funding During COVID-19 A Look At Global Venture Funding In 2020 While COVID-19 made its way across the globe, venture capital firms, venture capitalists and startups alike feared major venture funding slowdowns. As we enter the second half of 2020, we take a look at the Crunchbase dataset to determine how these early 2020 predictions held up, and how venture funding has fared globally since the start of the pandemic. What Does Funding Data From 2020 Tell Us? By diving into the early impact of COVID-19 on venture funding, we are able to identify which countries and regions performed better than others and dig into why that might be the case. This allows us to spot geographic regions on the rise, evaluate the fastest-growing sectors within those regions, and predict where pockets of opportunity may exist in the second half of 2020. The State Of Global Venture Funding During COVID-19 2 Key Report Insights For the purposes of this report, 1H refers to January through June. Technology growth rounds refer to private-equity rounds for venture-backed companies. • Global venture funding is down 6 percent from the first half of 2019. Excluding $15.2 billion of funding for India’s Reliance Jio, 1H-2020 is down 17 percent from 1H-2019. In 1H-2020, late-stage and technology growth rounds accounted for 66 percent of funding, up from 59 percent in 1H-2019. • Funding in North America equaled 49 percent of total global venture funding in 1H-2020, Asia received 36 percent, and Europe was the third highest with 13 percent.
    [Show full text]