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NOAH Newsletter Contents Title Page Title Page Cover 1 Pipedrive 42 Agenda 2 NOAH Disruptor List 43-50 Selected NOAH Advisors Deals 3 CHRONEXT 51 The NOAH Conferences 4-10 NOAH Top List: European SaaS 52-53 NOAH Connect: Coming Soon! 11-12 The NOAH Conferences 54 “NOAH, I’m On Board” 13 The NOAH Ecosystem 55 Porsche: The New Panamera 14 European Online Valuations 15 Real Winners on Stage 56-57 Universe of Public Internet Companies 16 Adyen 58 Sector Valuations 17 NOAH Berlin 2018 Review 59-63 Sector KPIs 18 NOAH Berlin 2018 Overview 59 Historical Valuation by Region 19 NOAH Berlin 2018 Highlights 60 Growth Driven Valuation 20 Event Impressions 61-62 Significant European Movers 21 Sponsors & Partners 63 Deutsche Börse Venture Network 22 Trading Comparables 23-31 NOAH Tel Aviv 2018 Review 64-67 Advertising, Classifieds 23 NOAH Tel Aviv 2018 Overview 64 Classifieds (Cont’d), Content, Digi. 24 Entertainment, E-commerce Event Impressions 65-66 E-commerce (Cont’d) 25 Sponsors & Partners 67 Education, Fitness/Wearables, 26 Gambling, Gaming NOAH London 2017 Review 68-72 Hardware & Semiconductors 27 NOAH London 2017 Overview 68 Healthcare & Science, IoT, Brokerage, 28 Travel, Payments NOAH London 2017 Highlights 69 Search, Social, Software 29 Event Impressions 70-71 Software (Cont’d) 30 Sponsors & Partners 72 NOAH Internet Trading Comps 31 Target Global 73 Manhattan Venture Partners 32 NOAH Advisors 74 NOAH Top List: European FinTech 33 Selected Transaction Comps 35-41 NOAH Advisors Overview 75-76 Strategic Buyers by Segment 34-39 Selected NOAH Advisors Deals 77 Financial Buyers by Segment 40-41 NOAH Resources 78 2 Selected NOAH Advisors Deals July 2018 August 2017 December 2016 October 2016 Sale of 100% in Acquisition of a Majority Stake in Investment in Investment in to by by by 84% Ownership at a valuation of $200m Exclusive Financial Advisor to Exclusive Financial Advisor to PromoFarma and its Financial Advisor to EMK Capital Financial Advisor to Silver Lake KäuferPortal and its shareholders Shareholders September 2016 May 2016 November 2015 August 2015 Acquisition of a Majority Stake in Investment in $5m fundraising and NOAH as $14m fundraising and NOAH as 10Bis the Lead Investor the Lead Investor by from by at a valuation of €300m Exclusive Financial Advisor to Exclusive Financial Advisor to Financial Advisor to Oakley Exclusive Financial Advisor to Pipedrive Aloha Capital 10Bis and its Shareholders September 2015 July 2015 December 2014 October 2014 Sale of 70% stake in Primary funding for Sale of 100% of Sale of 100% of from to for $800m to for €80m to Exclusive Financial Advisor to Exclusive Financial Advisor to Exclusive Financial Advisor to Drushim and its Shareholders Advisor to BIScience Fotolia and the Selling Trovit and its Shareholders Shareholders September 2014 August 2014 May 2014 February 2013 Sale of controlling stake in sold 100% of Growth equity investment from sale to to for $228m to JV between for a 30% stake alongside Softonic’s Founders and Angel Investors at €275m valuation Exclusive Financial Advisor to Advisor to the Selling Shareholders Exclusive Financial Advisor to Exclusive Financial Advisor to Facile.it and its Shareholders Yad2 and its Shareholders Softonic and its shareholders May 2012 April 2012 November 2011 July 2011 Sale of 100% in Sale of a majority stake in Sale of a majority stake in $150 million growth equity investment from to to for a 50% stake alongside Fotolia’s to Founders and TA Associates Additional $150 million senior debt Quants Financial Services AG financing at a valuation of €40m Exclusive Financial Advisor to Financial Advisor to Toprural Exclusive Financial Advisor to Exclusive Advisor to EnGrande Fotolia and its Shareholders and its Shareholders grupfoni and its Shareholders 3 NOAH Conference London 30-31 October 2018 Old Billingsgate, London Connecting Capital with Entrepreneurs 630+ investment funds 100+ top speakers ~2,000 senior attendees Europe’s top entrepreneurs and C-level executives meet financial, corporate and private investors Attendees by Type Attendees by Seniority Internet Entrepreneurs and Executives C-Level 3% 2% Investors 9% 21% Investment Partner Corporate Executives 14% Owner, Founder 1% Service Providers 47% 8% 49% Press Board Member 21% Other 25% Other HIGHLIGHTS FROM NOAH18 LONDON PROGRAM >> VIDEO LIBRARY >> NOAH Conference BOOK TICKET >> OVERVIEW PRESENTATION 4 Main Stage Program – Day 1 Main Stage Program – Day 2 NOAH Partners - London 2018 Strategic Partners Premium Partners Knowledge Partner Event Partners 7 THE NOAH STARTUP STAGE The NOAH18 London Startup Stage Want to meet relevant angels and VCs looking for early-stage opportunities and increase public awareness? Apply for the NOAH London Startup Stage 2018 now! APPLY FOR NOAH18 LONDON STARTUP STAGE NOAH Berlin Startup Competition Congratulations to the voted winners of the NOAH18 Berlin Startup Stage, Kidsorted and Zana – as well as FinCompare that already wowed a jury during our special FinTech competition. They will all present their ventures on the main stage of our upcoming NOAH Conference in London on 30-31 October. MEET OUR WINNERS The NOAH Conference Tel Aviv 9-10 April 2019 Haoman 17, Tel Aviv Connecting Israel’s Startups with Large Corporates and Investors 70+ top speakers 250+ international executives ~800 senior attendees Selected European “large caps” visit leading Israeli start-ups HIGHLIGHTS FROM NOAH18 TEL AVIV PROGRAM >> VIDEO LIBRARY >> NOAH Tel Aviv BOOK TICKET >> VIDEO PRESENTATION 9 The NOAH Conference Berlin 13-14 June 2019 STATION Berlin Connecting European Champions and Challengers Fantastic speaker line-up Meet disruptors across key industry verticals Networking with 3,500+ attendees Traditional market leaders meet their digital start-up counterparts Attendees by Type Attendees by Seniority Internet Entrepreneurs and Executives Board Member 4% 1% Investors 24% 16% C-Level 29% Service Providers 41% Owner, Founder Corporate Executives 17% 10% Press Investment Partner 19% Other 18% 21% Other HIGHLIGHTS FROM NOAH18 BERLIN PROGRAM >> VIDEO LIBRARY >> BOOK TICKET >> NOAH Conference WATCH THE TRAILER OVERVIEW PRESENTATION 10 NOAH Connect: Coming Soon! NOAH Connect: Bringing the NOAH Ecosystem Online in 2018 Supporting the European online ecosystem with 4 key objectives • Connect Europe’s digital leaders • Connect old and new economy • Narrow competitive disadvantage vs. better funded US firms • Increase exits to European strategic buyers (to preserve long-term competitiveness) 11 NOAH MATCHMAKING Looking for New Potential Business Partners? There is no better opportunity to meet them in person than at the NOAH Conference! How does it work? Select either companies or investment funds depending on 1 your objectives v Search and filter our listingsto mark your networking wishlist 2 for theConference We willreach out to them to signal your interest in meeting 3 them at our events Manage confirmations and your conference agenda via our 4 NOAH Connect App for iOSand Android They Are on Board to Support the European Digital Ecosystem! Are You? Share Your Videov with Us Want to join our mission? Leave your mark and show support the European digital ecosystem! All we need is a 5 second selfie video of you saying “NOAH, I’m On Board” and we’ll then publish all relevant videos on our website. Share Your Video European Online Valuations Universe of Public Internet Companies Advertising Classifieds E-commerce Lead Gen Marketplaces Online Gaming Search Social Travel Europe United States 16 Sector Valuations EV / EBITDA 2018E September 2018 55,7x E-commerce 42,1x 30,1x Social 15,0x 21,1x Marketplaces 13,5x 17,6x Lead Generation 14,2x 16,2x Travel 13,9x 13,5x Search & Portals 14,0x 8,3x Advertising 11,8x 8,2x Classifieds 12,5x 3,6x Gaming 18,3x Europe United States Note: Calculation based on sector aggregates. 17 Sector KPIs EBITDA CAGR 2017E-2019E 45% 38% 37% 26% 23% 24% 20% 18% 15% 14% 13% 10% 9% 6% 8% 6% 6% E-commerce Search & Social Classifieds Marketplaces Lead Travel Gaming Advertising Portals Generation Europe United States EBITDA Margin 2018E 47% 44% 42% 34% 30% 32% 28% 28% 26% 25% 25% 23% 20% 15% 16% 11% 9% 4% Marketplaces Gaming Travel Lead Social Search & Advertising Classifieds E-commerce Generation Portals Europe United States Cash Conversion: FCF / EBITDA 2018E 82% 70% 66% 64% 60% 62% 63% 54% 52% 46% 48% 46% 45% 41% 33% 29% 20% 19% Gaming Lead Marketplaces Advertising Travel Social Classifieds Search & E-commerce Generation Portals Europe United States Note: Calculation based on sector aggregates. 18 Historical Valuation by Region EV / 1 Year Forward EBITDA 35x Europe United States Rest of World 30x 25x 20x 15x 10x 5x - Selected Companies Europe United States Rest of World Note: NTM EBITDA derived by time-weighted estimates. Forward multiples are median values for region. 19 Growth Driven Valuation Europe EV / EBITDA 2018E 50x 45x 40x 35x 30x 25x 20x 15x 10x 5x - - 5% 10% 15% 20% 25% 30% EBITDA CAGR 2017E-2019E United States EV / EBITDA 2018E 80x 70x 60x 50x 40x 30x 20x 10x - - 10% 20% 30% 40% 50% 60% 70% EBITDA CAGR 2017E-2019E Note: Size of bubble represents Enterprise Value. 20 Significant European Movers Valuations: Jul-18 vs. Aug-18 Enterprise Value (€m) * Company Jul-18 Aug-18 % Change Gainers 121 170 +40% 1,610 2,031 +26% 4,104 5,022 +22% 1,624 1,979 +22% 2,376 2,876 +21% Losers 1,670 1,203 -28% 1,085 798 -27% 459 354 -28% 5,671 4,473 -21% 643 517 -20% EV/EBITDA 2018E Company Jul-18 Aug-18 % Change Gainers 15.7x 25.1x +60% 7.0x 10.1x +43% 9.2x 12.2x +33% 19.5x 23.6x +21% 6.5x 7.4x +13% Losers 33.3x 16.1x -51% 69.1x 37.3 -46% 6.8x 4.7x -31% 14.3x 10.3x -28% 50.7x 39.9x -21% Source: Capital IQ (September 2018).
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