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European Initial Public Offerings – 2020 FCF IPO Market Monitor

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European Initial Public Offerings – 2020 FCF IPO Market Monitor FCF IPO Market Monitor European Initial Public Offerings – 2020 Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s 2 Executive Summary The FCF IPO Market Monitor is a FCF IPO Market Monitor Recipients standardized report is a comprehensive analysis of the European IPO markets and is The FCF IPO Market Monitor targets the following recipients: on the European published by FCF on an annual basis. The analysis provides relevant public offerings pricing, performance and valuation metrics (e.g. ratios and multiples) ▪ Institutional investors ▪ Family Offices / High markets and serves a of European IPOs for the last year ▪ Private equity investors Net-Worth Individuals quick reference for ▪ Venture capital investors ▪ Corporates investors, corporates ▪ Advisors Selection of Companies and professionals The selection of IPOs is based on the following criteria: Data More advanced, ▪ IPO date in 2020 All input data is provided by S&P Capital IQ and is not independently detailed and / or ▪ Primary listing at an European exchange* verified by FCF. Ratio and multiple calculations are driven based on customized reports ▪ Transaction size at least EUR 20m the input data available. For additional information and disclaimer, are available upon please refer to the last page ▪ IPOs of companies operating in the financial services or real request estate sector have been excluded ▪ Based on transaction size, the IPOs are categorized as follows: Availability Micro IPOs: EUR 20m – 50m, Small IPOs: EUR 50m – 100m, Medium IPOs: EUR 100m – 250m, Large IPOs: > EUR 250m The FCF IPO Market Monitor is available on FCF’s website at “www.fcf.de“ Calculation of Price Indices The price indices are calculated based on the following criteria: To recommend colleagues or fellow investors to be added to the mailing list, kindly send an email with the respective contact ▪ The relevant IPO has been issued within the last 2 years information ▪ The holding period for each IPO in the respective index is 2 years ▪ The constituents of each index are based on the transaction size at the time of IPO and are not re-allocated to other categories If you have questions, comments or ideas, please do not hesitate to contact us ▪ The index is an arithmetic weighted series where the weights are the market capitalization of each company * Countries of exchanges: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, 3 Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s 4 FCF Overview FCF seeks to provide Who We Are Capital Markets Capabilities and Services its clients with ■ Specialized Investment Bank and Financing Specialist financing solutions Private / ■ Venture capital ■ Private equity ■ Advising public and private small- / midcap companies Pre-IPO ■ Growth capital (i) at the lowest ■ Advisor for structuring and placement of financing transactions: ■ Initial Public Offering pursued in tandem) cost, (IPO) / Capital increase ■ Private investment in Equity Public (ii) with the highest − All instruments: Unbiased approach to all available corporate ■ Dual-track (IPO and Public Equity (PIPE) alternative transaction ■ Block trade flexibility, financing instruments (no product selling approach), allowing for customized financing structures (iii) in the shortest ■ Receivables / Factoring / ■ Working capital / − All investors: Close and trusted relationships with senior Short-term Asset-backed securities Revolving credit facility period of time, executives of virtually all relevant equity and debt investors Debt ■ Borrowing base / ■ Guarantees / Inventory Letter of credit (iv) with the highest − Fast process: Process management skills and direct / personal closing proba- access to institutional debt and equity investors enable fast ■ Bank loan facility / ■ Promissory note Syndicated loans (Schuldscheindarlehen) bility, and with transactions Debt ■ Sale-and-lease-back / ■ Second lien / Long-term Leasing Subordinated loans (v) financing partners Debt ■ More than 100 transactions with a total placement volume in ■ Corporate bonds (public / ■ Venture debt that integrate well excess of EUR 4.0 billion since foundation in 2005 private placement) ■ Unitranches into their strategy ■ High yield / PIK bond ■ More than 15 professionals headquartered in Munich Hybrid ■ Mezzanine capital ■ Convertible bonds Selected Transactions Real Estate Sale-and- European Investment Family Office Advisory European Investment Guarantee & Debt Syndicated Loan, Capital Increase and Round Extension Transaction Support Capital Increase Factoring Facility Investment in Lease-Back Bank Debt Facility & Acquisition Bank Debt Facility Facilities Factoring and Inventory Round Extension Financing Facilities Leasing [confidential] [confidential] Advisor to AkrosA HAI Extrusion Germany Hydrogenious LOHC Infrastructure Hydrogenious LOHC Doppstadt Immunic AG Homegoods Company ROBART GmbH Vasopharm GmbH Synapticon GmbH KMP Holding GmbH Private Equity GmbH Technologies GmbH Company Technologies GmbH Familienholding GmbH GmbH & Co. KG EUR 20m ~ EUR 25m ~ EUR 80m [confidential] [confidential] ~ EUR 20m EUR 17m EUR 80m > EUR 10m [confidential] > EUR 10m December 2020 October 2020 June 2020 February 2020 December 2019 November 2019 July 2019 July 2019 June 2019 June / January 2019 March 2019 December 2018 Syndicated Loan European Investment European Investment European Investment European Investment Syndicated Loan Bilateral Acquisition Financing Bilateral Loan Facility Capital Increase Capital Increase Promissory Note Facility Bank Debt Facility Bank Debt Facility Bank Debt Facility Bank Debt Facility Facility Loan Facility [confidential] [confidential] DSD – Duales System GSE Group Business Service Leading Virtual Ziegler Holzindustrie Schnellecke Group KMP Holding GmbH censhare AG AMW GmbH Voxeljet AG numares AG MagForce AG Holding Acquisition by Finexx Provider Reality Company GmbH & Co. KG AG & Co. KG GmbH & Co. KG > EUR 15m [confidential] > EUR 10m < EUR 10m EUR 25m EUR 25m EUR 25m EUR 11m EUR 35m EUR 70m EUR 55m EUR 30m December 2018 April 2018 April 2018 April 2018 December 2017 December 2017 November 2017 November 2017 July 2017 July 2017 June 2017 June 2017 5 FCF Facts & Figures More than Close to More than More than # 1 15 100 100 4 bn financing advisor in investment banking years of aggregated, completed total volume of advised & Germany, purely focusing professionals investment banking / transactions closed transactions since on corporate financing financing experience 2005 transactions More than More than Network 2000 25 120 Leading access to more than contacts to family offices international conferences articles and research advisor for financing 4000 international and ultra-high-net-worth organized papers published transactions with EIB in financial institutions individuals worldwide the DACH region 6 Executive Summary I. FCF Overview II. Market Overview a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s III. Recent IPO Case Studies a) M i c r o I P O s b) S m a l l I P O s c) Medium IPOs d) L a r g e I P O s 7 European 2020 IPOs – Overview Fast Facts European IPOs - Performance Performance and Issuance by Exchange 1 ▪ 69 IPOs in 2020 (vs. 44 IPOs in 2019 / Helsinki Stock Exchange 2# 91.6% 45.8% Helsinki 0 = +25 IPOs) Warsaw Stock Exchange 1# 85.0% 20.5% ▪ EUR 13,497m Volume raised (-18.1% vs 0 16.6% Borsa Italia 3# 68.0% 2019) 0 Oslo Stock Exchange 28# 67.0% ▪ 3 withdrawn or postponed IPOs Copenhagen Stock ExchangeCopenhagen 2# 49.3% 0 IPO +1D IPO +1M IPO - YTD EURONEXT Paris 1# 42.7% ▪ 95% of 2020 IPOs priced within range** Paris Spanish Stock Exchange 2# 33.6% Stockholm Stock ExchangeStockholm 6# 33.2% IPOs by Sector AIM - London Stock Exchange 7# 30.9% Biotechnology Deutsche Börse 7# 27.8% EURONEXTAmsterdam Amsterdam 1# 4.1% Energy Utilities London Stock Exchange 5# 1.3% Materials 1% EURONEXT Brussels -2.3% 3# 1% Brussels 3% Information Technology Communication National Stock Exchange of Lithuania -10.2% 1# 6% 22% Services 6% 0 0 0 0 1 1 1 Consumer 12% Discretionary 69 22% 13% Industrials Primary / Secondary Split & Price Range Consumer 14% Staples Health Care Secondary Shares 29% IPOs per Month (€ Volume and # of IPOs) 71% Primary Shares 19 6000 18 20 5000 15 Below Range 4000 5% 3000 2557m 7 10 6 5583m 6 2000 4 2* 1043m 3 4 5 1000 2 484m 894m 128m 121m 2164m 522m 0 0 number of IPOs 95% Feb May Jun July Aug Sep Oct Nov Dec in each country (HQ)** Within Range Source: S&P Capital IQ as of 08.12.2020, FCF Equity Research, All European IPOs, * 2 IPOs with HQ outside Europe, ** where data available 8 European Countries include: Austria, Belgium, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom European IPOs – Performance Last 2 years The FCF Large IPO 140 index significantly 2020 outperformed its European IPO peers 129% and benchmark index (MSCI Europe Index) 120 by 14% over the last 115% two years 110% The FCF Medium, Small and Micro IPO 100 indices are currently 95% trading below the 91% MSCI Europe Index 80 The different FCF IPO Indices consist of all IPO 60 transactions over the last 2 years.
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