Key Themes This Week

Total Page:16

File Type:pdf, Size:1020Kb

Key Themes This Week Monday, 5th February 2018 Key Themes This Week Major Markets Last Week Our thoughts on the recent sell off We had been guiding investors that the equity market returns we had seen Value Change % Move in January were quite extraordinary and that we needed some form of - Dow 25521 -4.12% correction in the near term as part of a healthy shakeout. Last week this 1095.75 took place and it appears to be continuing this morning with European S&P 2762 -110.74 -3.85% equities down 0.5 - 1%. The Dow had its worse day in two years on Friday and Asia fell overnight by approx. 2%. In the short term ,some profit taking Nasdaq 7241 -264.83 -3.53% was always going to happen considering the S&P was up 6% in under a month. Underlying economic growth and earnings remain quite strong, so UK Index 7358 -313.43 -4.09% from a fundamental perspective the story is still solid. However with the recent rapid tick up in yields, investors have been somewhat spooked. The DAX 12698 -626.54 -4.70% US 10 year is now 2.84%, driven by hawkish Fed minutes and a general ISEQ 6800 -259.31 -3.67% uptick in inflation expectations on behalf of household and consumers. Likewise in Europe, the German 10 year yield has moved from 0.3% to 0.73%. Nikkei 22,682 -947.26 -4.01% With the 3% level in sight and most surveys stating that investors view that H.Seng 32,245 -721.67 -2.19% level as where it gets troublesome for equities, there is a risk that the recent STOXX600 384 -16.07 -4.02% bearish sentiment we have seen takes a more permanent hold. Not only has the equity risk premium (what investors get paid for holding equity over Brent Oil 68.22 -1.24 -1.79% bonds) declined but jobs data on Friday in the US showed that wage inflation is now 2.9%, the highest rate since May 2009. This will increase Crude Oil 65.27 -0.29 -0.44% fears about margins and may put pressure on earnings expectations as we Gold 1336 -4.07 -0.30% move further into 2018. Where this goes from here is key. There have been several examples of companies using cash generated from recent tax reform to give their employees once of bonuses and pay rises. But this Silver 16.7944 -0.37 -2.17% trend has been sparse enough so far. Unless this takes hold across the Copper 320.25 0.85 0.27% board we are unlikely to see a significant move up in wage inflation, despite a pretty tight labour market at full employment. Without wage inflation it is CRB Index 443.46 3.51 0.80% unlikely to see a major consumption shift which would drive core inflation higher. Euro/USD 1.2466 0.01 0.67% Euro/GBP 0.8830 0.00 0.37% The market currently expects 2.5 hikes from the Fed this year and the Fed is guiding for 3. Likewise in Europe, Mr Draghi is blue in the face from GBP/USD 1.4118 0.00 0.31% emphasising the timeline for tightening. Bond buying to finish in September, perhaps being wound down over a 3 month period. No rate rises until 2019 Value Change at the earliest. With significant slack in the European labour market we see German 10 Year 0.737 0.04 little chance of a spike in wage inflation. Core inflation should remain muted, decreasing the possibility of Mr Draghi moving early. It must also be noted UK 10 Year 1.571 0.12 that the recent moves may mean yields are more attractive for longer-term US 10 Year 2.8489 0.16 investors who are looking to match off liabilities. If they start buying again that should help restrain yields in the near-term. Irish 10 Year 1.151 0.03 The market is definitively moving into a period of rising rates. But the critical factor for us is not the direction. It is the trajectory and speed at which is Spain 10 Year 1.436 0.02 moves. If rates continue to move like they have so far this year, it is highly Italy 10 Year 2.014 -0.01 like equity markets will experience an entrenched sell-off in the near term. But, if as we expect, the recent yield movements retrace, growth and earnings dynamics remain strong enough to sustain decent equity returns BoE 0.5 0.00 into 2018. Markets may remain staid this week however as investors watch ECB 0.00 0.00 where yields go from here. Fed 1.50 0.00 This week: Ryanair, PayPal, Facebook, Apple & Amazon All data sourced from Bloomberg CANTOR FITZGERALD IRELAND LT D 1 th Weekly Trader Monday, 5 February 2018 Ryanair – Cautious guidance drives price action Closing Price: €16.135 Will Heffernan | Investment Analyst Key Metrics 2018e 2019e 2020e Revenue (€’bn) 7.02 7.612 8.36 EPS (€) 1.195 1.265 1.399 Price/ Earnings 13.02 12.3x 11.12x Div Yield 0.46% 0.47% 0.33% Share Price Return 1 Mth 3 Mth YTD RYA ID 2.0% -9.5% 3.49% Source: All data & charts from Bloomberg & CFI Ryanair released Q3 results this morning. Management announced a €750m buyback that will start in February and is expected to com- plete in September. The rest of the results were generally in line with expectations. Q3 revenue was €1.4bn vs consensus of €1.389bn, an increase of 4.4% YoY. This was driven by increased passenger numbers (+6% YoY) and a 12% uptick in ancillary revenue. This indicates that the additional uplift we were expecting from My Ryanair and Ryanair Rooms is coming through. Q3 net income came in at €106m vs estimates of €101m. Management maintained FY18 guidance for net income to remain in the range €1.4bn to €1.45bn. Costs are expected to tick-up in FY19, driven by €300m in fuel increases and a further €100m in staff costs. The company still expects unit costs to be down by 2% in FY18, a testament to the resilience of the Ryanair model. Management has guided for 130m passen- gers carried in FY18 (up from 129m) and for this to increase by 6% in FY19. Disappointingly, it expects fares to remain under pressure, unlike its peers (who had guided for increasing fares this year). Regarding FY19 fares, management stated “while we have practically no visibility on FY 19 fares, and our budget is not yet finalised, we do not share the optimism of competitors and market commentators for summer 2018 fare rises”. On a brighter note, management did say that this decline could be offset by continuing growth in ancillary revenue. But overall this cau- tious guidance is likely to weigh on the stock in the immediate term. Regarding fuel cost increases, it is now 70% hedged for FY19 at approx. $55 a barrel. FX hedged remains high as well with 90% hedging at an average EURUSD rate of $1.25 in FY19 (up from $1.12 in FY18). Management was keen to emphasise the increased cost advantages from 2019 onwards due to the new generation of aircraft coming on broad will add 4% more seats and will be 16% more fuel efficient than any other model Ryanair currently has in its fleet. This should add further to the cost per seat advantage Ryanair maintains over its rivals. These numbers are unlikely to result in earnings upgrades for the stock. While it should be noted that management has a history of conservatively guiding, the expectations on fare prices is at odds with the rest of the peers and somewhat disappointing. However, the €750m buyback announcement is definitely welcome and indicative of management’s continuing confidence in the model. The market may view these results and guidance as somewhat underwhelming. But it highlights that the Ryanair model is still intact from a longer term perspective. It must also be noted that some of the caution in the guidance may be due to management allowing for unforeseen roadblocks in the remaining staff negotiations and potential disruption later in the year. The market expectation is for tightening capacity in Europe and supply demand/dynamics being supportive for airlines. If this scenario bears fruit, Ryanair will re-rate higher. Ryanair and the overall sector had performed well year to date. The stock is down 3% in early trading, driven by these results and general weakness in European equity markets. There has been no positive reaction to the buyback announcement, which is a surprise. We maintain our Outperform. CANTOR FITZGERALD IRELAND LT D 2 th Weekly Trader Monday, 5 February 2018 Apple - Declining iPhone sales offset by average handset price gains Closing Price: $160.50 Will Heffernan | Investment Analyst Key Metrics 2018e 2019e 2020e Revenue ($’bn) 265 274.7 280.37 EPS ($) 11.5 13.03 14.07 Price/Earnings 13.9x 12.3x 11.4x Div Yield 1.67% 1.86% 2.17% Share Price Return 1 Mth 3 Mth YTD AAPL ID -8.29% -6.69% -5.16% Source: All data & charts from Bloomberg & CFI Apple released Q1 results last week that contained some positives and negatives but were received favourably overall by the market. We had been highlighting the increasing worries in advance of these results that iPhone X sales may come in below estimates. This came to pass with total units sold at 77.3m vs estimates of 80.2m. Despite this miss, investors’ concerns were assuaged by the fact that the Average Selling Price (ASP) rose from $767 to $796 (+12% YoY).
Recommended publications
  • Software Industry Financial Report Contents
    The Software Industry Financial Report SOFTWARE INDUSTRY FINANCIAL REPORT CONTENTS About Software Equity Group Leaders in Software M&A 4 Extensive Global Reach 5 Software Industry Macroeconomics Global GDP 8 U.S. GDP and Unemployment 9 Global IT Spending 10 E-Commerce and Digital Advertising Spend 11 SEG Indices vs. Benchmark Indices 12 Public Software Financial and Valuation Performance The SEG Software Index 14 The SEG Software Index: Financial Performance 15-17 The SEG Software Index: Market Multiples 18-19 The SEG Software Index by Product Category 20 The SEG Software Index by Product Category: Financial Performance 21 The SEG Software Index by Product Category: Market Multiples 22 Public SaaS Company Financial and Valuation Performance The SEG SaaS Index 24 The SEG SaaS Index Detail 25 The SEG SaaS Index: Financial Performance 26-28 The SEG SaaS Index: Market Multiples 29-30 The SEG SaaS Index by Product Category 31 The SEG SaaS Index by Product Category: Financial Performance 32 The SEG SaaS Index by Product Category: Market Multiples 33 Public Internet Company Financial and Valuation Performance The SEG Internet Index 35 The SEG Internet Index: Financial Performance 36-38 The SEG Internet Index: Market Multiples 39-40 The SEG Internet Index by Product Category 41 The SEG Internet Index by Product Category: Financial Performance 42 The SEG Internet Index by Product Category: Market Multiples 43 1 Q3 2013 Software Industry Financial Report Copyright © 2013 by Software Equity Group, LLC All Rights Reserved SOFTWARE INDUSTRY FINANCIAL
    [Show full text]
  • Software Equity Group Flash Report
    Software Equity Group Flash Report Select M&A Transactions and Valuations and Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet Companies by Product Category LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved EXTENSIVE GLOBAL REACH Current Sell‐side Representation • SEG currently represents software companies in the United States, Canada, France, Germany, Australia & Saudi Arabia Recent Sell‐side Representation • In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa SEG Research Distribution • SEG’s Quarterly and Annual Software Industry Equity Reports and Monthly Flash Reports are distributed to an opt‐in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, public accountants, etc.
    [Show full text]
  • Boston San Francisco Munich London
    Internet & Digital Media Monthly August 2018 BOB LOCKWOOD JERRY DARKO Managing Director Senior Vice President +1.617.624.7010 +1.415.616.8002 [email protected] [email protected] BOSTON SAN FRANCISCO HARALD MAEHRLE LAURA MADDISON Managing Director Senior Vice President +49.892.323.7720 +44.203.798.5600 [email protected] [email protected] MUNICH LONDON INVESTMENT BANKING Raymond James & Associates, Inc. member New York Stock Exchange/SIPC. Internet & Digital Media Monthly TECHNOLOGY & SERVICES INVESTMENT BANKING GROUP OVERVIEW Deep & Experienced Tech Team Business Model Coverage Internet / Digital Media + More Than 75 Investment Banking Professionals Globally Software / SaaS + 11 Senior Equity Research Technology-Enabled Solutions Analysts Transaction Processing + 7 Equity Capital Markets Professionals Data / Information Services Systems | Semiconductors | Hardware + 8 Global Offices BPO / IT Services Extensive Transaction Experience Domain Coverage Vertical Coverage Accounting / Financial B2B + More than 160 M&A and private placement transactions with an Digital Media Communications aggregate deal value of exceeding $25 billion since 2012 E-Commerce Consumer HCM Education / Non-Profit + More than 100 public equities transactions raising more than Marketing Tech / Services Financial $10 billion since 2012 Supply Chain Real Estate . Internet Equity Research: Top-Ranked Research Team Covering 25+ Companies . Software / Other Equity Research: 4 Analysts Covering 40+ Companies RAYMOND JAMES / INVESTMENT BANKING OVERVIEW . Full-service firm with investment banking, equity research, institutional sales & trading and asset management – Founded in 1962; public since 1983 (NYSE: RJF) – $6.4 billion in FY 2017 revenue; equity market capitalization of approximately $14.0 billion – Stable and well-capitalized platform; over 110 consecutive quarters of profitability .
    [Show full text]
  • Student Investment Fund
    STUDENT INVESTMENT FUND 2007-2008 ANNUAL REPORT May 9, 2008 http://org.business.utah.edu/investmentfund TABLE OF CONTENTS 2007-2008 STUDENT MANAGERS........................................................................................... 3 HISTORY ...................................................................................................................................... 4 STRATEGY................................................................................................................................... 5 Davidson & Milner Portfolios .................................................................................................... 5 School Portfolio .......................................................................................................................... 6 DAVIDSON AND MILNER PERFORMANCE........................................................................ 6 Overall ........................................................................................................................................ 6 Individual Stock Performance..................................................................................................... 7 SCHOOL PERFORMANCE....................................................................................................... 9 Overall ........................................................................................................................................ 9 Individual Stock Performance....................................................................................................
    [Show full text]
  • August 2014 Software Business Services Internet & Digital Media
    The Lighthouse August 2014 Software Business Services Internet & Digital Media A Pharus Advisors, LLC Publication | www.pharus.com August 2014 Software & Business Services Internet & Digital Media Table of Contents 1. Capital Market Trends 3 2. Public Market Valuations 4 3. Public Market Universe 13 4. M&A Transactions 15 5. Recent Transactions 23 6. Pharus Overview 24 If you would like to be included on (or removed from) the distribution list for the Software & Services version of The Lighthouse, please contact Nathan Bullock at: [email protected]. The information contained herein is obtained from sources we believe to be reliable but its accuracy and completeness, and that of the opinions based thereon, is not guaranteed. Pharus Advisors, or one or more of its partners, may have an interest in any of the securities or companies discussed herein. All rights reserved by Pharus Advisors. LLC. 2014 Copyright Pharus Advisors, LLC. Executive Contacts Telephone Email Michael E. Goodman, Co-Founder & Sr. Managing Director 212-904-0102 [email protected] Kenneth M. Harrell, Co- Founder & Sr. Managing Director 212-904-0101 [email protected] Pharus Advisors, LLC | www.pharus.com 2 August 2014 Software & Business Services Internet & Digital Media 1. Capital Market Trends Relative Performance of Major Stock Indices through August 31, 2014 (Base = 100, 7/31/2013) 140 130 120 110 100 90 Dow Jones Industrial Average (^DJI) - Index Value NASDAQ Composite Index (^COMP) - Index Value S&P 500 Index (^SPX) - Index Value Russell 2000 Index (^RUT) - Index Value As of Change % Index 31-Aug-14 1 Year 3 Months 1 Month Dow Jones 17,098.45 15.4% 2.3% 3.2% Nasdaq 4,580.27 27.6% 8.0% 4.8% S&P 500 2,003.37 22.7% 4.1% 3.8% Russell 2000 1,174.35 16.2% 3.5% 4.8% Pharus Advisors, LLC | www.pharus.com 3 August 2014 Software & Business Services Internet & Digital Media 2.
    [Show full text]
  • Software Equity Group Flash Report
    Software Equity Group Flash Report Select M&A Transactions and Valuations and Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet Companies by Product Category February 2014 LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 pritivate an d pu blic compan ies thhtUSthroughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients Copyright © 2014 by Software Equity Group, LLC EXTENSIVE GLOBAL REACH Current Sell-side Representation • SEG currently represents software companies in the United States, Canada, France, Germany, Australia & Saudi Arabia Recent Sell-side Representation • In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa SEG Research Distribution • SEG’s Quarterly and Annual Software Industry Eqyquity Re ports and Monthl y Flash Re ports are distributed to an opt-in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, pp,ublic accountants, etc.
    [Show full text]
  • Software Equity Group Flash Report
    Software Equity Group Flash Report Select M&A Transactions and Valuations and Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet Companies by Product Category LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved EXTENSIVE GLOBAL REACH Current Sell‐side Representation • SEG currently represents software companies in the United States, Canada, France, Germany, Australia & Saudi Arabia Recent Sell‐side Representation • In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa SEG Research Distribution • SEG’s Quarterly and Annual Software Industry Equity Reports and Monthly Flash Reports are distributed to an opt‐in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, public accountants, etc.
    [Show full text]
  • November 2016
    THE LIGHTHOUSE November 2016 . Software . Online & Digital . Tech Enabled Business Services A Pharus Advisors Holdings, LLC Publication | www.pharus.com TABLE OF CONTENTS 1. Capital Market Trends ………….. 3 2. Public Market Valuations ……… 4 3. M&A Transactions ………………. 20 4. Selected Transactions …………. 31 5. Pharus Overview ………………… 37 If you would like to be included on (or removed from) the distribution list for The Lighthouse, please contact Archit Vijoy at [email protected]. The information contained herein is obtained from sources we believe to be reliable but its accuracy and completeness, and that of the opinions based thereon, is not guaranteed. Pharus Advisors Holdings, or one or more of its partners, may have an interest in any of the securities or companies discussed herein. All rights reserved by Pharus Advisors Holdings, LLC. 2016 Copyright Pharus Advisors Holdings, LLC. Pharus Advisors Holdings, LLC | www.pharus.com 2 1. CAPITAL MARKET TRENDS RELATIVE PERFORMANCE OF MAJOR INDICES Through November 30, 2016 (Base = 100, 12/01/2015) 120 Dow Jones Industrial Average (^DJI) - Index Value NASDAQ Composite Index (^COMP) - Index Value 110 S&P 500 Index (^SPX) - Index Value Russell 2000 Index (^RUT) - Index Value 100 90 80 70 As of Change % Index 30-Nov-16 1 Year 3 Months 1 Month Dow Jones 19,123.58 7.9% 3.9% 5.4% Nasdaq 5,323.68 4.2% 2.1% 2.6% S&P 500 2,198.81 5.7% 1.3% 3.4% Russell 2000 1,322.34 10.4% 6.6% 11.0% Pharus Advisors Holdings, LLC | www.pharus.com 3 PUBLIC MARKET 2 VALUATIONS Pharus Advisors Holdings, LLC | www.pharus.com 2.
    [Show full text]
  • Ferocious Logics: Unmaking the Algorithm Munn, Luke
    www.ssoar.info Ferocious Logics: Unmaking the Algorithm Munn, Luke Veröffentlichungsversion / Published Version Monographie / monograph Empfohlene Zitierung / Suggested Citation: Munn, L. (2018). Ferocious Logics: Unmaking the Algorithm.. Lüneburg: meson press. https://doi.org/10.14619/1402 Nutzungsbedingungen: Terms of use: Dieser Text wird unter einer CC BY-SA Lizenz (Namensnennung- This document is made available under a CC BY-SA Licence Weitergabe unter gleichen Bedingungen) zur Verfügung gestellt. (Attribution-ShareAlike). For more Information see: Nähere Auskünfte zu den CC-Lizenzen finden Sie hier: https://creativecommons.org/licenses/by-sa/4.0 https://creativecommons.org/licenses/by-sa/4.0/deed.de Diese Version ist zitierbar unter / This version is citable under: https://nbn-resolving.org/urn:nbn:de:0168-ssoar-59121-1 Luke Munn Ferocious Logics: Unmaking the Algorithm MUNN LOGICS LOGICS UNMAKING ALGORITHM FEROCIOUS FEROCIOUS Ferocious Logics Luke Munn uses both practice-based and theoretical approaches to explore the intersections between technology and capital, body and code. His projects have been exhibited throughout Europe, North America, and Oceania. He is a Studio Supervisor at Whitecliffe College of Art & Design and a current PhD Candidate at the Institute for Culture & Society, Western Sydney University. Ferocious Logics: Unmaking the Algorithm Luke Munn Bibliographical Information of the German National Library The German National Library lists this publication in the Deutsche Nationalbibliografie (German National Bib- liography); detailed bibliographic information is available online at http://dnb.d-nb.de. Published in 2018 by meson press, Lüneburg, Germany www.meson.press Design concept: Torsten Köchlin, Silke Krieg Cover image: © Michael Deistler Copy editing: Joely Day The print edition of this book is printed by Lightning Source, Milton Keynes, United Kingdom.
    [Show full text]
  • AUGUST 2010 M&A & Investment Summary
    Marketing, Information and Digital Media / Commerce Industries AUGUST 2010 M&A & Investment Summary Expertise. Commitment. Results. MARKETING, INFORMATION AND DIGITAL MEDIA / COMMERCE INDUSTRIES Transaction Distribution A total of 57 deals worth approximately $2.6 billion were announced in August 2010 • Marketing Technology, Digital Media / Commerce and Interactive Advertising were the most active segments • Software & Information was the highest value segment with three deals worth approximately $802 million • Strategic buyers announced 31 deals for approximately $2.2 billion (83% of total) • VC/Growth Capital investors announced 25 deals for approximately $342 million • Francisco Partners’ acquisition of Emailvision for $109.4 million was the only buyout transaction announced this month AUGUST 2010 ($ in millions) BUYER/INVESTOR BREAKDOWN Transactions Est. ValueStrategic Buyout VC /Growth Capital #% $ %#$#$#$ Marketing Technology 21 37% 787.9 30% 8 640.0 0 0.0 13 147.9 Digital Media / Commerce 16 28% 674.1 25% 11 601.0 0 0.0 5 73.1 Interactive Advertising 12 21% 344.1 13% 7 124.0 1 109.4 4 110.7 Advertising & Promotion 4 7% 34.3 1% 3 32.0 0 0.0 1 2.3 Software & Information 3 5% 802.1 30% 2 796.0 0 0.0 1 6.1 Out-of-Home & Specialty Media 1 2% 2.0 0% 0 0.0 0 0.0 1 2.0 Marketing Services 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0 Total 57 100% 2,644.5 100% 31 2,193.0 1 109.4 25 342.1 $14.1 Marketing, Information and Digital Media / Commerce Industries M&A and Investment Volume $9.5 Last 13 Months $9.4 $7.6 $4.7 $3.5 $3.5 $3.6 $2.5 $2.6 $2.6 $2.3 $2.6 $1.3 $1.4 $1.8 Value ($ in billions) in ($ Value 44 49 80 65 5779 54 68 72 98 56 71 57 $- Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 M&A & INVESTMENT SUMMARY AUGUST 2010 2 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED ($ in Millions) Select Transactions With Multiples Information EV/ EV/ Target Segment Buyer/Investor Ent.
    [Show full text]
  • Software Online & Digital Tech Enabled Services
    . Software . Online & Digital . Tech Enabled Services A Pharus Advisors Holdings, LLC Publication | www.pharus.com 1. Capital Market Trends ………….. 3 2. Public Market Valuations ……… 4 3. Public Market Universe ………… 14 4. M&A Transactions ………………... 17 5. Selected Transactions ………….. 27 6. Pharus Overview ………………….. 28 If you would like to be included on (or removed from) the distribution list for The Lighthouse, please contact Nathan Bullock at [email protected]. The information contained herein is obtained from sources we believe to be reliable but its accuracy and completeness, and that of the opinions based thereon, is not guaranteed. Pharus Advisors Holdings, or one or more of its partners, may have an interest in any of the securities or companies discussed herein. All rights reserved by Pharus Advisors Holdings, LLC. 2014 Copyright Pharus Advisors Holdings, LLC. Pharus Advisors Holdings, LLC | www.pharus.com Through October 31, 2014 (Base = 100, 10/31/2013) 130 Dow Jones Industrial Average (^DJI) - Index Value NASDAQ Composite Index (^COMP) - Index Value S&P 500 Index (^SPX) - Index Value Russell 2000 Index (^RUT) - Index Value 120 110 100 90 As of Change % Index 31-Oct-14 1 Year 3 Months 1 Month Dow Jones 17,390.52 11.9% 5.0% 2.0% Nasdaq 4,630.74 18.1% 6.0% 3.1% S&P 500 2,018.05 14.9% 4.5% 2.3% Russell 2000 1,173.51 6.7% 4.8% 6.5% Pharus Advisors Holdings, LLC | www.pharus.com 4.5x 4.0x 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Application Software EMS / Infrastructure Software Financial & Payment Processing
    [Show full text]
  • Conference Guide
    Chicago | June 10-13, 2013 CONFERENCE GUIDE DIAMOND SPONSORS Chris Brogan Anindya Ghose Hyatt Corporation New York University Nick Harris Ron Kohavi United Airlines Microsoft SPEAKER SURVEY DDBWCH2013 Jim Sterne eMetrics Summit http://bit.ly/chicagoemetrics2013 LIFETIME PARTNER www.emetrics.org/chicago MAY THE BEST CUSTOMER EXPERIENCE WIN. With the ForeSee’s patented Customer Experience technology, you can precisely measure the experience, acquire customer intelligence, analyze the data and take action. The world’s most successful companies rely on ForeSee to manage forward and win. Why not follow their lead? Visit ForeSee at Booth 105 www.foresee.com © 2013 ForeSee. All rights reserved. Welcome Dear Marketing Optimization Professional: Welcome to the eMetrics Summit Chicago 2013. Table of Contents We’re now twelve years into the eMetrics Summit. I am very excited about what you Agenda Overview ........... 2 are about to experience and I want to make sure you get the most out of this event. Therefore, here are your eMetrics Summit operating Instructions: Conference Floorplan ...... 4 1. Make a List Session Descriptions ....... 6 Take a minute before things start and make a short list of the things you really want to accomplish. And no, “learn a lot” does not cut it. I promise that you will learn a lot. Be so specific that you’ll know Workshop Descriptions .. 13 whether you were successful. People you need to talk to, technology you need to understand, solutions Keynote Bios .................. 15 to a specific problem you have back at your desk. Keep these things in mind. 2. Introduce Yourself Exhibitor Floorplan ......... 17 Ooooohhh - scary! Outside of your comfort zone! Sponsors .......................
    [Show full text]